
INCOME TAX ASSESSMENT ACT 1997
 CHAPTER 1  INTRODUCTION AND CORE PROVISIONS
 PART 11  PRELIMINARY
 Division 1  Preliminary
 SECTION 11 Short title
 SECTION 12 Commencement
 SECTION 13 Differences in style not to affect meaning
 SECTION 14 Application
 SECTION 17 Administration of this Act
 PART 12  A GUIDE TO THIS ACT
 Division 2  How to use this Act
 Subdivision 2A  How to find your way around
 SECTION 21 The design
 Subdivision 2B  How the Act is arranged
 SECTION 25 The pyramid
 Subdivision 2C  How to identify defined terms and find the definitions
 SECTION 210 When defined terms are identified
 SECTION 215 When terms are not identified
 SECTION 220 Identifying the defined term in a definition
 Subdivision 2D  The numbering system
 SECTION 225 Purposes
 SECTION 230 Gaps in the numbering
 Subdivision 2E  Status of Guides and other nonoperative material
 SECTION 235 Nonoperative material
 SECTION 240 Guides
 SECTION 245 Other material
 Division 3  What this Act is about
 SECTION 31 What this Act is about
 SECTION 35 Annual income tax
 SECTION 310 Your other obligations as a taxpayer
 SECTION 315 Your obligations other than as a taxpayer
 PART 13  CORE PROVISIONS
 Division 4  How to work out the income tax payable on your taxable income
 SECTION 41 Who must pay income tax
 SECTION 45 Meaning of you
 SECTION 410 How to work out how much income tax you must pay
 SECTION 415 How to work out your taxable income
 SECTION 425 Special provisions for working out your basic income tax liability
 Division 5  How to work out when to pay your income tax
 Guide to Division 5
 SECTION 51 What this Division is about
 Subdivision 5A  How to work out when to pay your income tax
 SECTION 55 When income tax is payable
 SECTION 510 When shortfall interest charge is payable
 SECTION 515 General interest charge payable on unpaid income tax or shortfall interest charge
 Division 6  Assessable income and exempt income
 Guide to Division 6
 SECTION 61 Diagram showing relationships among concepts in this Division
 SECTION 65 Income according to ordinary concepts (ordinary income )
 SECTION 610 Other assessable income (statutory income )
 SECTION 615 What is not assessable income
 SECTION 620 Exempt income
 SECTION 623 Nonassessable nonexempt income
 SECTION 625 Relationships among various rules about ordinary income
 Division 8  Deductions
 SECTION 81 General deductions
 SECTION 85 Specific deductions
 SECTION 810 No double deductions
 PART 14  CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS
 Division 9  Entities that must pay income tax
 SECTION 91A Effect of this Division
 SECTION 91 List of entities
 SECTION 95 Entities that work out their income tax by reference to something other than taxable income
 Division 10  Particular kinds of assessable income
 SECTION 101 Effect of this Division
 SECTION 105 List of provisions about assessable income
 Division 11  Particular kinds of nonassessable income
 Subdivision 11A  Lists of classes of exempt income
 SECTION 111A Effect of this Subdivision
 SECTION 111 Overview
 SECTION 115 Entities that are exempt, no matter what kind of ordinary or statutory income they have
 SECTION 1110 Ordinary or statutory income which is exempt, no matter whose it is
 SECTION 1115 Ordinary or statutory income which is exempt
 Subdivision 11B  Particular kinds of nonassessable nonexempt income
 SECTION 1150 Effect of this Subdivision
 SECTION 1155 List of nonassessable nonexempt income provisions
 Division 12  Particular kinds of deductions
 SECTION 121 Effect of this Division
 SECTION 125 List of provisions about deductions
 Division 13  Tax offsets
 SECTION 131A Effect of this Division
 SECTION 131 List of tax offsets
 CHAPTER 2  LIABILITY RULES OF GENERAL APPLICATION
 PART 21  ASSESSABLE INCOME
 Division 15  Some items of assessable income
 SECTION 151 What this Division is about
 Operative provisions
 SECTION 152 Allowances and other things provided in respect of employment or services
 SECTION 153 Return to work payments
 SECTION 155 Accrued leave transfer payments
 SECTION 1510 Bounties and subsidies
 SECTION 1515 Profitmaking undertaking or plan
 SECTION 1520 Royalties
 SECTION 1522 Payments made to members of a copyright collecting society
 SECTION 1523 Payments of resale royalties by resale royalty collecting society
 SECTION 1525 Amount received for lease obligation to repair
 SECTION 1530 Insurance or indemnity for loss of assessable income
 SECTION 1535 Interest on overpayments and early payments of tax
 SECTION 1540 Providing mining, quarrying or prospecting information or geothermal exploration information
 SECTION 1545 Amounts paid under forestry agreements
 SECTION 1546 Amounts paid under forestry managed investment schemes
 SECTION 1550 Work in progress amounts
 SECTION 1555 Certain amounts paid under funeral policy
 SECTION 1560 Certain amounts paid under scholarship plan
 SECTION 1565 Sugar industry exit grants
 SECTION 1570 Reimbursed car expenses
 SECTION 1575 Bonuses
 SECTION 1580 Employer FHSA contributions etc.
 SECTION 1585 Refunded excess rehabilitation tax offset
 Division 17  Effect of GST etc. on assessable income
 SECTION 171 What this Division is about
 SECTION 175 GST and increasing adjustments
 SECTION 1710 Certain decreasing adjustments
 SECTION 1715 Elements in calculation of amounts
 SECTION 1720 GST groups and GST joint ventures
 SECTION 1730 Special credits because of indirect tax transition
 SECTION 1735 Certain sections not to apply to certain assets or expenditure
 Division 20  Amounts included to reverse the effect of past deductions
 SECTION 201 What this Division is about
 SECTION 205 Other provisions that reverse the effect of deductions
 Subdivision 20A  Insurance, indemnity or other recoupment for deductible expenses
 SECTION 2010 What this Subdivision is about
 SECTION 2015 How to use this Subdivision
 SECTION 2020 Assessable recoupments
 SECTION 2025 What is recoupment ?
 SECTION 2030 Tables of deductions for which recoupments are assessable
 SECTION 2035 If the expense is deductible in a single income year
 SECTION 2040 If the expense is deductible over 2 or more income years
 SECTION 2045 Effect of balancing charge
 SECTION 2050 If the expense is only partially deductible
 SECTION 2055 Meaning of previous recoupment law
 SECTION 2060 If you are the only entity that can deduct an amount for the loss or outgoing
 SECTION 2065 If 2 or more entities can deduct amounts for the loss or outgoing
 Subdivision 20B  Disposal of a car for which lease payments have been deducted
 SECTION 20100 What this Subdivision is about
 SECTION 20105 Map of this Subdivision
 SECTION 20110 Disposal of a leased car for profit
 SECTION 20115 Working out the profit on the disposal
 SECTION 20120 Meaning of notional depreciation
 SECTION 20125 Disposal of a leased car for profit
 SECTION 20130 Successive leases
 SECTION 20135 No amount included if earlier disposal for market value
 SECTION 20140 Reducing the amount to be included if there has been an earlier disposal
 SECTION 20145 No amount included if you inherited the car
 SECTION 20150 Reducing the amount to be included if another provision requires you to include an amount for the disposal
 SECTION 20155 Exception for particular cars taken on hire
 SECTION 20157 Exception for small business entities
 SECTION 20160 Disposal of an interest in a car
 [Division 22  Amounts you must repay are not assessable income]
 PART 25  RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
 Division 25  Some amounts you can deduct
 SECTION 251 What this Division is about
 Operative provisions
 SECTION 255 Taxrelated expenses
 SECTION 257 Advice about family tax benefit
 SECTION 2510 Repairs
 SECTION 2515 Amount paid for lease obligation to repair
 SECTION 2520 Lease document expenses
 SECTION 2525 Borrowing expenses
 SECTION 2530 Expenses of discharging a mortgage
 SECTION 2535 Bad debts
 SECTION 2540 Loss from profitmaking undertaking or plan
 SECTION 2545 Loss by theft etc.
 SECTION 2547 Misappropriation where a balancing adjustment event occurs
 SECTION 2550 Payments of pensions, gratuities or retiring allowances
 SECTION 2555 Payments to associations
 SECTION 2560 Parliament election expenses
 SECTION 2565 Local government election expenses
 SECTION 2570 Deduction for election expenses does not extend to entertainment
 SECTION 2575 Rates and land taxes on premises used to produce mutual receipts
 SECTION 2585 Certain returns in respect of debt interests
 SECTION 2590 Deduction relating to foreign nonassessable nonexempt income
 SECTION 2595 Deduction for work in progress amounts
 SECTION 25100 Travel between workplaces
 SECTION 25105 Deductions for United Medical Protection Limited support payments
 SECTION 25110 Capital expenditure to terminate lease etc.
 Division 26  Some amounts you cannot deduct, or cannot deduct in full
 Guide to Division 26
 SECTION 261 What this Division is about
 Operative provisions
 SECTION 265 Penalties
 SECTION 2610 Leave payments
 SECTION 2615 Franchise fees windfall tax
 SECTION 2617 Commonwealth places windfall tax
 SECTION 2618 Unit shortfall charge  clean energy
 SECTION 2619 Rebatable benefits
 SECTION 2620 Assistance to students
 SECTION 2622 Political contributions and gifts
 SECTION 2625 Interest or royalty
 SECTION 2625A Seasonal Labour Mobility Program
 SECTION 2626 Nonshare distributions and dividends
 SECTION 2630 Relative's travel expenses
 SECTION 2635 Reducing deductions for amounts paid to related entities
 SECTION 2640 Maintaining your family
 SECTION 2645 Recreational club expenses
 SECTION 2647 Nonbusiness boating activities
 SECTION 2650 Expenses for a leisure facility
 SECTION 2652 Bribes to foreign public officials
 SECTION 2653 Bribes to public officials
 SECTION 2654 Expenditure relating to illegal activities
 SECTION 2655 Limit on deductions
 SECTION 2660 Superannuation contributions surcharge
 SECTION 2665 Termination payments surcharge
 SECTION 2668 Loss from disposal of eligible venture capital investments
 SECTION 2670 Loss from disposal of venture capital equity
 SECTION 2674 Excess concessional contributions charge cannot be deducted
 SECTION 2675 Excess nonconcessional contributions tax cannot be deducted
 SECTION 2680 Financing costs on loans to pay superannuation contribution
 SECTION 2685 Borrowing costs on loans to pay life insurance premiums
 SECTION 2690 Superannuation supervisory levy
 SECTION 2695 Superannuation guarantee charge
 SECTION 2697 National Disability Insurance Scheme expenditure
 SECTION 2698 Division 293 tax cannot be deducted
 SECTION 2699 Excess transfer balance tax cannot be deducted
 SECTION 26100 Expenditure attributable to water infrastructure improvement payments
 Division 27  Effect of input tax credits etc. on deductions
 SECTION 271 What this Division is about
 Subdivision 27A  General
 SECTION 275 Input tax credits and decreasing adjustments
 SECTION 2710 Certain increasing adjustments
 SECTION 2715 GST payments
 SECTION 2720 Elements in calculation of amounts
 SECTION 2725 GST groups and GST joint ventures
 SECTION 2735 Certain sections not to apply to certain assets or expenditure
 Subdivision 27B  Effect of input tax credits etc. on capital allowances
 SECTION 2780 Cost or opening adjustable value of depreciating assets reduced for input tax credits
 SECTION 2785 Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
 SECTION 2787 Certain decreasing adjustments included in assessable income
 SECTION 2790 Cost or opening adjustable value of depreciating assets increased: increasing adjustments
 SECTION 2792 Certain increasing adjustments can be deducted
 SECTION 2795 Balancing adjustment events
 SECTION 27100 Pooling
 SECTION 27105 Other Division 40 expenditure
 SECTION 27110 Input tax credit etc. relating to 2 or more things
 Division 28  Car expenses
 SECTION 281 What this Division is about
 SECTION 285 Map of this Division
 Subdivision 28A  Deductions for car expenses
 SECTION 2810 Application of Division 28
 SECTION 2812 Car expenses
 SECTION 2813 Meaning of car expense
 Subdivision 28B  Choosing which method to use
 SECTION 2814 What this Subdivision is about
 SECTION 2815 Choosing between the 2 methods
 SECTION 2820 Rules governing choice of method
 Subdivision 28C  The 'cents per kilometre' method
 SECTION 2825 How to calculate your deduction
 SECTION 2830 Capital allowances
 SECTION 2835 Substantiation
 Subdivision 28D  The '12% of original value' method
 SECTION 2845 How to calculate your deduction
 SECTION 2850 Eligibility
 SECTION 2855 Capital allowances
 SECTION 2860 Substantiation
 Subdivision 28E  The 'onethird of actual expenses' method
 SECTION 2870 How to calculate your deduction
 SECTION 2875 Eligibility
 SECTION 2880 Substantiation
 Subdivision 28F  The 'log book' method
 SECTION 2890 How to calculate your deduction
 SECTION 2895 Eligibility
 SECTION 28100 Substantiation
 Subdivision 28G  Keeping a log book
 SECTION 28105 What this Subdivision is about
 SECTION 28110 Steps for keeping a log book
 SECTION 28115 Income years for which you need to keep a log book
 SECTION 28120 Choosing the 12 week period for a log book
 SECTION 28125 How to keep a log book
 SECTION 28130 Replacing one car with another
 Subdivision 28H  Odometer records for a period
 SECTION 28135 What this Subdivision is about
 SECTION 28140 How to keep odometer records for a car for a period
 Subdivision 28I  Retaining the log book and odometer records
 SECTION 28150 Retaining the log book for the retention period
 SECTION 28155 Retaining odometer records
 Subdivision 28J  Situations where you cannot use, or do not need to use, one of the 2 methods
 SECTION 28160 What this Subdivision is about
 SECTION 28165 Exception for particular cars taken on hire
 SECTION 28170 Exception for particular cars used in particular ways
 SECTION 28175 Further miscellaneous exceptions
 SECTION 28180 Car expenses related to award transport payments
 SECTION 28185 Application of Subdivision 28J to recipients and payers of certain withholding payments
 Division 30  Gifts or contributions
 SECTION 301 What this Division is about
 SECTION 305 How to find your way around this Division
 SECTION 3010 Index
 Subdivision 30A  Deductions for gifts or contributions
 SECTION 3015 Table of gifts or contributions that you can deduct
 SECTION 3017 Requirements for certain recipients
 Subdivision 30B  Tables of recipients for deductible gifts
 SECTION 3020 Health
 SECTION 3025 Education
 SECTION 3030 Gifts that must be for certain purposes
 SECTION 3035 Rural schools hostel buildings
 SECTION 3037 Scholarship etc. funds
 SECTION 3040 Research
 SECTION 3045 Welfare and rights
 SECTION 3045A Australian disaster relief funds  declarations by Minister
 SECTION 3046 Australian disaster relief funds  declarations under State and Territory law
 SECTION 3050 Defence
 SECTION 3055 The environment
 SECTION 3060 Gifts to a National Parks body or conservation body must satisfy certain requirements
 SECTION 3065 Industry, trade and design
 SECTION 3070 The family
 SECTION 3075 Marriage education organisations must be approved
 SECTION 3080 International affairs
 SECTION 3085 Developing country relief funds
 SECTION 3086 Developed country disaster relief funds
 SECTION 3090 Sports and recreation
 SECTION 3095 Philanthropic trusts
 SECTION 30100 Cultural organisations
 SECTION 30102 Fire and emergency services
 SECTION 30105 Other recipients
 Subdivision 30BA  Endorsement of deductible gift recipients
 SECTION 30115 What this Subdivision is about
 SECTION 30120 Endorsement by Commissioner
 SECTION 30125 Entitlement to endorsement
 SECTION 30130 Maintaining a gift fund
 SECTION 30135 Dealing with an application for endorsement
 SECTION 30140 Notifying outcome of application for endorsement
 SECTION 30145 Date of effect of endorsement
 SECTION 30150 Review of refusal of endorsement
 SECTION 30155 Checking entitlement to endorsement
 SECTION 30160 Telling Commissioner of loss of entitlement to endorsement
 SECTION 30165 Partnerships and unincorporated bodies
 SECTION 30170 Revoking endorsement
 SECTION 30175 Review of revocation of endorsement
 SECTION 30180 How this Subdivision applies to government entities
 Subdivision 30C  Rules applying to particular gifts of property
 SECTION 30200 Getting written valuations
 SECTION 30205 Proceeds of the sale would have been assessable
 SECTION 30210 Approved valuers
 SECTION 30212 Valuations by the Commissioner
 SECTION 30215 How much you can deduct
 SECTION 30220 Reducing the amount you can deduct
 SECTION 30225 Gift of property by joint owners
 Subdivision 30CA  Administrative requirements relating to ABNs
 SECTION 30226 What this Subdivision is about
 SECTION 30227 Entities to which this Subdivision applies
 SECTION 30228 Content of receipt for gift or contribution
 SECTION 30229 Australian Business Register must show deductibility of gifts to deductible gift recipient
 Subdivision 30D  Testamentary gifts under the Cultural Bequests Program
 Subdivision 30DA  Donations to political parties and independent candidates and members
 SECTION 30241 What this Subdivision is about
 SECTION 30242 Deduction for political contributions and gifts
 SECTION 30243 Amount of the deduction
 SECTION 30244 When an individual is an independent candidate
 SECTION 30245 When an individual is an independent member
 Subdivision 30DB  Spreading certain gift and covenant deductions over up to 5 income years
 SECTION 30246 What this Subdivision is about
 SECTION 30247 Gifts and covenants for which elections can be made
 SECTION 30248 Making an election
 SECTION 30249 Effect of election
 SECTION 30249A Requirements  environmental property gifts
 SECTION 30249B Requirements  heritage property gifts
 SECTION 30249C Requirements  certain cultural property gifts
 SECTION 30249D Requirements  conservation covenants
 Subdivision 30E  Register of environmental organisations
 SECTION 30250 What this Subdivision is about
 SECTION 30255 Establishing the register
 SECTION 30260 Meaning of environmental organisation
 SECTION 30265 Its principal purpose must be protecting the environment
 SECTION 30270 Other requirements it must satisfy
 SECTION 30275 Further requirement for a body corporate or a cooperative society
 SECTION 30280 What must be on the register
 SECTION 30285 Removal from the register
 Subdivision 30EA  Register of harm prevention charities
 SECTION 30286 What this Subdivision is about
 SECTION 30287 Establishing the register
 SECTION 30288 Meaning of harm prevention charity
 SECTION 30289 Principal activity  promoting the prevention or control of harm or abuse
 SECTION 30289A Other requirements
 SECTION 30289B What must be on the register
 SECTION 30289C Removal from the register
 Subdivision 30F  Register of cultural organisations
 SECTION 30290 What this Subdivision is about
 SECTION 30295 Establishing the register
 SECTION 30300 Meaning of cultural organisation
 SECTION 30305 What must be on the register
 SECTION 30310 Removal from the register
 Subdivision 30G  Index to this Division
 SECTION 30315 Index
 SECTION 30320 Effect of this Subdivision
 Division 31  Conservation covenants
 SECTION 311 What this Division is about
 Operative provisions
 SECTION 315 Deduction for entering into conservation covenant
 SECTION 3110 Requirements for fund, authority or institution
 SECTION 3115 Valuations by the Commissioner
 Division 32  Entertainment expenses
 SECTION 321 What this Division is about
 Subdivision 32A  No deduction for entertainment expenses
 SECTION 325 No deduction for entertainment expenses
 SECTION 3210 Meaning of entertainment
 SECTION 3215 No deduction for property used for providing entertainment
 Subdivision 32B  Exceptions
 SECTION 3220 The main exception  fringe benefits
 SECTION 3225 The tables set out the other exceptions
 SECTION 3230 Employer expenses
 SECTION 3235 Seminar expenses
 SECTION 3240 Entertainment industry expenses
 SECTION 3245 Promotion and advertising expenses
 SECTION 3250 Other expenses
 Subdivision 32C  Definitions relevant to the exceptions
 SECTION 3255 Inhouse dining facility (employer expenses table items 1.1 and 1.2)
 SECTION 3260 Dining facility (employer expenses table item 1.3)
 SECTION 3265 Seminars (seminar expenses table item 2.1)
 Subdivision 32D  Inhouse dining facilities (employer expenses table item 1.2)
 SECTION 3270 $30 is assessable for each meal provided to nonemployee in an inhouse dining facility
 Subdivision 32E  Antiavoidance
 SECTION 3275 Commissioner may treat you as having incurred entertainment expense
 Subdivision 32F  Special rules for companies and partnerships
 SECTION 3280 Company directors
 SECTION 3285 Directors, employees and property of whollyowned group company
 SECTION 3290 Partnerships
 Division 34  Noncompulsory uniforms
 SECTION 341 What this Division is about
 SECTION 343 What you need to read
 Subdivision 34A  Application of Division 34
 SECTION 345 This Division applies to employees and others
 SECTION 347 This Division applies to employers and others
 Subdivision 34B  Deduction for your noncompulsory uniform
 SECTION 3410 What you can deduct
 SECTION 3415 What is a noncompulsory uniform ?
 SECTION 3420 What are occupation specific clothing and protective clothing ?
 Subdivision 34C  Registering the design of a noncompulsory uniform
 SECTION 3425 Application to register the design
 SECTION 3430 Industry Secretary's decision on application
 SECTION 3433 Written notice of decision
 SECTION 3435 When uniform becomes registered
 Subdivision 34D  Appeals from Industry Secretary's decision
 SECTION 3440 Review of decisions by the Administrative Appeals Tribunal
 Subdivision 34E  The Register of Approved Occupational Clothing
 SECTION 3445 Keeping of the Register
 SECTION 3450 Changes to the Register
 Subdivision 34F  Approved occupational clothing guidelines
 SECTION 3455 Approved occupational clothing guidelines
 Subdivision 34G  The Industry Secretary
 SECTION 3460 Industry Secretary to give Commissioner information about entries
 SECTION 3465 Delegation of powers by Industry Secretary
 Division 35  Deferral of losses from noncommercial business activities
 SECTION 351 What this Division is about
 Operative provisions
 SECTION 355 Object
 SECTION 3510 Deferral of deductions from noncommercial business activities
 SECTION 3515 Modification if you have exempt income
 SECTION 3520 Modification if you become bankrupt
 SECTION 3525 Application of Division to certain partnerships
 SECTION 3530 Assessable income test
 SECTION 3535 Profits test
 SECTION 3540 Real property test
 SECTION 3545 Other assets test
 SECTION 3550 Apportionment
 SECTION 3555 Commissioner's discretion
 Division 36  Tax losses of earlier income years
 SECTION 361 What this Division is about
 Subdivision 36A  Deductions for tax losses of earlier income years
 SECTION 3610 How to calculate a tax loss for an income year
 SECTION 3615 How to deduct tax losses of entities other than corporate tax entities
 SECTION 3617 How to deduct tax losses of corporate tax entities
 SECTION 3620 Net exempt income
 SECTION 3625 Special rules about tax losses
 Subdivision 36B  Effect of you becoming bankrupt
 SECTION 3630 What this Subdivision is about
 SECTION 3635 No deduction for tax loss incurred before bankruptcy
 SECTION 3640 Deduction for amounts paid for debts incurred before bankruptcy
 SECTION 3645 Limit on deductions for amounts paid
 Subdivision 36C  Excess franking offsets
 SECTION 3650 What this Subdivision is about
 SECTION 3655 Converting excess franking offsets into tax loss
 PART 210  CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
 Division 40  Capital allowances
 SECTION 401 What this Division is about
 SECTION 4010 Simplified outline of this Division
 Subdivision 40A  Objects of Division
 SECTION 4015 Objects of Division
 Subdivision 40B  Core provisions
 SECTION 4020 What this Subdivision is about
 SECTION 4025 Deducting amounts for depreciating assets
 SECTION 4030 What a depreciating asset is
 SECTION 4035 Jointly held depreciating assets
 SECTION 4040 Meaning of hold a depreciating asset
 SECTION 4045 Assets to which this Division does not apply
 SECTION 4050 Assets for which you deduct under another Subdivision
 SECTION 4053 Alterations etc. to certain depreciating assets
 SECTION 4055 Use of the 'cents per kilometre' car expense deduction method
 SECTION 4060 When a depreciating asset starts to decline in value
 SECTION 4065 Choice of methods to work out the decline in value
 SECTION 4070 Diminishing value method
 SECTION 4072 Diminishing value method for post9 May 2006 assets
 SECTION 4075 Prime cost method
 SECTION 4080 When you can deduct the asset's cost
 SECTION 4085 Meaning of adjustable value and opening adjustable value of a depreciating asset
 SECTION 4090 Debt forgiveness
 SECTION 4095 Choice of determining effective life
 SECTION 40100 Commissioner's determination of effective life
 SECTION 40102 Capped life of certain depreciating assets
 SECTION 40103 Effective life and remaining effective life of certain vessels
 SECTION 40105 Selfassessing effective life
 SECTION 40110 Recalculating effective life
 SECTION 40115 Splitting a depreciating asset
 SECTION 40120 Replacement spectrum licences
 SECTION 40125 Merging depreciating assets
 SECTION 40130 Choices
 SECTION 40135 Certain antiavoidance provisions
 SECTION 40140 Getting tax information from associates
 SECTION 40145 Application of Criminal Code
 Subdivision 40C  Cost
 SECTION 40170 What this Subdivision is about
 SECTION 40175 Cost
 SECTION 40180 First element of cost
 SECTION 40185 Amount you are taken to have paid to hold a depreciating asset or to receive a benefit
 SECTION 40190 Second element of cost
 SECTION 40195 Apportionment of cost
 SECTION 40200 Exclusion from cost
 SECTION 40205 Cost of a split depreciating asset
 SECTION 40210 Cost of merged depreciating assets
 SECTION 40215 Adjustment: double deduction
 SECTION 40220 Cost reduced by amounts not of a capital nature
 SECTION 40222 Cost reduced by water infrastructure improvement expenditure
 SECTION 40225 Adjustment: acquiring a car at a discount
 SECTION 40230 Adjustment: car limit
 SECTION 40235 Adjustment: National Disability Insurance Scheme costs
 Subdivision 40D  Balancing adjustments
 SECTION 40280 What this Subdivision is about
 SECTION 40285 Balancing adjustments
 SECTION 40290 Reduction for nontaxable use
 SECTION 40292 Adjustments  assets used for both general tax purposes and R&D activities
 SECTION 40293 Adjustments  partnership assets used for both general tax purposes and R&D activities
 SECTION 40295 Meaning of balancing adjustment event
 SECTION 40300 Meaning of termination value
 SECTION 40305 Amount you are taken to have received under a balancing adjustment event
 SECTION 40310 Apportionment of termination value
 SECTION 40315 Expenses of balancing adjustment event
 SECTION 40320 Car to which section 40225 applies
 SECTION 40325 Adjustment: car limit
 SECTION 40335 Deduction for inhouse software where you will never use it
 SECTION 40340 Rollover relief
 SECTION 40345 What the rollover relief is
 SECTION 40350 Additional consequences
 SECTION 40360 Notice to allow transferee to work out how this Division applies
 SECTION 40362 Rollover relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012
 SECTION 40363 Rollover relief for interest realignment arrangements
 SECTION 40364 Interest realignment adjustments
 SECTION 40365 Involuntary disposals
 SECTION 40370 Balancing adjustments where there has been use of different car expense methods
 Subdivision 40E  Lowvalue and software development pools
 SECTION 40420 What this Subdivision is about
 SECTION 40425 Allocating assets to a lowvalue pool
 SECTION 40430 Rules for assets in lowvalue pools
 SECTION 40435 Private or exempt use of assets
 SECTION 40440 How you work out the decline in value of assets in lowvalue pools
 SECTION 40445 Balancing adjustment events
 SECTION 40450 Software development pools
 SECTION 40455 How to work out your deduction
 SECTION 40460 Your assessable income includes consideration for pooled software
 Subdivision 40F  Primary production depreciating assets
 SECTION 40510 What this Subdivision is about
 SECTION 40515 Water facilities, horticultural plants, fodder storage assets and fencing assets
 SECTION 40520 Meaning of water facility , horticultural plant , fodder storage asset and fencing asset
 SECTION 40525 Conditions
 SECTION 40530 When declines in value start
 SECTION 40535 Meaning of horticulture and commercial horticulture
 SECTION 40540 How you work out the decline in value for water facilities
 SECTION 40545 How you work out the decline in value for horticultural plants
 SECTION 40548 How you work out the decline in value for fodder storage assets
 SECTION 40550 How you work out the decline in value for grapevines
 SECTION 40551 How you work out the decline in value for fencing assets
 SECTION 40555 Amounts you cannot deduct
 SECTION 40560 Nonarm's length transactions
 SECTION 40565 Extra deduction for destruction of a horticultural plant
 SECTION 40570 How this Subdivision applies to partners and partnerships
 SECTION 40575 Getting tax information if you acquire a horticultural plant
 Subdivision 40G  Capital expenditure of primary producers and other landholders
 SECTION 40625 What this Subdivision is about
 SECTION 40630 Landcare operations
 SECTION 40635 Meaning of landcare operation
 SECTION 40640 Meaning of approved management plan
 SECTION 40645 Electricity and telephone lines
 SECTION 40650 Amounts you cannot deduct under this Subdivision
 SECTION 40655 Meaning of connecting power to land or upgrading the connection and metering point
 SECTION 40660 Nonarm's length transactions
 SECTION 40665 How this Subdivision applies to partners and partnerships
 SECTION 40670 Approval of persons as farm consultants
 SECTION 40675 Review of decisions relating to approvals
 Subdivision 40H  Capital expenditure that is immediately deductible
 SECTION 40725 What this Subdivision is about
 SECTION 40730 Deduction for expenditure on exploration or prospecting
 SECTION 40735 Deduction for expenditure on mining site rehabilitation
 SECTION 40740 Meaning of ancillary mining activities and mining building site
 SECTION 40745 No deduction for certain expenditure
 SECTION 40750 Deduction for payments of petroleum resource rent tax
 SECTION 40751 Deduction for payments of minerals resource rent tax
 SECTION 40755 Environmental protection activities
 SECTION 40760 Limits on deductions from environmental protection activities
 SECTION 40765 Nonarm's length transactions
 Subdivision 40I  Capital expenditure that is deductible over time
 SECTION 40825 What this Subdivision is about
 SECTION 40830 Project pools
 SECTION 40832 Project pools for post9 May 2006 projects
 SECTION 40835 Reduction of deduction
 SECTION 40840 Meaning of project amount
 SECTION 40845 Project life
 SECTION 40855 When you start to deduct amounts for a project pool
 SECTION 40860 Meaning of mining capital expenditure
 SECTION 40865 Meaning of transport capital expenditure
 SECTION 40870 Meaning of transport facility
 SECTION 40875 Meaning of processed minerals and minerals treatment
 SECTION 40880 Business related costs
 SECTION 40885 Nonarm's length transactions
 Subdivision 40J  Capital expenditure for the establishment of trees in carbon sink forests
 SECTION 401000 What this Subdivision is about
 SECTION 401005 Deduction for expenditure for establishing trees in carbon sink forests
 SECTION 401010 Expenditure for establishing trees in carbon sink forests
 SECTION 401015 Carbon sequestration by trees
 SECTION 401020 Certain expenditure disregarded
 SECTION 401025 Nonarm's length transactions
 SECTION 401030 Extra deduction for destruction of trees in carbon sink forest
 SECTION 401035 Getting information if you acquire a carbon sink forest
 Subdivision 40K  Farmin farmout arrangements
 SECTION 401095 What this Subdivision is about
 SECTION 401100 Meaning of farmin farmout arrangement and exploration benefit
 SECTION 401105 Treatment of certain exploration benefits received under farmin farmout arrangements
 SECTION 401110 Cost of split interests resulting from farmin farmout arrangements
 SECTION 401115 Deductions relating to receipt of exploration benefits
 SECTION 401120 Cost base and reduced cost base of exploration benefits etc.
