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INCOME TAX ASSESSMENT ACT 1936 !!!The following amendments (No. 147, 2005 and No. 148, 2005 and No. 160, 2005 and No. 161, 2005 and No. 162, 2005 and No. 13, 2006 and No. 17, 2006 and No. 32, 2006 and No. 41, 2006 and No. 55, 2006 and No. 58, 2006 and No. 65, 2006 and No. 73, 2006 and No. 80, 2006 and No. 125, 2006) have not been incorporated. - List of Sections

Section

Compilation Information

Contents

Long Title

INCOME TAX ASSESSMENT ACT 1936
Part I—Preliminary

1. Short title [ see Note 1]
2. Repeal
3. Saving
4. Tax payable on interest on certain Treasury Bills
6. Interpretation
6AA. Certain sea installations and offshore areas to be treated as part of Australia
6A. Provisions relating to cessation of superannuation benefits
6AB. Foreign income and foreign tax
6AC. Grossing-up of foreign income
6AD. Shorter period of review taxpayer
6B. Income beneficially derived
6BA. Taxation treatment of certain shares
6C. Source of royalty income derived by a non-resident
6CA. Source of natural resource income derived by a non-resident
6D. Meaning of share capital account
6E. Resident superannuation funds and non-resident superannuation funds
6F. Dual resident investment company
6G. Accrued leave transfer payments
6H. Recognised small credit unions, recognised medium credit unions and recognised large credit unions
7A. Application of Act in relation to certain Territories
7B. Application of the Criminal Code
INCOME TAX ASSESSMENT ACT 1936
Part II—Administration

8. Commissioner
14. Annual report
16. Officers to observe secrecy
16A. Provisions relating to the Fitzgerald inquiry
INCOME TAX ASSESSMENT ACT 1936
Part III—Liability to taxation

INCOME TAX ASSESSMENT ACT 1936
Division 1—General


17. Levy of income tax
18. Accounting period
18A. Accounting periods for VCLPs, AFOFs and VCMPs
19. Money credited, reinvested etc. to be deemed to be derived
21. Where consideration not in cash
21A. Non-cash business benefits
22. Income arising from past transactions
22A. Limits on application of certain exempt income provisions
23. Exemptions
23AAAA.Certain distributions may be made overseas
23AAAB.Testamentary trusts may be treated as 2 trusts
23AAA.Exemption of certain payments to persons formerly employed in Papua New Guinea
23AA. Income of persons connected with certain projects of United States Government
23AB. Income of certain persons serving with an armed force under the control of the United Nations
23AC. Exemption of pay and allowances of members of Defence Force serving in operational areas
23AD. Exemption of pay and allowances of Defence Force members performing certain overseas duty
23ADA.Exemption of pay and allowances of AFP members serving with the United Nations Transitional Authority in Cambodia
23AE. Certain mining payments not included in assessable income
23AF. Exemption of certain income derived in respect of approved overseas projects
23AG. Exemption of income earned in overseas employment
23AH. Foreign branch income of Australian companies not assessable
23AI. Amounts paid out of attributed income not assessable
23AJ. Certain non-portfolio dividends from foreign countries not assessable
23AK. Amounts paid out of attributed foreign investment fund income not assessable
23AL. Exemption of certain Second World War payments
23C. Exemption of certain income from sale of gold
23D. Exemption of income from mining and treating uranium
23E. Redemption of Special Bonds redeemable at a premium
23G. Exemption of interest received by credit unions
23GA. Interest on judgment debt relating to personal injury
23H. Exemption of certain film income
23J. Sale of securities purchased at a discount
23K. Substitution of certain securities
23L. Certain benefits in the nature of income not assessable
INCOME TAX ASSESSMENT ACT 1936
Division 1AA—Exemption from income tax: payments under the
Social Security Act 1991 and the Veterans' Entitlements Act 1986, and similar
payments


INCOME TAX ASSESSMENT ACT 1936
Subdivision AA—Application of this Division


24. Application of this Division
INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Preliminary


24A. Interpretation
24AA. Interpretation—payments derived when due
24AAA.Index of payments covered by Division
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Exemption from income tax—payments under the
Social Security Act 1991


24AB. Index of payments covered by Subdivision
24ABA.Interpretation—supplementary amounts
24ABB.Interpretation—expressions used in the Social Security Act 1991
24ABC.Age pension
24ABD.Disability support pension
24ABDB.Advance pharmaceutical supplement
24ABDC.Disaster relief payment
24ABE.Wife pension
24ABF.Carer payment
24ABG.Sole parent pension
24ABH.Bereavement allowance
24ABI.Widow B pension
24ABJA.Disability wage supplement
24ABJ.Widow allowance
24ABM.Newstart allowance
24ABMA.Mature age allowance
24ABMB.Mature age partner allowance
24ABMC.Mature age allowance (Part 2.12B)
24ABN.Employment entry payment
24ABNA.Education entry payment
24ABO.Sickness allowance
24ABP.Special benefit
24ABPA.Partner allowance
24ABQ.Special needs age pension
24ABR.Special needs disability support pension
24ABS.Special needs wife pension
24ABT.Special needs sole parent pension
24ABU.Special needs widow B pension
24ABV.Bereavement payments—special needs pensions
24ABW.Family payment
24ABX.Family payment advance
24ABXAA.Maternity allowance
24ABXAAA.Maternity immunisation allowance
24ABXAB.Family tax payment
24ABXA.Home child care allowance
24ABXB.Parenting allowance
24ABY.Child disability allowance
24ABZ.Double orphan pension
24ABZA.Mobility allowance
24ABZAA.Telephone allowance
24ABZB.Exempt bereavement payment calculator A
24ABZC.Exempt bereavement payment calculator AA
24ABZD.Exempt bereavement payment calculator AB
INCOME TAX ASSESSMENT ACT 1936
Subdivision BA—Exemption from income tax: Commonwealth education
or training payments


24ABZE.Interpretation
24ABZF.Commonwealth education or training payments
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Exemption from income tax-payments under the
Veterans' Entitlements Act 1986


24AC. Index of payments covered by Subdivision
24ACA.Interpretation—supplementary amounts
24ACB.Interpretation—expressions used in the Veterans' Entitlements Act 1986
24ACC.Interpretation—meaning of pension age
24ACD.Section 13 pension
24ACE.Age service pension
24ACF.Invalidity service pension
24ACG.Partner service pension
24ACH.Carer service pension
24ACHA.Income support supplement
24ACI.Section 70 pension
24ACJ.Clothing Allowance
24ACK.Attendant allowance
24ACL.Section 98A bereavement payment
24ACM.Section 99 funeral benefit
24ACN.Section 100 funeral benefit
24ACO.Decoration allowance
24ACP.Victoria Cross allowance
24ACQ.Recreation transport allowance
24ACR.Vehicle Assistance Scheme
24ACS.Special assistance
24ACT.Temporary incapacity allowance
24ACU.Loss of earnings allowance
24ACV.Travelling expenses
24ACW.Pharmaceutical allowance
24ACWA.Telephone allowance
INCOME TAX ASSESSMENT ACT 1936
Subdivision E—Exemption from income tax-payments by virtue of the
Veterans' Entitlements (Transitional Provisions and Consequential Amendments)
Act 1986


