Income Tax Assessment Act 1997
In this Act, except so far as the contrary intention appears:
4% build to rent manner
has the meaning given by subsection
43-145(2)
.
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4% manner
has the meaning given by section
43-145
.
70% DFE rule
has the meaning given by section
394-35
.
95% services indirect value shift
has the meaning given by section
727-700
.
100% subsidiary
has the meaning given by section
975-505
.
165-CC tagged asset
has the meaning given by section
715-30
.
170-D deferred loss
has the meaning given by section
715-310
.
AAT
(Repealed by No 38 of 2024)
ABN
has the meaning given by the
A New Tax System (Australian Business Number) Act 1999
.
abnormal income
(Repealed by No 77 of 2001)
abnormal trading
has the meaning given by Subdivision
960-H
.
Aboriginal
(Repealed by No 84 of 2013)
above-average special professional income
has the meaning given by section
405-15
.
ACA
(Repealed by No 45 of 2005)
acceptable amount
of an instalment for an
*
instalment quarter has the meaning given by section
45-232
in Schedule
1
to the
Taxation Administration Act 1953
.
accountable membership interest
has the meaning given by section
208-30
.
accountable partial interest
has the meaning given by section
208-35
.
account-based annuity
has the meaning given by the
Superannuation Industry (Supervision) Regulations 1994
.
accounting principles
:
A matter is in accordance with
accounting principles
if it is in accordance with:
(a) * accounting standards; or
(b) if there are no accounting standards applicable to the matter - authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements.
accounting principles for tax cost setting
has the meaning given by:
(a) subsection 705-70(3) ; and
(b) subsection 711-45(1A) .
accounting standards
has the same meaning as in the
Corporations Act 2001
.
accrued default amount
(Repealed by No 89 of 2013)
accrued leave transfer payment
has the meaning given by subsection
26-10(2)
.
accumulated AASL debt
has the meaning given by section 35 of the
Australian Apprenticeship Support Loans Act 2014
.
accumulated ABSTUDY SSL debt
has the meaning given by section
9C
of the
Student Assistance Act 1973
.
accumulated HELP debt
has the meaning given by section
140-25
of the
Higher Education Support Act 2003
.
accumulated SSL debt
has the meaning given by section
1061ZVEC
of the
Social Security Act 1991
.
accumulated TSL debt
(Repealed by No 61 of 2023)
accumulated VETSL debt
has the same meaning as in the
VET Student Loans Act 2016
.
accumulation phase value
of a
*
superannuation interest has the meaning given by subsection
307-205(2)
.
ACNC type of entity
means an entity that meets the description of a type of entity in column 1 of the table in subsection 25-5(5) of the
Australian Charities and Not-for-profits Commission Act 2012
.
(a) a * CGT asset: you acquire a CGT asset (in its capacity as a CGT asset) in the circumstances and at the time worked out under Division 109 (including under a provision listed in Subdivision 109-B ); and
Note:
A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see, for example, Division 149 .
(b) an item of * intellectual property: an entity does not acquire an item of intellectual property merely because a licence relating to a patent, design or copyright is surrendered to the entity.
acquisition time
has the meaning given by section
58-5
.
acquisition year
has the meaning given by section
58-5
.
active asset
has the meaning given by section
152-40
.
active build to rent development
has the meaning given by subsection
43-151(2)
.
active build to rent development area
has the meaning given by subsection
43-151(1)
.
active build to rent part
has the meaning given by section
44-25
.
active foreign business asset
of a company that is a foreign resident has the meaning given by section
768-540
.
active foreign business asset percentage
of a company has the meaning given by section
768-510
.
(a) in a * scheme under which there is a * direct value shift, has the meaning given by subsection 725-65(2) ; and
(b) in a * scheme under which there is an * indirect value shift, has the meaning given by subsection 727-530(3) .
actual cost method
of working out the
*
value of a
*
registered emissions unit has the meaning given by section
420-53
.
actuary
means a Fellow or Accredited Member of the Institute of Actuaries of Australia.
additional investment requirements for ESVCLPs
has the meaning given by subsection
118-428(1)
.
ADI
(authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the
Banking Act 1959
.
ADI equity capital
of an entity at a particular time means the total of the following:
(a) all the entity ' s * equity capital at that time; and
(b) the total value of all the * debt interests * issued by the entity that satisfy all of the following:
(i) at that time, the interests are * on issue and have been on issue for 90 days or more;
(ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820-40(1)(a) .
A debt interest is treated as having satisfied subparagraph (b)(i) at that time if it was on issue at that time, and the total period for which it remains on issue is 90 days or more.
adjacent land
has the meaning given by subsection
118-120(2)
.
adjacent structure
has the meaning given by subsection
118-120(6)
.