 SECTION 401125 Effect of exploration benefits on the cost of mining, quarrying or prospecting information
 SECTION 401130 Consequences of certain exploration benefits provided under farmin farmout arrangements
 [Former Division 41  Common rules for capital allowances]
 Division 41  Additional deduction for certain new business investment
 Guide to Division 41
 SECTION 411 What this Division is about
 Operative provisions
 SECTION 415 Object of Division
 SECTION 4110 Entitlement to deduction for investment
 SECTION 4115 Amount of deduction
 SECTION 4120 Recognised new investment amount
 SECTION 4125 Investment commitment time
 SECTION 4130 First use time
 SECTION 4135 New investment threshold
 [Division 42  Depreciation of plant]
 Division 43  Deductions for capital works
 SECTION 431 What this Division is about
 SECTION 432 Key concepts used in this Division
 Subdivision 43A  Key operative provisions
 SECTION 435 What this Subdivision is about
 SECTION 4310 Deductions for capital works
 SECTION 4315 Amount you can deduct
 SECTION 4320 Capital works to which this Division applies
 SECTION 4325 Rate of deduction
 SECTION 4330 No deduction until construction is complete
 SECTION 4335 Requirement for registration under the Industry Research and Development Act
 SECTION 4340 Deduction for destruction of capital works
 SECTION 4345 Certain antiavoidance provisions
 SECTION 4350 Links and signposts to other parts of the Act
 SECTION 4355 Antiavoidance  arrangement etc with taxexempt entity
 Subdivision 43B  Establishing the deduction base
 SECTION 4360 What this Subdivision is about
 SECTION 4365 Explanatory material
 SECTION 4370 What is construction expenditure?
 SECTION 4372 Meaning of forestry road, timber operation and timber mill building
 SECTION 4375 Construction expenditure area
 SECTION 4380 When capital works begin
 SECTION 4385 Pools of construction expenditure
 SECTION 4390 Table of intended use at time of completion of construction
 SECTION 4395 Meaning of hotel building and apartment building
 SECTION 43100 Certificates by Innovation and Science Australia
 Subdivision 43C  Your area and your construction expenditure
 SECTION 43105 What this Subdivision is about
 SECTION 43110 Explanatory material
 SECTION 43115 Your area and your construction expenditure  owners
 SECTION 43120 Your area and your construction expenditure  lessees and quasiownership right holders
 SECTION 43125 Lessees' or right holders' pools can revert to owner
 SECTION 43130 Identifying your area on acquisition or disposal
 Subdivision 43D  Deductible uses of capital works
 SECTION 43135 What this Subdivision is about
 SECTION 43140 Using your area in a deductible way
 SECTION 43145 Using your area in the 4% manner
 SECTION 43150 Meaning of industrial activities
 Subdivision 43E  Special rules about uses
 SECTION 43155 What this Subdivision is about
 SECTION 43160 Your area is used for a purpose if it is maintained ready for use for the purpose
 SECTION 43165 Temporary cessation of use
 SECTION 43170 Own use  capital works other than hotel and apartment buildings
 SECTION 43175 Own use  hotel and apartment buildings
 SECTION 43180 Special rules for hotel and apartment buildings
 SECTION 43185 Residential or display use
 SECTION 43190 Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house
 SECTION 43195 Use for R&D activities must be in connection with a business
 Subdivision 43F  Calculation of deduction
 SECTION 43200 What this Subdivision is about
 SECTION 43205 Explanatory material
 SECTION 43210 Deduction for capital works begun after 26 February 1992
 SECTION 43215 Deduction for capital works begun before 27 February 1992
 SECTION 43220 Capital works taken to have begun earlier for certain purposes
 Subdivision 43G  Undeducted construction expenditure
 SECTION 43225 What this Subdivision is about
 SECTION 43230 Calculating undeducted construction expenditure  common step
 SECTION 43235 Post26 February 1992 undeducted construction expenditure
 SECTION 43240 Pre27 February 1992 undeducted construction expenditure
 Subdivision 43H  Balancing deduction on destruction of capital works
 SECTION 43245 What this Subdivision is about
 SECTION 43250 The amount of the balancing deduction
 SECTION 43255 Amounts received or receivable
 SECTION 43260 Apportioning amounts received for destruction
 [Division 44  IRUs and submarine cable systems]
 Division 45  Disposal of leases and leased plant
 SECTION 451 What this Division is about
 Operative provisions
 SECTION 455 Disposal of leased plant or lease
 SECTION 4510 Disposal of interest in partnership
 SECTION 4515 Disposal of shares in 100% subsidiary that leases plant
 SECTION 4520 Disposal of shares in 100% subsidiary that leases plant in partnership
 SECTION 4525 Group members liable to pay outstanding tax
 SECTION 4530 Reduction for certain plant acquired before 21.9.99
 SECTION 4535 Limit on amount included for plant for which there is a CGT exemption
 SECTION 4540 Meaning of plant and written down value
 [Division 46  Software]
 PART 215  NONASSESSABLE INCOME
 Division 50  Exempt entities
 Subdivision 50A  Various exempt entities
 SECTION 501 Entities whose ordinary income and statutory income is exempt
 SECTION 505 Charity, education and science
 SECTION 5010 Community service
 SECTION 5015 Employees and employers
 SECTION 5020 Funds contributing to other funds
 SECTION 5025 Government
 SECTION 5030 Health
 SECTION 5035 Mining
 SECTION 5040 Primary and secondary resources, and tourism
 SECTION 5045 Sports, culture and recreation
 SECTION 5047 Special condition for all items
 SECTION 5050 Special conditions for item 1.1
 SECTION 5052 Special condition for item 1.1
 SECTION 5055 Special conditions for items 1.3, 1.4, 6.1 and 6.2
 SECTION 5057 Special condition for item 1.5
 SECTION 5060 Special conditions for items 1.5A and 1.5B
 SECTION 5065 Special conditions for item 1.6
 SECTION 5070 Special conditions for items 1.7, 2.1, 9.1 and 9.2
 SECTION 5072 Special condition for item 4.1
 SECTION 5075 Certain distributions may be made overseas
 SECTION 5080 Testamentary trusts may be treated as 2 trusts
 Subdivision 50B  Endorsing charitable entities as exempt from income tax
 SECTION 50100 What this Subdivision is about
 SECTION 50105 Endorsement by Commissioner
 SECTION 50110 Entitlement to endorsement
 SECTION 50115 Applying for endorsement
 SECTION 50120 Dealing with an application for endorsement
 SECTION 50125 Notifying outcome of application for endorsement
 SECTION 50130 Date of effect of endorsement
 SECTION 50135 Review of refusal of endorsement
 SECTION 50140 Checking entitlement to endorsement
 SECTION 50145 Telling Commissioner of loss of entitlement to endorsement
 SECTION 50150 Partnerships and unincorporated bodies
 SECTION 50155 Revoking endorsement
 SECTION 50160 Review of revocation of endorsement
 Division 51  Exempt amounts
 SECTION 511 Amounts of ordinary income and statutory income that are exempt
 SECTION 515 Defence
 SECTION 5110 Education and training
 SECTION 5115 Viceregal representatives
 SECTION 5125 Mining
 SECTION 5130 Welfare
 SECTION 5132 Compensation payments for loss of tax exempt payments
 SECTION 5133 Compensation payments for loss of pay and/or allowances as a Defence reservist
 SECTION 5135 Payments to a fulltime student at a school, college or university
 SECTION 5140 Payments to a secondary student
 SECTION 5142 Bonuses for early completion of an apprenticeship
 SECTION 5143 Income collected or derived by copyright collecting society
 SECTION 5145 Income collected or derived by resale royalty collecting society
 SECTION 5148 Taxable amounts relating to franchise fees windfall tax
 SECTION 5149 Taxable amounts relating to Commonwealth places windfall tax
 SECTION 5150 Maintenance payments to a spouse or child
 SECTION 5152 Income derived from eligible venture capital investments by ESVCLPs
 SECTION 5154 Gain or profit from disposal of eligible venture capital investments
 SECTION 5155 Gain or profit from disposal of venture capital equity
 SECTION 5157 Interest on judgment debt relating to personal injury
 SECTION 5160 Prime Minister's Prizes
 SECTION 5165 Government cocontribution towards low income earner's superannuation
 SECTION 51100 Shipping
 SECTION 51105 Shipping activities
 SECTION 51110 Core shipping activities
 SECTION 51115 Incidental shipping activities
 SECTION 51120 Interest on unclaimed money and property
 Division 52  Certain pensions, benefits and allowances are exempt from income tax
 SECTION 521 What this Division is about
 Subdivision 52A  Exempt payments under the Social Security Act 1991
 SECTION 525 What this Subdivision is about
 SECTION 5210 How much of a social security payment is exempt?
 SECTION 5215 Supplementary amounts of payments
 SECTION 5220 Taxfree amount of an ordinary payment after the death of your partner
 SECTION 5225 Taxfree amount of certain bereavement lump sum payments
 SECTION 5230 Taxfree amount of certain other bereavement lump sum payments
 SECTION 5235 Taxfree amount of a lump sum payment made because of the death of a person you are caring for
 SECTION 5240 Provisions of the Social Security Act 1991 under which payments are made
 Subdivision 52B  Exempt payments under the Veterans' Entitlements Act 1986
 SECTION 5260 What this Subdivision is about
 SECTION 5265 How much of a veterans' affairs payment is exempt?
 SECTION 5270 Supplementary amounts of payments
 SECTION 5275 Provisions of the Veterans' Entitlements Act 1986 under which payments are made
 Subdivision 52C  Exempt payments made because of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
 SECTION 52100 What this Subdivision is about
 SECTION 52105 Supplementary amount of a payment made under the Repatriation Act 1920 is exempt
 SECTION 52110 Other exempt payments
 Subdivision 52CA  Exempt payments under the Military Rehabilitation and Compensation Act 2004
 SECTION 52112 What this Subdivision is about
 SECTION 52114 How much of a payment under the Military Rehabilitation and Compensation Act is exempt?
 Subdivision 52CB  Exempt payments under the Australian Participants in British Nuclear Tests (Treatment) Act 2006
 SECTION 52117 Payments of travelling expenses are exempt
 Subdivision 52D  Exempt payments made by the Commonwealth to reimburse certain expenditure
 SECTION 52120 Child care assistance and child care rebate are exempt
 SECTION 52125 Private health insurance incentive payments are exempt
 Subdivision 52E  Exempt payments under the ABSTUDY scheme
 SECTION 52130 What this Subdivision is about
 SECTION 52131 Payments under ABSTUDY scheme
 SECTION 52132 Supplementary amount of payment
 SECTION 52133 Taxfree amount of ordinary payment on death of partner if no bereavement payment payable
 SECTION 52134 Taxfree amount if you receive a bereavement lump sum payment
 Subdivision 52F  Exemption of Commonwealth education or training payments
 SECTION 52140 Supplementary amount of a Commonwealth education or training payment is exempt
 SECTION 52145 Meaning of Commonwealth education or training payment
 Subdivision 52G  Exempt payments under the A New Tax System (Family Assistance) (Administration) Act 1999
 SECTION 52150 Family assistance payments are exempt
 Subdivision 52H  Other exempt payments
 SECTION 52160 Economic security strategy payments are exempt
 SECTION 52162 ETR payments are exempt
 SECTION 52165 Household stimulus payments are exempt
 SECTION 52170 Outer Regional and Remote payments under the Helping Children with Autism package are exempt
 SECTION 52172 Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt
 SECTION 52175 Continence aids payments are exempt
 SECTION 52180 National Disability Insurance Scheme amounts are exempt
 Division 53  Various exempt payments
 Guide to Division 53
 SECTION 531 What this Division is about
 Operative provisions
 SECTION 5310 Exemption of various types of payments
 SECTION 5315 Supplementary amount of exceptional circumstances relief payment or farm help income support
 SECTION 5320 Exemption of similar Australian and United Kingdom veterans' payments
 SECTION 5325 Amounts of farm household support converted into grants
 Division 54  Exemption for certain payments made under structured settlements and structured orders
 SECTION 541 What this Division is about
 Subdivision 54A  Definitions
 SECTION 545 Definitions
 SECTION 5410 Meaning of structured settlement and structured order
 Subdivision 54B  Tax exemption for personal injury annuities
 SECTION 5415 Personal injury annuity exemption for injured person
 SECTION 5420 Lump sum compensation etc. would not have been assessable
 SECTION 5425 Requirements of the annuity instrument
 SECTION 5430 Requirements for payments of the annuity
 SECTION 5435 Payments during the guarantee period on the death of the injured person
 SECTION 5440 Requirement for minimum monthly level of support
 Subdivision 54C  Tax exemption for personal injury lump sums
 SECTION 5445 Personal injury lump sum exemption for injured person
 SECTION 5450 Lump sum compensation would not have been assessable
 SECTION 5455 Requirements of the instrument under which the lump sum is paid
 SECTION 5460 Requirements for payments of the lump sum
 Subdivision 54D  Miscellaneous
 SECTION 5465 Exemption for certain payments to reversionary beneficiaries
 SECTION 5470 Special provisions about trusts
 SECTION 5475 Minister to arrange for review and report
 Division 55  Payments that are not exempt from income tax
 SECTION 551 What this Division is about
 Operative provisions
 SECTION 555 Occupational superannuation payments
 SECTION 5510 Education entry payments
 Division 58  Capital allowances for depreciating assets previously owned by an exempt entity
 SECTION 581 What this Division is about
 Subdivision 58A  Application
 SECTION 585 Application of Division
 SECTION 5810 When an asset is acquired in connection with the acquisition of a business
 Subdivision 58B  Calculating decline in value of privatised assets under Division 40
 SECTION 5860 Purpose of rules in this Subdivision
 SECTION 5865 Choice of method to work out cost of privatised asset
 SECTION 5870 Application of Division 40
 SECTION 5875 Meaning of notional written down value
 SECTION 5880 Meaning of undeducted preexisting audited book value
 SECTION 5885 Preexisting audited book value of depreciating asset
 SECTION 5890 Method and effective life for transition entity
 Division 59  Particular amounts of nonassessable nonexempt income
 SECTION 591 What this Division is about
 Operative provisions
 SECTION 595 Bonus payments made to certain older Australians
 SECTION 5910 Compensation under firearms surrender arrangements
 SECTION 5915 Mining payments
 SECTION 5920 Taxable amounts relating to franchise fees windfall tax
 SECTION 5925 Taxable amounts relating to Commonwealth places windfall tax
 SECTION 5930 Amounts you must repay
 SECTION 5935 Amounts that would be mutual receipts but for prohibition on distributions to members
 SECTION 5940 Issue of rights
 SECTION 5945 Tax bonus for the 200708 income year
 SECTION 5950 Native title benefits
 SECTION 5955 201011 floods  recovery grants for small businesses and primary producers
 SECTION 5960 Cyclone Yasi  recovery grants for small businesses and primary producers
 SECTION 5965 Water infrastructure improvement payments
 SECTION 5967 Meaning of SRWUIP program, SRWUIP payment, direct SRWUIP payment and indirect SRWUIP payment
 SECTION 5970 List of SRWUIP programs
 SECTION 5975 Commissioner to be kept informed
 SECTION 5980 Amending assessments
 PART 220  TAX OFFSETS
 Division 61  Generally applicable tax offsets
 Subdivision 61A  Dependant (invalid and carer) tax offset
 SECTION 611 What this Subdivision is about
 SECTION 615 Object of this Subdivision
 SECTION 6110 Who is entitled to the tax offset
 SECTION 6115 Cases involving more than one spouse
 SECTION 6120 Exceeding the income limit for family tax benefit (Part B)
 SECTION 6125 Eligibility for family tax benefit (Part B) without shared care
 SECTION 6130 Amount of the dependant (invalid and carer) tax offset
 SECTION 6135 Families with shared care percentages
 SECTION 6140 Reduced amounts of dependant (invalid and carer) tax offset
 SECTION 6145 Reductions to take account of the other individual's income
 Subdivision 61G  Private health insurance offset complementary to Part 22 of the Private Health Insurance Act 2007
 SECTION 61200 What this Subdivision is about
 SECTION 61205 Entitlement to the private health insurance tax offset
 SECTION 61210 Amount of the private health insurance tax offset
 SECTION 61215 Reallocation of the private health insurance tax offset between spouses
 SECTION 61220 How to work out the incentive amount
 Subdivision 61H  Private health insurance offset complementary to Private Health Insurance Incentives Act 1998
 SECTION 61330 What this Subdivision is about
 SECTION 61335 Entitlement to the private health insurance tax offset
 SECTION 61340 Amount of the private health insurance tax offset
 SECTION 61342 Saving provision where a person 65 years or over ceases to be covered by policy
 SECTION 61345 How to work out the incentive amount
 Subdivision 61I  First child tax offset (baby bonus)
 SECTION 61350 What this Subdivision is about
 SECTION 61355 Who is entitled to a tax offset under this section
 SECTION 61360 What is a child event?
 SECTION 61365 First child only
 SECTION 61370 Another carer with entitlement for another child
 SECTION 61375 Selection rules
 SECTION 61380 Special rules for death of first child
 SECTION 61385 You may transfer your entitlement to a tax offset
 SECTION 61390 Transfer is irrevocable
 SECTION 61395 Transferor is not entitled to tax offset
 SECTION 61400 Transferee is entitled to tax offset
 SECTION 61405 How to claim a tax offset for a child
 SECTION 61410 Claim is irrevocable
 SECTION 61415 Formula for working out amount of tax offset
 SECTION 61420 Component of formula  entitlement amount
 SECTION 61425 Component of formula  total of the entitlement days
 SECTION 61430 What is your base year?
 SECTION 61440 Additional tax offset if a child is in your care before you legally adopt the child
 SECTION 61445 When a child is first in your care
 SECTION 61450 What is your base year if a child is in your care before you legally adopt the child?
 SECTION 61455 Old Subdivision applies if you would be worse off
 Subdivision 61IA  Child care tax offset
 SECTION 61460 What this Subdivision is about
 SECTION 61465 Object of this Subdivision
 SECTION 61470 Who is entitled to the tax offset
 SECTION 61475 Meaning of approved child care
 SECTION 61480 Meaning of entitled to child care benefit and entitlement to child care benefit
 SECTION 61485 Amount of the child care tax offset
 SECTION 61490 Component of formula  approved child care fees
 SECTION 61495 Component of formula  child care offset limit
 SECTION 61496 Entitlement to transfer
 SECTION 61497 Form of transfer
 Subdivision 61J  25% entrepreneurs' tax offset
 Subdivision 61K  Mature age worker tax offset
 SECTION 61550 What this Subdivision is about
 SECTION 61555 Object of this Subdivision
 SECTION 61560 Entitlement to the mature age worker tax offset
 SECTION 61565 The amount of the tax offset
 SECTION 61570 Definition of net income from working
 Subdivision 61L  Tax offset for Medicare levy surcharge (lump sum payments in arrears)
 SECTION 61575 What this Subdivision is about
 SECTION 61580 Entitlement to a tax offset
 SECTION 61585 The amount of a tax offset
 SECTION 61590 Definition of MLS lump sums
 Subdivision 61M  Education expenses tax offset
 SECTION 61600 What this Subdivision is about
 SECTION 61610 Entitlement to education expenses tax offset
 SECTION 61620 Eligibility in respect of another individual
 SECTION 61630 Schooling requirement
 SECTION 61640 Education expenses
 SECTION 61650 Amount of education expenses tax offset
 SECTION 61660 Education expenses tax offset limit
 SECTION 61670 Shared care
 SECTION 61680 Excess education expenses
 Subdivision 61N  Seafarer tax offset
 SECTION 61695 What this Subdivision is about
 SECTION 61700 Object of this Subdivision
 SECTION 61705 Who is entitled to the seafarer tax offset
 SECTION 61710 Amount of the seafarer tax offset
 Subdivision 61P  ESVCLP tax offset
 SECTION 61750 What this Subdivision is about
 SECTION 61755 Object of this Subdivision
 SECTION 61760 Who is entitled to the ESVCLP tax offset
 SECTION 61765 Amount of the ESVCLP tax offset  general case
 SECTION 61770 Amount of the ESVCLP tax offset  members of trusts or partnerships
 SECTION 61775 Amount of the ESVCLP tax offset  trustees
 Division 63  Common rules for tax offsets
 Guide to Division 63
 SECTION 631 What this Division is about
 SECTION 6310 Priority rules
 Division 65  Tax offset carry forward rules
 SECTION 6510 What this Division is about
 Operative provisions
 SECTION 6520 Which tax offsets this Division applies to
 SECTION 6525 When you can carry forward a tax offset
 SECTION 6530 Amount carried forward
 SECTION 6535 How to apply carried forward tax offsets
 SECTION 6540 When a company cannot apply a tax offset
 SECTION 6550 Effect of bankruptcy
 SECTION 6555 Deduction for amounts paid for debts incurred before bankruptcy
 Division 67  Refundable tax offset rules
 SECTION 6710 What this Division is about
 Operative provisions
 SECTION 6720 Which tax offsets this Division applies to
 SECTION 6723 Refundable tax offsets
 SECTION 6725 Refundable tax offsets  franked distributions
 SECTION 6730 Refundable tax offsets  R&D
 SECTION 6735 Amount of refund
 PART 225  TRADING STOCK
 Division 70  Trading stock
 SECTION 701 What this Division is about
 SECTION 705 The 3 key features of tax accounting for trading stock
 Subdivision 70A  What is trading stock
 SECTION 7010 Meaning of trading stock
 SECTION 7012 Registered emissions units
 Subdivision 70B  Acquiring trading stock
 SECTION 7015 In which income year do you deduct an outgoing for trading stock?
 SECTION 7020 Nonarm's length transactions
 SECTION 7025 Cost of trading stock is not a capital outgoing
 SECTION 7030 Starting to hold as trading stock an item you already own
 Subdivision 70C  Accounting for trading stock you hold at the start or end of the income year
 SECTION 7035 You include the value of your trading stock in working out your assessable income and deductions
 SECTION 7040 Value of trading stock at start of income year
 SECTION 7045 Value of trading stock at end of income year
 SECTION 7050 Valuation if trading stock obsolete etc.
 SECTION 7055 Working out the cost of natural increase of live stock
 SECTION 7060 Valuation of horse breeding stock
 SECTION 7065 Working out the horse opening value and the horse reduction amount
 SECTION 7070 Valuing interests in FIFs
 Subdivision 70D  Assessable income arising from disposals of trading stock and certain other assets
 SECTION 7075 What this Subdivision is about
 SECTION 7080 Why the rules in this Subdivision are necessary
 SECTION 7085 Application of this Subdivision to certain other assets
 SECTION 7090 Assessable income on disposal of trading stock outside the ordinary course of business
 SECTION 7095 Purchase price is taken to be market value
 SECTION 70100 Notional disposal when you stop holding an item as trading stock
 SECTION 70105 Death of owner
 SECTION 70110 You stop holding an item as trading stock but still own it
 SECTION 70115 Compensation for lost trading stock
 Subdivision 70E  Miscellaneous
 SECTION 70120 Deducting capital costs of acquiring trees
 PART 240  RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
 Division 80  General rules
 Guide to Division 80
 SECTION 801 What this Division is about
 Operative provisions
 SECTION 805 Holding of an office
 SECTION 8010 Application to the termination of employment
 SECTION 8015 Transfer of property
 SECTION 8020 Payments for your benefit or at your direction or request
 Division 82  Employment termination payments
 Guide to Division 82
 SECTION 821 What this Division is about
 Subdivision 82A  Employment termination payments: life benefits
 SECTION 825 What this Subdivision is about
 SECTION 8210 Taxation of life benefit termination payments
 Subdivision 82B  Employment termination payments: death benefits
 SECTION 8260 What this Subdivision is about
 SECTION 8265 Death benefits for dependants
 SECTION 8270 Death benefits for nondependants
 SECTION 8275 Death benefits paid to trustee of deceased estate
 Subdivision 82C  Key concepts
 SECTION 82125 What this Subdivision is about
 SECTION 82130 What is an employment termination payment ?
 SECTION 82135 Payments that are not employment termination payments
 SECTION 82140 Tax free component of an employment termination payment
 SECTION 82145 Taxable component of an employment termination payment
 SECTION 82150 What is an invalidity segment of an employment termination payment?
 SECTION 82155 What is a preJuly 83 segment of an employment termination payment?
 SECTION 82160 What is the ETP cap amount ?
 Division 83  Other payments on termination of employment
 Guide to Division 83
 SECTION 831 What this Division is about
 Subdivision 83A  Unused annual leave payments
 SECTION 835 What this Subdivision is about
 SECTION 8310 Unused annual leave payment is assessable
 SECTION 8315 Entitlement to tax offset
 Subdivision 83B  Unused long service leave payments
 SECTION 8365 What this Subdivision is about
 SECTION 8370 Application  long service leave
 SECTION 8375 Meaning of unused long service leave payment
 SECTION 8380 Taxation of unused long service leave payments
 SECTION 8385 Entitlement to tax offset
 SECTION 8390 Meaning of pre16/8/78 period, pre18/8/93 period, post17/8/93 period and long service leave employment period
 SECTION 8395 How to work out amount of payment attributable to each period
 SECTION 83100 How to work out unused days of long service leave for each period
 SECTION 83105 How to work out long service leave accrued in each period
 SECTION 83110 Leave accrued in pre16/8/78, pre18/8/93 and post17/8/93 periods  employment fulltime and parttime
 SECTION 83115 Working out used days of long service leave if leave taken at less than full pay
 Subdivision 83C  Genuine redundancy payments and early retirement scheme payments
 SECTION 83165 What this Subdivision is about
 SECTION 83170 Taxfree treatment of genuine redundancy payments and early retirement scheme payments
 SECTION 83175 What is a genuine redundancy payment ?
 SECTION 83180 What is an early retirement scheme payment ?