24AE. Payments by virtue of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
INCOME TAX ASSESSMENT ACT 1936
Subdivision F—Exemption from income tax-payments of allowances
under Part III of the Disability Services Act 1986


24AF. Allowances under Part III
INCOME TAX ASSESSMENT ACT 1936
Subdivision G—Exemption from income tax-payments of domiciliary
nursing care benefit under Part VB of the National Health Act 1953


24AG. Domiciliary nursing care benefit
INCOME TAX ASSESSMENT ACT 1936
Subdivision H—Exemption from income tax-similar Australian and
United Kingdom veterans' payments


24AH. Similar Australian and United Kingdom veterans' payments
INCOME TAX ASSESSMENT ACT 1936
Subdivision I—Exemption from income tax-wounds and disability
pensions


24AI. Wounds and disability pensions
INCOME TAX ASSESSMENT ACT 1936
Subdivision IA—Exemption from income tax-drought relief payment
under the Farm Household Support Act 1992


24AIA.Interpretation—supplementary amounts
24AIB.Drought relief payment
INCOME TAX ASSESSMENT ACT 1936
Subdivision IB—Exemption from income tax: farm household support
converted into grants under the Farm Household Support Act 1992


24AIC.Farm household support
INCOME TAX ASSESSMENT ACT 1936
Subdivision J—Occupational superannuation payments not covered by
this Division


24AJ. Occupational superannuation payments not covered by this Division
INCOME TAX ASSESSMENT ACT 1936
Division 1AB—Certain State/Territory bodies exempt from
income tax


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Exemption for certain State/Territory bodies


24AK. Key principle
24AL. Diagram—guide to work out if body is exempt under this Division
24AM. Certain STBs exempt from tax
24AN. Certain STBs not exempt from tax under this Division
24AO. First way in which a body can be an STB
24AP. Second way in which a body can be an STB
24AQ. Third way in which a body can be an STB
24AR. Fourth way in which a body can be an STB
24AS. Fifth way in which a body can be an STB
24AT. What do excluded STB, government entity and Territory mean?
24AU. Governor, Minister and Department Head taken to be a government entity
24AV. Regulations prescribing excluded STBs
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Body ceasing to be an STB


24AW. Body ceasing to be an STB
24AX. Special provisions relating to capital gains and losses
24AY. Losses from STB years not carried forward
24AYA.Effect of unfunded superannuation liabilities
24AZ. Meaning of period and prescribed excluded STB
INCOME TAX ASSESSMENT ACT 1936
Division 1A—Provisions relating to certain External
Territories


24B. Interpretation
24BA. Application of Division—1985-86 to 1990-91
24BB. Application of Division—1991-92 and subsequent years
24C. Territory resident
24D. Territory company
24E. Territory trusts
24F. Exemption from tax of certain income derived from sources outside Australia
24G. Exemption from tax of certain income derived from sources in a prescribed Territory
24H. When income to be taken to be applied for benefit of a person
24J. Source of dividends
24K. Source of income from employment
24L. Source of interest or royalty
24M. Certain income deemed not to be derived from sources in a prescribed Territory or outside Australia
24N. Transitional
24P. Transitional capital gains tax provisions for certain Cocos (Keeling) Islands assets
INCOME TAX ASSESSMENT ACT 1936
Division 2—Income


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Assessable income generally


25. Gross income from certain sources
25A. Assessable income to include certain profits
25B. Limits on application of section 26
26. Certain items of assessable income
26AAAC.Meals provided to clients etc. in in-house dining facilities
26AAB.Assessable income from sale of leased motor vehicle
26AAC.Shares and rights acquired under schemes for the acquisition of shares by employees
26AB. Assessable income—premium for lease
26AC. Amounts received on retirement or termination of employment in lieu of annual leave
26AD. Amounts received on retirement or termination of employment in lieu of long service leave
26AF. Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds
26AFA.Assessable income to include value of certain benefits received from or in connection with former section 23F funds
26AFB.Assessable income to include certain benefits
26AG. Certain film proceeds included in assessable income
26AH. Bonuses and other amounts received in respect of certain short-term life assurance policies
26AJ. Investment-related lottery winnings to be included in assessable income
26A. Assessable income to include repayment of tax paid abroad in respect of dividends
26B. Insurance recoveries in respect of losses of live stock and trees
26BA. Double wool clips
26BB. Assessability of gain on disposal or redemption of traditional securities
26BC. Securities lending arrangements
26C. Disposal of certain securities
26D. Assessable income of taxpayer to include foreign tax in certain circumstances
26E. Income from RSAs
27. Interest on loans raised in Australia by governments outside Australia
INCOME TAX ASSESSMENT ACT 1936
Subdivision AA—Superannuation, termination of employment and
kindred payments


27A. Interpretation
27AAAA.Undeducted purchase price—interpretation
27AAA.Special rules for death benefits
27AAB.Interdependency relationship
27AA. Components of an ETP
27AB. Taxed and untaxed elements of post-June 83 component
27AC. ETP—retained amounts
27ACA.Effect of payment split under the Family Law Act 1975 on eligible termination payments
27ACB.Interest splits while a payment split under the Family Law Act 1975 applies
27B. Assessable income to include certain superannuation and similar payments
27C. Assessable income to include 5% of certain amounts
27CAA.Assessable income to include component of lump sum payment from an eligible non-resident non-complying superannuation fund
27CAB.Working out the previously exempt amounts for the purposes of a relevant payment under section 27CAA
27CA. Anti-detriment provision for service mismatch cases
27CB. Exemption from tax—post-June 1994 invalidity component and tax-free amount of bona fide redundancy payment or approved early retirement scheme payment
27CC. Exemption from tax—payment of unclaimed money to Commissioner etc. by superannuation fund or approved deposit fund
27CD. Exemption from tax—exempt resident foreign termination payment
27CE. Exemption from tax—payment from eligible resident non-complying superannuation fund
27D. Roll-over of ETPs
27E. Approved early retirement scheme payments
27F. Bona fide redundancy payments
27G. Invalidity payments
27GA. Departing Australia superannuation payment
27H. Assessable income to include annuities and superannuation pensions
27J. Amendment of assessments
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Trading stock


28. Trading stock to be taken into account
29. Value at beginning of year of income
31. Value at end of year of income
31C. Purchase of trading stock not at arm's length
32. Live stock other than horse breeding stock—value at end of year of income
32A. Horse breeding stock—value at end of year of income
33. Changes in basis of valuation of live stock
34. Cost price of natural increase
36. Disposal of trading stock
36AAA.Alternative election in case of disposal, death or compulsory destruction of live stock
36AA. Compensation for death, disposal or compulsory destruction of live stock
36A. Disposal on change of ownership or interests
37. Devolution on death
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Business carried on partly in and partly out of
Australia


38. Sales by manufacturers
39. Sales by merchants
40. Determination by Commissioner
41. Goods deemed to be sold in Australia
42. Ex-Australian profits
43. Assessable income to include certain profits
INCOME TAX ASSESSMENT ACT 1936
Subdivision D—Dividends