(a) of a * depreciating asset, has the meaning given by section 40-85 ; and
(ba) of an asset, for the purposes of determining the consequences of a choice under any of sections 715-100 , 715-105 , 715-125 , 715-130 and 715-185 , has the meaning given by section 715-145 ; and
(b) of an * equity or loan interest:
(i) for the purposes of determining the consequences of a * direct value shift - has the meaning given by sections 725-240 , 725-315 and 725-325 ; and
(ii) for the purposes of determining the consequences of an * indirect value shift - has the meaning given by sections 727-830 , 727-835 and 727-840 .
adjustable value method
means the method (for determining the effect of
*
indirect value shifts) for which Subdivision
727-H
provides.
adjusted assessed tax
has the meaning given by section
45-375
in Schedule
1
to the
Taxation Administration Act 1953
.
adjusted assessed taxable income
has the meaning given by section
45-370
in Schedule
1
to the
Taxation Administration Act 1953
.
adjusted available frankable profits
has the meaning given by subsection
215-25(2)
.
adjusted average debt
has the meaning given by sections
820-85
,
820-120
,
820-185
and
820-225
.
adjusted average equity capital
has the meaning given by sections
820-300
,
820-330
,
820-589
and
820-613
.
adjusted Division 6 percentage
,
in relation to a trust estate, has the same meaning as in
Division 6 of Part III
of the
Income Tax Assessment Act 1936
.
adjusted net third party interest expense
has the meaning given by section
820-54
.
adjusted on-lent amount
has the meaning given by sections
820-100
,
820-200
and
820-210
.
adjusted tax
on
*
adjusted taxable income or on
*
adjusted withholding income has the meaning given by section
45-340
in Schedule
1
to the
Taxation Administration Act 1953
.
adjusted taxable income
has the meaning given by sections
45-330
and
45-480
in Schedule
1
to the
Taxation Administration Act 1953
.
adjusted taxable income for offsets
means adjusted taxable income for rebates within the meaning of subsection
6(1)
of the
Income Tax Assessment Act 1936
.
adjusted unrealised loss
at an
*
alteration time for a company has the meaning given by section
165-115U
.
adjusted withholding income
has the meaning given by sections
45-335
and
45-485
in Schedule
1
to the
Taxation Administration Act 1953
.
adopted child
of a person means someone the person has adopted:
(a) under a * State law or * Territory law about adoption of children; or
(b) under a * foreign law about adoption of children, if the adoption would be recognised as valid under a State law or Territory law.
(a) in the * losing entity for an * indirect value shift, has the meaning given by section 727-460 ; or
(b) in the * gaining entity for an indirect value shift, has the meaning given by section 727-465 .
(a) of * down interests, has the meaning given by section 725-80 ; and
(b) of * up interests, has the meaning given by section 725-85 ; and
(c) for an * indirect value shift, has the meaning given by section 727-530 .
affiliate
has the meaning given by section
328-130
.
affordable dwelling
has the meaning given by subsection
43-153(2)
.
AFOF
means an
*
Australian venture capital fund of funds.
agent
: this Act applies to some entities that are not agents in the same way as it applies to agents: see section
960-105
.
aggregated turnover
has the meaning given by section
328-115
.
Agriculture Department
means the Department administered by the Minister administering the
Farm Household Support Act 2014
.
Agriculture Minister
(Repealed by No 110 of 2014)
Agriculture Secretary
means the Secretary of the
*
Agriculture Department.
alienated personal services payment
has the meaning given by section
13-10
in Schedule
1
to the
Taxation Administration Act 1953
.
All Groups Consumer Price Index number
means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician.
allocable cost amount
has the meaning given by section
705-60
and subsection
711-20(1)
.
allocated annuity
means an
*
immediate annuity that satisfies the requirements of subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations.
allocated pension
means a
*
current pension that satisfies the requirements of subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations.
allowable capital expenditure
(Repealed by No 77 of 2001)
allowable OB deduction
has the meaning given by subsection
121EF(2)
of the
Income Tax Assessment Act 1936
.
allowance component
(Repealed by No 96 of 2014)
(a) for a company has the meaning given by sections 165-115L , 165-115M , 165-115N , 165-115P , 165-115Q , 715-245 , 715-250 and 719-725 ; and
(b) for a trust, has the meaning given by section 715-270 .
AMIT
(short for
attribution managed investment trust
) has the meaning given by section
276-10
.
AMIT cost base increase amount
has the meaning given by section
104-107E
.
AMIT cost base net amount
has the meaning given by section
104-107C
.