 Subdivision 83D  Foreign termination payments
 SECTION 83230 What this Subdivision is about
 SECTION 83235 Termination payments tax free  foreign resident period
 SECTION 83240 Termination payments tax free  Australian resident period
 Subdivision 83E  Other payments
 SECTION 83290 What this Subdivision is about
 SECTION 83295 Termination payments made more than 12 months after termination etc.
 Division 83A  Employee share schemes
 Guide to Division 83A
 SECTION 83A1 What this Division is about
 Subdivision 83AA  Objects of Division and key concepts
 SECTION 83A5 Objects of Division
 SECTION 83A10 Meaning of ESS interest and employee share scheme
 Subdivision 83AB  Immediate inclusion of discount in assessable income
 SECTION 83A15 What this Subdivision is about
 SECTION 83A20 Application of Subdivision
 SECTION 83A25 Discount to be included in assessable income
 SECTION 83A30 Amount for which discounted ESS interest acquired
 SECTION 83A33 Reducing amounts included in assessable income  start ups
 SECTION 83A35 Reducing amounts included in assessable income  other cases
 SECTION 83A45 Further conditions for reducing amounts included in assessable income
 Subdivision 83AC  Deferred inclusion of gain in assessable income
 SECTION 83A100 What this Subdivision is about
 SECTION 83A105 Application of Subdivision
 SECTION 83A110 Amount to be included in assessable income
 SECTION 83A115 ESS deferred taxing point  shares
 SECTION 83A120 ESS deferred taxing point  rights to acquire shares
 SECTION 83A125 Tax treatment of ESS interests held after ESS deferred taxing points
 SECTION 83A130 Takeovers and restructures
 Subdivision 83AD  Deduction for employer
 SECTION 83A200 What this Subdivision is about
 SECTION 83A205 Deduction for employer
 SECTION 83A210 Timing of general deductions
 Subdivision 83AE  Miscellaneous
 SECTION 83A305 Acquisition by associates
 SECTION 83A310 Forfeiture etc. of ESS interest
 SECTION 83A315 Market value of ESS interest
 SECTION 83A320 Interests in a trust
 SECTION 83A325 Application of Division to relationships similar to employment
 SECTION 83A330 Application of Division to ceasing employment
 SECTION 83A335 Application of Division to stapled securities
 SECTION 83A340 Application of Division to indeterminate rights
 PART 242  PERSONAL SERVICES INCOME
 Division 84  Introduction
 SECTION 841 What this Part is about
 Operative provisions
 SECTION 845 Meaning of personal services income
 SECTION 8410 This Part does not imply that individuals are employees
 Division 85  Deductions relating to personal services income
 SECTION 851 What this Division is about
 Operative provisions
 SECTION 855 Object of this Division
 SECTION 8510 Deductions for nonemployees relating to personal services income
 SECTION 8515 Deductions for rent, mortgage interest, rates and land tax
 SECTION 8520 Deductions for payments to associates etc.
 SECTION 8525 Deductions for superannuation for associates
 SECTION 8530 Exception: personal services businesses
 SECTION 8535 Exception: employees, office holders and religious practitioners
 SECTION 8540 Application of Subdivision 900B to individuals who are not employees
 Division 86  Alienation of personal services income
 SECTION 861 What this Division is about
 SECTION 865 A simple description of what this Division does
 Subdivision 86A  General
 SECTION 8610 Object of this Division
 SECTION 8615 Effect of obtaining personal services income through a personal services entity
 SECTION 8620 Offsetting the personal services entity's deductions against personal services income
 SECTION 8625 Apportionment of entity maintenance deductions among several individuals
 SECTION 8627 Deduction for net personal services income loss
 SECTION 8630 Assessable income etc. of the personal services entity
 SECTION 8635 Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes
 SECTION 8640 Salary payments shortly after an income year
 Subdivision 86B  Entitlement to deductions
 SECTION 8660 General rule for deduction entitlements of personal services entities
 SECTION 8665 Entity maintenance deductions
 SECTION 8670 Car expenses
 SECTION 8675 Superannuation
 SECTION 8680 Salary or wages promptly paid
 SECTION 8685 Deduction entitlements of personal services entities for amounts included in an individual's assessable income
 SECTION 8687 Personal services entity cannot deduct net personal services income loss
 SECTION 8690 Application of Divisions 28 and 900 to personal services entities
 Division 87  Personal services businesses
 SECTION 871 What this Division is about
 SECTION 875 Diagram showing the operation of this Division
 Subdivision 87A  General
 SECTION 8710 Object of this Division
 SECTION 8715 What is a personal services business?
 SECTION 8718 The results test for a personal services business
 SECTION 8720 The unrelated clients test for a personal services business
 SECTION 8725 The employment test for a personal services business
 SECTION 8730 The business premises test for a personal services business
 SECTION 8735 Personal services income from Australian government agencies
 SECTION 8740 Application of this Division to certain agents
 Subdivision 87B  Personal services business determinations
 SECTION 8755 Effect of personal services business determinations
 SECTION 8760 Personal services business determinations for individuals
 SECTION 8765 Personal services business determinations for personal services entities
 SECTION 8770 Applying etc. for personal services business determinations
 SECTION 8775 When personal services business determinations have effect
 SECTION 8780 Revoking personal services business determinations
 SECTION 8785 Review of decisions
 CHAPTER 3  SPECIALIST LIABILITY RULES
 PART 31  CAPITAL GAINS AND LOSSES: GENERAL TOPICS
 Division 100  A Guide to capital gains and losses
 SECTION 1001 What this Division is about
 SECTION 1005 Effect of this Division
 SECTION 10010 Fundamentals of CGT
 SECTION 10015 Overview of Steps 1 and 2
 Step 1  Have you made a capital gain or a capital loss?
 SECTION 10020 What events attract CGT?
 SECTION 10025 What are CGT assets?
 SECTION 10030 Does an exception or exemption apply?
 SECTION 10033 Can there be a rollover?
 SECTION 10035 What is a capital gain or loss?
 SECTION 10040 What factors come into calculating a capital gain or loss?
 SECTION 10045 How to calculate the capital gain or loss for most CGT events
 SECTION 10050 How to work out your net capital gain or loss
 SECTION 10055 How do you comply with CGT?
 SECTION 10060 Why keep records?
 SECTION 10065 What records?
 SECTION 10070 How long you need to keep records
 Division 102  Assessable income includes net capital gain
 Guide to Division 102
 SECTION 1021 What this Division is about
 SECTION 1023 Concessions in working out your net capital gain
 Operative provisions
 SECTION 1025 Assessable income includes net capital gain
 SECTION 10210 How to work out your net capital loss
 SECTION 10215 How to apply net capital losses
 SECTION 10220 Ways you can make a capital gain or a capital loss
 SECTION 10222 Amounts of capital gains and losses
 SECTION 10223 CGT event still happens even if gain or loss disregarded
 SECTION 10225 Order of application of CGT events
 SECTION 10230 Exceptions and modifications
 Division 103  General rules
 SECTION 1031 What this Division is about
 Operative provisions
 SECTION 1035 Giving property as part of a transaction
 SECTION 10310 Entitlement to receive money or property
 SECTION 10315 Requirement to pay money or give property
 SECTION 10320 Amounts to be expressed in Australian currency
 SECTION 10325 Choices
 SECTION 10330 Reduction of cost base etc. by net input tax credits
 Division 104  CGT events
 SECTION 1041 What this Division is about
 SECTION 1045 Summary of the CGT events
 Subdivision 104A  Disposals
 SECTION 10410 Disposal of a CGT asset: CGT event A1
 Subdivision 104B  Use and enjoyment before title passes
 SECTION 10415 Use and enjoyment before title passes: CGT event B1
 Subdivision 104C  End of a CGT asset
 SECTION 10420 Loss or destruction of a CGT asset: CGT event C1
 SECTION 10425 Cancellation, surrender and similar endings: CGT event C2
 SECTION 10430 End of option to acquire shares etc.: CGT event C3
 Subdivision 104D  Bringing into existence a CGT asset
 SECTION 10435 Creating contractual or other rights: CGT event D1
 SECTION 10440 Granting an option: CGT event D2
 SECTION 10445 Granting a right to income from mining: CGT event D3
 SECTION 10447 Conservation covenants: CGT event D4
 Subdivision 104E  Trusts
 SECTION 10455 Creating a trust over a CGT asset: CGT event E1
 SECTION 10460 Transferring a CGT asset to a trust: CGT event E2
 SECTION 10465 Converting a trust to a unit trust: CGT event E3
 SECTION 10470 Capital payment for trust interest: CGT event E4
 SECTION 10471 Adjustment of nonassessable part
 SECTION 10472 Reducing your capital gain under CGT event E4 if you are a trustee
 SECTION 10475 Beneficiary becoming entitled to a trust asset: CGT event E5
 SECTION 10480 Disposal to beneficiary to end income right: CGT event E6
 SECTION 10485 Disposal to beneficiary to end capital interest: CGT event E7
 SECTION 10490 Disposal by beneficiary of capital interest: CGT event E8
 SECTION 10495 Making a capital gain
 SECTION 104100 Making a capital loss
 SECTION 104105 Creating a trust over future property: CGT event E9
 SECTION 104107A AMIT  cost base reduction exceeds cost base: CGT event E10
 SECTION 104107B Annual cost base adjustment for member's unit or interest in AMIT
 SECTION 104107C AMIT cost base net amount
 SECTION 104107D AMIT cost base reduction amount
 SECTION 104107E AMIT cost base increase amount
 SECTION 104107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
 SECTION 104107G Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset  adjustment of cost of asset
 SECTION 104107H Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset  amount included in assessable income
 Subdivision 104F  Leases
 SECTION 104110 Granting a lease: CGT event F1
 SECTION 104115 Granting a longterm lease: CGT event F2
 SECTION 104120 Lessor pays lessee to get lease changed: CGT event F3
 SECTION 104125 Lessee receives payment for changing lease: CGT event F4
 SECTION 104130 Lessor receives payment for changing lease: CGT event F5
 Subdivision 104G  Shares
 SECTION 104135 Capital payment for shares: CGT event G1
 SECTION 104140 Shifts in share values: CGT event G2
 SECTION 104145 Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
 Subdivision 104H  Special capital receipts
 SECTION 104150 Forfeiture of deposit: CGT event H1
 SECTION 104155 Receipt for event relating to a CGT asset: CGT event H2
 Subdivision 104I  Australian residency ends
 SECTION 104160 Individual or company stops being an Australian resident: CGT event I1
 SECTION 104165 Exception for individuals
 SECTION 104166 Subsection 104165(1) still applies if you continue to be a short term Australian resident
 SECTION 104170 Trust stops being a resident trust: CGT event I2
 Subdivision 104J  CGT events relating to rollovers
 SECTION 104175 Company ceasing to be member of whollyowned group after rollover: CGT event J1
 SECTION 104180 Subgroup breakup
 SECTION 104182 Consolidated group breakup
 SECTION 104185 Change in relation to replacement asset or improved asset after a rollover under Subdivision 152E: CGT event J2
 SECTION 104190 Replacement asset period
 SECTION 104195 Trust failing to cease to exist after rollover under Subdivision 124N: CGT event J4
 SECTION 104197 Failure to acquire replacement asset and to incur fourth element expenditure after a rollover under Subdivision 152E: CGT event J5
 SECTION 104198 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6
 Subdivision 104K  Other CGT events
 SECTION 104205 Incoming international transfer of emissions unit: CGT event K1
 SECTION 104210 Bankrupt pays amount in relation to debt: CGT event K2
 SECTION 104215 Asset passing to taxadvantaged entity: CGT event K3
 SECTION 104220 CGT asset starts being trading stock: CGT event K4
 SECTION 104225 Special collectable losses: CGT event K5
 SECTION 104230 PreCGT shares or trust interest: CGT event K6
 SECTION 104235 Balancing adjustment events for depreciating assets and certain assets used for R&D: CGT event K7
 SECTION 104240 Working out capital gain or loss for CGT event K7: general case
 SECTION 104245 Working out capital gain or loss for CGT event K7: pooled assets
 SECTION 104250 Direct value shifts: CGT event K8
 SECTION 104255 Carried interests: CGT event K9
 SECTION 104260 Certain shortterm forex realisation gains: CGT event K10
 SECTION 104265 Certain shortterm forex realisation losses: CGT event K11
 SECTION 104270 Foreign hybrids: CGT event K12
 Subdivision 104L  Consolidated groups and MEC groups
 SECTION 104500 Loss of preCGT status of membership interests in entity becoming subsidiary member: CGT event L1
 SECTION 104505 Where preformation intragroup rollover reduction results in negative allocable cost amount: CGT event L2
 SECTION 104510 Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3
 SECTION 104515 Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4
 SECTION 104520 Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
 SECTION 104525 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6
 SECTION 104530 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7
 SECTION 104535 Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8
 Division 106  Entity making the gain or loss
 SECTION 1061 What this Division is about
 Subdivision 106A  Partnerships
 SECTION 1065 Partnerships
 Subdivision 106B  Bankruptcy and liquidation
 SECTION 10630 Effect of bankruptcy
 SECTION 10635 Effect of liquidation
 Subdivision 106C  Absolutely entitled beneficiaries
 SECTION 10650 Absolutely entitled beneficiaries
 Subdivision 106D  Securities, charges and encumbrances
 SECTION 10660 Securities, charges and encumbrances
 Division 108  CGT assets
 Guide to Division 108
 SECTION 1081 What this Division is about
 Subdivision 108A  What a CGT asset is
 SECTION 1085 CGT assets
 SECTION 1087 Interest in CGT assets as joint tenants
 Subdivision 108B  Collectables
 SECTION 10810 Losses from collectables to be offset only against gains from collectables
 SECTION 10815 Sets of collectables
 SECTION 10817 Cost base of a collectable
 Subdivision 108C  Personal use assets
 SECTION 10820 Losses from personal use assets must be disregarded
 SECTION 10825 Sets of personal use assets
 SECTION 10830 Cost base of a personal use asset
 Subdivision 108D  Separate CGT assets
 SECTION 10850 What this Subdivision is about
 SECTION 10855 When is a building a separate asset from land?
 SECTION 10860 Depreciating asset that is part of a building is a separate asset
 SECTION 10865 Land adjacent to land acquired before 20 September 1985
 SECTION 10870 When is a capital improvement a separate asset?
 SECTION 10875 Capital improvements to CGT assets for which a rollover may be available
 SECTION 10880 Deciding if capital improvements are related to each other
 SECTION 10885 Meaning of improvement threshold
 Division 109  Acquisition of CGT assets
 SECTION 1091 What this Division is about
 Subdivision 109A  Operative rules
 SECTION 1095 General acquisition rules
 SECTION 10910 When you acquire a CGT asset without a CGT event
 SECTION 10915 Exceptions
 Subdivision 109B  Signposts to other acquisition rules
 SECTION 10950 Effect of this Subdivision
 SECTION 10955 Other acquisition rules
 SECTION 10960 Acquisition rules outside this Part and Part 33
 Division 110  Cost base and reduced cost base
 SECTION 1101 What this Division is about
 SECTION 1105 Modifications to general rules
 SECTION 11010 Rules about cost base not relevant for some CGT events
 Subdivision 110A  Cost base
 SECTION 11025 General rules about cost base
 SECTION 11030 Cost base of partnership assets
 SECTION 11035 Incidental costs
 SECTION 11036 Indexation
 SECTION 11037 Expenditure forming part of cost base or element
 SECTION 11038 Exclusions
 SECTION 11040 Assets acquired before 7.30 pm on 13 May 1997
 SECTION 11043 Partnership interests acquired before 7.30 pm on 13 May 1997
 SECTION 11045 Assets acquired after 7.30 pm on 13 May 1997
 SECTION 11050 Partnership interests acquired after 7.30 pm on 13 May 1997
 SECTION 11053 Exceptions to application of sections 11045 and 11050
 SECTION 11054 Debt deductions disallowed by thin capitalisation rules
 Subdivision 110B  Reduced cost base
 SECTION 11055 General rules about reduced cost base
 SECTION 11060 Reduced cost base for partnership assets
 Division 112  Modifications to cost base and reduced cost base
 SECTION 1121 What this Division is about
 SECTION 1125 Discussion of modifications
 Subdivision 112A  General modifications
 SECTION 11215 General rule for replacement modifications
 SECTION 11220 Market value substitution rule
 SECTION 11225 Split, changed or merged assets
 SECTION 11230 Apportionment rules
 SECTION 11235 Assumption of liability rule
 SECTION 11236 Acquisitions of assets involving lookthrough earnout rights
 SECTION 11237 Put options
 SECTION 11238 Geothermal extraction rights
 Subdivision 112B  Finding tables for special rules
 SECTION 11240 Effect of this Subdivision
 SECTION 11245 CGT events
 SECTION 11246 Annual cost base adjustment for member's unit or interest in AMIT
 SECTION 11248 Gifts acquired by associates
 SECTION 11250 Main residence
 SECTION 11253 Scrip for scrip rollover
 SECTION 11253AA Statutory licences
 SECTION 11253AB Change of incorporation
 SECTION 11253A MDO rollover
 SECTION 11253B Exchange of stapled ownership interests for units in a unit trust
 SECTION 11253C Water entitlement rollovers
 SECTION 11254 Demergers
 SECTION 11254A Transfer of assets between certain trusts
 SECTION 11255 Effect of you dying
 SECTION 11260 Bonus shares or units
 SECTION 11265 Rights
 SECTION 11270 Convertible interests
 SECTION 11275 Employee share schemes
 SECTION 11277 Exchangeable interests
 SECTION 11280 Leases
 SECTION 11285 Options
 SECTION 11287 Residency
 SECTION 11290 An asset stops being a preCGT asset
 SECTION 11292 Demutualisation of certain entities
 SECTION 11295 Transfer of tax losses and net capital losses within whollyowned groups of companies
 SECTION 11297 Modifications outside this Part and Part 33
 Subdivision 112C  Replacementasset rollovers
 SECTION 112100 Effect of this Subdivision
 SECTION 112105 What is a replacementasset rollover?
 SECTION 112110 How is the cost base of the replacement asset modified?
 SECTION 112115 Table of replacementasset rollovers
 Subdivision 112D  Sameasset rollovers
 SECTION 112135 Effect of this Subdivision
 SECTION 112140 What is a sameasset rollover?
 SECTION 112145 How is the cost base of the asset modified?
 SECTION 112150 Table of sameasset rollovers
 Division 114  Indexation of cost base
 SECTION 1141 Indexing elements of cost base
 SECTION 1145 When indexation relevant
 SECTION 11410 Requirement for 12 months ownership
 SECTION 11415 Cost base modifications
 SECTION 11420 When expenditure is incurred for rollovers
 Division 115  Discount capital gains and trusts' net capital gains
 SECTION 1151 What this Division is about
 Subdivision 115A  Discount capital gains
 SECTION 1155 What is a discount capital gain ?
 SECTION 11510 Who can make a discount capital gain?
 SECTION 11515 Discount capital gain must be made after 21 September 1999
 SECTION 11520 Discount capital gain must not have indexed cost base
 SECTION 11525 Discount capital gain must be on asset acquired at least 12 months before
 SECTION 11530 Special rules about time of acquisition
 SECTION 11532 Special rule about time of acquisition for certain replacementasset rollovers
 SECTION 11534 Further special rule about time of acquisition for certain replacementasset rollovers
 SECTION 11540 Capital gain resulting from agreement made within a year of acquisition
 SECTION 11545 Capital gain from equity in an entity with newly acquired assets
 SECTION 11550 Discount capital gain from equity in certain entities
 SECTION 11555 Capital gains involving money received from demutualisation of friendly society health or life insurer
 SECTION 11560 Discount capital gain from CGT event E4
 Subdivision 115B  Discount percentage
 SECTION 115100 What is the discount percentage for a discount capital gain
 SECTION 115105 Foreign or temporary residents  individuals with direct gains
 SECTION 115110 Foreign or temporary residents  individuals with trust gains
 SECTION 115115 Foreign or temporary residents  percentage for individuals
 SECTION 115120 Foreign or temporary residents  trusts with certain gains
 Subdivision 115C  Rules about trusts with net capital gains
 SECTION 115200 What this Division is about
 SECTION 115210 When this Subdivision applies
 SECTION 115215 Assessing presently entitled beneficiaries
 SECTION 115220 Assessing trustees under section 98 of the Income Tax Assessment Act 1936
 SECTION 115222 Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936
 SECTION 115225 Attributable gain
 SECTION 115227 Share of a capital gain
 SECTION 115228 Specifically entitled to an amount of a capital gain
 SECTION 115230 Choice for resident trustee to be specifically entitled to capital gain
 Subdivision 115D  Tax relief for shareholders in listed investment companies
 SECTION 115275 What this Subdivision is about
 SECTION 115280 Deduction for certain dividends
 SECTION 115285 Meaning of LIC capital gain
 SECTION 115290 Meaning of listed investment company
 SECTION 115295 Maintaining records
 Division 116  Capital proceeds
 SECTION 1161 What this Division is about
 SECTION 1165 General rules
 SECTION 11610 Modifications to general rules
 General rules
 SECTION 11620 General rules about capital proceeds
 Modifications to general rules
 SECTION 11625 Table of modifications to the general rules
 SECTION 11630 Market value substitution rule: modification 1
 SECTION 11635 Companies and trusts that are not widely held
 SECTION 11640 Apportionment rule: modification 2
 SECTION 11645 Nonreceipt rule: modification 3
 SECTION 11650 Repaid rule: modification 4
 SECTION 11655 Assumption of liability rule: modification 5
 SECTION 11660 Misappropriation rule: modification 6
 Special rules
 SECTION 11665 Disposal etc. of a CGT asset the subject of an option
 SECTION 11670 Option requiring both acquisition and disposal etc.
 SECTION 11675 Special rule for CGT event happening to a lease
 SECTION 11680 Special rule if CGT asset is shares or an interest in a trust
 SECTION 11685 Section 47A of 1936 Act applying to rolledover asset
 SECTION 11695 Company changes residence from an unlisted country
 SECTION 116100 Gifts of property
 SECTION 116105 Conservation covenants
 SECTION 116110 Rollovers for merging superannuation funds
 SECTION 116115 Farmin farmout arrangements
 SECTION 116120 Disposals of assets involving lookthrough earnout rights
 Division 118  Exemptions
 SECTION 1181 What this Division is about
 Subdivision 118A  General exemptions
 SECTION 1185 Cars, motor cycles and valour decorations
 SECTION 11810 Collectables and personal use assets
 SECTION 11812 Assets used to produce exempt income etc.
 SECTION 11813 Shares in a PDF
 SECTION 11815 Registered emissions units
 SECTION 11820 Reducing capital gains if amount otherwise assessable
 SECTION 11821 Carried interests
 SECTION 11822 Superannuation lump sums and employment termination payments
 SECTION 11824 Depreciating assets
 SECTION 11825 Trading stock
 SECTION 11827 Division 230 financial arrangements and financial arrangements to which Subdivision 250E applies
 SECTION 11830 Film copyright
 SECTION 11835 R&D
 SECTION 11837 Compensation, damages etc.
 SECTION 11840 Expiry of a lease
 SECTION 11842 Transfer of stratum units
 SECTION 11845 Sale of rights to mine
 SECTION 11855 Foreign currency hedging gains and losses
 SECTION 11860 Certain gifts
 SECTION 11865 Later distributions of personal services income
 SECTION 11870 Transactions by exempt entities
 SECTION 11875 Marriage or relationship breakdown settlements
 SECTION 11877 Native title and rights to native title benefits
 SECTION 11880 Reduction of boat capital gain
 SECTION 11885 Special disability trusts
 Subdivision 118B  Main residence
 SECTION 118100 What this Subdivision is about
 SECTION 118105 Map of this Subdivision
 SECTION 118110 Basic case
 SECTION 118115 Meaning of dwelling
 SECTION 118120 Extension to adjacent land etc.
 SECTION 118125 Meaning of ownership period
 SECTION 118130 Meaning of ownership interest in land or a dwelling
 SECTION 118135 Moving into a dwelling
 SECTION 118140 Changing main residences
 SECTION 118145 Absences
 SECTION 118147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.
 SECTION 118150 If you build, repair or renovate a dwelling
 SECTION 118155 Where individual referred to in section 118150 dies
 SECTION 118160 Destruction of dwelling and sale of land
 SECTION 118165 Separate CGT event for adjacent land or other structures
 SECTION 118170 Spouse having different main residence
 SECTION 118175 Dependent child having different main residence
 SECTION 118178 Previous rollover under Subdivision 126A
 SECTION 118180 Acquisition of dwelling from company or trust on marriage or relationship breakdown  rollover provision applying
 SECTION 118185 Partial exemption where dwelling was your main residence during part only of ownership period
 SECTION 118190 Use of dwelling for producing assessable income
 SECTION 118192 Special rule for first use to produce income
 SECTION 118195 Dwelling acquired from a deceased estate
 SECTION 118197 Special rule for surviving joint tenant
 SECTION 118200 Partial exemption for deceased estate dwellings
 SECTION 118205 Adjustment if dwelling inherited from deceased individual
 SECTION 118210 Trustee acquiring dwelling under will
 SECTION 118215 What the following provisions are about
 SECTION 118218 Exemption available to trustee  main case
 SECTION 118220 Exemption available to trustee  after the principal beneficiary's death
 SECTION 118222 Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary's death
 SECTION 118225 Amount of exemption available after the principal beneficiary's death  general
 SECTION 118227 Amount of exemption available after the principal beneficiary's death  cost base and reduced cost base
 SECTION 118230 Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts
 SECTION 118240 What the following provisions are about
 SECTION 118245 CGT events happening only to adjacent land
 SECTION 118250 Compulsory acquisitions of adjacent land
 SECTION 118255 Maximum exempt area
 SECTION 118260 Partial exemption rules
 SECTION 118265 Extension to adjacent structures
 [Subdivision 118C  Goodwill]
 Subdivision 118D  Insurance and superannuation
 SECTION 118300 Insurance policies
 SECTION 118305 Superannuation
 SECTION 118310 RSA's
 SECTION 118313 Superannuation agreements under the Family Law Act
 SECTION 118315 Segregated exempt assets of life insurance companies
 SECTION 118320 Segregated current pension assets of a complying superannuation entity
 Subdivision 118E  Units in pooled superannuation trusts
 SECTION 118350 Units in pooled superannuation trusts
 SECTION 118355 Segregated exempt superannuation assets of pooled superannuation trust
 Subdivision 118F  Venture capital investment
 SECTION 118400 What this Subdivision is about
 SECTION 118405 Exemption for certain foreign venture capital investments through venture capital limited partnerships
 SECTION 118407 Exemption for certain venture capital investments through early stage venture capital limited partnerships
 SECTION 118408 Partial exemption for some capital gains otherwise fully exempt under section 118407
 SECTION 118410 Exemption for certain foreign venture capital investments through Australian venture capital funds of funds
 SECTION 118415 Exemption for certain venture capital investments by foreign residents
 SECTION 118420 Meaning of eligible venture capital partner etc.