43A. Subdivision has effect subject to provisions of Division 216 of the Income Tax Assessment Act 1997
43B. Application of Subdivision to non-share dividends
44. Dividends
45. Streaming of bonus shares and unfranked dividends
45A. Streaming of dividends and capital benefits
45B. Schemes to provide certain benefits
45BA. Effect of determinations under section 45B for demerger benefits
45C. Effect of determinations under sections 45A and 45B for capital benefits
45D. Determinations under sections 45A, 45B and 45C
45Z. Entitlement to intercorporate dividend rebate where shareholder is a trustee or partnership
45ZA. Trustee or partnership not entitled to intercorporate dividend rebate for distribution that is equivalent to interest
45ZB. Reduction of intercorporate dividend rebate in certain circumstances
46AA. Sections 46 and 46A do not apply to the franked part of dividends paid after 30 June 2002
46AB. Application of sections 46 and 46A to the unfranked part of dividends
46AC. Different application for members of certain groups
46AE. Who is a qualified person for the purposes of subsections 46(2B) and 46A(5B) after 30 June 2002
46. Rebate on dividends
46A. Rebate on dividends paid as part of dividend stripping operation
46B. Rebate not allowable in certain circumstances
46C. Dividends paid instead of interest under short-term finance arrangements
46E. Dividends paid out of profits arising from the re-valuation of certain assets
46F. Rebate not allowable for certain dividends
46FA. Deduction for dividends on-paid to non-resident owner
46FB. Unfranked non-portfolio dividend account
46G. Rebate not allowable for dividends debited against certain accounts
46H. Meaning of disqualifying account and non-disqualifying account
46I. Meaning of notional disqualifying account
46J. Excluded transfers
46K. Debit for deemed dividends
46L. Apportionment of debits for dividends paid on the same day
46M. Splitting of frankable dividends
47. Distributions by liquidator
47A. Distribution benefits—CFCs
INCOME TAX ASSESSMENT ACT 1936
Division 2A—Calculation of taxable income


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—General


48. Allowable deductions
49. Successive deductions
50. Deductions in case of composite incomes
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Calculation of taxable income where disqualifying
event occurs


50A. Application of Subdivision
50B. Interpretation
50C. Calculation of taxable income
50D. Eligible notional loss
50E. Divisible amounts of assessable income
50F. Full-year deductions and partnership deductions
50G. Divisible deductions
50H. Occurrence of disqualifying event
50HA. Continuity of ownership tests inapplicable if company satisfies non-fixed trust ownership test
50HB. Information about non-fixed trusts with interests in company
50HC. Notices where requirements of section 50HB are met
50J. Tracing of beneficial ownership of shares
50K. Special provisions relating to beneficial ownership of, or rights attached to, shares
50KA. Special provision relating to capacity in which family trust beneficially owns shares
50L. Deemed dividends
50N. Composition of taxable income
50P. Information about family trusts with interests in company
50Q. Notice where requirements of section 50P are met
INCOME TAX ASSESSMENT ACT 1936
Division 3—Deductions