AMIT cost base reduction amount
has the meaning given by section
104-107D
.
AMIT DIR payment
has the meaning given by section
12A-25
in Schedule
1
to the
Taxation Administration Act 1953
.
AMIT dividend payment
has the meaning given by section
12A-30
in Schedule
1
to the
Taxation Administration Act 1953
.
AMIT interest payment
has the meaning given by section
12A-35
in Schedule
1
to the
Taxation Administration Act 1953
.
AMIT member annual statement
: see
AMMA statement
.
AMIT royalty payment
has the meaning given by section
12A-40
in Schedule
1
to the
Taxation Administration Act 1953
.
AMMA statement
(short for
AMIT member annual statement
) has the meaning given by section
276-460
.
amount arising
(Repealed by No 77 of 2001)
amount required to be withheld
by an entity from a
*
withholding payment means:
(a) the amount that the entity must withhold from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aaa) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or
(aa) the amount that Division 13 in that Schedule requires the entity to pay to the Commissioner in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) the amount that Division 14 in that Schedule requires the entity to pay to the Commissioner in respect of the * non-cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates;
or that amount as varied by the Commissioner under section 15-15 in the Schedule.
amount withheld
by an entity from a
*
withholding payment means:
(a) an amount that the entity withheld from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aaa) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or
(aa) an amount that the entity paid to the Commissioner under Division 13 in that Schedule in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) an amount that the entity paid to the Commissioner under Division 14 in that Schedule in respect of the * non-cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates.
ancillary activities
(Repealed by No 77 of 2001)
(a) a * public ancillary fund; or
(b) a * private ancillary fund.
ancillary mining activities
has the meaning given by section
40-740
.
ancillary or community charity trust fund
means:
(a) a * public ancillary fund; or
(b) a * private ancillary fund; or
(c) a * community charity trust.
annual exploration cap
for an income year has the meaning given by subsection
418-103(1)
.
annual global income
has the meaning given by section
960-565
.
annual instalment component
of your
*
tax position has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
annual investment income report
means a report, relating to
*
Part VA investments, that an entity is required to give to the Commissioner, in respect of a
*
financial year, under section
393-10
in Schedule
1
to the
Taxation Administration Act 1953
.
annual payer
means an entity that has become an annual payer under section
45-140
in Schedule
1
to the
Taxation Administration Act 1953
, and has not since ceased to be an annual payer under section
45-150
or
45-155
or former section 45-180 in that Schedule.
annual tax period election
has the same meaning as in the
*
GST Act.
annual turnover
has the meaning given by section
328-120
.
(a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997 .
annuity instrument
means an instrument that secures the grant of an annuity (whether dependent on the life of an individual or not).
apartment building
has the meaning given by section
43-95
.
applicable functional currency
has the meaning given by section
960-70
.
applicable fund earnings
has the meaning given by section
305-75
.
applicable instalment rate
(Repealed by No 96 of 2014)
applicable insurance contracts accounting standard
means:
(a) unless paragraph (b) applies - * accounting standard AASB 17, as in force on 31 December 2022; or
(b) if the regulations prescribe another accounting standard (which may be AASB 17 as in force at another time) - that accounting standard.
Applicable MNE Group
, for a
*
Fiscal Year, has the same meaning as in the
*
Minimum Tax Act, as affected by section 28 of that Act.
applicable trust fund guidelines
means:
(a) in relation to a * public ancillary fund - the * public ancillary fund guidelines; or
(b) in relation to a * private ancillary fund - the * private ancillary fund guidelines; or
(c) in relation to a * community charity trust - the * community charity trust guidelines.
(a) amounts deducted or deductible under section 25-75 (which provides a deduction for rates and land tax); or
(b) amounts deducted or deductible under section 30-15 because of item 1, 2, 7 or 8 in the table in that section, except amounts deducted or deductible for gifts of * trading stock in cases where:
(i) the gifts are covered by section 70-90 (which has the effect that the giver ' s assessable income includes the market value of the gift); and
(ii) no election has been made, or is made, under Subdivision 385-E (which allows the giver to choose to spread the market value of a gift of live stock over the giver ' s assessable income for 5 income years or to reduce the amount included in the giver ' s assessable income by the cost of replacement live stock).
approved child care
(Repealed by No 49 of 2019)
approved child care fees
(Repealed by No 49 of 2019)
approved deposit fund
has the meaning given by section
10
of the
Superannuation Industry (Supervision) Act 1993
.
approved deposit fund payment
has the meaning given by section
307-5
.
approved form
has the meaning given by section
388-50
in Schedule
1
to the
Taxation Administration Act 1953
.
approved investment plan,
of an
*
ESVCLP, has the meaning given by subsection
13-15(2)
of the
Venture Capital Act 2002
.
approved management plan
for land has the meaning given by section
40-640
.
approved occupational clothing guidelines
has the meaning given by subsection
34-55(1)
.