 SECTION 118425 Meaning of eligible venture capital investment  investments in companies
 SECTION 118427 Meaning of eligible venture capital investment  investments in unit trusts
 SECTION 118428 Additional investment requirements for ESVCLPs
 SECTION 118430 Meaning of at risk
 SECTION 118435 Special rule relating to investment in foreign resident holding companies
 SECTION 118440 Meaning of permitted entity value
 SECTION 118445 Meaning of committed capital
 SECTION 118450 Values of assets and investments of entities without auditors
 Subdivision 118G  Venture capital: investment by superannuation funds for foreign residents
 SECTION 118500 What this Subdivision is about
 SECTION 118505 Exemption for certain foreign venture capital
 SECTION 118510 Meaning of resident investment vehicle
 SECTION 118515 Meaning of venture capital entity
 SECTION 118520 Meaning of superannuation fund for foreign residents
 SECTION 118525 Meaning of venture capital equity
 Subdivision 118H  Demutualisation of Tower Corporation
 SECTION 118550 Demutualisation of Tower Corporation
 Subdivision 118I  Lookthrough earnout rights
 SECTION 118560 Object
 SECTION 118565 Lookthrough earnout rights
 SECTION 118570 Extra ways a CGT asset can be an active asset
 SECTION 118575 Creating and ending lookthrough earnout rights
 SECTION 118580 Temporarily disregard capital losses affected by lookthrough earnout rights
 Division 121  Record keeping
 SECTION 12110 What this Division is about
 Operative provisions
 SECTION 12120 What records you must keep
 SECTION 12125 How long you must retain the records
 SECTION 12130 Exceptions
 SECTION 12135 Asset register entries
 PART 33  CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
 Division 122  Rollover for the disposal of assets to, or the creation of assets in, a whollyowned company
 SECTION 1221 What this Division is about
 Subdivision 122A  Disposal or creation of assets by an individual or trustee to a whollyowned company
 SECTION 1225 What this Subdivision is about
 SECTION 12215 Disposal or creation of assets  whollyowned company
 SECTION 12220 What you receive for the trigger event
 SECTION 12225 Other requirements to be satisfied
 SECTION 12235 What if the company undertakes to discharge a liability (disposal case)
 SECTION 12237 Rules for working out what a liability in respect of an asset is
 SECTION 12240 Disposal of a CGT asset
 SECTION 12245 Disposal of all the assets of a business
 SECTION 12250 All assets acquired on or after 20 September 1985
 SECTION 12255 All assets acquired before 20 September 1985
 SECTION 12260 Assets acquired before and after 20 September 1985
 SECTION 12265 Creation of asset
 SECTION 12270 Consequences for the company (disposal case)
 SECTION 12275 Consequences for the company (creation case)
 Subdivision 122B  Disposal or creation of assets by partners to a whollyowned company
 SECTION 122120 What this Subdivision is about
 SECTION 122125 Disposal or creation of assets  whollyowned company
 SECTION 122130 What the partners receive for the trigger event
 SECTION 122135 Other requirements to be satisfied
 SECTION 122140 What if the company undertakes to discharge a liability (disposal case)
 SECTION 122145 Rules for working out what a liability in respect of an interest in an asset is
 SECTION 122150 Capital gain or loss disregarded
 SECTION 122155 Disposal of postCGT or preCGT interests
 SECTION 122160 Disposal of both postCGT and preCGT interests
 SECTION 122170 Capital gain or loss disregarded
 SECTION 122175 Other consequences
 SECTION 122180 All interests acquired on or after 20 September 1985
 SECTION 122185 All interests acquired before 20 September 1985
 SECTION 122190 Interests acquired before and after 20 September 1985
 SECTION 122195 Creation of asset
 SECTION 122200 Consequences for the company (disposal case)
 SECTION 122205 Consequences for the company (creation case)
 [Division 123  Small business rollover]
 Division 124  Replacementasset rollovers
 SECTION 1241 What this Division is about
 SECTION 1245 How to find your way around this Division
 Subdivision 124A  General rules
 SECTION 12410 Your ownership of one CGT asset ends
 SECTION 12415 Your ownership of more than one CGT asset ends
 SECTION 12420 Share and interest sale facilities
 Subdivision 124B  Asset compulsorily acquired, lost or destroyed
 SECTION 12470 Events giving rise to a rollover
 SECTION 12475 Other requirements if you receive money
 SECTION 12480 Other requirements if you receive an asset
 SECTION 12485 Consequences for receiving money
 SECTION 12490 Consequences for receiving an asset
 SECTION 12495 You receive both money and an asset
 Subdivision 124C  Statutory licences
 SECTION 124140 New statutory licences
 SECTION 124145 Rollover consequences  capital gain or loss disregarded
 SECTION 124150 Rollover consequences  partial rollover
 SECTION 124155 Rollover consequences  all original licences were postCGT
 SECTION 124160 Rollover consequences  all original licences were preCGT
 SECTION 124165 Rollover consequences  some original licences were preCGT, others were postCGT
 Subdivision 124D  Strata title conversion
 SECTION 124190 Strata title conversion
 Subdivision 124E  Exchange of shares or units
 SECTION 124240 Exchange of shares in the same company
 SECTION 124245 Exchange of units in the same unit trust
 Subdivision 124F  Exchange of rights or options
 SECTION 124295 Exchange of rights or option to acquire shares in a company
 SECTION 124300 Exchange of rights or option to acquire units in a unit trust
 Subdivision 124G  Exchange of shares in one company for shares in another company
 SECTION 124350 What this Subdivision is about
 SECTION 124355 Summary of rules
 SECTION 124360 Disposal of shares in one company for shares in another one
 SECTION 124365 Other requirements to be satisfied
 SECTION 124370 Redemption or cancellation of shares in one company for shares in another one
 SECTION 124375 Other requirements to be satisfied
 SECTION 124380 Requirements to be satisfied in both cases
 SECTION 124382 Special rules for ADI restructures
 SECTION 124385 Consequences for the interposed company
 SECTION 124390 Deferral of profit or loss on shares
 Subdivision 124H  Exchange of units in a unit trust for shares in a company
 SECTION 124435 What this Subdivision is about
 SECTION 124440 Summary of rules
 SECTION 124445 Disposal of units in a unit trust for shares in a company
 SECTION 124450 Other requirements to be satisfied
 SECTION 124455 Redemption or cancellation of units in a unit trust for shares in a company
 SECTION 124460 Other requirements to be satisfied
 SECTION 124465 Requirements to be satisfied in both cases
 SECTION 124470 Consequences for the company
 Subdivision 124I  Change of incorporation
 SECTION 124510 What this Subdivision is about
 SECTION 124515 Object of this Subdivision
 SECTION 124520 Change of incorporation without change of entity
 SECTION 124525 Old corporation wound up
 SECTION 124530 Shares in company replacing preCGT and postCGT mix of interest and rights in body
 SECTION 124535 Rights as member of Indigenous corporation replacing preCGT and postCGT mix of interest and rights in body
 Subdivision 124J  Crown leases
 SECTION 124570 What this Subdivision is about
 SECTION 124575 Extension or renewal of Crown lease
 SECTION 124580 Meaning of Crown lease
 SECTION 124585 Original right differs in area from new right
 SECTION 124590 Part of original right excised
 SECTION 124595 Treating parts of new right as separate assets
 SECTION 124600 What is the rollover?
 SECTION 124605 Change of lessor
 Subdivision 124K  Depreciating assets
 SECTION 124655 Rollover for depreciating assets
 SECTION 124660 Right granted to associate
 Subdivision 124L  Prospecting and mining entitlements
 SECTION 124700 What this Subdivision is about
 SECTION 124705 Extension or renewal of prospecting or mining entitlement
 SECTION 124710 Meaning of prospecting entitlement and mining entitlement
 SECTION 124715 Original entitlement differs in area from new entitlement
 SECTION 124720 Part of original entitlement excised
 SECTION 124725 Treating parts of new entitlement as separate assets
 SECTION 124730 What is the rollover?
 Subdivision 124M  Scrip for scrip rollover
 SECTION 124775 What this Subdivision is about
 SECTION 124780 Replacement of shares
 SECTION 124781 Replacement of trust interests
 SECTION 124782 Transfer or allocation of cost base of shares acquired by acquiring entity etc.
 SECTION 124783 Meaning of significant stakeholder , common stakeholder , significant stake and common stake
 SECTION 124783A Rights that affect stakes
 SECTION 124784 Cost base of equity or debt given within acquiring group
 SECTION 124784A When arrangement is a restructure
 SECTION 124784B What is the cost base and reduced cost base when arrangement is a restructure?
 SECTION 124784C Cost base of equity or debt given within acquiring group
 SECTION 124785 What is the rollover?
 SECTION 124790 Partial rollover
 SECTION 124795 Exceptions
 SECTION 124800 Interest received for preCGT interest
 SECTION 124805 Meaning of trust voting interest
 SECTION 124810 Certain companies and trusts not regarded as having 300 members or beneficiaries
 Subdivision 124N  Disposal of assets by a trust to a company
 SECTION 124850 What this Subdivision is about
 SECTION 124855 What this Subdivision deals with
 SECTION 124860 Requirements for rollover
 SECTION 124865 Entities both choose the rollover
 SECTION 124870 Rollover for owner of units or interests in a trust
 SECTION 124875 Effect on the transferor and transferee
 Subdivision 124O  FSR (financial services reform) transitions
 SECTION 124880 Old licence rollover (same owner)
 SECTION 124885 Qualified licence rollover (same owner)
 SECTION 124890 Rights rollover (same owner)
 SECTION 124895 Consequences of a same owner rollover
 SECTION 124900 Old licence rollover (new owner)
 SECTION 124905 Qualified licence rollover (new owner)
 SECTION 124910 Rights rollover (new owner)
 SECTION 124915 Consequences of a new owner rollover (where one CGT asset comes to an end)
 SECTION 124920 Consequences of a new owner rollover (where more than one CGT asset comes to an end)
 SECTION 124925 Special extension of the 10 March 2004 cutoff date (same owner rollovers)
 SECTION 124930 Special extension of the 10 March 2004 cutoff date (new owner rollovers)
 Subdivision 124P  Exchange of a membership interest in an MDO for a membership interest in another MDO
 SECTION 124975 What this Subdivision is about
 SECTION 124980 Exchange of membership interests in an MDO
 SECTION 124985 What the rollover is for postCGT interests
 SECTION 124990 Partial rollover
 SECTION 124995 PreCGT interests
 Subdivision 124Q  Exchange of stapled ownership interests for ownership interests in a unit trust
 SECTION 1241040 What this Subdivision is about
 SECTION 1241045 Exchange of stapled securities
 SECTION 1241050 Conditions
 SECTION 1241055 Consequences of the rollover for exchanging members
 SECTION 1241060 Consequences of the rollover for interposed trust
 SECTION 1241065 Certain foreign holders disregarded
 Subdivision 124R  Water entitlements
 SECTION 1241100 What this Subdivision is about
 SECTION 1241105 Replacement water entitlements rollover
 SECTION 1241110 Rollover consequences  capital gain or loss disregarded
 SECTION 1241115 Rollover consequences  partial rollover
 SECTION 1241120 Rollover consequences  all original entitlements postCGT
 SECTION 1241125 Rollover consequences  all original entitlements preCGT
 SECTION 1241130 Rollover consequences  some original entitlements preCGT, others postCGT
 SECTION 1241135 Reduction in water entitlements rollover
 SECTION 1241140 Rollover consequences  capital gain or loss disregarded
 SECTION 1241145 Rollover consequences  all original entitlements postCGT
 SECTION 1241150 Rollover consequences  some original entitlements preCGT, others postCGT
 SECTION 1241155 Rollover for variation to CGT asset
 SECTION 1241160 Rollover consequences
 SECTION 1241165 Rollover consequences  partial rollover
 Subdivision 124S  Interest realignment arrangements
 SECTION 1241220 What this Subdivision is about
 SECTION 1241225 Disposals of interests under interest realignment arrangements
 SECTION 1241230 Rollover consequences  partial rollover
 SECTION 1241235 Rollover consequences  all original interests were postCGT and preUCA
 SECTION 1241240 Rollover consequences  all original interests were preCGT
 SECTION 1241245 Rollover consequences  original interests were of mixed CGT status, all were preUCA
 SECTION 1241250 Rollover consequences  some original interests were preUCA
 Division 125  Demerger relief
 SECTION 1251 What this Division is about
 Subdivision 125A  Object of this Division
 SECTION 1255 Object of this Division
 Subdivision 125B  Consequences for owners of interests
 SECTION 12550 Guide to Subdivision 125B
 SECTION 12555 When a rollover is available for a demerger
 SECTION 12560 Meaning of ownership interest and related terms
 SECTION 12565 Meanings of demerger group , head entity and demerger subsidiary
 SECTION 12570 Meanings of demerger , demerged entity and demerging entity
 SECTION 12575 Exceptions to subsection 12570(2)
 SECTION 12580 What is the rollover?
 SECTION 12585 Cost base adjustments where CGT event happens but no rollover chosen
 SECTION 12590 Cost base adjustments where no CGT event
 SECTION 12595 No other cost base adjustment after demerger
 SECTION 125100 No further demerger relief in some cases
 Subdivision 125C  Consequences for members of demerger group
 SECTION 125150 Guide to Subdivision 125C
 SECTION 125155 Certain capital gains or losses disregarded for demerging entity
 SECTION 125160 No CGT event J1
 SECTION 125165 Adjusted capital loss for value shift under a demerger
 SECTION 125170 Reduced cost base reduction if demerger asset subject to rollover
 Subdivision 125D  Public trading trusts
 SECTION 125225 Guide to Subdivision 125D
 SECTION 125230 Application of Division to public trading trusts
 Subdivision 125E  Miscellaneous
 SECTION 125235 Share and interest sale facilities
 Division 126  Sameasset rollovers
 SECTION 1261 What this Division is about
 Subdivision 126A  Marriage or relationship breakdowns
 SECTION 1265 CGT event involving spouses
 SECTION 12615 CGT event involving company or trustee
 SECTION 12620 Subsequent CGT event happening to rollover asset where transferor was a CFC or a nonresident trust
 SECTION 12625 Conditions for the purposes of subsections 1265(3A) and 12615(5)
 Subdivision 126B  Companies in the same whollyowned group
 SECTION 12640 What this Subdivision is about
 SECTION 12645 Rollover for members of whollyowned group
 SECTION 12650 Requirements for rollover
 SECTION 12655 When there is a rollover
 SECTION 12660 Consequences of rollover
 SECTION 12665 Choosing for no rollover in loss situation
 SECTION 12670 Loss disregarded if intention not realised
 SECTION 12675 Originating company is a CFC
 SECTION 12680 Rollover asset is an interest in a CFC or FIF
 SECTION 12685 Effect of rollover on certain liquidations
 Subdivision 126C  Changes to trust deeds
 SECTION 126125 What this Subdivision is about
 SECTION 126130 Changes to trust deeds
 SECTION 126135 Consequences of rollover
 Subdivision 126D  Small superannuation funds
 SECTION 126140 CGT event involving small superannuation funds
 Subdivision 126E  Entitlement to shares after demutualisation and scrip for scrip rollover
 SECTION 126185 What this Subdivision is about
 SECTION 126190 When there is a rollover
 SECTION 126195 Consequences of rollover
 Subdivision 126F  Transfer of assets of superannuation funds to meet licensing requirements
 SECTION 126200 What this Subdivision is about
 SECTION 126205 Object of this Subdivision
 SECTION 126210 When there is a rollover and what its effects are
 Subdivision 126G  Transfer of assets between certain trusts
 SECTION 126215 What this Subdivision is about
 SECTION 126220 Object of this Subdivision
 SECTION 126225 When a rollover may be chosen
 SECTION 126230 Beneficiaries' entitlements not be discretionary etc.
 SECTION 126235 Exceptions for rollover
 SECTION 126240 Consequences for the trusts
 SECTION 126245 Consequences for beneficiaries  general approach for working out cost base etc.
 SECTION 126250 Consequences for beneficiaries  other approach for working out cost base etc.
 SECTION 126255 No other cost base etc. adjustment for beneficiaries
 SECTION 126260 Giving information to beneficiaries
 SECTION 126265 Interest sale facilities
 Division 128  Effect of death
 SECTION 1281 What this Division is about
 General rules
 SECTION 12810 Capital gain or loss when you die is disregarded
 SECTION 12815 Effect on the legal personal representative or beneficiary
 SECTION 12820 When does an asset pass to a beneficiary?
 SECTION 12825 The beneficiary is a trustee of a superannuation fund etc.
 Special rules for joint tenants
 SECTION 12850 Joint tenants
 Division 130  Investments
 SECTION 1301 What this Division is about
 Subdivision 130A  Bonus shares and units
 SECTION 13015 Acquisition time and cost base of bonus equities
 SECTION 13020 Issue of bonus shares or units
 Subdivision 130B  Rights
 SECTION 13040 Exercise of rights
 SECTION 13045 Timing rules
 SECTION 13050 Application to options
 Subdivision 130C  Convertible interests
 SECTION 13060 Shares or units acquired by converting a convertible interest
 Subdivision 130D  Employee share schemes
 SECTION 13075 Objects of Subdivision
 SECTION 13080 ESS interests acquired under employee share schemes
 SECTION 13085 Interests in employee share trusts
 SECTION 13090 Shares held by employee share trusts
 SECTION 13095 Shares and rights in relation to ESS interests
 SECTION 13097 Application of certain provisions of Division 83A
 Subdivision 130E  Exchangeable interests
 SECTION 130100 Exchangeable interest
 SECTION 130105 Shares acquired in exchange for the disposal or redemption of an exchangeable interest
 Division 132  Leases
 SECTION 1321 Lessee incurs expenditure to get lease term varied or waived
 SECTION 1325 Lessor pays lessee for improvements
 SECTION 13210 Grant of a longterm lease
 SECTION 13215 Lessee of land acquires reversionary interest of lessor
 Division 134  Options
 SECTION 1341 Exercise of options
 [Division 136  Foreign residents]
 [Division 138  Value shifts between companies under common ownership]
 [Division 139  Value shifting through debt forgiveness]
 [Division 140  Share value shifting]
 Division 149  When an asset stops being a preCGT asset
 Subdivision 149A  Key concepts
 SECTION 14910 What is a preCGT asset?
 SECTION 14915 Majority underlying interests in a CGT asset
 Subdivision 149B  When asset of nonpublic entity stops being a preCGT asset
 SECTION 14925 Which entities are affected
 SECTION 14930 Effects if asset no longer has same majority underlying ownership
 SECTION 14935 Cost base elements of asset that stops being a preCGT asset
 Subdivision 149C  When asset of public entity stops being a preCGT asset
 SECTION 14950 Which entities are affected
 SECTION 14955 Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership
 SECTION 14960 What the evidence must show
 SECTION 14965 Effects of not making the determination
 SECTION 14970 Effects if asset no longer has same majority underlying ownership
 SECTION 14975 Cost base elements of asset that stops being a preCGT asset
 SECTION 14980 No more evidence needed after asset stops being a preCGT asset
 [Subdivision 149D  How to treat holdings of less than 1% in certain entities]
 [Subdivision 149E  How to treat certain interposed funds, companies and government bodies]
 Subdivision 149F  How to treat a ``demutualised'' public entity
 SECTION 149162 Subdivision applies only if entity gives sufficient evidence
 SECTION 149165 Members treated as having underlying interests in assets until demutualisation
 SECTION 149170 Effect of demutualisation of interposed company
 Division 152  Small business relief
 SECTION 1521 What this Division is about
 Subdivision 152A  Basic conditions for relief under this Division
 SECTION 1525 What this Subdivision is about
 SECTION 15210 Basic conditions for relief
 SECTION 15212 Special conditions for CGT event D1
 SECTION 15215 Maximum net asset value test
 SECTION 15220 Meaning of net value of the CGT assets
 SECTION 15225 Meaning of small business CGT affiliate
 SECTION 15230 Meaning of connected with the entity
 SECTION 15235 Active asset test
 SECTION 15240 Meaning of active asset
 SECTION 15242 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
 SECTION 15245 Continuing time periods for involuntary disposals
 SECTION 15247 Spouses or children taken to be affiliates for certain passively held CGT assets
 SECTION 15248 Working out an entity's aggregated turnover for passively held CGT assets
 SECTION 15249 Businesses that are winding up
 SECTION 15250 Significant individual test
 SECTION 15255 Meaning of significant individual
 SECTION 15260 Meaning of CGT concession stakeholder
 SECTION 15265 Small business participation percentage
 SECTION 15270 Direct small business participation percentage
 SECTION 15275 Indirect small business participation percentage
 SECTION 15278 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
 SECTION 15280 CGT event happens to an asset or interest within 2 years of individual's death
 Subdivision 152B  Small business 15year exemption
 SECTION 152100 What this Subdivision is about
 SECTION 152105 15year exemption for individuals
 SECTION 152110 15year exemption for companies and trusts
 SECTION 152115 Continuing time periods for involuntary disposals
 SECTION 152120 Discretionary trusts need not have a significant individual in a loss year or nil income year
 SECTION 152125 Payments to company's or trust's CGT concession stakeholders are exempt
 Subdivision 152C  Small business 50% reduction
 SECTION 152200 What this Subdivision is about
 SECTION 152205 You get the small business 50% reduction
 SECTION 152210 You may also get the small business retirement exemption and small business rollover relief
 SECTION 152215 15year rule has priority
 SECTION 152220 You may choose not to apply this Subdivision
 Subdivision 152D  Small business retirement exemption
 SECTION 152300 What this Subdivision is about
 SECTION 152305 Choosing the exemption
 SECTION 152310 Consequences of choice
 SECTION 152315 Choosing the amount to disregard
 SECTION 152320 Meaning of CGT retirement exemption limit
 SECTION 152325 Company or trust conditions
 SECTION 152330 15year rule has priority
 Subdivision 152E  Small business rollover
 SECTION 152400 What this Subdivision is about
 SECTION 152405 Basic principles for the small business rollover
 SECTION 152410 When you can obtain the rollover
 SECTION 152415 What the rollover consists of
 SECTION 152420 Rules where an individual who has obtained a rollover dies
 SECTION 152425 Rules where an individual who has obtained a rollover dies
 SECTION 152430 15year rule has priority
 PART 35  CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
 Division 160  Corporate loss carry back tax offset
 Guide to Division 160
 SECTION 1601 What this Division is about
 Subdivision 160A  Object of this Division
 SECTION 1605 Object of this Division
 Subdivision 160B  Entitlement to and amount of loss carry back tax offset
 SECTION 16010 Entitlement to loss carry back tax offset
 SECTION 16015 Amount of loss carry back tax offset
 Subdivision 160C  Loss carry back choice
 SECTION 16020 Loss carry back choice
 SECTION 16025 Entity must have been a corporate tax entity during relevant years
 SECTION 16030 Transferred tax losses etc. not included
 SECTION 16035 Integrity rule  no loss carry back tax offset if scheme entered into
 Division 164  Nonshare capital accounts for companies
 SECTION 1641 What this Division is about
 Operative provisions
 SECTION 1645 Object
 SECTION 16410 Nonshare capital account
 SECTION 16415 Credits to nonshare capital account
 SECTION 16420 Debits to nonshare capital account
 Division 165  Income tax consequences of changing ownership or control of a company
 SECTION 1651 What this Division is about
 Subdivision 165A  Deducting tax losses of earlier income years
 SECTION 1655 What this Subdivision is about
 SECTION 16510 To deduct a tax loss
 SECTION 16512 Company must maintain the same owners
 SECTION 16513 Alternatively, the company must satisfy the same business test
 SECTION 16515 The same people must control the voting power, or the company must satisfy the same business test
 SECTION 16520 When company can deduct part of a tax loss
 Subdivision 165B  Working out the taxable income and tax loss for the income year of the change
 SECTION 16523 What this Subdivision is about
 SECTION 16525 Summary of this Subdivision
 SECTION 16530 Flow chart showing the application of this Subdivision
 SECTION 16535 On a change of ownership, unless the company satisfies the same business test
 SECTION 16537 Who has more than a 50% stake in the company during a period
 SECTION 16540 On a change of control of the voting power in the company, unless the company satisfies the same business test
 SECTION 16545 First, divide the income year into periods
 SECTION 16550 Next, calculate the notional loss or notional taxable income for each period
 SECTION 16555 How to attribute deductions to periods
 SECTION 16560 How to attribute assessable income to periods
 SECTION 16565 How to calculate the company's taxable income for the income year
 SECTION 16570 How to calculate the company's tax loss for the income year
 SECTION 16575 How to calculate the company's notional loss or notional taxable income for a period when the company was a partner
 SECTION 16580 How to calculate the company's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
 SECTION 16585 How to calculate the company's share of a partnership's notional loss or notional net income for a period if the entities have different income years
 SECTION 16590 Company's full year deductions include a share of partnership's full year deductions
 Subdivision 165CA  Applying net capital losses of earlier income years
 SECTION 16593 What this Subdivision is about
 SECTION 16596 When a company cannot apply a net capital loss
 Subdivision 165CB  Working out the net capital gain and the net capital loss for the income year of the change
 SECTION 16599 What this Subdivision is about
 SECTION 165102 On a change of ownership, or of control of voting power, unless the company satisfies the same business test
 SECTION 165105 First, divide the income year into periods
 SECTION 165108 Next, calculate the notional net capital gain or notional net capital loss for each period
 SECTION 165111 How to work out the company's net capital gain
 SECTION 165114 How to work out the company's net capital loss
 Subdivision 165CC  Change of ownership or control of company that has an unrealised net loss
 SECTION 165115 What this Subdivision is about
 SECTION 165115AA Special rules to save compliance costs
 SECTION 165115A Application of Subdivision
 SECTION 165115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time
 SECTION 165115BA What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
 SECTION 165115BB Order of application of assets: residual unrealised net loss
 SECTION 165115C Changeover time  change in ownership of company
 SECTION 165115D Changeover time  change in control of company
 SECTION 165115E What is an unrealised net loss
 SECTION 165115F Notional gains and losses
 Subdivision 165CD  Reductions after alterations in ownership or control of loss company
 SECTION 165115G What this Subdivision is about
 SECTION 165115GA What this Subdivision is about
 SECTION 165115GB When adjustments must be made
 SECTION 165115GC How adjustments are calculated
 SECTION 165115H How this Subdivision applies
 SECTION 165115J Object of Subdivision
 SECTION 165115K Application and interpretation
 SECTION 165115L Alteration time  alteration in ownership of company
 SECTION 165115M Alteration time  alteration in control of company
 SECTION 165115N Alteration time  declaration by liquidator or administrator
 SECTION 165115P Notional alteration time  disposal of interests in company within 12 months before alteration time
 SECTION 165115Q Notional alteration time  disposal of interests in company earlier than 12 months before alteration time
 SECTION 165115R When company is a loss company at first or only alteration time in income year
 SECTION 165115S When company is a loss company at second or later alteration time in income year
 SECTION 165115T Reduction of certain amounts included in company's overall loss at alteration time
 SECTION 165115U Adjusted unrealised loss
 SECTION 165115V Notional losses
 SECTION 165115W Calculation of trading stock decrease
 SECTION 165115X Relevant equity interest
 SECTION 165115Y Relevant debt interest
 SECTION 165115Z What constitutes a controlling stake in a company
 SECTION 165115ZA Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time
 SECTION 165115ZB Adjustment amounts for the purposes of section 165115ZA
 SECTION 165115ZC Notices to be given
 SECTION 165115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used
 Subdivision 165C  Deducting bad debts
 SECTION 165117 What this Subdivision is about
 SECTION 165119 Application of Subdivision
 SECTION 165120 To deduct a bad debt
 SECTION 165123 Company must maintain the same owners
 SECTION 165126 Alternatively, the company must satisfy the same business test
 SECTION 165129 Same people must control the voting power, or the company must satisfy the same business test
 SECTION 165132 When tax losses resulting from bad debts cannot be deducted
 Subdivision 165D  Tests for finding out whether the company has maintained the same owners
 SECTION 165150 Who has more than 50% of the voting power in the company
 SECTION 165155 Who has rights to more than 50% of the company's dividends
 SECTION 165160 Who has rights to more than 50% of the company's capital distributions
 SECTION 165165 Rules about tests for a condition or occurrence of a circumstance
 SECTION 165175 Tests can be satisfied by a single person
 SECTION 165180 Arrangements affecting beneficial ownership of shares
 SECTION 165185 Shares treated as not having carried rights
 SECTION 165190 Shares treated as always having carried rights
 SECTION 165195 Disregard redeemable shares
 SECTION 165200 Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units
 SECTION 165202 Shares held by government entities and charities etc.
 SECTION 165203 Companies where no shares have been issued
 SECTION 165205 Death of share owner
 SECTION 165207 Trustees of family trusts
 SECTION 165208 Companies in liquidation etc.
 SECTION 165209 Dual listed companies
 Subdivision 165E  The same business test
 SECTION 165210 The test
 SECTION 165212A Some companies cannot satisfy the same business test
 SECTION 165212B Definition of total income
 SECTION 165212C Total income of companies who cannot work out their total income for a 12 month period
 SECTION 165212D Restructure of MDOs etc.
 SECTION 165212E Entry history rule does not apply for the purposes of section 165210
 Subdivision 165F  Special provisions relating to ownership by nonfixed trusts
 SECTION 165215 Special alternative to change of ownership test for Subdivision 165A
 SECTION 165220 Special alternative to change of ownership test for Subdivision 165B
 SECTION 165225 Special way of dividing the income year under Subdivision 165B
 SECTION 165230 Special alternative to change of ownership test for Subdivision 165C
 SECTION 165235 Information about nonfixed trusts with interests in company
 SECTION 165240 Notices where requirements of section 165235 are met
 SECTION 165245 When an entity has a fixed entitlement to income or capital of a company
 Subdivision 165G  Other special provisions
 SECTION 165250 Control of companies in liquidation etc.