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—General


51AAA.Deductions not allowable in certain circumstances
51. Losses and outgoings
51AB. Club fees and expenditure relating to leisure facilities
51AD. Deductions not allowable in respect of property used under certain leveraged arrangements
51AE. Deductions not allowable for entertainment expenses
51AEA.Meal entertainment—election under section 37AA of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AEB.Meal entertainment—election under section 37CA of Fringe Benefits Tax Assessment Act 1986 to use the 12 week register method
51AEC.Entertainment facility—election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AF. Car expenses incurred by employee
51AG. Deductions for travel expenses where person accompanied by relative
51AGA.No deduction to employee for certain car parking expenses
51AH. Deductions not allowable where expenses incurred by employee are reimbursed
51AJ. Deductions not allowable for private component of contributions for fringe benefits etc.
51AK. Agreements for the provision of non-deductible non-cash business benefits
51AL. No deduction to employee for expenditure incurred in connection with a non-compulsory uniform/wardrobe
52. Loss on property acquired for profit-making
52A. Certain amounts disregarded in ascertaining taxable income
53. Repairs
53AA. Payment for non-compliance with covenant to repair
53F. Cost of converting plant for use in connection with decimal currency system to be allowable deduction
53G. Cost of converting plant for use in connection with metric system to be allowable deduction
53I. Application of depreciation provisions
54. Depreciation
54AA. Property installed on leased Crown land—lessee deemed to be owner etc.
54AB. Leased property affixed to land—lessor taken to be owner for depreciation purposes
54AC. Eligible lessor—right of removal of property
54AD. Lessor not an eligible lessor if property previously owned by the lessee
54AE. Lessor taken to have disposed of property in certain cases
54A. Effective life of property
55. Annual depreciation percentage
56. Calculation of depreciation
57AF. Limit on cost price for depreciation of motor vehicle
57AK. Special depreciation on property used for basic iron or steel production
57AM. Special depreciation on trading ships
58. Depreciation roll-over relief for unpooled property where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 59AA
59. Disposal, loss or destruction of depreciated property
59AAA.Disposal, loss or destruction of car for which certain methods have been used to calculate car expense deductions
59AA. Disposal of depreciated property on change of ownership or interest
59AB. Notional income where assessable income includes consideration receivable on disposal, loss or destruction of depreciated property
60. Acquisition of depreciated property
61. Property used partly for producing assessable income
61A. Tax exempt entities that become taxable
62. Definition of depreciated value
62AAA.Provisions relating to compensation payments for conversion of plant for use in connexion with the decimal currency system
62AAB.Object of pooling of depreciable property
62AAC.Taxpayer may create pools to which depreciable property may be allocated
62AAD.Pool percentage
62AAE.Allocation of property to a pool
62AAF.Cancellation of allocation to pool—taxpayer's notice
62AAG.Cancellation of allocation to pool—cessation of exclusive assessable income-producing use
62AAH.Cancellation of allocation to pool—annual depreciation percentage not equal to pool percentage
62AAJ.Cancellation of allocation to pool—subsequent application of special depreciation provisions
62AAK.Cancellation of allocation to pool—disposal to which section 58 applies
62AAL.Effect of cancellation of allocation to pool
62AAM.Reconstruction assumptions and reconstructed depreciated value
62AAN.Opening balance of pool
62AAO.Closing balance of pool
62AAP.Calculation of depreciation—pooled property
62AAQ.Cancellation of allocation of property to a pool—effect on subsequent operation of depreciation provisions
62AAR.Cancellation of allocation of property to pool—taxpayer must use diminishing value method to calculate subsequent depreciation
62AAS.No balancing charges/deductions while property allocated to pool
62AAT.Taxpayer's assessable income to include proceeds of disposal of pooled property etc.
62AAU.Disposal of pooled property—application of CGT provisions
62AAV.Taxpayers may use their own form of words in pool notices
63. Bad debts
63A. Bad debts etc. of company not allowable deductions unless there is substantial continuity of beneficial ownership of shares in company
63AA. Section 63A inapplicable to earlier year debts if company satisfies non-fixed trust ownership test
63AB. Section 63A inapplicable to current year debts if company satisfies non-fixed trust ownership test
63AC. Information about non-fixed trusts with interests in company
63AD. Notices where requirements of section 63AC are met
63B. Bad debts etc. of company not allowable deductions in certain circumstances
63C. Bad debts etc. of a company may be allowable deductions where company carries on same business
63CA. When tax losses resulting from bad debts cannot be deducted
63CB. Information about family trusts with interests in company
63CC. Notice where requirements of section 63CB are met
63D. Bad debts etc. of money-lenders not allowable deductions where attributable to listed country or unlisted country branches
63E. Debt/equity swaps
63F. Limit on deductions where debt write offs and debt/equity swaps occur
63G. Bad debts etc. of trust not allowable in certain circumstances
64. Commission
64A. Legal expenses
65. Payments to associated persons and relatives
67. Expenses of borrowing
67AAA.Deductions not allowable for interest etc. on loans obtained to finance certain superannuation contributions and life assurance premiums
67AA. Deductions for debt dividends
67A. Expenses of discharge of mortgage
68. Expenses relating to lease documents
68A. Expenses relating to grant of patents etc.
69. Tax-related expenses
70. Cost of extending telephone lines
70A. Cost of mains electricity connections
70B. Deduction for loss on disposal or redemption of traditional securities
71. Losses by embezzlement etc.
72. Rates and taxes
72A. Deductions for petroleum resource rent tax payments
73. Subscriptions to associations
73A. Expenditure on scientific research
73AA. Section 73A roll-over relief in the case of certain CGT roll-overs
73B. Certain expenditure on research and development activities
73BAA.Effect of consolidation
73BAB.Head company treated as registered
73BABA.History for purposes of eligibility for tax offset: joining entity
73BAC.Expenditure history for purposes of sections 73P to 73Z: joining entity
73BACA.History for purposes of eligibility for tax offset: leaving entity
73BAD.Expenditure for purposes of sections 73P to 73Z history: leaving entity
73BAE.Recoupment where entity leaves group
73BAF.Preventing double deductions
73BAG.Balancing adjustments for certain assets of consolidated groups
73BA. Deduction for certain assets etc. used for the purpose of carrying on research and development activities
73BB. Meaning of section 73BA depreciating asset
73BC. Meaning of notional Division 40 deduction
73BD. Treatment of certain expenditure for the purposes of section 73BC etc.
73BE. Treatment of certain partnership expenditure for the purposes of section 73BC etc.
73BF. Balancing adjustments: section 73BA depreciating assets
73BG. Effective life calculation under Division 40 of Income Tax Assessment Act 1997 to take into account use for purpose of carrying on research and development activities
73BH. Deduction for plant etc. used for purpose of carrying on research and development activities
73BI. Meaning of section 73BH plant
73BJ. Meaning of notional Division 42 deduction
73BK. Treatment of certain expenditure for the purposes of section 73BJ etc.
73BL. Treatment of certain partnership expenditure for the purposes of section 73BJ etc.
73BM. Balancing adjustments: section 73BH plant
73BN. Effective life calculation under Division 42 of Income Tax Assessment Act 1997 to take into account use for purpose of carrying on research and development activities
73C. Recouped expenditure on research and development activities
73CA. Guaranteed returns to investors
73CB. Expenditure incurred to tax-exempt bodies
73D. Reduction of deductions
73E. Section 73B roll-over relief on disposal of unit of plant to another member of same wholly-owned group
73EA. Section 73BF roll-over relief on disposal of asset to another member of wholly-owned group
73EB. Section 73BM roll-over relief on disposal of plant to another member of wholly-owned group
73F. Section 73B roll-over relief on disposal of building etc. to another member of same wholly-owned group
73G. Section 73B roll-over relief on disposal of item of intellectual property to another member of same wholly-owned group
73H. Interpretation
73I. Tax offset instead of deduction under section 73B, 73BA, 73BH or 73Y
73J. Eligibility for tax offset
73K. Meaning of R&D group turnover
73L. Grouped taxpayers
73M. Meaning of affiliate
73P. Interpretation
73Q. Eligibility to claim additional deduction
73R. Group members
73S. Calculating the amounts relevant to the additional deduction
73T. Adjustment amounts
73U. Running averages
73V. Adjustment balance
73W. Premium amount
73X. Apportionment between group members
73Y. Additional deduction
73Z. Anti-avoidance
74. Election expenses of candidates for Parliament
74A. Election expenses of candidates for local governments
74B. Certain election expenses not deductible
75A. Deduction of certain expenditure on land used for primary production
75AA. Deduction for capital expenditure incurred in establishing grape vines
75B. Deduction of expenditure on conserving or conveying water
75D. Deduction of expenditure on prevention of land degradation
77F. Money paid before 1 July 1991 on shares in management and investment companies
78. Deduction for gifts, pensions etc.
78AA. Register of Cultural Organisations
78AB. Register of Environmental Organisations
78A. Certain gifts not to be allowable deductions
78B. Promoters recoupment tax
79A. Rebates for residents of isolated areas
79B. Rebates for members of Defence Force serving overseas
79C. Limitation on certain deductions
79D. Limitation on deductions for foreign income
79DA. Tax losses not deductible from foreign income unless taxpayer so elects
79E. General domestic losses of 1989-90 to 1996-97 years of income
79EA. Loss of company's first year as a PDF where taxable income consists of pre-PDF income
79EB. Losses incurred while a PDF not allowable after company ceases to be a PDF
79F. Film losses of 1989-90 to 1996-97 years of income
80. General domestic losses of pre-1990 years of income
80AAA.Film losses of pre-1990 years of income
80AA. Primary production losses of pre-1990 years of income
80AB. Order in which loss deductions are to be taken into account
80AC. Limitations on net exempt income to be taken into account in respect of loss deductions
80A. Losses of previous years not to be taken into account unless there is substantial continuity of beneficial ownership of shares in company
80B. Special provisions relating to beneficial ownership of, or rights attached to, shares
80DA. Losses of previous years not to be taken into account in certain circumstances
80E. Losses of previous years may be taken into account where company carries on same business
80F. Loss resulting from bad debt etc. not to be taken into account in certain circumstances
80G. Transfer of loss within company group
81. Social services contributions
82. Double deductions
82A. Deductions for expenses of self-education
INCOME TAX ASSESSMENT ACT 1936
Subdivision AA—Contributions to superannuation funds for benefit
of employees


82AAA.Interpretation
82AAC.Deduction for contributions to eligible superannuation fund for employees
82AAD.Deduction for contribution to non-complying superannuation fund that taxpayer reasonably believes to be a complying superannuation fund
82AADA.Deduction for contributions to RSAs
82AAF.Deduction for deposits under the Small Superannuation Accounts Act 1995
82AAQ.Amount paid from fund to be included in recipient's assessable income
82AAQA.Assessable income to include deposits refunded under the Small Superannuation Accounts Act 1995
82AAQB.Assessable income to include contributions to RSAs that are refunded
82AAR.Deductions for contributions to funds for employees not allowable under other provisions of Act
INCOME TAX ASSESSMENT ACT 1936
Subdivision AB—Contributions to superannuation funds by eligible
persons


