INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 272 - Interpretation  

Subdivision 272-M - Various definitions  

SECTION 272-140   DEFINITIONS  

272-140(1)  


In this Schedule:

abnormal trading
has the meaning given by Subdivision 269-B .

approved stock exchange
(Repealed by No 114 of 2010)

arrangement
means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.

associate
has the same meaning as in section 318 .

benefit
, in Division 270 , has the meaning given by section 270-20 .

breakdown in the marriage
(Repealed by No 144 of 2008)

breakdown in the marriage or relationship
of an individual: this occurs if the individual is living with another individual on a genuine domestic basis in a relationship as a couple (whether the individuals are the same sex or different sexes and whether legally married or not) and ceases to do so.

complying approved deposit fund
means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 .

complying superannuation fund
means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 .

control a non-fixed trust
has the meaning given by Subdivision 269-E .

designated infrastructure project entity
has the meaning given by the Income Tax Assessment Act 1997 .

directly or indirectly
has a meaning affected by sections 272-25 and 272-30 .

distribute
income or capital has a meaning affected by sections 272-45 , 272-50 , 272-55 and 272-60 .

excepted trust
has the meaning given by section 272-100 .

family
has the meaning given by section 272-95 .

family group
has the meaning given by section 272-90 .

family trust
has the meaning given by section 272-75 .

family trust distribution tax
has the meaning given by section 271-10 .

family trust election
has the meaning given by section 272-80 .

fixed entitlement
has the meaning given by Subdivision 272-A .

fixed trust
has the meaning given by section 272-65 .

government body
means:


(a) the Commonwealth, a State or a Territory; or


(b) a municipal corporation or other local governing body; or


(c) a foreign state.

group
has the meaning given by subsection 269-95 (5).

income year
includes a year of income.

indirectly
has a meaning affected by sections 272-20 and 272-63 .

interposed entity election
has the meaning given by section 272-85 .

listed public company
has the meaning given by section 272-135 .

listed widely held trust
has the meaning given by section 272-115 .

loss year
means the income year in which a tax loss was incurred.

member of a company
includes a shareholder, stockholder or holder of a life insurance policy of the company.

more than a 50% stake
has the meaning given by section 269-50 .

mutual affiliate company
has the meaning given by section 121AC .

mutual insurance company
has the meaning given by section 121AB .

non-fixed trust
has the meaning given by section 272-70 .

pass the 50% stake test
has the meaning given by section 269-55 .

pass the business continuity test
has the meaning given by Subdivision 269-F .

pass the family control test
has the meaning given by section 272-87 .

pass the pattern of distributions test
has the meaning given by section 269-60 .

pass the same business test
(Repealed by No 7 of 2019)

pooled superannuation trust
means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993 .

scheme
has the same meaning as in subsection 177A(1) .

special company
means:


(a) a mutual affiliate company; or


(b) a mutual insurance company; or


(c) a company whose constituent document prevents it from distributing both income and capital (within the meaning of section 272-50 ) to any member of the company; or


(d) a credit union, within the meaning of section 3 of the Financial Institutions Codes (as defined in section 111AZC of the Corporations Act 2001 ), whose constituent documents prevent it from paying dividends to its members; or


(e) a company that is prescribed by the regulations.

specified individual
in relation to a family trust election has the meaning given by subsection (2).

tax loss
means:


(a) a loss within the meaning of former section 79E , 80 or 80AA ; or


(b) a film loss within the meaning of former section 79F or 80AAA ; or


(c) a tax loss worked out under section 36-10 of the Income Tax Assessment Act 1997 (including such a tax loss as increased under section 415-15 of that Act).

trading
in units in a unit trust has the meaning given by section 269-10 .

unlisted very widely held trust
has the meaning given by section 272-120 .

unlisted widely held trust
has the meaning given by section 272-110 .

wholesale widely held trust
has the meaning given by section 272-125 .

widely held unit trust
has the meaning given by section 272-105 .

272-140(2)  


A reference in this Schedule to a person specified in a family trust election is a reference to:


(a) if the family trust election has not been varied - the person specified for the purposes of subsection 272-80(3) ; or


(b) if the family trust election has been varied - the person most recently specified under subsection 272-80(5A) or (5C) .



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