 SECTION 165255 Incomplete periods
 Division 166  Income tax consequences of changing ownership or control of a widely held or eligible Division 166 company
 SECTION 1661 What this Division is about
 Subdivision 166AA  The object of this Division
 SECTION 1663 The object of this Division
 Subdivision 166A  Deducting tax losses of earlier income years
 SECTION 1665 How Subdivision 165A applies to a widely held or eligible Division 166 company
 SECTION 16615 Companies can choose that this Subdivision is not to apply to them
 Subdivision 166B  Working out the taxable income, tax loss, net capital gain and net capital loss for the income year of the change
 SECTION 16620 How Subdivisions 165B and 165CB apply to a widely held or eligible Division 166 company
 SECTION 16625 How to work out the taxable income, tax loss, net capital gain and net capital loss
 SECTION 16635 Companies can choose that this Subdivision is not to apply to them
 Subdivision 166C  Deducting bad debts
 SECTION 16640 How Subdivision 165C applies to a widely held or eligible Division 166 company
 SECTION 16650 Companies can choose that this Subdivision is not to apply to them
 Subdivision 166CA  Changeover times and alteration times
 SECTION 16680 How Subdivision 165CC or 165CD applies to a widely held or eligible Division 166 company
 SECTION 16690 Companies can choose that this Subdivision is not to apply to them
 Subdivision 166D  Tests for finding out whether the widely held or eligible Division 166 company has maintained the same owners
 SECTION 166135 What this Subdivision is about
 SECTION 166145 The ownership tests: substantial continuity of ownership
 SECTION 166165 Relationship with rules in Division 165
 SECTION 166175 Corporate change in a company
 Subdivision 166E  Concessional tracing rules
 SECTION 166215 What this Subdivision is about
 SECTION 166220 Application of this Subdivision
 SECTION 166225 Direct stakes of less than 10% in the tested company
 SECTION 166230 Indirect stakes of less than 10% in the tested company
 SECTION 166235 Voting, dividend and capital stakes
 SECTION 166240 Stakes held directly and/or indirectly by widely held companies
 SECTION 166245 Stakes held by other entities
 SECTION 166255 Bearer shares in foreign listed companies
 SECTION 166260 Depository entities holding stakes in foreign listed companies
 SECTION 166265 Persons who actually control voting power or have rights are taken not to control power or have rights
 SECTION 166270 Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights
 SECTION 166272 Same shares or interests to be held
 SECTION 166275 Rules in this Subdivision intended to be concessional
 SECTION 166280 Controlled test companies
 Division 167  Companies whose shares carry unequal rights to dividends, capital distributions or voting power
 Guide to Division 167
 SECTION 1671 What this Division is about
 Subdivision 167A  Rights to dividends or capital distributions
 SECTION 1675 What this Subdivision is about
 SECTION 1677 Simplified outline of this Subdivision
 SECTION 16710 When this Subdivision applies
 SECTION 16715 First way  disregard debt interests
 SECTION 16720 Second way  also disregard secondary share classes
 SECTION 16725 Third way  treat remaining shares as having fixed rights to dividends and capital distributions
 SECTION 16730 Fixing rights if practicable to work out market values
 SECTION 16735 Fixing rights if impracticable to work out market values etc.
 SECTION 16740 The valuing times for conditions listed in subsection 16710(1)
 Subdivision 167B  Voting power
 SECTION 16775 What this Subdivision is about
 SECTION 16780 When this Subdivision applies
 SECTION 16785 Different method for working out voting power
 SECTION 16790 Dual listed companies
 Division 170  Treatment of certain company groups for income tax purposes
 Subdivision 170A  Transfer of tax losses within certain whollyowned groups of companies
 SECTION 1701 What this Subdivision is about
 SECTION 1705 Basic principles for transferring tax losses
 SECTION 17010 When a company can transfer a tax loss
 SECTION 17015 Income company is taken to have incurred transferred loss
 SECTION 17020 Who can deduct transferred loss
 SECTION 17025 Tax treatment of consideration for transferred tax loss
 SECTION 17030 Companies must be in existence and members of the same whollyowned group etc.
 SECTION 17032 Tax loss incurred by the loss company because of a transfer under Subdivision 707A
 SECTION 17033 Alternative test of relations between the loss company and other companies
 SECTION 17035 The loss company
 SECTION 17040 The income company
 SECTION 17042 If the income company has become the head company of a consolidated group or MEC group
 SECTION 17045 Maximum amount that can be transferred
 SECTION 17050 Transfer by written agreement
 SECTION 17055 Losses must be transferred in order they are incurred
 SECTION 17060 Income company cannot transfer transferred tax loss
 SECTION 17065 Agreement transfers as much as can be transferred
 SECTION 17070 Amendment of assessments
 SECTION 17075 Treatment like Australian branches of foreign banks
 Subdivision 170B  Transfer of net capital losses within certain whollyowned groups of companies
 SECTION 170101 What this Subdivision is about
 SECTION 170105 Basic principles for transferring a net capital loss
 SECTION 170110 When a company can transfer a net capital loss
 SECTION 170115 Who can apply transferred loss
 SECTION 170120 Gain company is taken to have made transferred loss
 SECTION 170125 Tax treatment of consideration for transferred tax loss
 SECTION 170130 Companies must be in existence and members of the same whollyowned group etc.
 SECTION 170132 Net capital loss made by the loss company because of a transfer under Subdivision 707A
 SECTION 170133 Alternative test of relations between the loss company and other companies
 SECTION 170135 The loss company
 SECTION 170140 The gain company
 SECTION 170142 If the gain company has become the head company of a consolidated group or MEC group
 SECTION 170145 Maximum amount that can be transferred
 SECTION 170150 Transfer by written agreement
 SECTION 170155 Losses must be transferred in order they are made
 SECTION 170160 Gain company cannot transfer transferred net capital loss
 SECTION 170165 Agreement transfers as much as can be transferred
 SECTION 170170 Amendment of assessments
 SECTION 170174 Treatment like Australian branches of foreign banks
 SECTION 170175 Direct and indirect interests in the loss company
 SECTION 170180 Direct and indirect interests in the gain company
 Subdivision 170C  Provisions applying to both transfers of tax losses and transfers of net capital losses within whollyowned groups of companies
 SECTION 170201 What this Subdivision is about
 SECTION 170205 Object of Subdivision
 SECTION 170210 Transfer of tax loss: direct and indirect interests in the loss company
 SECTION 170215 Transfer of tax loss: direct and indirect interests in the income company
 SECTION 170220 Transfer of net capital loss: direct and indirect interests in the loss company
 SECTION 170225 Transfer of net capital loss: direct and indirect interests in the gain company
 Subdivision 170D  Transactions by a company that is a member of a linked group
 SECTION 170250 What this Subdivision is about
 SECTION 170255 Application of Subdivision
 SECTION 170260 Linked group
 SECTION 170265 Connected entity
 SECTION 170270 Immediate consequences for originating company
 SECTION 170275 Subsequent consequences for originating company
 SECTION 170280 What happens if certain events happen in respect of the asset
 Division 175  Use of a company's tax losses or deductions to avoid income tax
 SECTION 1751 What this Division is about
 Subdivision 175A  Tax benefits from unused tax losses
 SECTION 1755 When Commissioner can disallow deduction for tax loss
 SECTION 17510 First case: income or capital gain injected into company because of available tax loss
 SECTION 17515 Second case: someone else obtains a tax benefit because of tax loss available to company
 Subdivision 175B  Tax benefits from unused deductions
 SECTION 17520 Income or capital gain injected into company because of available deductions
 SECTION 17525 Deduction injected into company because of available income or capital gain
 SECTION 17530 Someone else obtains a tax benefit because of a deduction, income or capital gain available to company
 SECTION 17535 Tax loss resulting from disallowed deductions
 Subdivision 175CA  Tax benefits from unused net capital losses of earlier income years
 SECTION 17540 When Commissioner can disallow net capital loss of earlier income year
 SECTION 17545 First case: capital gain injected into company because of available net capital loss
 SECTION 17550 Second case: someone else obtains a tax benefit because of net capital loss available to company
 Subdivision 175CB  Tax benefits from unused capital losses of the current year
 SECTION 17555 When Commissioner can disallow capital loss of current year
 SECTION 17560 Capital gain injected into company because of available capital loss
 SECTION 17565 Capital loss injected into company because of available capital gain
 SECTION 17570 Someone else obtains a tax benefit because of capital loss or gain available to company
 SECTION 17575 Net capital loss resulting from disallowed capital losses
 Subdivision 175C  Tax benefits from unused bad debt deductions
 SECTION 17580 When Commissioner can disallow deduction for bad debt
 SECTION 17585 First case: income or capital gain injected into company because of available bad debt
 SECTION 17590 Second case: someone else obtains a tax benefit because of bad debt deduction available to company
 Subdivision 175D  Common rules
 SECTION 17595 When a person has a shareholding interest in the company
 SECTION 175100 Commissioner may disallow excluded losses etc of insolvent companies
 Division 180  Information about family trusts with interests in companies
 SECTION 1801 What this Division is about
 Subdivision 180A  Information relevant to Division 165
 SECTION 1805 Information about family trusts with interests in companies
 SECTION 18010 Notice where requirements of section 1805 are met
 Subdivision 180B  Information relevant to Division 175
 SECTION 18015 Information about family trusts with interests in companies
 SECTION 18020 Notice where requirements of section 18015 are met
 Division 195  Special types of company
 Subdivision 195A  Pooled development funds (PDFs)
 SECTION 1951 What this Subdivision is about
 SECTION 1955 Deductibility of PDF tax losses
 SECTION 19510 PDF cannot transfer tax loss
 SECTION 19515 Tax loss for year in which company becomes a PDF
 SECTION 19525 Applying a PDF's net capital losses
 SECTION 19530 PDF cannot transfer net capital loss
 SECTION 19535 Net capital loss for year in which company becomes a PDF
 SECTION 19537 PDF cannot carry back tax loss
 Subdivision 195B  Limited partnerships
 SECTION 19560 What this Subdivision is about
 SECTION 19565 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
 SECTION 19570 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
 SECTION 19572 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
 SECTION 19575 Determinations to take account of income years of less than 12 months
 Division 197  Tainted share capital accounts
 Guide to Division 197
 SECTION 1971 What this Division is about
 Subdivision 197A  What transfers into a company's share capital account does this Division apply to?
 SECTION 1975 Division generally applies to an amount transferred to share capital account from another account
 SECTION 19710 Exclusion for amounts that could be identified as share capital
 SECTION 19715 Exclusion for amounts transferred under debt/equity swaps
 SECTION 19720 Exclusion for amounts transferred leading to there being no shares with a par value  nonCorporations Act companies
 SECTION 19725 Exclusion for transfers from option premium reserves
 SECTION 19730 Exclusion for transfers made in connection with demutualisations of noninsurance etc. companies
 SECTION 19735 Exclusion for transfers made in connection with demutualisations of insurance etc. companies
 SECTION 19737 Exclusion for transfers made in connection with demutualisations of private health insurers
 SECTION 19738 Exclusion for transfers connected with demutualisations of friendly society health or life insurers
 SECTION 19740 Exclusion for postdemutualisation transfers relating to life insurance companies
 SECTION 19742 Exclusion for exploration credits
 Subdivision 197B  Consequence of transfer: franking debit arises
 SECTION 19745 A franking debit arises in relation to the transfer
 Subdivision 197C  Consequence of transfer: tainting of share capital account
 SECTION 19750 The share capital account becomes tainted (if it is not already tainted)
 SECTION 19755 Choosing to untaint a tainted share capital account
 SECTION 19760 Choosing to untaint  liability to untainting tax
 SECTION 19765 Choosing to untaint  further franking debits may arise
 SECTION 19770 Due date for payment of untainting tax
 SECTION 19775 General interest charge for late payment of untainting tax
 SECTION 19780 Notice of liability to pay untainting tax
 SECTION 19785 Evidentiary effect of notice of liability to pay untainting tax
 PART 36  THE IMPUTATION SYSTEM
 Division 200  Guide to Part 36
 SECTION 2001 What this Division is about
 SECTION 2005 The imputation system
 SECTION 20010 Franking a distribution
 SECTION 20015 The franking account
 SECTION 20020 How a distribution is franked
 SECTION 20025 A corporate tax entity must not give its members credit for more tax than the entity has paid
 SECTION 20030 Benchmark rule
 SECTION 20035 Effect of receiving a franked distribution
 SECTION 20040 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members
 SECTION 20045 Special rules for franking by some entities
 Division 201  Objects and application of Part 36
 SECTION 2011 Objects
 SECTION 2015 Application of this Part
 Division 202  Franking a distribution
 Subdivision 202A  Franking a distribution
 SECTION 2021 What this Subdivision is about
 SECTION 2025 Franking a distribution
 Subdivision 202B  Who can frank a distribution?
 SECTION 20210 What this Subdivision is about
 SECTION 20215 Franking entities
 SECTION 20220 Residency requirement when making a distribution
 Subdivision 202C  Which distributions can be franked?
 SECTION 20225 What this Subdivision is about
 SECTION 20230 Frankable distributions
 SECTION 20235 Object
 SECTION 20240 Frankable distributions
 SECTION 20245 Unfrankable distributions
 SECTION 20247 Distributions of certain ADI profits following restructure
 Subdivision 202D  Amount of the franking credit on a distribution
 SECTION 20250 What this Subdivision is about
 SECTION 20255 What is the maximum franking credit for a frankable distribution?
 SECTION 20260 Amount of the franking credit on a distribution
 SECTION 20265 Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution
 Subdivision 202E  Distribution statements
 SECTION 20270 What this Subdivision is about
 SECTION 20275 Obligation to give a distribution statement
 SECTION 20280 Distribution statement
 SECTION 20285 Changing the franking credit on a distribution by amending the distribution statement
 Division 203  Benchmark rule
 SECTION 2031 What this Division is about
 SECTION 2035 Benchmark rule
 SECTION 20310 Benchmark franking percentage
 Operative provisions
 SECTION 20315 Object
 SECTION 20320 Application of the benchmark rule
 SECTION 20325 Benchmark rule
 SECTION 20330 Setting a benchmark franking percentage
 SECTION 20335 Franking percentage
 SECTION 20340 Franking periods  where the entity is not a private company
 SECTION 20345 Franking period  private companies
 SECTION 20350 Consequences of breaching the benchmark rule
 SECTION 20355 Commissioner's powers to permit a departure from the benchmark rule
 Division 204  Antistreaming rules
 Subdivision 204A  Objects and application
 SECTION 2041 Objects
 SECTION 2045 Application
 Subdivision 204B  Linked distributions
 SECTION 20410 What this Subdivision is about
 SECTION 20415 Linked distributions
 Subdivision 204C  Substituting taxexempt bonus share for franked distributions
 SECTION 20420 What this Subdivision is about
 SECTION 20425 Substituting taxexempt bonus shares for franked distributions
 Subdivision 204D  Streaming distributions
 SECTION 20426 What this Subdivision is about
 SECTION 20430 Streaming distributions
 SECTION 20435 When does a franking debit arise if the Commissioner makes a determination under paragraph 20430(3)(a)
 SECTION 20440 Amount of the franking debit
 SECTION 20441 Amount of the exempting debit
 SECTION 20445 Effect of a determination about distributions to favoured members
 SECTION 20450 Assessment and notice of determination
 SECTION 20455 Right to review where a determination made
 Subdivision 204E  Disclosure requirements
 SECTION 20465 What this Subdivision is about
 SECTION 20470 Application of this Subdivision
 SECTION 20475 Notice to the Commissioner
 SECTION 20480 Commissioner may require information where the Commissioner suspects streaming
 Division 205  Franking accounts, franking deficit tax liabilities and the related tax offset
 SECTION 2051 What this Division is about
 SECTION 2055 Franking accounts, franking deficit tax liabilities and the related tax offset
 Operative provisions
 SECTION 20510 Each entity that is or has been a corporate tax entity has a franking account
 SECTION 20515 Franking credits
 SECTION 20520 Paying a PAYG instalment or income tax
 SECTION 20525 Residency requirement for an event giving rise to a franking credit or franking debit
 SECTION 20530 Franking debits
 SECTION 20535 Refund of income tax
 SECTION 20540 Franking surplus and deficit
 SECTION 20545 Franking deficit tax
 SECTION 20550 Deferring franking deficit
 SECTION 20570 Tax offset arising from franking deficit tax liabilities
 Division 207  Effect of receiving a franked distribution
 SECTION 2075 Overview
 Subdivision 207A  Effect of receiving a franked distribution generally
 SECTION 20710 What this Subdivision is about
 SECTION 20715 Applying the general rule
 SECTION 20720 General rule  grossup and tax offset
 Subdivision 207B  Franked distribution received through certain partnerships and trustees
 SECTION 20725 What this Subdivision is about
 SECTION 20730 Applying this Subdivision
 SECTION 20735 Grossup  distribution made to, or flows indirectly through, a partnership or trustee
 SECTION 20737 Attributable franked distribution  trusts
 SECTION 20745 Tax offset  distribution flows indirectly to an entity
 SECTION 20750 When a franked distribution flows indirectly to or through an entity
 SECTION 20755 Share of a franked distribution
 SECTION 20757 Share of the franking credit on a franked distribution
 SECTION 20758 Specifically entitled to an amount of a franked distribution
 SECTION 20759 Franked distributions within class treated as single franked distribution
 Subdivision 207C  Residency requirements for the general rule
 SECTION 20760 What this Subdivision is about
 SECTION 20765 Satisfying the residency requirement
 SECTION 20770 Grossup and tax offset under section 20720
 SECTION 20775 Residency requirement
 Subdivision 207D  No grossup or tax offset where distribution would not be taxed
 SECTION 20780 What this Subdivision is about
 SECTION 20785 Applying this Subdivision
 SECTION 20790 Distribution that is made to an entity
 SECTION 20795 Distribution that flows indirectly to an entity
 Subdivision 207E  Exceptions to the rules in Subdivision 207D
 SECTION 207105 What this Subdivision is about
 SECTION 207110 Effect of nonassessable income on gross up and tax offset
 SECTION 207115 Which exempt institutions are eligible for a refund?
 SECTION 207117 Residency requirement
 SECTION 207119 Entity not treated as exempt institution eligible for refund in certain circumstances
 SECTION 207120 Entity may be ineligible because of a distribution event
 SECTION 207122 Entity may be ineligible if distribution is in the form of property other than money
 SECTION 207124 Entity may be ineligible if other money or property also acquired
 SECTION 207125 Grossup and tax offset allowed because entity is an exempt institution that is entitled to a refund
 SECTION 207126 Entity may be ineligible if distributions do not match trust share amounts
 SECTION 207128 Reinvestment choice
 SECTION 207130 Controller's liability
 SECTION 207132 Treatment of benefits provided by an entity to a controller
 SECTION 207134 Entity's present entitlement disregarded in certain circumstances
 SECTION 207136 Review of certain decisions
 Subdivision 207F  No grossup or tax offset where the imputation system has been manipulated
 SECTION 207140 What this Subdivision is about
 SECTION 207145 Distribution that is made to an entity
 SECTION 207150 Distribution that flows indirectly to an entity
 SECTION 207155 When is a distribution made as part of a dividend stripping operation?
 SECTION 207157 Distribution washing
 SECTION 207160 Distribution that is treated as an interest payment
 SECTION 207165 Interest payments  distributions that flow indirectly to the trustee of a trust
 SECTION 207170 Interest payments  distributions that flow indirectly to a partner in a partnership
 Division 208  Exempting entities and former exempting entities
 SECTION 2085 What is an exempting entity?
 SECTION 20810 Former exempting entities
 SECTION 20815 Distributions by exempting entities and former exempting entities
 Subdivision 208A  What are exempting entities and former exempting entities?
 SECTION 20820 Exempting entities
 SECTION 20825 Effective ownership of entity by prescribed persons
 SECTION 20830 Accountable membership interests
 SECTION 20835 Accountable partial interests
 SECTION 20840 Prescribed persons
 SECTION 20845 Persons who are taken to be prescribed persons
 SECTION 20850 Former exempting companies
 Subdivision 208B  Franking with an exempting credit
 SECTION 20855 What this Subdivision is about
 SECTION 20860 Franking with an exempting credit
 Subdivision 208C  Amount of the exempting credit on a distribution
 SECTION 20865 What this Subdivision is about
 SECTION 20870 Amount of the exempting credit on a distribution
 Subdivision 208D  Distribution statements
 SECTION 20875 Guide to Subdivision 208D
 SECTION 20880 Additional information to be included by a former exempting entity or exempting entity
 Subdivision 208E  Distributions to be franked with exempting credits to the same extent
 SECTION 20885 What this Subdivision is about
 SECTION 20890 All frankable distributions made within a franking period must be franked to the same extent with an exempting credit
 SECTION 20895 Exempting percentage
 SECTION 208100 Consequences of breaching the rule in section 20890
 Subdivision 208F  Exempting accounts and franking accounts of exempting entities and former exempting entities
 SECTION 208105 What this Subdivision is about
 SECTION 208110 Exempting account
 SECTION 208115 Exempting credits
 SECTION 208120 Exempting debits
 SECTION 208125 Exempting surplus and deficit
 SECTION 208130 Franking credits arising because of status as exempting entity or former exempting entity
 SECTION 208135 Relationships that will give rise to a franking credit under item 5 of the table in section 208130
 SECTION 208140 Membership of the same effectively whollyowned group
 SECTION 208145 Franking debits arising because of status as exempting entity or former exempting entity
 SECTION 208150 Residency requirement
 SECTION 208155 Eligible continuing substantial member
 SECTION 208160 Distributions that are affected by a manipulation of the imputation system
 SECTION 208165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
 SECTION 208170 Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution
 SECTION 208175 When does a distribution franked with an exempting credit flow indirectly to an entity?
 SECTION 208180 What is an entity's share of the exempting credit on a distribution?
 SECTION 208185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth
 Subdivision 208G  Tax effects of distributions by exempting entities
 SECTION 208190 What this Subdivision is about
 SECTION 208195 Division 207 does not generally apply
 SECTION 208200 Distributions to exempting entities
 SECTION 208205 Distributions to employees acquiring shares under eligible employee share schemes
 SECTION 208210 Subsidiaries
 SECTION 208215 Eligible employee share schemes
 Subdivision 208H  Tax effect of a distribution franked with an exempting credit
 SECTION 208220 What this Subdivision is about
 SECTION 208225 Division 207 does not generally apply
 SECTION 208230 Distributions to exempting entities and former exempting entities
 SECTION 208235 Distributions to employees acquiring shares under eligible employee share schemes
 SECTION 208240 Distributions to certain individuals
 Division 210  Venture capital franking
 SECTION 2101 Purpose of venture capital franking
 SECTION 2105 How is this achieved?
 SECTION 21010 What is a venture capital credit?
 SECTION 21015 What does the PDF have to do to distribute the credits?
 SECTION 21020 Limits on venture capital franking
 Subdivision 210A  Franking a distribution with a venture capital credit
 SECTION 21025 What this Subdivision is about
 SECTION 21030 Franking a distribution with a venture capital credit
 Subdivision 210B  Participating PDFs
 SECTION 21035 What this Subdivision is about
 SECTION 21040 What is a participating PDF
 Subdivision 210C  Distributions that are frankable with a venture capital credit
 SECTION 21045 What this Subdivision is about
 SECTION 21050 Which distributions can be franked with a venture capital credit?
 Subdivision 210D  Amount of the venture capital credit on a distribution
 SECTION 21055 What this Subdivision is about
 SECTION 21060 Amount of the venture capital credit on a distribution
 Subdivision 210E  Distribution statements
 SECTION 21065 What this Subdivision is about
 SECTION 21070 Additional information to be included when a distribution is franked with a venture capital credit
 Subdivision 210F  Rules affecting the allocation of venture capital credits
 SECTION 21075 What this Subdivision is about
 SECTION 21080 Draining the venture capital surplus when a distribution frankable with venture capital credits is made
 SECTION 21081 Distributions to be franked with venture capital credits to the same extent
 SECTION 21082 Consequences of breaching the rule in section 21081
 Subdivision 210G  Venture capital subaccount
 SECTION 21085 What this Subdivision is about
 SECTION 21090 The venture capital subaccount
 SECTION 21095 Venture capital deficit tax
 SECTION 210100 Venture capital subaccount
 SECTION 210105 Venture capital credits
 SECTION 210110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
 SECTION 210115 Participating PDF may elect to have venture capital credits arise on its assessment day
 SECTION 210120 Venture capital debits
 SECTION 210125 Venture capital debit where CGT limit is exceeded
 SECTION 210130 Venture capital surplus and deficit
 SECTION 210135 Venture capital deficit tax
 SECTION 210140 Effect of a liability to pay venture capital deficit tax on franking deficit tax
 SECTION 210145 Effect of a liability to pay venture capital deficit tax on the franking account
 SECTION 210150 Deferring venture capital deficit
 Subdivision 210H  Effect of receiving a distribution franked with a venture capital credit
 SECTION 210155 What this Subdivision is about
 SECTION 210160 The significance of a venture capital credit
 SECTION 210165 Recipients for whom the venture capital credit is not significant
 SECTION 210170 Tax offset for certain recipients of distributions franked with venture capital credits
 SECTION 210175 Amount of the tax offset
 SECTION 210180 Application of Division 207 where the recipient is entitled to a tax offset under section 210170
 Division 214  Administering the imputation system
 Guide to Division 214
 SECTION 2141 Purpose of the system
 SECTION 2145 Key features
 Subdivision 214A  Franking returns
 SECTION 21410 What this Subdivision is about
 SECTION 21415 Notice to give a franking return  general notice
 SECTION 21420 Notice to a specific corporate tax entity
 SECTION 21425 Content and form of a franking return
 SECTION 21430 Franking account balance
 SECTION 21435 Venture capital subaccount balance
 SECTION 21440 Meaning of franking tax
 SECTION 21445 Effect of a refund on franking returns
 SECTION 21450 Evidence
 Subdivision 214B  Franking assessments
 SECTION 21455 What this Subdivision is about
 SECTION 21460 Commissioner may make a franking assessment
 SECTION 21465 Commissioner taken to have made a franking assessment on first return
 SECTION 21470 Partyear assessment
 SECTION 21475 Validity of assessment
 SECTION 21480 Objections
 SECTION 21485 Evidence
 Subdivision 214C  Amending franking assessments
 SECTION 21490 What this Subdivision is about
 SECTION 21495 Amendments within 3 years of the original assessment
 SECTION 214100 Amended assessments are treated as franking assessments
 SECTION 214105 Further return as a result of a refund affecting a franking deficit tax liability
 SECTION 214110 Later amendments  on request
 SECTION 214115 Later amendments  failure to make proper disclosure
 SECTION 214120 Later amendments  fraud or evasion
 SECTION 214125 Further amendment of an amended particular
 SECTION 214130 Other later amendments
 SECTION 214135 Amendment on review etc.
 SECTION 214140 Notice of amendments
 Subdivision 214D  Collection and recovery
 SECTION 214145 What this Subdivision is about
 SECTION 214150 Due date for payment of franking tax
 SECTION 214155 General interest charge
 SECTION 214160 Refunds of amounts overpaid
 SECTION 214165 Security for payment of tax
 Subdivision 214E  Records
 SECTION 214170 What this Subdivision is about
 SECTION 214175 Record keeping
 SECTION 214180 Power of Commissioner to obtain information
 SECTION 214185 Tax agents
 Division 215  Consequences of the debt/equity rules
 Subdivision 215A  Application of the imputation system to nonshare equity interests
 SECTION 2151 Application of the imputation system to nonshare equity interests
 Subdivision 215B  Nonshare dividends that are unfrankable to some extent
 SECTION 2155 What this Subdivision is about
 SECTION 21510 Certain nonshare dividends by ADIs unfrankable
 SECTION 21515 Nonshare dividends are unfrankable if profits are unavailable
 SECTION 21520 Working out the available frankable profits
 SECTION 21525 Anticipating available frankable profits
 Division 216  Cum dividend sales and securities lending arrangements
 Subdivision 216A  Circumstances where a distribution to a member of a corporate tax entity is treated as having been made to someone else
 SECTION 2161 When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
 SECTION 2165 First situation (cum dividend sales)
 SECTION 21610 Second situation (securities lending arrangements)
 SECTION 21615 Distribution closing time
 Subdivision 216B  Statements to be made where there is a cum dividend sale or securities lending arrangement
 SECTION 21620 Cum dividend sale  statement by securities dealer
 SECTION 21625 Cum dividend sale  statement by party
 SECTION 21630 Securities lending arrangements  statement by borrower
 Division 218  Application of imputation rules to cooperative companies
 SECTION 2185 Application of imputation rules to cooperative companies
 Division 219  Imputation for life insurance companies
 SECTION 2191 What this Division is about
 Subdivision 219A  Application of imputation rules to life insurance companies
 SECTION 21910 Application of imputation rules to life insurance companies
 Subdivision 219B  Franking accounts of life insurance companies
 SECTION 21915 Franking credits
 SECTION 21930 Franking debits
 SECTION 21940 Residency requirement
 SECTION 21945 Assessment day
 SECTION 21950 Amount attributable to shareholders' share of income tax liability
 SECTION 21955 Adjustment resulting from an amended assessment
 SECTION 21970 Tax offset under section 20570
 SECTION 21975 Working out franking credits and franking debits where a tax offset under section 20570 is applied
 Division 220  Imputation for NZ resident companies and related companies
 SECTION 2201 What this Division is about
 Subdivision 220A  Objects of this Division
 SECTION 22015 Objects
 SECTION 22020 What is an NZ resident ?
 Subdivision 220B  NZ company treated as Australian resident for imputation system if company chooses
 SECTION 22025 Application of provisions of Part 36 outside this Division
 SECTION 22030 What is an NZ franking company ?
 SECTION 22035 Making an NZ franking choice
 SECTION 22040 When is an NZ franking choice in force?