82AAS.Interpretation
82AAT.Deductions for superannuation contributions by eligible persons
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Development allowance


82AAAA.Object
82AA. Property to which Subdivision applies
82AB. Deduction for new plant installed after 26 February 1992
82ABA.Subdivision subject to Division 245 of Schedule 2C
82AC. Limitation of deduction in case of leased property
82AD. Lessor may transfer benefit of deduction to lessees
82AE. Subdivision not to apply to certain structural improvements
82AF. Subdivision not to apply to certain other property
82AG. Disposal etc. of property within 12 months after installation etc.
82AH. Disposal etc. of property after 12 months after installation etc.
82AHA.Goods or services used to produce exempt income
82AI. Notional disposal of property under hire-purchase
82AIA.Transfer by way of security
82AJ. Special provisions relating to partnerships
82AJA.Disposals within company group
82AK. Private use of property by employees etc. of private company
82AL. Property acquired etc. in substitution for other property
82AM. Deduction under Subdivision to be in addition to certain other deductions
82AN. Ascertainment of amount of eligible expenditure
82AO. Recoupment of expenditure
82APA.Leases etc. granted in an entity's capacity as an eligible entertainment/tourism operator
82AQ. Interpretation
INCOME TAX ASSESSMENT ACT 1936
Subdivision BA—General investment allowance


82AR. Object
82ARA.Subdivision subject to Division 245 of Schedule 2C
82AS. How to work out entitlement etc. to general investment allowance
82AT. Change to main deduction provision
82AU. Changes to dates
82AV. Change to section 82AC (limitation of deduction in case of leased property)
82AX. Subdivision B object not applicable
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Deductions for expenditure on environmental impact
studies


82B. Objects of Subdivision
82BA. Interpretation
82BAA.Subdivision subject to Division 245 of Schedule 2C
82BB. Deduction of allowable environmental impact expenditure
82BC. Allowable environmental impact expenditure
82BD. Eligible environmental impact activities
82BE. No deduction where expenditure is recouped
82BF. Transactions between persons not at arm's length
82BG. Property used for eligible environmental impact activities taken to be used for the purpose of producing assessable income
INCOME TAX ASSESSMENT ACT 1936
Subdivision CA—Deductions for environment protection expenditure


82BH. Objects of Subdivision
82BJ. Interpretation
82BK. Deduction of allowable environment protection expenditure
82BL. Allowable environment protection expenditure
82BM. Eligible environment protection activity
82BN. No deduction for expenditure on land, plant etc.
82BP. No deduction where expenditure is recouped
82BQ. Transactions between persons not at arm's length
82BR. Property used for eligible environment protection activities taken to be used for the purpose of producing assessable income
INCOME TAX ASSESSMENT ACT 1936
Subdivision CB—Regional Headquarters (RHQs)


82C. Object
82CA. Deduction for setup costs of RHQ companies
82CB. Interpretation
82CC. Associated companies
82CD. Application to become an RHQ company
82CE. Determination of RHQ companies
INCOME TAX ASSESSMENT ACT 1936
Subdivision D—Losses and outgoings incurred under certain tax
avoidance schemes


82KH. Interpretation
82KJ. Deduction not allowable in respect of certain pre-paid outgoings
82KK. Schemes designed to postpone tax liability
82KL. Tax benefit not allowable in respect of certain recouped expenditure
INCOME TAX ASSESSMENT ACT 1936
Subdivision F—Substantiation of certain expenses of years of
income up to and including 1993-94


82KS. Application of this Subdivision
82KT. Interpretation
82KTAA.Definition of eligible expense —extent to which transport expenses relate to eligible transport payments
82KTA.Holding of car or motor vehicle
82KTB.Holding period of car or motor vehicle
82KTBA.Car records to be completed before lodgment date of return etc.
82KTC.Deemed specification of matters in car records
82KTD.Deemed specification of matters in odometer records
82KTE.Unsigned or fraudulent entries in log book records
82KTF.Reasonable estimate of underlying business percentage
82KTG.Log book year of income
82KTH.Business percentage established during applicable log book period
82KTJ.Replacement cars
82KTK.Re-acquisition etc. of cars
82KU. Documentary evidence
82KUA.Deductions not allowable for car expenses unless documentary evidence obtained etc.
82KUB.Deductions not allowable for car expenses incurred in a log book year of income unless log book records and odometer records etc. are maintained
82KUC.Deductions not allowable for car expenses incurred in a non-log book year of income unless log book records kept in previous log book year of income etc.
82KUD.Amount of deduction allowable for car expenses—log book method
82KUE.Nominated business percentage to be reduced if it exceeds business percentage established during applicable log book period or if it is unreasonable
82KV. Car expenses—exemptions from log book method substantiation
82KW. Deduction for car expenses where income-producing use exceeds 5,000 kilometres—statutory formula
82KX. Deduction for car expenses where income-producing use does not exceed 5,000 kilometres—statutory formula
82KY. Elections
82KZ. Other expenses
82KZA.Retention, and production, of documents
82KZAA.Relief from substantiation requirements in special circumstances
82KZB.Aggregate claims not exceeding a certain amount
82KZBA.No substantiation required for eligible expenses relating to eligible transport payments in certain circumstances
82KZBB.Relief from certain substantiation requirements where taxpayer had a reasonable expectation that substantiation would not be required
INCOME TAX ASSESSMENT ACT 1936
Subdivision GA—Calculating car expense deductions, and
substantiating certain expenses, of the 1994-95, 1995-96 and 1996-97 income years


82KZBC.Schedule 2A has the rules about calculating car expense deductions
82KZBD.Schedule 2B has the rules about substantiating certain expenses
82KZBE.Application of Schedules 2A and 2B
82KZBF.Transitional provisions about log books
INCOME TAX ASSESSMENT ACT 1936
Subdivision G—Limitation on deductions for interest on money
borrowed to finance rental property investments


82KZC.Interpretation
82KZD.Limitation on deductions for rental property loan interest
82KZE.Carry forward of excess rental property loan interest
82KZF.Transfer of excess rental property loan interest within company group
82KZG.Special provision relating to partnerships
82KZH.Deemed acquisition of property
82KZJ.When property acquired
82KZK.Rental property income to include taxable values of certain fringe benefits
INCOME TAX ASSESSMENT ACT 1936
Subdivision H—Period of deductibility of certain advance
expenditure


82KZL.Interpretation
82KZM.Expenditure by STS taxpayer and individuals incurring non-business expenditure
82KZMA.Application of section 82KZMD
82KZMD.Business expenditure (except by an STS taxpayer) and non-business expenditure by non-individual
82KZME.Expenditure under some agreements
82KZMF.Proportional deduction
82KZMG.Deductions for certain forestry expenditure
82KZN.Transfer etc. of rights under agreement
82KZO.Partnership changes where entire interest in agreement rights is not transferred
INCOME TAX ASSESSMENT ACT 1936
Division 3A—Convertible notes