[ CCH Note: Definition of " approved residential care home " will be inserted by No 45 of 2025, s 3 and Sch 3 item 219, effective 1 November 2025. The definition will read:
]approved residential care home
has the same meaning as in the Aged Care Act 2024 .
approved stock exchange
means a stock exchange named in regulations made for the purposes of this definition.
APRA
means the Australian Prudential Regulation Authority.
area covered by an international tax sharing treaty
: if, under an
*
international tax sharing treaty, Australia and another country share tax revenues from activities undertaken in an area identified by or under the treaty, that area is an
area covered by an international tax sharing treaty
.
arm
'
s length
:
in determining whether parties deal at
arm
'
s length
, consider any connection between them and any other relevant circumstance.
arm
'
s length capital amount
:
(a) for an * outward investing entity (ADI) - has the meaning given by section 820-315 ; and
(b) for an * inward investing entity (ADI) - has the meaning given by section 820-410 .
arm
'
s length conditions
has the meaning given by section
815-125
.
arm
'
s length consideration
(Repealed by No 96 of 2014)
arm
'
s length debt amount
(Repealed by No 23 of 2024)
arm
'
s length profits
has the meaning given by section
815-225
.
arrangement
means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.
arrangement payment
has the meaning given by section
240-65
.
arrangement payment period
has the meaning given by section
240-70
.
arrangement period
for a
*
tax preferred use of an asset has the meaning given by section
250-65
.
ART
means the Administrative Review Tribunal.
artistic support
has the meaning given by subsection
405-25(5)
.
Arts Department
(Repealed by No 110 of 2014)
Arts Minister
means the Minister administering the
National Gallery Act 1975
.
Arts Secretary
means the Secretary of the Department administered by the
*
Arts Minister.
(a) a painting, sculpture, drawing, engraving or photograph; or
(b) a reproduction of such a thing; or
(c) property of a similar description or use.
ASIC
means the Australian Securities and Investments Commission.
assessable amount
has the meaning given by subsection
155-5(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
assessable FHSS released amount
, for an income year, means the amount included in a person
'
s assessable income for the income year under section
313-20
in respect of the person
'
s
*
FHSS released amounts.
assessable film income
for an income year is so much of the amount, or the sum of the amounts, to which section
26AG
of the
Income Tax Assessment Act 1936
applies in relation to you for the income year as is assessable income.
assessable income
has the meaning given by sections
6-5
,
6-10
,
6-15
,
17-10
and
17-30
.
For the effect of GST-related amounts on assessable income, see Division 17 .
Note:
For income years before 1997-98, assessable income has the meaning given by section 6-3 of the Income Tax (Transitional Provisions) Act 1997 .
assessable non-primary production income
has the meaning given by subsection
392-85(2)
.
assessable primary production income
has the meaning given by subsection
392-80(2)
.
assessable professional income
has the meaning given by subsection
405-20(1)
.
assessable recoupment
has the meaning given by section
20-20
.
assessed build to rent development misuse tax
means
*
build to rent development misuse tax, as assessed under Schedule
1
to the
Taxation Administration Act 1953
.
assessed Division 293 tax
means
*
Division 293 tax, as assessed under Schedule
1
to the
Taxation Administration Act 1953
.
assessed excess transfer balance tax
means
*
excess transfer balance tax, as assessed under Schedule
1
to the
Taxation Administration Act 1953
.
assessed first home super saver tax
means
*
first home super saver tax, as assessed under Schedule
1
to the
Taxation Administration Act 1953
.
assessed GST
has the meaning given by the
*
GST Act.
assessed net amount
has the meaning given by the
*
GST Act.
assessed net fuel amount
has the meaning given by the
Fuel Tax Act 2006
.
(a) of an * assessable amount, means an ascertainment of the assessable amount; and
(b) in relation to a * tax-related liability not covered by paragraph (a), has the meaning given by a * taxation law that provides for the assessment of the amount of the liability.