 SECTION 22045 Revoking an NZ franking choice
 SECTION 22050 Cancelling an NZ franking choice
 Subdivision 220C  Modifications of other Divisions of this Part
 SECTION 220100 Residency requirement for franking
 SECTION 220105 Unfrankable distributions by NZ franking companies
 SECTION 220110 Maximum franking credit under section 20260
 SECTION 220200 Keeping franking accounts in Australian currency
 SECTION 220205 Franking credit for payment of NZ franking company's withholding tax liability
 SECTION 220210 Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
 SECTION 220215 Effect on franking account if NZ franking choice ceases to be in force
 SECTION 220300 NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries
 SECTION 220350 Providing for a franking credit to arise
 SECTION 220400 Grossup and tax offset for distribution from NZ franking company reduced by supplementary dividend
 SECTION 220405 Franked distribution and supplementary dividend flowing indirectly
 SECTION 220410 Franking credit reduced if tax offset reduced
 SECTION 220500 Publicly listed postchoice NZ franking company and its 100% subsidiaries are not exempting entities
 SECTION 220505 Postchoice NZ franking company is not automatically prescribed person
 SECTION 220510 Parent company's status as prescribed person sets status of all other members of same whollyowned group
 SECTION 220600 Keeping exempting accounts in Australian currency
 SECTION 220605 Effect on exempting account if NZ franking choice ceases to be in force
 SECTION 220700 Tax effect of distribution franked by NZ franking company with an exempting credit
 SECTION 220800 Joint and several liability for NZ resident company's franking tax etc
 PART 310  FINANCIAL TRANSACTIONS
 Division 230  Taxation of financial arrangements
 Guide to Division 230
 SECTION 2301 What this Division is about
 SECTION 2305 Scope of this Division
 Subdivision 230A  Core rules
 SECTION 23010 Objects of this Division
 SECTION 23015 Gains are assessable and losses deductible
 SECTION 23020 Gain or loss to be taken into account only once under this Act
 SECTION 23025 Associated financial benefits to be taken into account only once under this Act
 SECTION 23030 Treatment of gains and losses related to exempt income and nonassessable nonexempt income
 SECTION 23035 Treatment of gains and losses of private or domestic nature
 SECTION 23040 Methods for taking gain or loss into account
 SECTION 23045 Financial arrangement
 SECTION 23050 Financial arrangement (equity interest or right or obligation in relation to equity interest)
 SECTION 23055 Rights, obligations and arrangements (grouping and disaggregation rules)
 SECTION 23060 When financial benefit provided or received under financial arrangement
 SECTION 23065 Amount of financial benefit relating to more than one financial arrangement etc.
 SECTION 23070 Apportionment when financial benefit received or right ceases
 SECTION 23075 Apportionment when financial benefit provided or obligation ceases
 SECTION 23080 Consistency in working out gains or losses (integrity measure)
 SECTION 23085 Rights and obligations include contingent rights and obligations
 Subdivision 230B  The accruals/realisation methods
 SECTION 23090 What this Subdivision is about
 SECTION 23095 Objects of this Subdivision
 SECTION 230100 When accruals method or realisation method applies
 SECTION 230105 Sufficiently certain overall gain or loss
 SECTION 230110 Sufficiently certain gain or loss from particular event
 SECTION 230115 Sufficiently certain financial benefits
 SECTION 230120 Financial arrangements with notional principal
 SECTION 230125 Overview of the accruals method
 SECTION 230130 Applying accruals method to work out period over which gain or loss is to be spread
 SECTION 230135 How gain or loss is spread
 SECTION 230140 Method of spreading gain or loss  effective interest method
 SECTION 230145 Application of effective interest method where differing income and accounting years
 SECTION 230150 Election for portfolio treatment of fees
 SECTION 230155 Election for portfolio treatment of fees where differing income and accounting years
 SECTION 230160 Portfolio treatment of fees
 SECTION 230165 Portfolio treatment of premiums and discounts for acquiring portfolio
 SECTION 230170 Allocating gain or loss to income years
 SECTION 230172 Applying accruals method to loss resulting from impairment
 SECTION 230175 Running balancing adjustments
 SECTION 230180 Realisation method
 SECTION 230185 Reassessment
 SECTION 230190 Reestimation
 SECTION 230192 Reestimation  impairments and reversals
 SECTION 230195 Balancing adjustment if rate of return maintained on reestimation
 SECTION 230200 Reestimation if balancing adjustment on partial disposal
 Subdivision 230C  Fair value method
 SECTION 230205 Objects of this Subdivision
 SECTION 230210 Fair value election
 SECTION 230215 Fair value election where differing income and accounting years
 SECTION 230220 Financial arrangements to which fair value election applies
 SECTION 230225 Financial arrangements to which election does not apply
 SECTION 230230 Applying fair value method to gains and losses
 SECTION 230235 Splitting financial arrangements into 2 financial arrangements
 SECTION 230240 When election ceases to apply
 SECTION 230245 Balancing adjustment if election ceases to apply
 Subdivision 230D  Foreign exchange retranslation method
 SECTION 230250 Objects of this Subdivision
 SECTION 230255 Foreign exchange retranslation election
 SECTION 230260 Foreign exchange retranslation election where differing income and accounting years
 SECTION 230265 Financial arrangements to which general election applies
 SECTION 230270 Financial arrangements to which general election does not apply
 SECTION 230275 Balancing adjustment for election in relation to qualifying forex accounts
 SECTION 230280 Applying foreign exchange retranslation method to gains and losses
 SECTION 230285 When election ceases to apply
 SECTION 230290 Balancing adjustment if election ceases to apply
 Subdivision 230E  Hedging financial arrangements method
 SECTION 230295 Objects of this Subdivision
 SECTION 230300 Applying hedging financial arrangement method to gains and losses
 SECTION 230305 Table of events and allocation rules
 SECTION 230310 Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item
 SECTION 230315 Hedging financial arrangement election
 SECTION 230320 Hedging financial arrangement election where differing income and accounting years
 SECTION 230325 Hedging financial arrangements to which election applies
 SECTION 230330 Hedging financial arrangements to which election does not apply
 SECTION 230335 Hedging financial arrangement and hedged item
 SECTION 230340 Generally whole arrangement must be hedging financial arrangement
 SECTION 230345 Requirements not satisfied because of honest mistake or inadvertence
 SECTION 230350 Derivative financial arrangement and foreign currency hedge
 SECTION 230355 Recording requirements
 SECTION 230360 Determining basis for allocating gain or loss
 SECTION 230365 Effectiveness of the hedge
 SECTION 230370 When election ceases to apply
 SECTION 230375 Balancing adjustment if election ceases to apply
 SECTION 230380 Commissioner may determine that requirement met
 SECTION 230385 Consequences of failure to meet requirements
 Subdivision 230F  Reliance on financial reports
 SECTION 230390 Objects of this Subdivision
 SECTION 230395 Election to rely on financial reports
 SECTION 230400 Financial reports election where differing income and accounting years
 SECTION 230405 Commissioner discretion to waive requirements in paragraphs 230395(2)(c) and (e)
 SECTION 230410 Financial arrangements to which the election applies
 SECTION 230415 Financial arrangements not covered by election
 SECTION 230420 Effect of election to rely on financial reports
 SECTION 230425 When election ceases to apply
 SECTION 230430 Balancing adjustment if election ceases to apply
 Subdivision 230G  Balancing adjustment on ceasing to have a financial arrangement
 SECTION 230435 When balancing adjustment made
 SECTION 230440 Exceptions
 SECTION 230445 Balancing adjustment
 Subdivision 230H  Exceptions
 SECTION 230450 Shortterm arrangements where nonmoney amount involved
 SECTION 230455 Certain taxpayers where no significant deferral
 SECTION 230460 Various rights and/or obligations
 SECTION 230465 Ceasing to have a financial arrangement in certain circumstances
 SECTION 230470 Forgiveness of commercial debts
 SECTION 230475 Clarifying exceptions
 SECTION 230480 Treatment of gains in form of franked distribution etc.
 SECTION 230481 Registered emissions units
 Subdivision 230I  Other provisions
 SECTION 230485 Effect of change of residence  rules for particular methods
 SECTION 230490 Effect of change of residence  disposal and reacquisition etc after ceasing to be Australian resident where no further recognised gains or losses from arrangement
 SECTION 230495 Effect of change of accounting principles or standards
 SECTION 230500 Comparable foreign accounting and auditing standards
 SECTION 230505 Financial arrangement as consideration for provision or acquisition of a thing
 SECTION 230510 Nonarm's length dealings in relation to financial arrangement
 SECTION 230515 Arm's length dealings in relation to financial arrangement  adjustment to gain or loss in certain situations
 SECTION 230520 Disregard gains or losses covered by value shifting regime
 SECTION 230525 Consolidated financial reports
 SECTION 230527 Elections  reporting documents of foreign ADIs
 Subdivision 230J  Additional operation of Division
 SECTION 230530 Additional operation of Division
 Division 235  Particular financial transactions
 Guide to Division 235
 SECTION 2351 What this Division is about
 Subdivision 235I  Instalment trusts
 SECTION 235805 What this Subdivision is about
 SECTION 235810 Object of this Subdivision
 SECTION 235815 Application of Subdivision
 SECTION 235820 Lookthrough treatment for instalment trusts
 SECTION 235825 Meaning of instalment trust and instalment trust asset
 SECTION 235830 What trusts are covered  instalment trust arrangements
 SECTION 235835 Requirement for underlying investments to be listed or widely held
 SECTION 235840 What trusts are covered  limited recourse borrowings by regulated superannuation funds
 SECTION 235845 Interactions with other provisions
 Division 240  Arrangements treated as a sale and loan
 SECTION 2401 What this Division is about
 SECTION 2403 How the recharacterisation affects the notional seller
 SECTION 2407 How the recharacterisation affects the notional buyer
 Subdivision 240A  Application and scope of Division
 SECTION 24010 Application of this Division
 SECTION 24015 Scope of Division
 Subdivision 240B  The notional sale and notional loan
 SECTION 24017 Who is the notional seller and the notional buyer?
 SECTION 24020 Notional sale of property by notional seller and notional acquisition of property by notional buyer
 SECTION 24025 Notional loan by notional seller to notional buyer
 Subdivision 240C  Amounts to be included in notional seller's assessable income
 SECTION 24030 What this Subdivision is about
 SECTION 24035 Amounts to be included in notional seller's assessable income
 SECTION 24040 Arrangement payments not to be included in notional seller's assessable income
 Subdivision 240D  Deductions allowable to notional buyer
 SECTION 24045 What this Subdivision is about
 SECTION 24050 Extent to which deductions are allowable to notional buyer
 SECTION 24055 Arrangement payments not to be deductions
 Subdivision 240E  Notional interest and arrangement payments
 SECTION 24060 Notional interest
 SECTION 24065 Arrangement payments
 SECTION 24070 Arrangement payment periods
 Subdivision 240F  The end of the arrangement
 SECTION 24075 When is the end of the arrangement?
 SECTION 24078 Termination amounts
 SECTION 24080 What happens if the arrangement is extended or renewed
 SECTION 24085 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
 SECTION 24090 What happens if the notional buyer ceases to have the right to use the property
 Subdivision 240G  Adjustments if total amount assessed to notional seller differs from amount of interest
 SECTION 240100 What this Subdivision is about
 SECTION 240105 Adjustments for notional seller
 SECTION 240110 Adjustments for notional buyer
 Subdivision 240H  Application of Division 16E to certain arrangements
 SECTION 240112 Division 16E applies to certain arrangements
 Subdivision 240I  Provisions applying to hire purchase agreements
 SECTION 240115 Another person, or no person taken to own property in certain cases
 Division 242  Leases of luxury cars
 Guide to Division 242
 SECTION 2421 What this Division is about
 Subdivision 242A  Notional sale and loan
 SECTION 2425 What this Subdivision is about
 SECTION 24210 Application
 SECTION 24215 Notional sale and acquisition
 SECTION 24220 Consideration for notional sale, and cost, of car
 SECTION 24225 Notional loan by lessor to lessee
 Subdivision 242B  Amount to be included in lessor's assessable income
 SECTION 24230 What this Subdivision is about
 SECTION 24235 Amount to be included in lessor's assessable income
 SECTION 24240 Treatment of lease payments
 Subdivision 242C  Deductions allowable to lessee
 SECTION 24245 What this Subdivision is about
 SECTION 24250 Extent to which deductions are allowable to lessee
 SECTION 24255 Lease payments not deductible
 Subdivision 242D  Adjustments if total amount assessed to lessor differs from amount of interest
 SECTION 24260 What this Subdivision is about
 SECTION 24265 Adjustments for lessor
 SECTION 24270 Adjustments for lessee
 Subdivision 242E  Extension, renewal and final ending of the lease
 SECTION 24275 What this Subdivision is about
 SECTION 24280 What happens if the term of the lease is extended or the lease is renewed
 SECTION 24285 What happens if an amount is paid by the lessee to acquire the car
 SECTION 24290 What happens if the lessee stops having the right to use the car
 Division 243  Limited recourse debt
 SECTION 24310 What this Division is about
 Subdivision 243A  Circumstances in which Division operates
 SECTION 24315 When does this Division apply?
 SECTION 24320 What is limited recourse debt?
 SECTION 24325 When is a debt arrangement terminated?
 SECTION 24330 What is the financed property and the debt property?
 Subdivision 243B  Working out the excessive deductions
 SECTION 24335 Working out the excessive deductions
 Subdivision 243C  Amounts included in assessable income and deductions
 SECTION 24340 Amount included in debtor's assessable income
 SECTION 24345 Deduction for later payments in respect of debt
 SECTION 24350 Deduction for payments for replacement debt
 SECTION 24355 Effect of Division on later capital allowance deductions
 SECTION 24357 Effect of Division on later capital allowance balancing adjustments
 SECTION 24358 Adjustment where debt only partially used for expenditure
 Subdivision 243D  Special provisions
 SECTION 24360 Application of Division to partnerships
 SECTION 24365 Application where partner reduces liability
 SECTION 24370 Application of Division to companies ceasing to be 100% subsidiary
 SECTION 24375 Application of Division where debt forgiveness rules also apply
 Division 245  Forgiveness of commercial debts
 Guide to Division 245
 SECTION 2451 What this Division is about
 SECTION 2452 Simplified outline of this Division
 Subdivision 245A  Debts to which operative rules apply
 SECTION 2455 What this Subdivision is about
 SECTION 24510 Commercial debts
 SECTION 24515 Nonequity shares
 SECTION 24520 Parts of debts
 Subdivision 245B  What constitutes forgiveness of a debt
 SECTION 24530 What this Subdivision is about
 SECTION 24535 What constitutes forgiveness of a debt
 SECTION 24536 What constitutes forgiveness of a debt if the debt is assigned
 SECTION 24537 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt
 SECTION 24540 Forgivenesses to which operative rules do not apply
 SECTION 24545 Application of operative rules if forgiveness involves an arrangement
 Subdivision 245C  Calculation of gross forgiven amount of a debt
 SECTION 24548 What this Subdivision is about
 SECTION 24550 Extent of forgiveness if consideration is given
 SECTION 24555 General rule for working out the value of a debt
 SECTION 24560 Special rule for working out the value of a nonrecourse debt
 SECTION 24561 Special rule for working out the value of a previously assigned debt
 SECTION 24565 Amount offset against amount of debt
 SECTION 24575 Gross forgiven amount of a debt
 SECTION 24577 Gross forgiven amount shared between debtors
 Subdivision 245D  Calculation of net forgiven amount of a debt
 SECTION 24580 What this Subdivision is about
 SECTION 24585 Reduction of gross forgiven amount
 SECTION 24590 Agreement between companies under common ownership for creditor to forgo capital loss or deduction
 Subdivision 245E  Application of net forgiven amounts
 SECTION 24595 What this Subdivision is about
 SECTION 245100 Subdivision not to apply to calculation of attributable income
 SECTION 245105 How total net forgiven amount is applied
 SECTION 245115 Total net forgiven amount is applied in reduction of tax losses
 SECTION 245120 Allocation of total net forgiven amount in respect of tax losses
 SECTION 245130 Remaining total net forgiven amount is applied in reduction of net capital losses
 SECTION 245135 Allocation of remaining total net forgiven amount in respect of net capital losses
 SECTION 245145 Remaining total net forgiven amount is applied in reduction of expenditure
 SECTION 245150 Allocation of remaining total net forgiven amount in respect of expenditures
 SECTION 245155 How expenditure is reduced  straight line deductions
 SECTION 245157 How expenditure is reduced  diminishing balance deductions
 SECTION 245160 Amount applied in reduction of expenditure included in assessable income in certain circumstances
 SECTION 245175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets
 SECTION 245180 Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets
 SECTION 245185 Relevant cost bases of investments in associated entities are reduced last
 SECTION 245190 Reduction of the relevant cost bases of a CGT asset
 SECTION 245195 No further consequences if there is any remaining unapplied total net forgiven amount
 Subdivision 245F  Special rules relating to partnerships
 SECTION 245200 What this Subdivision is about
 SECTION 245215 Unapplied total net forgiven amount of a partnership is transferred to partners
 Subdivision 245G  Record keeping
 SECTION 245265 Keeping and retaining records
 Division 247  Capital protected borrowings
 SECTION 2471 What this Division is about
 Operative provisions
 SECTION 2475 Object of Division
 SECTION 24710 What capital protected borrowing and capital protection are
 SECTION 24715 Application of this Division
 SECTION 24720 Treating capital protection as a put option
 SECTION 24725 Number of put options
 SECTION 24730 Exercise or expiry of option
 Division 250  Assets put to tax preferred use
 SECTION 2501 What this Division is about
 Subdivision 250A  Objects
 SECTION 2505 Main objects
 Subdivision 250B  When this Division applies to you and an asset
 SECTION 25010 When this Division applies to you and an asset
 SECTION 25015 General test
 SECTION 25020 First exclusion  small business entities
 SECTION 25025 Second exclusion  financial benefits under minimum value limit
 SECTION 25030 Third exclusion  certain short term or low value arrangements
 SECTION 25035 Exceptions to section 25030
 SECTION 25040 Fourth exclusion  sum of present values of financial benefits less than amount otherwise assessable
 SECTION 25045 Fifth exclusion  Commissioner determination
 SECTION 25050 End user of an asset
 SECTION 25055 Tax preferred end user
 SECTION 25060 Tax preferred use of an asset
 SECTION 25065 Arrangement period for tax preferred use
 SECTION 25070 New tax preferred use at end of arrangement period if tax preferred use continues
 SECTION 25075 What constitutes a separate asset for the purposes of this Division
 SECTION 25080 Treatment of particular arrangements in the same way as leases
 SECTION 25085 Financial benefits in relation to tax preferred use of an asset
 SECTION 25090 Financial benefit provided directly or indirectly
 SECTION 25095 Expected financial benefits in relation to an asset put to tax preferred use
 SECTION 250100 Present value of financial benefit that has already been provided
 SECTION 250105 Discount rate to be used in working out present values
 SECTION 250110 Predominant economic interest
 SECTION 250115 Limited recourse debt test
 SECTION 250120 Right to acquire asset test
 SECTION 250125 Effectively noncancellable, long term arrangement test
 SECTION 250130 Meaning of effectively noncancellable arrangement
 SECTION 250135 Level of expected financial benefits test
 SECTION 250140 When to retest predominant economic interest under section 250135
 Subdivision 250C  Denial of, or reduction in, capital allowance deductions
 SECTION 250145 Denial of capital allowance deductions
 SECTION 250150 Apportionment rule
 Subdivision 250D  Deemed loan treatment of financial benefits provided for tax preferred use
 SECTION 250155 Arrangement treated as loan
 SECTION 250160 Financial benefits that are subject to deemed loan treatment
 SECTION 250165 Financial arrangement
 SECTION 250170 Financial arrangement (equity interest or right or obligation in relation to equity interest)
 SECTION 250175 Rights, obligations and arrangements (grouping and disaggregation rules)
 SECTION 250180 End value of asset
 SECTION 250185 Financial benefits subject to deemed loan treatment not assessed
 Subdivision 250E  Taxation of deemed loan
 SECTION 250190 What this Subdivision is about
 SECTION 250195 Application of Subdivision
 SECTION 250200 Objects of this Subdivision
 SECTION 250205 Gains are assessable and losses deductible
 SECTION 250210 Gain or loss to be taken into account only once under this Act
 SECTION 250215 Methods for taking gain or loss into account
 SECTION 250220 Consistency in working out gains or losses (integrity measure)
 SECTION 250225 Rights and obligations include contingent rights and obligations
 SECTION 250230 Application of accruals method
 SECTION 250235 Overview of the accruals method
 SECTION 250240 Applying accruals method to work out period over which gain or loss is to be spread
 SECTION 250245 How gain or loss is spread
 SECTION 250250 Allocating gain or loss to income years
 SECTION 250255 When to reestimate
 SECTION 250260 Reestimation if balancing adjustment on partial disposal
 SECTION 250265 When balancing adjustment made
 SECTION 250270 Exception for subsidiary member leaving consolidated group
 SECTION 250275 Balancing adjustment
 SECTION 250280 Financial arrangement received or provided as consideration
 Subdivision 250F  Treatment of asset when Division ceases to apply to the asset
 SECTION 250285 Treatment of asset after Division ceases to apply to the asset
 SECTION 250290 Balancing adjustment under Subdivision 40D in some circumstances
 Subdivision 250G  Objections against determinations and decisions by the Commissioner
 SECTION 250295 Objections against determinations and decisions by the Commissioner
 Division 253  Financial claims scheme for accountholders with insolvent ADIs
 Subdivision 253A  Tax treatment of entitlements under financial claims scheme
 SECTION 2531 What this Subdivision is about
 SECTION 2535 Payment of entitlement under financial claims scheme treated as payment from ADI
 SECTION 25310 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
 SECTION 25315 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement
 PART 325  PARTICULAR KINDS OF TRUSTS
 Division 275  Australian managed investment trusts: general
 Guide to Division 275
 SECTION 2751 What this Division is about
 Subdivision 275A  Meaning of managed investment trust
 SECTION 2755 What this Subdivision is about
 SECTION 27510 Meaning of managed investment trust
 SECTION 27515 Trusts with wholesale membership
 SECTION 27520 Widelyheld requirements  ordinary case
 SECTION 27525 Widelyheld requirements for registered MIT  special case for entities covered by subsection 27520(4)
 SECTION 27530 Closelyheld restrictions
 SECTION 27535 Licensing requirements for unregistered MIS
 SECTION 27540 MIT participation interest
 SECTION 27545 Meaning of managed investment trust  every member of trust is a managed investment trust etc.
 SECTION 27550 Extended definition of managed investment trust  no fund payment made in relation to the income year
 SECTION 27555 Extended definition of managed investment trust  temporary circumstances outside the control of the trustee
 Subdivision 275B  Choice for capital treatment of managed investment trust gains and losses
 SECTION 275100 Consequences of making choice  CGT to be primary code for calculating MIT gains or losses
 SECTION 275105 Covered assets
 SECTION 275110 MIT not to be trading trust
 SECTION 275115 MIT CGT choices
 SECTION 275120 Consequences of not making choice  revenue account treatment
 Subdivision 275C  Carried interests in managed investment trusts
 SECTION 275200 Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction
 Subdivision 275L  Modification for nonarm's length income
 SECTION 275600 What this Subdivision is about
 SECTION 275605 Trustee taxed on amount of nonarm's length income of managed investment trust
 SECTION 275610 Nonarm's length income
 SECTION 275615 Commissioner's determination in relation to amount of nonarm's length income
 Division 276  Australian managed investment trusts: attribution managed investment trusts
 Guide to Division 276
 SECTION 2761 What this Division is about
 Subdivision 276A  What is an attribution managed investment trust?
 SECTION 2765 What this Subdivision is about
 SECTION 27610 Meaning of attribution managed investment trust (or AMIT )
 SECTION 27615 Clearly defined interests
 SECTION 27620 Trust with classes of membership interests  each class treated as separate AMIT
 Subdivision 276B  Member's vested and indefeasible interest in share of income and capital of AMIT
 SECTION 27650 What this Subdivision is about
 SECTION 27655 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital
 Subdivision 276C  Taxation etc. of member components
 SECTION 27675 What this Subdivision is about
 SECTION 27680 Member's assessable income or tax offsets for determined member components  general rules
 SECTION 27685 Member's assessable income or tax offsets for determined member components  specific rules
 SECTION 27690 Commissioner's determination as to status of member as qualified person
 SECTION 27695 Relationship between section 27680 and withholding rules
 SECTION 276100 Relationship between section 27680 and other charging provisions in this Act
 SECTION 276105 Trustee taxed on foreign resident's determined member components
 SECTION 276110 Refundable tax offset for foreign resident member  member that is not a trustee
 SECTION 276115 Custodian interposed between AMIT and member
 Subdivision 276D  Member components
 SECTION 276200 What this Subdivision is about
 SECTION 276205 Meaning of determined member component
 SECTION 276210 Meaning of member component
 Subdivision 276E  Trust components
 SECTION 276250 What this Subdivision is about
 SECTION 276255 Meaning of determined trust component
 SECTION 276260 Meaning of trust component
 SECTION 276265 Rules for working out trust components  general rules
 SECTION 276270 Rules for working out trust components  allocation of deductions
 Subdivision 276F  Unders and overs
 SECTION 276300 What this Subdivision is about
 SECTION 276305 Adjustment of trust component for unders and overs
 SECTION 276310 Rounding adjustment deficit increases trust component
 SECTION 276315 Rounding adjustment surplus decreases trust component
 SECTION 276320 Meaning of trust component deficit
 SECTION 276325 Trust component of character relating to assessable income  adjustment for crosscharacter allocation amount, carryforward trust component deficit and FITO allocation amount
 SECTION 276330 Meaning of crosscharacter allocation amount and carryforward trust component deficit
 SECTION 276335 Meaning of FITO allocation amount
 SECTION 276340 Trust component character relating to tax offset  taxation of trust component deficit
 SECTION 276345 Meaning of under and over of a character
 SECTION 276350 Limited discovery period for unders and overs
 Subdivision 276G  Shortfall and excess taxation
 SECTION 276400 What this Subdivision is about
 SECTION 276405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
 SECTION 276410 Trustee taxed on excess in determined member component (character relating to tax offset)
 SECTION 276415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components
 SECTION 276420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
 SECTION 276425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward
 SECTION 276430 Commissioner may remit tax under this Subdivision
 Subdivision 276H  AMMA statements
 SECTION 276450 What this Subdivision is about
 SECTION 276455 Obligation to give an AMMA statement
 SECTION 276460 AMIT member annual statement (or AMMA statement )
 Subdivision 276J  Debtlike trust instruments
 SECTION 276500 What this Subdivision is about
 SECTION 276505 Meaning of debtlike trust instrument
 SECTION 276510 Debtlike trust instruments treated as debt interests etc.
 SECTION 276515 Distribution on debtlike trust instrument could be deductible in working out trust components
 Subdivision 276K  Ceasing to be an AMIT
 SECTION 276800 What this Subdivision is about
 SECTION 276805 Application of Subdivision to former AMIT
 SECTION 276810 Continue to work out trust components, unders, overs etc.
 SECTION 276815 Effect of increase
 SECTION 276820 Effect of decrease
 PART 330  SUPERANNUATION
 Division 280  Guide to the superannuation provisions
 SECTION 2801 Effect of this Division
 SECTION 2805 Overview
 Contributions phase
 SECTION 28010 Contributions phase  deductibility
 SECTION 28015 Contributions phase  limits on superannuation tax concessions
 Investment phase
 SECTION 28020 Investment phase
 Benefits phase
 SECTION 28025 Benefits phase  different types of superannuation benefit
 SECTION 28030 Benefits phase  taxation varies with age of recipient and type of benefit
 SECTION 28035 Benefits phase  rollovers
 The regulatory scheme outside this Act
 SECTION 28040 Other relevant legislative schemes
 Division 285  General concepts relating to superannuation
 SECTION 2855 Transfers of property
 Division 290  Contributions to superannuation funds
 Guide to Division 290
 SECTION 2901 What this Division is about
 Subdivision 290A  General rules
 SECTION 2905 Nonapplication to rollover superannuation benefits etc.
 SECTION 29010 No deductions other than under this Division
 Subdivision 290B  Deduction of employer contributions and other employmentconnected contributions
 SECTION 29060 Employer contributions deductible
 SECTION 29065 Application to employees etc.
 SECTION 29070 Employment activity conditions
 SECTION 29075 Complying fund conditions
 SECTION 29080 Age related conditions
 SECTION 29085 Contributions for former employees etc.