82LA. Application of Division
82L. Interpretation
82M. New loans and replacement loans
82N. Prescribed stock exchanges
82P. Bonus share allotments
82Q. Classes of shares
82R. Interest on certain convertible notes not to be an allowable deduction
82S. Interest on certain convertible notes to be an allowable deduction—where loan made before 1 January 1976
82SA. Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976
82T. Value of shares
INCOME TAX ASSESSMENT ACT 1936
Division 4—Leases


83. Interpretation
83AA. Application of Division
83A. Consideration for goodwill or licence
84. Premiums included in assessable income
85. Deductions upon disposal of lease, goodwill or licence
85A. Deduction to sub-lessor
86. Notional income of a taxpayer deriving a premium
87. Value of improvements included in assessable income
88. Deductions to lessee
88A. Crown leases of land used for primary production
88B. Mining leases
89. Division not to apply to certain leases
INCOME TAX ASSESSMENT ACT 1936
Division 5—Partnerships


90. Interpretation
91. Liability of partnerships
92. Income and deductions of partner
92A. Deductions in respect of outstanding subsection 92(2AA) amounts
93. Options of partners in respect of live stock
94. Partner not having control and disposal of share in partnership income
INCOME TAX ASSESSMENT ACT 1936
Division 5A—Income of certain limited partnerships


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Preliminary


94A. Object
94B. Interpretation
94C. Continuity of limited partnership not affected by changes in composition
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Corporate limited partnerships


94D. Corporate limited partnerships
94E. Continuity of business test
94F. Change in composition of limited partnership—election that partnership not be treated as an eligible limited partnership
94G. Continuity of ownership test
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Corporate tax modifications applicable to corporate
limited partnerships


94H. Corporate tax modifications applicable to corporate limited partnerships
94J. Company includes corporate limited partnership
94K. Partnership does not include corporate limited partnership
94L. Dividend includes distribution of corporate limited partnership
94M. Drawings etc. deemed to be dividends paid out of profits
94N. Private company does not include corporate limited partnership
94P. Share includes interest in corporate limited partnership
94Q. Shareholder includes partner in corporate limited partnership
94R. Liquidator may include partner in corporate limited partnership
94S. Continuity of corporate limited partnership not affected by changes in composition
94T. Residence of corporate limited partnership
94U. Incorporation
94V. Obligations and offences
94W. Pre-1995-96 years of income—certain corporate obligations do not arise if partnership became a corporate limited partnership because of something which happened during the year of income
94X. Modification of loss provisions
94Y. Modification of provisions relating to the collection of company tax
INCOME TAX ASSESSMENT ACT 1936
Division 6—Trust income


95. Interpretation
95A. Special provisions relating to present entitlement
95B. Certain beneficiaries deemed not to be under legal disability
96. Trustees
96A. Application of Division in respect of interests in non-resident trust estates to which Part XI applies
96B. Beneficiary of non-resident trust estate
96C. Calculation of beneficiary's share of net income of non-resident trust estate
97. Beneficiary not under any legal disability
97A. Beneficiaries who are owners of income equalization deposits or farm management deposits
98. Liability of trustee
98A. Non-resident beneficiaries assessable in respect of certain income
99. Certain trust income to be taxed as income of an individual
99A. Certain trust income to be taxed at special rate
99B. Receipt of trust income not previously subject to tax
99C. Determining whether property is applied for benefit of beneficiary
99D. Refund of tax to non-resident beneficiary
100. Beneficiary assessable in respect of certain trust income
100A. Present entitlement arising from reimbursement agreement
101. Discretionary trusts
101A. Income of deceased received after death
102. Revocable trusts
INCOME TAX ASSESSMENT ACT 1936
Division 6AAA—Special provisions relating to non-resident
trust estates etc.


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Preliminary


102AAA.Object of Division
102AAB.Interpretation
102AAC.Each listed country and unlisted country to be treated as a separate foreign country
102AAD.Subject to tax —application of subsection 324(2)
102AAE.Listed country trust estates
102AAF.Public unit trusts
102AAG.When entity is in a position to control a trust estate
102AAH.Non-resident family trusts
102AAJ.Transfer of property or services
102AAK.Deemed transfers of property or services to trust estate
102AAL.Division not to apply to transfers by trustees of deceased estates
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Payment of interest by taxpayer on distributions
from certain non-resident trust estates


102AAM.Payment of interest by taxpayer on distributions from certain non-resident trust estates
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Winding-up of non-resident trust estates in
existence on 12 April 1989


102AAN.Winding-up of non-resident trust estates—tax rebates
102AAP.Winding-up of non-resident discretionary trusts—adjustment of tax treatment of beneficiaries
102AAQ.Winding-up of non-resident trust estates—modified accruals system of taxation
102AAR.When trust estate is taken to be completely wound up
INCOME TAX ASSESSMENT ACT 1936
Subdivision D—Accruals system of taxation of certain non-resident
trust estates


102AAS.Object of Subdivision
102AAT.Accruals system of taxation—attributable taxpayer
102AAU.Attributable income of a trust estate
102AAV.Double tax agreements to be disregarded
102AAW.Certain provisions to be disregarded in calculating attributable income
102AAY.Modified application of trading stock provisions
102AAZ.Modified application of depreciation provisions
102AAZA.Modified application of Division 13 of Part III
102AAZB.General modifications—CGT
102AAZBA.Modified application of CGT—effect of certain changes of residence
102AAZC.Modified application of loss provisions—pre-1990-91 losses
102AAZD.Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
102AAZE.Accruals system of taxation does not apply to small amounts
102AAZF.Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
102AAZG.Keeping of records
INCOME TAX ASSESSMENT ACT 1936
Division 6AA—Income of certain children


102AA.Interpretation
102AB.Application of Division
102AC.Persons to whom Division applies
102AD.Taxable income to which Division applies
102AE.Eligible assessable income
102AF.Employment income and business income
102AG.Trust income to which Division applies
102AGA.Transfer of property as the result of a family breakdown
102AH.Commissioner may allow rebate
INCOME TAX ASSESSMENT ACT 1936
Division 6A—Alienation of income


102A. Interpretation
102B. Certain income transferred for short periods to be included in assessable income of transferor
102C. Effect of certain transfers of rights to receive income from property
102CA.Consideration in respect of transfer to be included in assessable income of transferor in certain cases
INCOME TAX ASSESSMENT ACT 1936
Division 6B—Income of certain unit trusts


102D. Interpretation
102E. Prescribed arrangements
102F. Eligible unit trusts
102G. Public unit trusts
102H. Resident unit trusts
102J. Corporate unit trusts
102K. Taxation of net income of corporate unit trust
102L. Modified application of Act in relation to certain unit trusts
INCOME TAX ASSESSMENT ACT 1936
Division 6C—Income of certain public trading trusts


102M. Interpretation
102N. Trading trusts
102P. Public unit trusts
102Q. Resident unit trusts
102R. Public trading trusts
102S. Taxation of net income of public trading trust
102T. Modified application of Act in relation to certain unit trusts
INCOME TAX ASSESSMENT ACT 1936
Division 6D—Provisions relating to certain closely held trusts


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Overview


102UA.What this Division is about
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Interpretation