Note:
The table lists provisions of taxation laws that define assessment .
| Taxation laws that define assessment | ||
| Item | Taxation law | Provision |
| 1 | Income Tax Assessment Act 1936 | subsection 6(1) |
| 5 | Fringe Benefits Tax Assessment Act 1986 | subsection 136(1) |
| 10 | Petroleum Resource Rent Tax Assessment Act 1987 | section 2 |
| 15 | Superannuation Guarantee (Administration) Act 1992 | section 6 |
| 20 | Superannuation Contributions Tax (Assessment and Collection) Act 1997 | section 43 |
| 25 | Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 | section 38 |
| 30 | (Repealed by No 23 of 2018) |
assessment day
for an income year of a
*
life insurance company has the meaning given by section
219-45
.
asset
, of a
*
sub-fund of a
*
CCIV, means any of the assets of the sub-fund, ascertained in accordance with Subdivision
B
of Division
3
of Part
8B.5
of the
Corporations Act 2001
.
asset for insurance acquisition cash flows
has the same meaning as in the
*
applicable insurance contracts accounting standard.
asset-based income tax regime
has the meaning given by section
830-105
.
asset entity
has the meaning given by section
12-436
in Schedule
1
to the
Taxation Administration Act 1953
.
asset forming part of goodwill
(Repealed by No 99 of 2012)
asset included in the total assets
of a company that is a foreign resident has the meaning given by section
768-545
.
associate
has the meaning given by section
318
of the
Income Tax Assessment Act 1936
.
Note:
Under section 87-35 , Australian government agencies, and certain parts of Australian governments and authorities, are not treated as associates for the purposes of ascertaining whether an entity is conducting a personal services business.
associated enterprises article
has the meaning given by subsection
815-15(5)
.
associated government entity
means:
(a) for the Commonwealth - each authority of the Commonwealth; or
(b) for an authority of the Commonwealth - each other authority of the Commonwealth; or
(c) for a State - each authority of the State; or
(d) for an authority of a State - each other authority of the State; or
(e) for a Territory - each authority of the Territory; or
(f) for an authority of a Territory - each other authority of the Territory.
associate entity
has the meaning given by section
820-905
.
associate entity debt
has the meaning given by section
820-910
.
associate entity equity
has the meaning given by section
820-915
.
associate entity excess amount
has the meaning given by section
820-920
.
associate-inclusive control interest
in a company has the meaning given by section
975-160
.
associate-inclusive control interest
(Repealed by No 90 of 2002)
associate interest
has the meaning given by section
820-905
.
associate pair
: an entity is an associate pair of another entity if any of the following conditions are satisfied:
(a) the entity is an associate of the other entity;
(b) the other entity is an associate of the entity.
at risk
has the meaning given by section
118-430
.
attributable income
has the meaning given by
Division 7 of Part X
of the
Income Tax Assessment Act 1936
.
attributable taxpayer
has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
attribution managed investment trust
: see
AMIT
.
attribution percentage
, in relation to a
*
CFC or a
*
CFT, has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
audited consolidated financial statements
for an entity for a period has the meaning given by section
820-935
.
auditing principles
: a matter is in accordance with
auditing principles
if it is in accordance with:
(a) * auditing standards; or
(b) if there are no auditing standards applicable to the matter - authoritative pronouncements of the Auditing and Assurance Standards Board that apply to the preparation of financial statements.
auditing standard
has the same meaning as in the
Corporations Act 2001
.
Australia
has the meaning affected by section
960-505
.
Australian agricultural land for rent
has the meaning given by section
12-448
in Schedule
1
to the
Taxation Administration Act 1953
.
Australian Business Register
means the Australian Business Register established and maintained under the
A New Tax System (Australian Business Number) Act 1999
.
[ CCH Note: Definition of " Australian Business Register " will be repealed by No 69 of 2020 (as amended by No 35 of 2022), s 3 and Sch 1 item 1382, effective 1 July 2026 or a day or days to be fixed by Proclamation. For application and transitional provisions, see note under s 30-5(4AA) .]
Australian Business Registrar
means the Registrar of the
*
Australian Business Register.
[ CCH Note: Definition of " Australian Business Registrar " will be repealed by No 69 of 2020 (as amended by No 35 of 2022), s 3 and Sch 1 item 1383, effective 1 July 2026 or a day or days to be fixed by Proclamation. For application and transitional provisions, see note under s 30-5(4AA) .]
Australian carbon credit unit
has the same meaning as in the
Carbon Credits (Carbon Farming Initiative) Act 2011
.
Australian controlled foreign entity
has the meaning given by section
820-745
.
(a) of a * controlled foreign company mentioned in paragraph 820-745(a) - has the meaning given by section 820-750 ; and
(b) of a * controlled foreign trust - has the meaning given by section 820-755 ; and
(c) of a * controlled foreign corporate limited partnership - has the meaning given by section 820-760 .
Australian corporate tax entity
:
an entity is an
Australian corporate tax entity
at a particular time if the entity is:
(a) a * corporate tax entity at that time; and
(b) for a company or a * corporate limited partnership - an Australian resident at that time; and
(c) for a * public trading trust - a * resident unit trust for the income year in which that time occurs.