 SECTION 29090 Controlling interest deductions
 SECTION 29095 Amounts offset against superannuation guarantee charge
 SECTION 290100 Returned contributions assessable
 Subdivision 290C  Deducting personal contributions
 SECTION 290150 Personal contributions deductible
 SECTION 290155 Complying superannuation fund condition
 SECTION 290160 Maximum earnings as employee condition
 SECTION 290165 Agerelated conditions
 SECTION 290170 Notice of intent to deduct conditions
 SECTION 290175 Deduction limited by amount specified in notice
 SECTION 290180 Notice may be varied but not revoked or withdrawn
 Subdivision 290D  Tax offsets for spouse contributions
 SECTION 290230 Offset for spouse contribution
 SECTION 290235 Limit on amount of tax offsets
 SECTION 290240 Tax file number
 Division 291  Excess concessional contributions
 Guide to Division 291
 SECTION 2911 What this Division is about
 Subdivision 291A  Object of this Division
 SECTION 2915 Object of this Division
 Subdivision 291B  Excess concessional contributions
 SECTION 29110 What this Subdivision is about
 SECTION 29115 Excess concessional contributions  assessable income, 15% tax offset
 SECTION 29120 Your excess concessional contributions for a financial year
 SECTION 29125 Your concessional contributions for a financial year
 Subdivision 291C  Modifications for defined benefit interests
 SECTION 291155 What this Subdivision is about
 SECTION 291160 Application
 SECTION 291165 Concessional contributions  special rules for defined benefit interests
 SECTION 291170 Notional taxed contributions
 SECTION 291175 Defined benefit interest
 Subdivision 291CA  Contributions that do not result in excess contributions
 SECTION 291365 What this Subdivision is about
 SECTION 291370 Contributions that do not result in excess contributions
 Subdivision 291D  Other provisions
 SECTION 291460 What this Subdivision is about
 SECTION 291465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
 Division 292  Excess nonconcessional contributions
 Guide to Division 292
 SECTION 2921 What this Division is about
 Subdivision 292A  Object of this Division
 SECTION 2925 Object of this Division
 Subdivision 292B  Assessable income and tax offset
 SECTION 29215 What this Subdivision is about
 SECTION 29220 Amount in assessable income, and tax offset, relating to your nonconcessional contributions
 SECTION 29225 Amount included in assessable income
 SECTION 29230 Amount of the tax offset
 Subdivision 292C  Excess nonconcessional contributions tax
 SECTION 29275 What this Subdivision is about
 SECTION 29280 Liability for excess nonconcessional contributions tax
 SECTION 29285 Your excess nonconcessional contributions for a financial year
 SECTION 29290 Your nonconcessional contributions for a financial year
 SECTION 29295 Contributions arising from structured settlements or orders for personal injuries
 SECTION 292100 Contribution relating to some CGT small business concessions
 SECTION 292105 CGT cap amount
 Subdivision 292D  Modifications for defined benefit interests
 SECTION 292155 What this Subdivision is about
 SECTION 292160 Application
 SECTION 292165 Concessional contributions  special rules for defined benefit interests
 SECTION 292170 Notional taxed contributions
 SECTION 292175 Defined benefit interest
 Subdivision 292E  Excess nonconcessional contributions tax assessments
 SECTION 292225 What this Subdivision is about
 SECTION 292230 Commissioner must make an excess nonconcessional contributions tax assessment
 SECTION 292235 Partyear assessment
 SECTION 292240 Validity of assessment
 SECTION 292245 Objections
 SECTION 292250 Evidence
 Subdivision 292F  Amending excess nonconcessional contributions tax assessments
 SECTION 292300 What this Subdivision is about
 SECTION 292305 Amendments within 4 years of the original assessment
 SECTION 292310 Amended assessments are treated as excess nonconcessional contributions tax assessments
 SECTION 292315 Later amendments  on request
 SECTION 292320 Later amendments  fraud or evasion
 SECTION 292325 Further amendment of an amended particular
 SECTION 292330 Amendment on review etc.
 Subdivision 292G  Collection and recovery
 SECTION 292380 What this Subdivision is about
 SECTION 292385 Due date for payment of excess nonconcessional contributions tax
 SECTION 292390 General interest charge
 SECTION 292395 Refunds of amounts overpaid
 SECTION 292400 Security for payment of tax
 SECTION 292405 Release authority
 SECTION 292410 Giving a release authority to a superannuation provider
 SECTION 292415 Superannuation provider given release authority must pay amount
 SECTION 292420 Release authorities for refunded excess concessional contributions
 SECTION 292425 Interest for late payments of money received by the Commissioner in accordance with release authority
 Subdivision 292H  Other provisions
 SECTION 292465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
 SECTION 292467 Direction that the value of superannuation interests is nil
 SECTION 292468 Variations etc. of refunded excess concessional contributions determinations
 SECTION 292469 Objections against determinations etc.
 SECTION 292470 Power of Commissioner to obtain information
 Division 293  Sustaining the superannuation contribution concession
 Guide to Division 293
 SECTION 2931 What this Division is about
 Subdivision 293A  Object of this Division
 SECTION 2935 Object of this Division
 Subdivision 293B  Sustaining the superannuation contribution concession
 SECTION 29310 What this Subdivision is about
 SECTION 29315 Liability for tax
 SECTION 29320 Your taxable contributions
 SECTION 29325 Your low tax contributions
 SECTION 29330 Low tax contributed amounts
 SECTION 29335 Effect of determination relating to refunded excess concessional contributions
 Subdivision 293C  When tax is payable
 SECTION 29360 What this Subdivision is about
 SECTION 29365 When tax is payable  original assessments
 SECTION 29370 When tax is payable  amended assessments
 SECTION 29375 General interest charge
 Subdivision 293D  Modifications for defined benefit interests
 SECTION 293100 What this Subdivision is about
 SECTION 293105 Low tax contributions  modification for defined benefit interests
 SECTION 293110 Effect of determination relating to refunded excess concessional contributions
 SECTION 293115 Defined benefit contributions
 Subdivision 293E  Modifications for constitutionally protected State higher level office holders
 SECTION 293140 What this Subdivision is about
 SECTION 293145 Who this Subdivision applies to
 SECTION 293150 Low tax contributions  modification for CPFs
 SECTION 293155 High income threshold  effect of modification
 SECTION 293160 Salary packaged contributions
 Subdivision 293F  Modifications for Commonwealth justices
 SECTION 293185 What this Subdivision is about
 SECTION 293190 Who this Subdivision applies to
 SECTION 293195 Defined benefit contributions  modified treatment of contributions under the Judges' Pensions Act 1968
 SECTION 293200 High income threshold  effect of modification
 Subdivision 293G  Modifications for temporary residents who depart Australia
 SECTION 293225 What this Subdivision is about
 SECTION 293230 Who is entitled to a refund
 SECTION 293235 Amount of the refund
 SECTION 293240 Entitlement to refund stops all Division 293 tax liabilities
 Division 294  Transfer balance cap
 Guide to Division 294
 SECTION 2941 What this Division is about
 Subdivision 294A  Object of this Division
 SECTION 2945 Object of this Division
 Subdivision 294B  Transfer balance account
 SECTION 29410 What this Subdivision is about
 SECTION 29415 When you have a transfer balance account
 SECTION 29420 Meaning of retirement phase recipient
 SECTION 29425 Transfer balance credits
 SECTION 29430 Excess transfer balance
 SECTION 29435 Your transfer balance cap
 SECTION 29440 Proportionally indexed transfer balance cap
 SECTION 29445 Transfer balance account ends
 SECTION 29450 Assume pension rules and commutation authorities complied with
 Subdivision 294C  Transfer balance debits
 SECTION 29475 What this Subdivision is about
 SECTION 29480 Transfer balance debits
 SECTION 29485 Certain events that result in reduced superannuation
 SECTION 29490 Payment splits
 SECTION 29495 Payment splits  no double debiting
 Subdivision 294D  Modifications for certain defined benefit income streams
 SECTION 294120 What this Subdivision is about
 SECTION 294125 When this Subdivision applies
 SECTION 294130 Meaning of capped defined benefit income stream
 SECTION 294135 Transfer balance credit  special rule for capped defined benefit income streams
 SECTION 294140 Excess transfer balance  special rule for capped defined benefit income streams
 SECTION 294145 Transfer balance debits  special rules for capped defined benefit income streams
 Subdivision 294E  Modifications for death benefits dependants who are children
 SECTION 294170 What this Subdivision is about
 SECTION 294175 When this Subdivision applies
 SECTION 294180 Transfer balance account ends
 SECTION 294185 Transfer balance cap  special rule for child recipient
 SECTION 294190 Cap increment  child recipient just before 1 July 2017
 SECTION 294195 Cap increment  child recipient on or after 1 July 2017, deceased had no transfer balance account
 SECTION 294200 Cap increment  child recipient on or after 1 July 2017, deceased had transfer balance account
 Subdivision 294F  Excess transfer balance tax
 SECTION 294225 What this Subdivision is about
 SECTION 294230 Excess transfer balance tax
 SECTION 294235 Your excess transfer balance earnings
 SECTION 294240 When tax is payable  original assessments
 SECTION 294245 When tax is payable  amended assessments
 SECTION 294250 General interest charge
 Division 295  Taxation of superannuation entities
 Guide to Division 295
 SECTION 2951 What this Division is about
 Subdivision 295A  Provisions of general operation
 SECTION 2955 Entities to which Division applies
 SECTION 29510 How to work out the tax payable by superannuation entities
 SECTION 29515 Division does not impose a tax on property of a State
 SECTION 29520 Exempting laws ineffective
 SECTION 29525 Assessments on basis of anticipated SIS Act notice
 SECTION 29530 Effect of revocation etc. of SIS Act notices
 SECTION 29535 Acronyms used in tables
 Subdivision 295B  Modifications of provisions of this Act
 SECTION 29585 CGT to be primary code for calculating gains or losses
 SECTION 29590 CGT rules for pre30 June 1988 assets
 SECTION 29595 Deductions related to contributions
 SECTION 295100 Deductions for investing in PSTs and life policies
 SECTION 295105 Distributions to PST unitholders
 Subdivision 295C  Contributions included
 SECTION 295155 What this Subdivision is about
 SECTION 295160 Contributions and payments
 SECTION 295165 Exception  spouse contributions
 SECTION 295170 Exception  Government cocontributions and contributions for a child
 SECTION 295171 Exception  payments from FHSAs and Government FHSA contributions
 SECTION 295173 Exception  trustee contributions
 SECTION 295175 Exception  payments by a member spouse
 SECTION 295180 Exception  choice to exclude certain contributions
 SECTION 295185 Exception  temporary residents
 SECTION 295190 Personal contributions and rollover amounts
 SECTION 295195 Exclusion of personal contributions  contributions
 SECTION 295197 Exclusion of personal contributions  successor funds
 SECTION 295200 Transfers from foreign superannuation funds
 SECTION 295205 Application of tables to RSA providers
 SECTION 295210 Former constitutionally protected funds
 Subdivision 295D  Contributions excluded
 SECTION 295260 Transfer of liability to investment vehicle
 SECTION 295265 Application of pre1 July 88 funding credits
 SECTION 295270 Anticipated funding credits
 Subdivision 295E  Other income amounts
 SECTION 295320 Other amounts included in assessable income
 SECTION 295325 Previously complying funds
 SECTION 295330 Previously foreign funds
 SECTION 295335 Amounts excluded from assessable income
 Subdivision 295F  Exempt income
 SECTION 295385 Income from assets set aside to meet current pension liabilities
 SECTION 295387 Disregarded small fund assets
 SECTION 295390 Income from other assets used to meet current pension liabilities
 SECTION 295395 Meaning of segregated noncurrent assets
 SECTION 295400 Income of a PST attributable to current pension liabilities
 SECTION 295405 Other exempt income
 SECTION 295407 Covered superannuation income streams  RSAs
 SECTION 295410 Amount credited to RSA
 Subdivision 295G  Deductions
 SECTION 295460 Benefits for which deductions are available
 SECTION 295465 Complying funds  deductions for insurance premiums
 SECTION 295470 Complying funds  deductions for future liability to pay benefits
 SECTION 295475 RSA providers  deductions for insurance premiums
 SECTION 295480 Meaning of whole of life policy and endowment policy
 SECTION 295485 Deductions for increased amount of superannuation lump sum death benefit
 SECTION 295490 Other deductions
 SECTION 295495 Amounts that cannot be deducted
 Subdivision 295H  Components of taxable income
 SECTION 295545 Components of taxable income  complying superannuation funds, complying ADFs and PSTs
 SECTION 295550 Meaning of nonarm's length income
 SECTION 295555 Components of taxable income  RSA providers
 Subdivision 295I  NoTFN contributions
 SECTION 295605 Liability for tax on noTFN contributions income
 SECTION 295610 NoTFN contributions income
 SECTION 295615 Meaning of quoted (for superannuation purposes)
 SECTION 295620 No reduction under Subdivision 295D
 SECTION 295625 Assessments
 Subdivision 295J  Tax offset for noTFN contributions income (TFN quoted within 4 years)
 SECTION 295675 Entitlement to a tax offset
 SECTION 295680 Amount of the tax offset
 Division 301  Superannuation member benefits paid from complying plans etc.
 Guide to Division 301
 SECTION 3011 What this Division is about
 Subdivision 301A  Application
 SECTION 3015 Division applies to superannuation member benefits paid from complying plans etc.
 Subdivision 301B  Member benefits: general rules
 SECTION 30110 All superannuation benefits are tax free
 SECTION 30115 Tax free status of tax free component
 SECTION 30120 Superannuation lump sum  taxable component taxed at 0% up to low rate cap amount, 15% on remainder
 SECTION 30125 Superannuation income stream  taxable component attracts 15% offset
 SECTION 30130 Tax free status of tax free component
 SECTION 30135 Superannuation lump sum  taxable component taxed at 20%
 SECTION 30140 Superannuation income stream  taxable component is assessable income, 15% offset for disability benefit
 Subdivision 301C  Member benefits: elements untaxed in fund
 SECTION 30190 Tax free component and element taxed in fund dealt with under Subdivision 301B, but element untaxed in the fund dealt with under this Subdivision
 SECTION 30195 Superannuation lump sum  element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
 SECTION 301100 Superannuation income stream  element untaxed in fund attracts 10% offset
 SECTION 301105 Superannuation lump sum  element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder
 SECTION 301110 Superannuation income stream  element untaxed in fund is assessable income
 SECTION 301115 Superannuation lump sum  element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder
 SECTION 301120 Superannuation income stream  element untaxed in fund is assessable income
 SECTION 301125 Unclaimed money payments by the Commissioner
 Subdivision 301D  Departing Australia superannuation payments
 SECTION 301170 Departing Australia superannuation payments
 SECTION 301175 Treatment of departing Australia superannuation benefits
 Subdivision 301E  Superannuation lump sum member benefits less than $200
 SECTION 301225 Superannuation lump sum member benefits less than $200 are tax free
 Division 302  Superannuation death benefits paid from complying plans etc.
 Guide to Division 302
 SECTION 3021 What this Division is about
 Subdivision 302A  Application
 SECTION 3025 Division applies to superannuation death benefits paid from complying plans etc.
 SECTION 30210 Superannuation death benefits paid to trustee of deceased estate
 Subdivision 302B  Death benefits to dependant
 SECTION 30260 All of superannuation lump sum is tax free
 SECTION 30265 Superannuation income stream benefits are tax free
 SECTION 30270 Superannuation income stream  tax free status of tax free component
 SECTION 30275 Superannuation income stream  taxable component attracts 15% offset
 SECTION 30280 Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant
 SECTION 30285 Deceased died aged 60 or above or dependant aged 60 years or above  superannuation income stream: element untaxed in fund attracts 10% offset
 SECTION 30290 Deceased died aged under 60 and dependant aged under 60  superannuation income stream: element untaxed in fund is assessable income
 Subdivision 302C  Death benefits to nondependant
 SECTION 302140 Superannuation lump sum  tax free status of tax free component
 SECTION 302145 Superannuation lump sum  element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%
 Subdivision 302D  Definitions relating to dependants
 SECTION 302195 Meaning of death benefits dependant
 SECTION 302200 What is an interdependency relationship ?
 Division 303  Superannuation benefits paid in special circumstances
 Guide to Division 303
 SECTION 3031 What this Division is about
 Subdivision 303A  Modifications for defined benefit income
 SECTION 3032 Effect of exceeding defined benefit income cap on assessable income
 SECTION 3033 Effect of exceeding defined benefit income cap on tax offsets
 SECTION 3034 Meaning of defined benefit income cap
 Subdivision 303B  Other special circumstances
 SECTION 3035 Commutation of income stream if you are under 25 etc.
 SECTION 30310 Superannuation lump sum member benefit paid to member having a terminal medical condition
 SECTION 30315 Payments from release authorities  excess concessional contributions
 SECTION 30317 Payments from release authorities etc.  released nonconcessional contributions and associated earnings
 SECTION 30320 Payments from release authorities  Division 293 tax
 Division 304  Superannuation benefits in breach of legislative requirements etc.
 Guide to Division 304
 SECTION 3041 What this Division is about
 Operative provisions
 SECTION 3045 Application
 SECTION 30410 Superannuation benefits in breach of legislative requirements etc.
 SECTION 30415 Excess payments from release authorities
 SECTION 30420 Excess payments from release authorities  Division 293 tax
 Division 305  Superannuation benefits paid from noncomplying superannuation plans
 Guide to Division 305
 SECTION 3051 What this Division is about
 Subdivision 305A  Superannuation benefits from Australian noncomplying superannuation funds
 SECTION 3055 Tax treatment of superannuation benefits from certain Australian noncomplying superannuation funds
 Subdivision 305B  Superannuation benefits from foreign superannuation funds
 SECTION 30555 Restriction to lump sums received from certain foreign superannuation funds
 SECTION 30560 Lump sums tax free  foreign resident period
 SECTION 30565 Lump sums tax free  Australian resident period
 SECTION 30570 Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.
 SECTION 30575 Lump sums  applicable fund earnings
 SECTION 30580 Lump sums paid into complying superannuation plans  choice
 Division 306  Rollovers etc.
 Guide to Division 306
 SECTION 3061 What this Division is about
 Operative provisions
 SECTION 3065 Effect of a rollover superannuation benefit
 SECTION 30610 Rollover superannuation benefit
 SECTION 30612 Involuntary rollover superannuation benefit
 SECTION 30615 Tax on excess untaxed rollover amounts
 SECTION 30620 Effect of payment to government of unclaimed superannuation money
 SECTION 30625 Payments connected with financial claims scheme to RSAs
 Division 307  Key concepts relating to superannuation benefits
 Guide to Division 307
 SECTION 3071 What this Division is about
 Subdivision 307A  Superannuation benefits generally
 SECTION 3075 What is a superannuation benefit ?
 SECTION 30710 Payments that are not superannuation benefits
 SECTION 30715 Payments for your benefit or at your direction or request
 Subdivision 307B  Superannuation lump sums and superannuation income stream benefits
 SECTION 30765 Meaning of superannuation lump sum
 SECTION 30770 Meaning of superannuation income stream and superannuation income stream benefit
 SECTION 30775 Meaning of retirement phase superannuation income stream benefit
 SECTION 30780 When a superannuation income stream is in the retirement phase
 Subdivision 307C  Components of a superannuation benefit
 SECTION 307120 Components of superannuation benefit
 SECTION 307125 Proportioning rule
 SECTION 307130 Superannuation guarantee payment consists entirely of taxable component
 SECTION 307135 Superannuation cocontribution benefit payment consists entirely of tax free component
 SECTION 307140 Contributionssplitting superannuation benefit consists entirely of taxable component
 SECTION 307142 Components of certain unclaimed money payments
 SECTION 307145 Modification for disability benefits
 SECTION 307150 Modification in respect of superannuation lump sum with element untaxed in fund
 Subdivision 307D  Superannuation interests
 SECTION 307200 Regulations relating to meaning of superannuation interests
 SECTION 307205 Value of superannuation interest
 SECTION 307210 Tax free component of superannuation interest
 SECTION 307215 Taxable component of superannuation interest
 SECTION 307220 What is the contributions segment ?
 SECTION 307225 What is the crystallised segment ?
 SECTION 307230 Total superannuation balance
 Subdivision 307E  Elements taxed and untaxed in the fund of the taxable component of superannuation benefit
 SECTION 307275 Element taxed in the fund and element untaxed in the fund of superannuation benefits
 SECTION 307280 Superannuation benefits from constitutionally protected funds etc.
 SECTION 307285 Trustee can choose to convert element taxed in the fund to element untaxed in the fund
 SECTION 307290 Taxed and untaxed elements of death benefit superannuation lump sums
 SECTION 307295 Superannuation benefits from public sector superannuation schemes may include untaxed element
 SECTION 307297 Public sector superannuation schemes  elements set by regulations
 SECTION 307300 Certain unclaimed money payments
 Subdivision 307F  Low rate cap and untaxed plan cap amounts
 SECTION 307345 Low rate cap amount
 SECTION 307350 Untaxed plan cap amount
 Subdivision 307G  Other concepts
 SECTION 307400 Meaning of service period for a superannuation lump sum
 Division 310  Loss relief for merging superannuation funds
 Guide to Division 310
 SECTION 3101 What this Division is about
 Operative provisions
 SECTION 3105 Object
 Subdivision 310B  Choice to transfer losses
 SECTION 31010 Original fund's assets extend beyond life insurance policies and units in pooled superannuation trusts
 SECTION 31015 Original fund's assets include a complying superannuation life insurance policy
 SECTION 31020 Original fund's assets include units in a pooled superannuation trust
 Subdivision 310C  Consequences of choosing to transfer losses
 SECTION 31025 Who losses can be transferred to
 SECTION 31030 Losses that can be transferred
 SECTION 31035 Effect of transferring a net capital loss
 SECTION 31040 Effect of transferring a tax loss
 Subdivision 310D  Choice for assets rollover
 SECTION 31045 Choosing the assets rollover
 SECTION 31050 Choosing the form of the assets rollover
 Subdivision 310E  Consequences of choosing assets rollover
 SECTION 31055 CGT assets  if global asset approach chosen
 SECTION 31060 CGT assets  individual asset approach
 SECTION 31065 Revenue assets  if global asset approach chosen
 SECTION 31070 Revenue assets  individual asset approach
 SECTION 31075 Further consequences for rollovers involving life insurance companies
 Subdivision 310F  Choices
 SECTION 31085 Choices
 Division 311  Loss relief and asset rollover for transfer of amounts to a MySuper product
 Guide to Division 311
 SECTION 3111 What this Division is about
 Operative provisions
 SECTION 3115 Object
 Subdivision 311B  Choosing loss transfers and asset rollovers
 SECTION 31110 Certain entities can choose transfer of losses, asset rollovers, or both
 Subdivision 311C  Consequences of choosing to transfer losses
 SECTION 31115 Who losses can be transferred to
 SECTION 31120 Losses that can be transferred
 SECTION 31125 Effect of transferring a net capital loss
 SECTION 31130 Effect of transferring a tax loss
 SECTION 31135 Realisation of certain assets after completion time
 Subdivision 311D  Consequences of choosing asset rollover
 SECTION 31140 Assets rollover
 SECTION 31145 CGT assets
 SECTION 31150 Revenue assets
 SECTION 31155 Further consequences for rollovers involving life insurance companies
 Subdivision 311E  Choices
 SECTION 31160 Choices
 Division 312  TransTasman portability of retirement savings
 Guide to Division 312
 SECTION 3121 What this Division is about
 Subdivision 312A  Preliminary
 SECTION 3125 Division implements Arrangement with New Zealand
 Subdivision 312B  Amounts contributed to complying superannuation funds from KiwiSaver schemes
 SECTION 31210 Amounts contributed to complying superannuation funds from KiwiSaver schemes
 Subdivision 312C  Superannuation benefits paid to KiwiSaver scheme providers
 SECTION 31215 Superannuation benefits paid to KiwiSaver schemes
 PART 332  COOPERATIVES AND MUTUAL ENTITIES
 Division 315  Demutualisation of private health insurers
 Guide to Division 315
 SECTION 3151 What this Division is about
 Subdivision 315A  Capital gains and losses connected with a demutualisation of a private health insurer to be disregarded
 SECTION 3155 Policy holders to disregard capital gains and losses related to demutualisation of private health insurer
 SECTION 31510 Effect on the legal personal representative or beneficiary
 SECTION 31515 Demutualisations to which this Division applies
 SECTION 31520 What assets are covered
 SECTION 31525 Demutualising health insurers to disregard capital gains and losses related to demutualisation
 SECTION 31530 Other entities to disregard capital gains and losses related to demutualisation
 Subdivision 315B  Cost base of certain shares and rights in private health insurers
 SECTION 31580 Cost base and acquisition time of demutualisation assets
 SECTION 31585 Demutualisation asset
 SECTION 31590 Participating policy holders
 Subdivision 315C  Lost policy holders trust
 SECTION 315140 Lost policy holders trust
 SECTION 315145 CGT treatment of demutualisation assets in lost policy holders trust
 SECTION 315150 Rollover where assets transferred to lost policy holder
 SECTION 315155 Trustee assessed if assets dealt with not for benefit of lost policy holder
 SECTION 315160 Subdivision 126E does not apply to lost policy holders trust
 Subdivision 315D  Special cost base rules for certain shares and rights in holding companies
 SECTION 315210 Cost base for shares and rights in certain holding companies
 Subdivision 315E  Special CGT rule for legal personal representatives and beneficiaries
 SECTION 315260 Special CGT rule for legal personal representatives and beneficiaries
 Subdivision 315F  NonCGT consequences of demutualisation
 SECTION 315310 General taxation consequences of issue of demutualisation assets etc.
 Division 316  Demutualisation of friendly society health or life insurers
 Guide to Division 316
 SECTION 3161 What this Division is about
 Subdivision 316A  Application
 SECTION 3165 Application of this Division
 Subdivision 316B  Capital gains and losses connected with the demutualisation
 SECTION 31650 What this Subdivision is about
 SECTION 31655 Disregarding capital gains and losses, except some involving receipt of money
 SECTION 31660 Taking account of some capital gains and losses involving receipt of money
 SECTION 31665 Valuation factor for sections 31660, 316105 and 316165
 SECTION 31670 Value of the friendly society
 SECTION 31675 Disregarding friendly society's capital gains and losses
 SECTION 31680 Disregarding other entities' capital gains and losses
 Subdivision 316C  Cost base of shares and rights issued under the demutualisation
 SECTION 316100 What this Subdivision is about
 SECTION 316105 Cost base and time of acquisition of shares and certain rights issued under demutualisation
 SECTION 316110 Demutualisation assets
 SECTION 316115 Entities to which section 316105 applies
 Subdivision 316D  Lost policy holders trust
 SECTION 316150 What this Subdivision is about
 SECTION 316155 Lost policy holders trust
 SECTION 316160 Disregarding beneficiaries' capital gains and losses, except some involving receipt of money
 SECTION 316165 Taking account of some capital gains and losses involving receipt of money by beneficiaries
 SECTION 316170 Rollover where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust
 SECTION 316175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
 SECTION 316180 Subdivision 126E does not apply
 Subdivision 316E  Special CGT rules for legal personal representatives and beneficiaries
 SECTION 316200 Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate
 SECTION 316205 Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate
 Subdivision 316F  NonCGT consequences of the demutualisation
 SECTION 316250 What this Subdivision is about
 SECTION 316255 General taxation consequences of issue of demutualisation assets etc.