102UB.Definitions—general
102UC.Closely held trust
102UD.Trustee beneficiary
102UE.Ultimate beneficiary
102UF.Listed person
102UG.Correct UB statement
102UH.UB statement period
102UI.Tax-preferred amount
102UJ.Present entitlement
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Ultimate beneficiary non-disclosure tax on share of
net income


102UK.Ultimate beneficiary non-disclosure tax where no correct UB statement
102UL.Exclusion of directors of closely held trust from liability to pay tax
102UM.Ultimate beneficiary non-disclosure tax where no ultimate beneficiary
INCOME TAX ASSESSMENT ACT 1936
Subdivision D—Payment etc. of ultimate beneficiary non-disclosure
tax


102UN.Amount of ultimate beneficiary non-disclosure tax reduced by notional tax offset
102UO.Payment of ultimate beneficiary non-disclosure tax
102UP.Late payment of ultimate beneficiary non-disclosure tax
102UR.Notice of liability
102URA.Request for notice of liability
102US.Evidentiary effect of notice of liability
102USA.Recovery of ultimate beneficiary non-disclosure tax from persons providing incorrect information etc. to head trustee
INCOME TAX ASSESSMENT ACT 1936
Subdivision E—Making correct UB statement about ultimate
beneficiaries of tax-preferred amounts


102UT.Requirement to make correct UB statement about ultimate beneficiaries of tax-preferred amounts
INCOME TAX ASSESSMENT ACT 1936
Subdivision F—Special provisions about tax file numbers


102UU.Ultimate beneficiary may quote tax file number to trustee of closely held trust
102UV.Trustee of closely held trust may record etc. tax file number
INCOME TAX ASSESSMENT ACT 1936
Division 7—Private companies


102V. Application of Division to non-share dividends
103. Interpretation
103A. Private companies
103AA.Prescribed dividends
104. Additional tax on undistributed amount
105. Phasing-out dividends
105A. Sufficient distribution
105AAA.Dividends paid in first 2 months of prescribed period not to be taken into account in certain circumstances
105AAB.Dividend may be taken into account where company carries on same business
105AAC.Special provisions relating to year of incorporation or winding up of company
105AA.Additional period for making sufficient distribution
105AB.Additional period for distribution by liquidator
105B. Retention allowance
105C. Election to have taxes paid deducted in ascertaining distributable income
107. Exemption of certain dividends
107A. Private companies carrying on insurance business
108. Loans etc. to shareholders and associates deemed to be dividends
109. Excessive payments to shareholders, directors and associates deemed to be dividends
INCOME TAX ASSESSMENT ACT 1936
Division 7A—Distributions to entities connected with a
private company


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Overview of this Division


109B. Simplified outline of this Division
INCOME TAX ASSESSMENT ACT 1936
Subdivision AA—Application of Division to non-share equity
interests


109BA.Application of Division to non-share dividends
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Private company payments, loans and debt
forgiveness are treated as dividends


109C. Payments treated as dividends
109D. Loans treated as dividends
109E. Amalgamated loan from a previous year treated as dividend if minimum repayment not made
109F. Forgiven debts treated as dividends
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Forgiven debts that are not treated as dividends


109G. Debt forgiveness that does not give rise to a dividend
INCOME TAX ASSESSMENT ACT 1936
Subdivision D—Payments and loans that are not treated as dividends


109H. Simplified outline of this Subdivision
109J. Payments discharging pecuniary obligations not treated as dividends
109K. Inter-company payments and loans not treated as dividends
109L. Certain payments and loans not treated as dividends
109M. Loans made in the ordinary course of business on arm's length terms not treated as dividends
109N. Loans meeting criteria for minimum interest rate and maximum term not treated as dividends
109NA.Certain liquidator's distributions and loans not treated as dividends
109NB.Loans to purchase shares under employee share schemes not treated as dividends
109P. Amalgamated loans not treated as dividends in the year they are made
109Q. Commissioner may allow amalgamated loan not to be treated as dividend
109R. Some payments relating to loans not taken into account
INCOME TAX ASSESSMENT ACT 1936
Subdivision DA—Demerger dividends not treated as dividends


109RA.Demerger dividends not treated as dividends
INCOME TAX ASSESSMENT ACT 1936
Subdivision E—Payments and loans through interposed entities


109S. Simplified outline of this Subdivision
109T. Payments and loans by a private company to an entity through one or more interposed entities
109U. Payments and loans through interposed entities relying on guarantees
109UA.Certain liabilities under guarantees treated as payments
109V. Amount of private company's payment to target entity through one or more interposed entities
109W. Private company's loan to target entity through one or more interposed entities
109X. Payment or loan may give rise to dividend despite Subdivision D
INCOME TAX ASSESSMENT ACT 1936
Subdivision EA—Unpaid present entitlements


109XA.Payments, loans and debt forgiveness by a trustee in favour of a shareholder etc. of a private company with an unpaid present entitlement
109XB.Amounts included in assessable income
109XC.Modifications
INCOME TAX ASSESSMENT ACT 1936
Subdivision F—General rules applying to all amounts treated as
dividends


109Y. Proportional reduction of dividends so they do not exceed distributable surplus
109Z. Characteristics of dividends taken to be paid under this Division
109ZA.No dividend taken to be paid for withholding tax purposes
109ZB.Amount treated as dividend is not a fringe benefit
109ZC.Treatment of dividend that is reduced on account of an amount taken under this Division to be a dividend
INCOME TAX ASSESSMENT ACT 1936
Subdivision G—Defined terms


109ZD.Defined terms
109ZE.Interpretation rules about entities
INCOME TAX ASSESSMENT ACT 1936
Division 9—Co-operative and mutual companies


117. Co-operative companies
118. Company not co-operative if less than 90% of business with members
119. Sums received to be taxed
120. Deductions allowable to co-operative company
121. Mutual insurance associations
INCOME TAX ASSESSMENT ACT 1936
Division 9AA—Demutualisation of insurance companies and
affiliates


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—What this Division is about


121AA.What this Division is about
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Key concepts and related definitions


121AB.Insurance company definitions
121AC.Mutual affiliate company
121AD.Demutualisation and demutualisation resolution day
121AE.Demutualisation methods, the policyholder/member group and the listing period
121AEA.Replacement of policyholders by persons exercising certain rights
121AF.Demutualisation method 1
121AG.Demutualisation method 2
121AH.Demutualisation method 3
121AI.Demutualisation method 4
121AJ.Demutualisation method 5
121AK.Demutualisation method 6
121AL.Demutualisation method 7
121AM.Embedded value of a mutual life insurance company
121AN.Net tangible asset value of a general insurance company or mutual affiliate company
121AO.Treasury bond rate, capital reserve adequacy level, eligible actuary and security
121AP.Subsidiary and wholly-owned subsidiary
121AQ.Other definitions
121AR.List of definitions
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Tax consequences of demutualisation


121AS.Part IIIA consequences of demutualisation
121AT.Other tax consequences of demutualisation
INCOME TAX ASSESSMENT ACT 1936
Division 9A—Offshore banking units


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Object and simplified outline


121A. Object
121B. Simplified outline
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Interpretation