Australian DMT tax
means tax payable under section 8 of the
*
Minimum Tax Act.
Note:
DMT is short for Domestic Minimum Top-up.
Australian DMT tax amount
means a Domestic Top-up Tax Amount (within the meaning of the
*
Minimum Tax Act).
Australian DMT tax return
has the meaning given by section
127-45
in Schedule
1
to the
Taxation Administration Act 1953
.
Australian entity
has the same meaning as in Part
X
of the
Income Tax Assessment Act 1936
Australian financial market
means a financial market (within the meaning of Chapter
7
of the
Corporations Act 2001
) operating under an Australian market licence granted under subsection
795B(1)
of that Act.
Australian financial services licence
has the same meaning as in the
Corporations Act 2001
.
Australian fund
has the meaning given by section
74
of the
Life Insurance Act 1995
.
(a) * Australian DMT tax; and
(b) * Australian IIR tax; and
(c) * Australian UTPR tax.
Australian GloBE tax affairs
means affairs relating to:
(a) * Australian IIR/UTPR tax; or
(b) * Australian DMT tax.
Australian government agency
means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory.
Australian IIR tax
means tax payable under section 6 of the
*
Minimum Tax Act.
Note:
IIR is short for income inclusion rule.
Australian IIR/UTPR tax
means:
Australian IIR/UTPR tax amount
means:
Australian IIR/UTPR tax return
has the meaning given by section
127-35
in Schedule
1
to the
Taxation Administration Act 1953
.
Australian law
means a
*
Commonwealth law, a
*
State law or a
*
Territory law.
(a) the Parliament of the Commonwealth of Australia; or
(b) the Parliament of a State; or
(c) the Legislative Assembly for the Australian Capital Territory; or
(d) the Legislative Assembly of the Northern Territory of Australia.
Australian/overseas fund
has the meaning given by section
74
of the
Life Insurance Act 1995
.
Australian permanent establishment
, of an entity, means a
*
permanent establishment of the entity that is in Australia.
Australian resident
means a person who is a resident of Australia for the purposes of the
Income Tax Assessment Act 1936
.
Australian source
:
without limiting when
*
ordinary income or
*
statutory income has an
Australian source
, it has an
Australian source
if it is
*
derived
from a source in Australia for the purposes of the
Income Tax Assessment Act 1936
.
Australian-sourced amount
has the meaning given by the regulations mentioned in section
312-5
(about trans-Tasman portability of retirement savings).
Australian superannuation fund
has the meaning given by section
295-95
.
Australian trust
has the same meaning as in Part
X
of the
Income Tax Assessment Act 1936
Australian UTPR tax
means tax payable under section 10 of the
*
Minimum Tax Act.
Note:
UTPR is short for undertaxed profits rule.
Australian venture capital fund of funds
has the meaning given by subsection
118-410(3)
.
authorised ASIO officer
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
authorised law enforcement agency officer
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
available assessable income
(Repealed by No 77 of 2001)
available expense
has the meaning given by section
175-30
.
available fraction
for a
*
bundle of losses has the meaning given by sections
707-320
,
719-310
and
719-315
.
available frankable profits
has the meaning given by section
215-20
and affected by subsection
215-25(1)
.
available income
has the meaning given by section
175-30
.
available loss exposure amount
has the meaning given by paragraph
830-50(1)(a)
.
average equity capital
has the meaning given by sections
820-395
,
820-420
and
820-615
.
average income
has the meaning given in subsection
392-45(1)
.
average taxable professional income
has the meaning given by subsections
405-50(1)
and
(2)
.
average turnover
(Repealed by
No 80 of 2007
)
averaging adjustment
has the meaning given in section
392-75
.
averaging component
has the meaning given in subsection
392-90(1)
.
award transport payment
has the meaning given by section
900-220
.
balancing adjustment event
has the meaning given by section
40-295
.
Note:
Subsection 417-30(1) provides that certain events (connected with Timor Sea petroleum) are taken not to be balancing adjustment events.
BAS amount
means any debt or credit that arises directly under the
*
BAS provisions.
Note:
BAS stands for Business Activity Statement.