 SECTION 316260 Franking debits to stop the friendly society and its subsidiaries having franking surpluses
 SECTION 316265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries
 SECTION 316270 Franking debits to negate franking credits from postdemutualisation payments of predemutualisation tax
 SECTION 316275 Franking credits to negate franking debits from refunds of tax paid before demutualisation
 PART 335  INSURANCE BUSINESS
 Division 320  Life insurance companies
 Guide to Division 320
 SECTION 3201 What this Division is about
 Operative provisions
 SECTION 3205 Object of Division
 Subdivision 320B  What is included in a life insurance company's assessable income
 SECTION 32010 What this Subdivision is about
 SECTION 32015 Assessable income  various amounts
 SECTION 32030 Assessable income  special provision for certain income years
 SECTION 32035 Exempt income
 SECTION 32037 Nonassessable nonexempt income
 SECTION 32045 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets
 Subdivision 320C  Deductions and capital losses
 SECTION 32050 What this Subdivision is about
 SECTION 32055 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
 SECTION 32060 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
 SECTION 32065 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
 SECTION 32070 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
 SECTION 32075 Deduction for ordinary investment policies
 SECTION 32080 Deduction for certain claims paid under life insurance policies
 SECTION 32085 Deduction for increase in value of liabilities under net risk components of life insurance policies
 SECTION 32087 Deduction for assets transferred from or to complying superannuation asset pool
 SECTION 320100 Deduction for life insurance premiums paid under certain contracts of reinsurance
 SECTION 320105 Deduction for assets transferred to segregated exempt assets
 SECTION 320107 Deductions for increased amount of lump sum death benefit
 SECTION 320110 Deduction for interest credited to income bonds
 SECTION 320111 Deduction for funeral policy payout
 SECTION 320112 Deduction for scholarship plan payout
 SECTION 320115 No deduction for amounts credited to RSAs
 SECTION 320120 Capital losses from assets other than complying superannuation assets or segregated exempt assets
 SECTION 320125 Capital losses from complying superannuation assets
 Subdivision 320D  Income tax, taxable income and tax loss of life insurance companies
 SECTION 320130 What this Subdivision is about
 SECTION 320131 Overview of Subdivision
 SECTION 320133 Object of Subdivision
 SECTION 320134 Income tax of a life insurance company
 SECTION 320135 Taxable income and tax loss of each of the 2 classes
 SECTION 320137 Taxable income  complying superannuation class
 SECTION 320139 Taxable income  ordinary class
 SECTION 320141 Tax loss  complying superannuation class
 SECTION 320143 Tax loss  ordinary class
 SECTION 320149 Provisions that apply only in relation to the ordinary class
 Subdivision 320E  NoTFN contributions of life insurance companies that are RSA providers
 SECTION 320150 What this Subdivision is about
 SECTION 320155 Subdivisions 295I and 295J apply to companies that are RSA providers
 Subdivision 320F  Complying superannuation asset pool
 SECTION 320165 What this Subdivision is about
 SECTION 320170 Establishment of complying superannuation asset pool
 SECTION 320175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time
 SECTION 320180 Consequences of a valuation under section 320175
 SECTION 320185 Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320175
 SECTION 320190 Complying superannuation liabilities
 SECTION 320195 Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320175
 SECTION 320200 Consequences of transfer of assets to or from complying superannuation asset pool
 SECTION 320205 What is the virtual PST component
 Subdivision 320G  Specified rollover component of complying superannuation class
 SECTION 320210 What this Subdivision is about
 SECTION 320215 What is the specified rollover component
 Subdivision 320H  Segregation of assets to discharge exempt life insurance policy liabilities
 SECTION 320220 What this Subdivision is about
 SECTION 320225 Segregation of assets for purpose of discharging exempt life insurance policy liabilities
 SECTION 320230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time
 SECTION 320235 Consequences of a valuation under section 320230
 SECTION 320240 Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320230
 SECTION 320245 Exempt life insurance policy liabilities
 SECTION 320246 Exempt life insurance policy
 SECTION 320247 Policy split into an exempt life insurance policy and another life insurance policy
 SECTION 320250 Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320230
 SECTION 320255 Consequences of transfer of assets to or from segregated exempt assets
 Subdivision 320I  Transfers of business
 SECTION 320300 What this Subdivision is about
 SECTION 320305 When this Subdivision applies
 SECTION 320310 Special deductions and amounts of assessable income
 SECTION 320315 Complying superannuation asset pool and segregated exempt assets
 SECTION 320320 Certain amounts treated as life insurance premiums
 SECTION 320325 Friendly societies
 SECTION 320330 Immediate annuities
 SECTION 320335 Parts of assets treated as separate assets
 SECTION 320340 Continuous disability policies
 SECTION 320345 Exemption of management fees
 Division 321  General insurance companies and companies that selfinsure in respect of workers' compensation liabilities
 Subdivision 321A  Provision for, and payment of, claims by general insurance companies
 SECTION 32110 Assessable income to include amount for reduction in outstanding claims liability
 SECTION 32115 Deduction for increase in outstanding claims liability
 SECTION 32120 How value of outstanding claims liability is worked out
 SECTION 32125 Deduction for claims paid during current year
 Subdivision 321B  Premium income of general insurance companies
 SECTION 32145 Assessable income to include gross premiums
 SECTION 32150 Assessable income to include amount for reduction in value of unearned premium reserve
 SECTION 32155 Deduction for increase in value of unearned premium reserve
 SECTION 32160 How value of unearned premium reserve is worked out
 Subdivision 321C  Companies that selfinsure in respect of workers' compensation liabilities
 SECTION 32180 Assessable income to include amount for reduction in outstanding claims liability
 SECTION 32185 Deduction for outstanding claims liability
 SECTION 32190 How value of outstanding claims liability is worked out
 SECTION 32195 Deductions for claims paid during current year
 Division 322  Assistance for policyholders with insolvent general insurers
 SECTION 3221 What this Division is about
 Subdivision 322A  HIH rescue package
 SECTION 3225 Rescue payments treated as insurance payments by HIH
 SECTION 32210 HIH Trust exempt from tax
 SECTION 32215 Certain capital gains and capital losses disregarded
 Subdivision 322B  Tax treatment of entitlements under financial claims scheme
 SECTION 32220 What this Subdivision is about
 SECTION 32225 Payment of entitlement under financial claims scheme treated as payment from insurer
 SECTION 32230 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects
 PART 345  RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
 Division 328  Small business entities
 SECTION 3285 What this Division is about
 SECTION 32810 Concessions available to small business entities
 Subdivision 328B  Objects of this Division
 SECTION 32850 Objects of this Division
 Subdivision 328C  What is a small business entity
 SECTION 328105 What this Subdivision is about
 SECTION 328110 Meaning of small business entity
 SECTION 328115 Meaning of aggregated turnover
 SECTION 328120 Meaning of annual turnover
 SECTION 328125 Meaning of connected with an entity
 SECTION 328130 Meaning of affiliate
 Subdivision 328D  Capital allowances for small business entities
 SECTION 328170 What this Subdivision is about
 SECTION 328175 Calculations for depreciating assets
 SECTION 328180 Assets costing less than $1,000
 SECTION 328185 Pooling
 SECTION 328190 Calculation
 SECTION 328195 Opening pool balance
 SECTION 328200 Closing pool balance
 SECTION 328205 Estimate of taxable use
 SECTION 328210 Low pool value
 SECTION 328215 Disposal etc. of depreciating assets
 SECTION 328220 What happens if you are not a small business entity or do not choose to use this Subdivision for an income year
 SECTION 328225 Change in business use
 SECTION 328230 Estimate where deduction denied
 SECTION 328235 Interaction with Divisions 85 and 86
 SECTION 328237 Special deduction for certain motor vehicles
 SECTION 328240 Rollover relief for partnership changes
 SECTION 328243 Rollover relief
 SECTION 328245 Consequences of rollover
 SECTION 328247 Pool deductions
 SECTION 328250 Deductions for assets first used in BAE year
 SECTION 328253 Deductions for cost addition amounts
 SECTION 328255 Closing pool balance etc. below zero
 SECTION 328257 Taxable use
 Subdivision 328E  Trading stock for small business entities
 SECTION 328280 What this Subdivision is about
 SECTION 328285 Trading stock for small business entities
 SECTION 328290 Adjustments in certain cases
 SECTION 328295 Value of trading stock on hand
 Subdivision 328F  Small business income tax offset
 SECTION 328350 What this Subdivision is about
 SECTION 328355 Entitlement to the small business income tax offset
 SECTION 328360 Amount of your tax offset
 SECTION 328365 Net small business income
 SECTION 328370 Relevant attributable deductions
 SECTION 328375 Modification if you are under 18 years old
 Subdivision 328G  Restructures of small businesses
 SECTION 328420 What this Subdivision is about
 SECTION 328425 Object of this Subdivision
 SECTION 328430 When a rollover is available
 SECTION 328435 Genuine restructures  safe harbour rule
 SECTION 328440 Ultimate economic ownership  discretionary trusts
 SECTION 328445 Residency requirement
 SECTION 328450 Small business transfers not to affect income tax positions
 SECTION 328455 Effect of small business restructures on transferred cost of assets
 SECTION 328460 Effect of small business restructures on acquisition times of preCGT assets
 SECTION 328465 New membership interests as consideration for transfer of assets
 SECTION 328470 Membership interests affected by transfers of assets
 SECTION 328475 Small business restructures involving assets already subject to small business rollover
 [Division 330  Mining and quarrying]
 Division 345  FHSAs
 Guide to Division 345
 SECTION 3451 What this Division is about
 Subdivision 345A  Treatment of FHSA providers
 SECTION 3455 FHSA provider that is trustee of FHSA trust  tax payable
 SECTION 34510 FHSA provider that is trustee of FHSA trust  CGT to be primary code for calculating gains or losses
 SECTION 34515 FHSA provider that is an ADI (other than RSA provider)  taxable income and standard component of taxable income
 SECTION 34520 FHSA provider that is an ADI  FHSA component of taxable income
 SECTION 34525 FHSA provider that is an ADI (other than an RSA provider)  amounts that cannot be deducted
 SECTION 34530 Amounts of tax paid by FHSA providers that are ADIs
 Subdivision 345B  Treatment of FHSA holders
 SECTION 34550 Credits to and payments from FHSAs etc.
 Subdivision 345C  FHSA misuse tax
 SECTION 345100 Liability for FHSA misuse tax
 SECTION 345110 Due date for payment of FHSA misuse tax
 SECTION 345115 General interest charge
 Division 355  Research and Development
 Guide to Division 355
 SECTION 3551 What this Division is about
 Subdivision 355A  Object
 SECTION 3555 Object
 Subdivision 355B  Meaning of R&D activities and other terms
 SECTION 35520 R&D activities
 SECTION 35525 Core R&D activities
 SECTION 35530 Supporting R&D activities
 SECTION 35535 R&D entities
 Subdivision 355C  Entitlement to tax offset
 SECTION 355100 Entitlement to tax offset
 SECTION 355105 Deductions under this Division are notional only
 SECTION 355110 Notional deductions include prepaid expenditure
 Subdivision 355D  Notional deductions for R&D expenditure
 SECTION 355200 What this Subdivision is about
 SECTION 355205 When notional deductions for R&D expenditure arise
 SECTION 355210 Conditions for R&D activities
 SECTION 355215 R&D activities conducted by a permanent establishment for other parts of the body corporate
 SECTION 355220 R&D activities conducted for a foreign entity
 SECTION 355225 Expenditure that cannot be notionally deducted
 Subdivision 355E  Notional deductions for decline in value of depreciating assets used for R&D activities
 SECTION 355300 What this Subdivision is about
 SECTION 355305 When notional deductions for decline in value arise
 SECTION 355310 Notional application of Division 40
 SECTION 355315 Balancing adjustments  assets only used for R&D activities
 Subdivision 355F  Integrity Rules
 SECTION 355400 Expenditure incurred while not at arm's length
 SECTION 355405 Expenditure not at risk
 SECTION 355410 Disposal of R&D results
 SECTION 355415 Reducing deductions to reflect markups within groups
 Subdivision 355G  Clawback of R&D recoupments
 SECTION 355430 What this Subdivision is about
 SECTION 355435 When extra income tax is payable
 SECTION 355440 Entity receives government recoupment
 SECTION 355445 Recoupment could relate to R&D activities
 SECTION 355450 Amount on which extra income tax is payable
 Subdivision 355H  Feedstock adjustments
 SECTION 355460 What this Subdivision is about
 SECTION 355465 Feedstock adjustment to assessable income
 SECTION 355470 Feedstock revenue
 SECTION 355475 Application to connected entities and affiliates
 Subdivision 355I  Application to earlier income year R&D expenditure incurred to associates
 SECTION 355480 Notional deductions for expenditure incurred to associate in earlier income years
 Subdivision 355J  Application to R&D partnerships
 SECTION 355500 What this Subdivision is about
 SECTION 355505 Meaning of R&D partnership and partner's proportion
 SECTION 355510 R&D partnership expenditure on R&D activities
 SECTION 355515 R&D activities conducted by or for an R&D partnership
 SECTION 355520 When notional deductions arise for decline in value of depreciating assets of R&D partnerships
 SECTION 355525 Balancing adjustments for R&D partnership assets only used for R&D activities
 SECTION 355530 Implications for partner's aggregated turnover
 SECTION 355535 Disposal of R&D results for R&D partnerships
 SECTION 355540 Application of recoupment rules
 SECTION 355545 Relevance for net income, and losses, of the R&D partnership
 Subdivision 355K  Application to Cooperative Research Centres
 SECTION 355580 When notional deductions for CRC contributions arise
 Subdivision 355W  Other matters
 SECTION 355700 Objecting to assessment of refundable tax offset
 SECTION 355705 Effect of findings by Innovation and Science Australia
 SECTION 355710 Amendment of assessments
 SECTION 355715 Implications for other deductions and tax offsets
 SECTION 355720 Certain related amounts may be reduced if notional deductions exceeded $100 million
 SECTION 355750 Review of rate when notional deductions exceed $100 million
 Division 360  Early stage investors in innovation companies
 Subdivision 360A  Tax incentives for early stage investors in innovation companies
 SECTION 3605 What this Subdivision is about
 SECTION 36010 Object of this Subdivision
 SECTION 36015 Entitlement to the tax offset
 SECTION 36020 Limited entitlement for certain kinds of investors
 SECTION 36025 Amount of the tax offset  general case
 SECTION 36030 Amount of the tax offset  members of trusts or partnerships
 SECTION 36035 Amount of the tax offset  trustees
 SECTION 36040 Early stage innovation companies
 SECTION 36045 100 point innovation test
 SECTION 36050 Modified CGT treatment
 SECTION 36055 Modified CGT treatment  partnerships
 SECTION 36060 Modified CGT treatment  not affected by certain rollovers
 SECTION 36065 Separate modified CGT treatment for rollovers about whollyowned companies or scrip for scrip rollovers
 [Division 373  Intellectual property]
 Division 375  Australian films
 Subdivision 375G  Film losses
 SECTION 375800 What this Subdivision is about
 SECTION 375805 Does your tax loss have a film component?
 SECTION 375810 What is a film loss?
 SECTION 375815 Deductibility of film losses
 SECTION 375820 Order in which tax losses are to be deducted
 Subdivision 375H  Deductions for shares in a film licensed investment company
 SECTION 375850 What this Subdivision is about
 SECTION 375855 What can you deduct?
 SECTION 375860 When can you claim the deduction?
 SECTION 375865 How can you lose your entitlement?
 SECTION 375870 How this Subdivision applies to partners and partnerships
 SECTION 375872 Distribution of FLIC concessional capital is instead taken to be a dividend
 SECTION 375875 Tax losses cannot be transferred to or from FLICs
 SECTION 375880 FLIC cannot claim deductions for concessional capital
 Division 376  Films generally (tax offsets for Australian production expenditure)
 Subdivision 376A  Guide to Division 376
 SECTION 3761 What this Division is about
 SECTION 3762 Key features of the tax offsets for Australian production expenditure on films
 SECTION 3765 Structure of this Division
 Subdivision 376B  Tax offsets for Australian expenditure in making a film
 SECTION 37610 Film production company entitled to refundable tax offset for Australian expenditure in making a film (location offset)
 SECTION 37615 Amount of the location offset
 SECTION 37620 Minister must issue certificate for a film for the location offset
 SECTION 37625 Meaning of documentary
 SECTION 37630 Minister to determine a company's qualifying Australian production expenditure for the location offset
 SECTION 37635 Film production company entitled to refundable tax offset for post, digital and visual effects production for a film (PDV offset)
 SECTION 37640 Amount of the PDV offset
 SECTION 37645 Minister must issue certificate for a film for the PDV offset
 SECTION 37650 Minister to determine a company's qualifying Australian production expenditure for the PDV offset
 SECTION 37655 Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)
 SECTION 37660 Amount of the producer offset
 SECTION 37665 Film authority must issue certificate for an Australian film for the producer offset
 SECTION 37670 Determination of content of film
 SECTION 37675 Film authority to determine a company's qualifying Australian production expenditure for the producer offset
 Subdivision 376C  Production expenditure and qualifying Australian production expenditure
 SECTION 376125 Production expenditure  general test
 SECTION 376130 Production expenditure  special qualifying Australian production expenditure
 SECTION 376135 Production expenditure  specific exclusions
 SECTION 376140 Production expenditure  special rules for the location offset
 SECTION 376145 Qualifying Australian production expenditure  general test
 SECTION 376150 Qualifying Australian production expenditure  specific inclusions
 SECTION 376155 Qualifying Australian production expenditure  specific exclusions
 SECTION 376160 Qualifying Australian production expenditure  treatment of services embodied in goods
 SECTION 376165 Qualifying Australian production expenditure  special rules for the location offset and the PDV offset
 SECTION 376170 Qualifying Australian production expenditure  special rules for the producer offset
 SECTION 376175 Expenditure to be worked out on an arm's length basis
 SECTION 376180 Expenditure incurred by prior production companies
 SECTION 376185 Expenditure to be worked out excluding GST
 Subdivision 376D  Certificates for films and other matters
 SECTION 376230 Production company may apply for certificate
 SECTION 376235 Notice of refusal to issue certificate
 SECTION 376240 Issue of certificate
 SECTION 376245 Revocation of certificate
 SECTION 376250 Notice of decision or determination
 SECTION 376255 Review of decisions by the Administrative Appeals Tribunal
 SECTION 376260 Minister may make rules about the location offset and the PDV offset
 SECTION 376265 Film authority may make rules about the producer offset
 SECTION 376270 Amendment of assessments
 SECTION 376275 Review in relation to certain production levels
 Division 380  National Rental Affordability Scheme
 Guide to Division 380
 SECTION 3801 What this Division is about
 Subdivision 380A  National Rental Affordability Scheme Tax Offset
 SECTION 3805 Claims by individuals, corporate tax entities and superannuation funds
 SECTION 38010 Members of NRAS consortiums  individuals, corporate tax entities and superannuation funds
 SECTION 38011 Elections by NRAS approved participants
 SECTION 38012 Elections by NRAS approved participants  tax offsets
 SECTION 38013 Elections by NRAS approved participants  special rule for partnerships and trustees
 SECTION 38014 Members of NRAS consortiums  partnerships and trustees
 SECTION 38015 Entities to whom NRAS rent flows indirectly
 SECTION 38016 Elections by NRAS approved participants that are partnerships or trustees
 SECTION 38017 Elections by NRAS approved participants that are partnerships or trustees  tax offsets
 SECTION 38018 Elections by NRAS approved participants that are partnerships or trustees  special rule for partnerships and trustees
 SECTION 38020 Trustee of a trust that does not have net income for an income year
 SECTION 38025 When NRAS rent flows indirectly to or through an entity
 SECTION 38030 Share of NRAS rent
 SECTION 38032 Amended certificates
 Subdivision 380B  Payments made in relation to the National Rental Affordability Scheme etc.
 SECTION 38035 Payments made and noncash benefits provided in relation to the National Rental Affordability Scheme
 Division 385  Primary production
 Guide to Division 385
 SECTION 3851 What this Division is about
 SECTION 3855 Where to find some other rules relevant to primary producers
 Subdivision 385E  Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock
 SECTION 38590 What this Subdivision is about
 SECTION 38595 Basic principles for elections under this Subdivision
 SECTION 385100 Cases where you can make an election
 SECTION 385105 Election to spread tax profit over 5 years
 SECTION 385110 Alternative election to defer tax profit and reduce cost of replacement live stock
 SECTION 385115 Your assessable income includes an amount for replacement live stock you breed
 SECTION 385120 Purchase price of replacement live stock is reduced
 SECTION 385125 Alternative election because of bovine tuberculosis has effect over 10 years not 5
 Subdivision 385F  Insurance for loss of live stock or trees
 SECTION 385130 Insurance for loss of live stock or trees
 Subdivision 385G  Double wool clips
 SECTION 385135 Election to defer including profit on second wool clip
 Subdivision 385H  Rules that apply to all elections made under Subdivisions 385E, 385F and 385G
 SECTION 385145 Partnerships and trusts
 SECTION 385150 Time for making election
 SECTION 385155 Amounts are assessable income from carrying on the primary production business
 SECTION 385160 Effect of certain events on election
 SECTION 385163 Disentitling events
 SECTION 385165 New partnership can elect to be treated as same entity as old partnership
 SECTION 385170 New partnership can elect to take advantage of election made by former owner of the business
 Subdivision 385J  Refundable tax offset for conservation tillage
 [Division 387  Capital allowances for primary producers and some landholders]
 [Division 388  Tax offsets for primary producers and some landholders]
 Division 392  Longterm averaging of primary producers' tax liability
 SECTION 3921 What this Division is about
 SECTION 3925 Overview of averaging process
 Subdivision 392A  Is your income tax affected by averaging?
 SECTION 39210 Individuals who carry on a primary production business
 SECTION 39215 Meaning of basic taxable income
 SECTION 39220 Trust beneficiaries taken to be carrying on primary production business
 SECTION 39222 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
 SECTION 39225 Choosing not to have your income tax averaged
 Subdivision 392B  What kind of averaging adjustment must you make?
 SECTION 39230 What this Subdivision is about
 SECTION 39235 Will you get a tax offset or have to pay extra income tax?
 SECTION 39240 Identify income years for averaging your basic taxable income
 SECTION 39245 Work out your average income for those years
 SECTION 39250 Work out the income tax on your average income at basic rates
 SECTION 39255 Work out the comparison rate
 Subdivision 392C  How big is your averaging adjustment?
 SECTION 39260 What this Subdivision is about
 SECTION 39265 What your averaging adjustment reflects
 SECTION 39270 Working out your gross averaging amount
 SECTION 39275 Working out your averaging adjustment
 SECTION 39280 Work out your taxable primary production income
 SECTION 39285 Work out your taxable nonprimary production income
 SECTION 39290 Work out your averaging component
 Subdivision 392D  Effect of permanent reduction of your basic taxable income
 SECTION 39295 You are treated as if you had not carried on business before
 Division 393  Farm management deposits
 Guide to Division 393
 SECTION 3931 What this Division is about
 Subdivision 393A  Tax consequences of farm management deposits
 SECTION 3935 Deduction for making farm management deposit
 SECTION 39310 Assessability on repayment of deposit
 SECTION 39315 Transactions to which the deduction, assessment and 12 month rules have modified application
 SECTION 39316 Consolidation of farm management deposits
 SECTION 39317 Tax consequences of liabilities reducing because of farm management deposits
 Subdivision 393B  Meaning of farm management deposit and owner
 SECTION 39320 Farm management deposits
 SECTION 39325 Owners of farm management deposits
 SECTION 39327 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
 SECTION 39328 Application of Division to beneficiary no longer under legal disability
 SECTION 39330 Effect of contravening requirements
 SECTION 39335 Requirements of agreement for a farm management deposit
 SECTION 39337 Agreements for a farm management deposit may allow for some offsets of a depositor's liabilities
 SECTION 39340 Repayment of deposit within first 12 months
 SECTION 39345 Partly repaid farm management deposits
 Subdivision 393C  Special rules relating to financial claims scheme for accountholders with insolvent ADIs
 SECTION 39350 What this Subdivision is about
 SECTION 39355 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
 SECTION 39360 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer
 Division 394  Forestry managed investment schemes
 SECTION 3941 What this Division is about
 SECTION 3945 Object of this Division
 SECTION 39410 Deduction for amounts paid under forestry managed investment schemes
 SECTION 39415 Forestry managed investment schemes and related concepts
 SECTION 39420 Payments on behalf of participant in forestry managed investment scheme
 SECTION 39425 CGT event in relation to forestry interest in forestry managed investment scheme  initial participant
 SECTION 39430 CGT event in relation to forestry interest in forestry managed investment scheme  subsequent participant
 SECTION 39435 70% DFE rule
 SECTION 39440 Payments under forestry managed investment scheme
 SECTION 39445 Direct forestry expenditure
 Division 396  Land transport facilities borrowings
 SECTION 3965 What this Division is about
 Subdivision 396A  Key operative provisions
 SECTION 39610 What this Subdivision is about
 SECTION 39615 Tax offset for LTF interest on land transport facilities borrowings
 SECTION 39620 Maximum cost to Commonwealth
 SECTION 39625 Borrower cannot deduct LTF interest for which lender has tax offset
 Subdivision 396B  What LTF interest is covered?
 SECTION 39630 What is LTF interest ?
 SECTION 39635 Interest covered by land transport facilities borrowings agreement
 SECTION 39640 Interest ceasing to be covered by a land transport facilities borrowings agreement
 Subdivision 396C  Projects, borrowers and lenders
 SECTION 39645 What projects can be approved?
 SECTION 39650 Who can be approved as a borrower?
 SECTION 39655 Who can be a lender?
 Subdivision 396D  Application, approval and agreement process
 SECTION 39660 Applications
 SECTION 39665 Minister or Commissioner may seek more information
 SECTION 39670 Transport Minister to consider applications
 SECTION 39675 Selection criteria
 SECTION 39680 Land transport facilities borrowings agreements
 SECTION 39685 Conditions to be in all agreements
 SECTION 39690 Variation of agreements
 Subdivision 396E  Miscellaneous
 SECTION 39695 Provision of information
 SECTION 396100 Publication of information about approvals and agreements
 SECTION 396105 Delegation by Transport Minister
 SECTION 396110 Decision by Transport Minister not reviewable by AAT
 [Division 400  Environmental impact assessment and environmental protection]
 Division 402  Environment protection expenditure
 Guide to Division 402
 SECTION 4021 What this Division is about
 Subdivision 402W  Urban water tax offset
 SECTION 402750 What this Subdivision is about
 SECTION 402755 Entitlement to urban water tax offset
 SECTION 402760 Certificates
 SECTION 402765 Amount of urban water tax offset
 SECTION 402770 Revoking certificates
 SECTION 402775 AAT review
 SECTION 402780 Guidelines
 Division 405  Aboveaverage special professional income of authors, inventors, performing artists, production associates and sportspersons
 SECTION 4051 What this Division is about
 SECTION 4055 Special rate of income tax on your aboveaverage special professional income
 SECTION 40510 Overview of the Division
 Subdivision 405A  Aboveaverage special professional income
 SECTION 40515 When do you have aboveaverage special professional income?
 Subdivision 405B  Assessable professional income
 SECTION 40520 What you count as assessable professional income
 SECTION 40525 Meaning of special professional , performing artist , production associate , sportsperson and sporting competition
 SECTION 40530 What you cannot count as assessable professional income
 SECTION 40535 Limits on counting amounts as assessable professional income
 SECTION 40540 Joint author or inventor treated as sole author or inventor
 Subdivision 405C  Taxable professional income and average taxable professional income
 SECTION 40545 Working out your taxable professional income
 SECTION 40550 Working out your average taxable professional income
 Division 410  Copyright and resale royalty collecting societies
 Guide to Division 410
 SECTION 4101 What this Division is about
 Subdivision 410A  Notice of payments
 SECTION 4105 Copyright collecting society must give notice to member of society
 SECTION 41050 Resale royalty collecting society must give notice to holder of resale royalty right
 Division 415  Designated infrastructure projects
 Guide to Division 415
 SECTION 4151 What this Division is about
 Subdivision 415A  Object of this Division
 SECTION 4155 Object of this Division
 Subdivision 415B  Tax losses and bad debts
 SECTION 41510 What this Subdivision is about
 SECTION 41515 Uplift of tax losses of designated infrastructure project entities
 SECTION 41520 Designated infrastructure project entity
 SECTION 41525 Tax losses of trusts
 SECTION 41530 Bad debts written off etc. by trusts
 SECTION 41535 Tax losses of companies
 SECTION 41540 Bad debts written off by companies
 SECTION 41545 Losses transferred to head companies of consolidated groups
 Subdivision 415C  Designating infrastructure projects
 SECTION 41550 What this Subdivision is about
 SECTION 41555 Applications for designation
 SECTION 41560 Dealing with applications
 SECTION 41565 Provisional designation
 SECTION 41570 Designation
 SECTION 41575 Infrastructure project capital expenditure cap
 SECTION 41580 Acceptance of estimates of infrastructure project capital expenditure
 SECTION 41585 Review of decisions
 SECTION 41590 Information to be made public
 SECTION 41595 Delegation
 SECTION 415100 Infrastructure project designation rules
 Division 418  Exploration for minerals
 Guide to Division 418
 SECTION 4181 What this Division is about
 Subdivision 418A  Object of this Division
 SECTION 4185 Object of this Division
 Subdivision 418B  Exploration development incentive tax offset
 SECTION 41810 Who is entitled to the tax offset  ordinary case
 SECTION 41815 Who is entitled to the tax offset  life insurance company
 SECTION 41820 Entitlement of member of a trust or partnership to a share of exploration credits
 SECTION 41825 The amount of the tax offset
 SECTION 41830 Reduced amount of the tax offset for certain trusts
 Subdivision 418C  Exploration development incentive franking credit
 SECTION 41850 Exploration development incentive franking credit  ordinary case
 SECTION 41855 Exploration development incentive franking credit  life insurance company
 Subdivision 418D  Creating exploration credits
 SECTION 41870 Entities that may create exploration credits
 SECTION 41875 Meaning of greenfields minerals explorer
 SECTION 41880 Meaning of greenfields minerals expenditure
 SECTION 41885 Exploration credits must not exceed maximum exploration credit amount
 SECTION 41890 Modulation factors
 SECTION 41895 Effect on tax losses of creating exploration credits
 Subdivision 418E  Issuing exploration credits
 SECTION 418110 Issuing exploration credits
 SECTION 418115 Restricting exploration credits to post 1 July 2014 shares
 SECTION 418120 Exploration credits to be issued on a proportionate basis
 SECTION 418125 Expiry of exploration credits
 SECTION 418130 Notifying the Commissioner of issuing or expiry of exploration credits
 Subdivision 418F  Excess exploration credits
 SECTION 418150 Excess exploration credit tax
 SECTION 418155 Due date for payment of excess exploration credit tax
 SECTION 418160 Returns
 SECTION 418165 When shortfall interest charge is payable
 SECTION 418170 General interest charge
 SECTION 418175 Refunds of amounts overpaid
 SECTION 418180 Record keeping

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