121C. Interpretation
121D. Meaning of OB activity
121DA.Meaning of expressions relevant to investment activity
121E. Meaning of offshore person
121EA.OBU requirement
121EB.Internal financial dealings of an OBU
121EC.Meaning of OBU resident-owner money
121ED.Meaning of trade with a person
121EE.Definitions relating to assessable income of an OBU
121EF.Definitions relating to allowable deductions of an OBU
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—Operative provisions


121EG.Reduction of assessable OB income and allowable OB deductions
121EH.Loss of special treatment where excessive use of non-OB money
121EI.Deduction for foreign tax on amounts included in assessable OB income
121EJ.Source of income derived from OB activities
121EK.Deemed interest on 90% of certain OBU resident-owner money
121EL.Exemption of income etc. of OBU offshore investment trusts
121ELA.Exemption of income etc. of overseas charitable institutions
121ELB.Adjustment of capital gains and losses from disposal of units in OBU offshore investment trusts
INCOME TAX ASSESSMENT ACT 1936
Division 9B—State Bank of NSW


121EM.Interpretation
121EN.Deemed disposal and re-acquisition of assets
121EO.Deemed cessation and re-assumption of liabilities
121EP.Effect of unfunded pre-first taxing time superannuation liabilities
121EQ.Effect of pre-first taxing time provision for bad debts
INCOME TAX ASSESSMENT ACT 1936
Division 9C—Assessable income diverted under certain tax
avoidance schemes


121F. Interpretation
121G. Diverted income and diverted trust income
121H. Assessment of diverted income and diverted trust income
121J. Ascertainment of diverted income or diverted trust income deemed to be an assessment
121K. Application of International Tax Agreements Act
121L. Division applies notwithstanding exemption under other laws
INCOME TAX ASSESSMENT ACT 1936
Division 10—Mining and quarrying


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—General mining


122. Interpretation
122AA.Division applies subject to provisions terminating gold mining exemptions
122AB.Subdivision applies subject to Division 245 of Schedule 2C
122A. Allowable capital expenditure
122B. Purchase of mining or prospecting right or information
122BA.Allowable capital expenditure in respect of cash bidding payments to acquire exploration or prospecting authorities or mining authorities
122C. Residual previous capital expenditure
122D. Deduction of residual previous capital expenditure
122DA.Residual capital expenditure
122DB.Deduction of residual capital expenditure
122DC.Residual (1 May 1981 to 18 August 1981) capital expenditure
122DD.Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure
122DE.Residual (19 August 1981 to 19 July 1982) capital expenditure
122DF.Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure
122DG.Deduction of allowable (post 19 July 1982) capital expenditure
122H. Election that Subdivision not apply to plant
122J. Exploration and prospecting expenditure
122JA.Deductions where exempt income derived
122JAA.Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Quarrying


122JB.Interpretation
122JBA.Subdivision subject to Division 245 of Schedule 2C
122JC.Allowable capital expenditure
122JD.Purchase of quarrying or prospecting right or information
122JE.Deduction of allowable capital expenditure
122JF.Exploration and prospecting expenditure
122JG.Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—General provisions


122KAA.Subdivision subject to Division 245 of Schedule 2C
122K. Disposal, loss, destruction or termination of use of property
122KA.Application of section 122K before 1 July 1991—subsequent use of property for rehabilitation
122L. Transactions between persons not at arm's length
122M. Elections
122N. Deductions not allowable under other provisions
122NB.Apportionment of expenditure deductible under both Subdivision A and Subdivision B
122R. Change in interests in property
122S. Commissioner to determine deductions attributable to particular expenditure
122T. Recoupment of expenditure
122U. Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
INCOME TAX ASSESSMENT ACT 1936
Division 10AAA—Transport of minerals and quarry materials


INCOME TAX ASSESSMENT ACT 1936
Subdivision A—Transport of certain minerals


123. Interpretation
123AAA.Subdivision subject to Division 245 of Schedule 2C
123A. Application of Subdivision
123AA.Division applies subject to provisions terminating gold mining exemptions
123B. Deduction of expenditure
123BA.Election in relation to certain expenditure
123BB.Election in relation to expenditure incurred after 17 August 1976
123BBA.Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F
INCOME TAX ASSESSMENT ACT 1936
Subdivision B—Transport of quarry materials


123BC.Interpretation
123BCA.Subdivision subject to Division 245 of Schedule 2C
123BD.Application of Subdivision
123BE.Deduction of expenditure
123BF.Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F
INCOME TAX ASSESSMENT ACT 1936
Subdivision C—General provisions


123CA.Subdivision subject to Division 245 of Schedule 2C
123C. Disposal, loss, destruction or termination of use of property
123D. Transactions between parties not at arm's length
123E. Deductions not allowable under other provisions
123EA.Apportionment of expenditure deductible under both Subdivision A and Subdivision B
123F. Change in interests in property
123G. Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
INCOME TAX ASSESSMENT ACT 1936
Division 10AA—Prospecting and mining for petroleum


124. Interpretation
124AAA.Division subject to Division 245 of Schedule 2C
124AA.Allowable capital expenditure
124AB.Purchase of prospecting or mining rights or information
124ABA.Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences
124AC.Residual previous capital expenditure
124AD.Deduction of residual previous capital expenditure
124ADA.Residual capital expenditure
124ADB.Deduction of residual capital expenditure
124ADC.Residual (1 May 1981 to 18 August 1981) capital expenditure
124ADD.Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure
124ADE.Residual (19 August 1981 to 19 July 1982) capital expenditure
124ADF.Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure
124ADG.Deduction of allowable (post 19 July 1982) capital expenditure
124ADH.Election in relation to limit on certain deductions
124AE.Unrecouped previous capital expenditure
124AF.Deductions of unrecouped previous capital expenditure
124AG.Election that Division not to apply to plant
124AH.Exploration and prospecting expenditure
124AJ.Prospecting or mining by contractors, profit-sharing arrangements etc.
124AK.Transactions between persons not at arm's length
124AL.Petroleum or petroleum products used in manufacturing other goods
124AM.Disposal, loss, destruction or termination of use of property
124AMAA.Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 124AO
124AMA.Application of section 124AM before 1 July 1991—subsequent use of property for rehabilitation
124AN.Double deductions
124AO.Change in interests in property
124AP.Commissioner to determine deductions attributable to particular expenditure
124AQ.Recoupment of expenditure
124AR.Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
INCOME TAX ASSESSMENT ACT 1936
Division 10AB—Rehabilitation and restoration of mining,
quarrying and petroleum sites


124B. Interpretation
124BA.Deduction of expenditure on rehabilitation-related activities
124BB.Rehabilitation-related activity
124BC.No deduction for certain expenditure
124BD.No deduction where expenditure is recouped
124BE.Transactions between persons not at arm's length
124BF.Property used for rehabilitation-related activities taken to be used for the purpose of producing assessable income
INCOME TAX ASSESSMENT ACT 1936
Division 10A—Timber operations and timber mill buildings


INCOME TAX ASSESSMENT ACT 1936
Subdivision AA—Application of this Division


124EAA.This Division does not apply after 1996-97 year of income
INCO