BAS amounts
(Repealed by No 12 of 2012)
base assessment
has the meaning given by sections
45-320
and
45-470
in Schedule
1
to the
Taxation Administration Act 1953
.
base interest rate
has the meaning given by section
8AAD
of the
Taxation Administration Act 1953
.
base penalty amount
: the base penalty amount for calculating the amount of an administrative penalty is worked out under the relevant provision in this table:
| Base penalty amount | ||
| Item | For a penalty for this: | See: |
| 1 | False or misleading statement | Section 284-90 in Schedule 1 to the Taxation Administration Act 1953 |
| Position not reasonably arguable | ||
| 2 | * Schemes | Section 284-160 in that Schedule |
| 3 | Failure to lodge returns etc. | Section 286-80 in that Schedule |
base value
, of a
*
depreciating asset, has the meaning given by subsection
40-70(1)
.
base year
, in relation to an income year, has the meaning given by sections
45-320
and
45-470
in Schedule
1
to the
Taxation Administration Act 1953
.
base year
†
, for your entitlement to a
*
tax offset under Subdivision
61-I
, has the meaning given by section
61-430
.
basic assessable income
has the meaning given by subsection
392-45(2)
.
basic concessional contributions cap
means the concessional contributions cap under subsection
291-20(2)
, disregarding any increase under subsection
291-20(3)
.
basic rates
has the meaning given by subsection
392-35(4)
.
basic taxable income
has the meaning given by section
392-15
.
(a) Part VII of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) the * indirect tax law; and
(c) Parts 2-5 and 2-10 in Schedule 1 to the Taxation Administration Act 1953 (which are about the PAYG system); and
(d) Division 389 in Schedule 1 to the Taxation Administration Act 1953 ; and
(e) the Major Bank Levy Act 2017 .
Note:
BAS stands for Business Activity Statement.
behaviour that is harmful or abusive
means one or more of the following:
(a) emotional abuse;
(b) sexual abuse;
(c) physical abuse;
(d) suicide;
(e) self-harm;
(f) substance abuse;
(g) harmful gambling.
benchmark franking percentage
has the meaning given by section
203-30
.
benchmark instalment rate
has the meaning given by sections
45-360
and
45-530
in Schedule
1
to the
Taxation Administration Act 1953
.
benchmark rate of return
for an interest has the meaning given by section
974-145
.
benchmark rule
is the rule in section
203-25
.
benchmark tax
has the meaning given by sections
45-365
and
45-535
in Schedule
1
to the
Taxation Administration Act 1953
.
beneficiary
, of a
*
CCIV sub-fund trust, means a
*
member of the
*
sub-fund who is taken because of subsection
195-110(1)
to be a beneficiary of the trust.
bereavement Subdivision
has the meaning given by section
52-20
.
bid period
has the meaning given by section
9
of the
Corporations Act 2001
.
borrowed securities amount
of an entity at a particular time means the total of the liabilities of the entity, to the extent that they meet these conditions:
(a) the value of the liability at that time is worked out by reference to the value at that time of securities that the entity has short sold;
(b) as at that time, the entity has settled the sale using securities it acquired under one or more of these * arrangements:
(i) a reciprocal purchase agreement (otherwise known as a repurchase agreement);
(ii) a sell-buyback arrangement;
(iii) a securities loan arrangement.
borrowing
means any form of borrowing, whether secured or unsecured, and includes the raising of funds by the issue of a bond, debenture, discounted security or other document evidencing indebtedness.
branch hybrid
has the meaning given by section
832-485
.
branch hybrid mismatch
has the meaning given by section
832-470
.
bribe to a foreign public official
has the meaning given by section
26-52
.
bribe to a public official
has the meaning given by section
26-53
.
build to rent capital works deduction amount
has the meaning given by section
44-25
.
build to rent compliance period
has the meaning given by subsection
43-152(5)
.
build to rent development
has the meaning given by subsections
43-152(1)
,
(2)
and
(3)
.
build to rent development misuse tax
means tax imposed by the
Capital Works (Build to Rent Misuse Tax) Act 2024
.
build to rent misuse amount
has the meaning given by section
44-20
.
build to rent withholding amount
has the meaning given by section
44-30
.
bundle
of losses has the meaning given by section
707-315
.
business
includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
business continuity test
has the meaning given by Subdivision
165-E
.
business continuity test period
has the meaning given by sections
165-13
,
165-15
,
165-35
,
165-40
,
165-45
,
165-126
,
165-129
,
165-132
,
166-5
,
166-20
,
166-40
,
707-125
,
707-135
,
715-50
,
715-55
,
715-60
,
715-70
,
715-95
,
715-355
and
715-360
, and affected by sections
415-35
,
415-40
and
707-400
.
business day
means a day other than:
(a) a Saturday or a Sunday; or
(b) a day which is a public holiday for the whole of:
(i) any State; or
(ii) the Australian Capital Territory; or
(iii) the Northern Territory.
business exemption threshold
(Repealed by No 165 of 1999)
business kilometres
has the meaning given by sections
28-25
and
28-90
.
business meeting
has the meaning given by subsections
32-65(3)
and
(4)
.
business profits article
has the meaning given by subsection
815-15(6)
.
business travel expense
has the meaning given by section
900-95
.
business use percentage
has the meaning given by section
28-90
.
capital allowance
means a deduction under:
(a) Division 40 (capital allowances) of this Act; or
(ab) Division 43 (capital works) of this Act; or
(ac) Subdivision 328-D (capital allowances for small business entities) of this Act; or
(b) - (c) (Repealed by No 101 of 2006)
(d) former Division 10BA of Part III of that Act (Australian films); or
(e) former Division 10B of Part III of that Act (copyright in Australian films).
(f) (Repealed by No 93 of 2011)
capital gain
:
for each
*
CGT event a
capital gain
is worked out in the way described in that event.
Note 1:
There are some CGT events for which there is no capital gain.
Note 2:
For income years before 1998-99, capital gain has the meaning given by section 102-20 of the Income Tax (Transitional Provisions) Act 1997 .
capital loss
:
for each
*
CGT event a
capital loss
is worked out in the way described in that event.
Note 1:
There are some CGT events for which there is no capital loss.
Note 2:
For income years before 1998-99, capital loss has the meaning given by section 102-20 of the Income Tax (Transitional Provisions) Act 1997 .
capital proceeds
has the meaning given by Division
116
.
capital protected borrowing
has the meaning given by section
247-10
.
capital protection
has the meaning given by section
247-10
.
capital shareholding of less than 1%
(Repealed by No 147 of 2005)
capital stake
has the meaning given by section
166-235
.
capital unitholding of less than 1%
(Repealed by No 94 of 1999)
capped defined benefit income stream
has the meaning given by section
294-130
.
capped life
of a
*
depreciating asset has the meaning given by section
40-102
.
car
means a
*
motor vehicle (except a motor cycle or similar vehicle) designed to carry a load of less than 1 tonne and fewer than 9 passengers.
carbon sequestration
has the meaning given by section
40-1015
.
carbon service provider
means an entity that carries on the
*
business of providing services wholly or mainly relating to offsets projects (within the meaning of the
Carbon Credits (Carbon Farming Initiative) Act 2011
), including services involving the entity carrying out such projects as the project proponent (within the meaning of that Act).
carbon unit
(Repealed by No 83 of 2014)
car depreciation limit
(Repealed by No 77 of 2001)
car expense
has the meaning given by section
28-13
.
car fringe benefit
has the meaning given by subsection
136(1)
of the
Fringe Benefits Tax Assessment Act 1986
.
car-less day
(Repealed by No 162 of 2015)
car limit
has the meaning given by section
40-230
.
(a) of a * general partner in a * VCLP, an * ESVCLP or an * AFOF - has the meaning given by subsections 104-255(4) and (6); and
(b) of a * limited partner in a * VCMP - has the meaning given by subsections 104-255(5) and (6) .
carried on in Australia
(Repealed by No 66 of 2003)
carry back
: you
carry back
to an income year so much of a
*
tax loss for a later income year as you specify, in a
*
loss carry back choice, to be carried back to the earlier income year.
Note:
You can make a loss carry back choice only for the 2020-21, 2021-22 or 2022-23 income year.
carry-forward trust component deficit
, of a particular character, has the meaning given by section
276-330
.
carrying on
an
*
enterprise includes doing anything in the course of the commencement or termination of the enterprise.
cash bidding exploration or prospecting authority
(Repealed by No 77 of 2001)
cash management trust
means a trust that satisfies these requirements:
(a) the trust is of a kind commonly known as a cash management trust;
(b) each unit in the trust carries the same rights as every other unit in the trust.
cash settlable
has the meaning given by subsection
230-45(2)
.
CBC reporting entity
: see
country by country reporting entity
.
CBC reporting group
: see
country by country reporting group
.
CBC reporting parent
: see
country by country reporting parent
.
CCIV
: see
corporate collective investment vehicle
.
CCIV sub-fund trust
has the meaning given by subsection
195-110(2)
.
cease
to be an
*
active build to rent development has the meaning given by subsection
43-152(4)
.
cessation event
, in relation to a
*
provisional head company of a
*
MEC group, has the meaning given by subsection
719-60(6)
.
cessation time
(Repealed by No 133 of 2009)
CFC
has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
CFT
has the meaning given by section
342
of the
Income Tax Assessment Act 1936
.
CGT asset
has the meaning given by section
108-5
.
CGT cap amount
has the meaning given by section
292-105
.
CGT concession stakeholder
has the meaning given by subsection
152-60
.
CGT event
means any of the CGT events described in Division
104
. A CGT event described by number (for example:
CGT event A1
) refers to the relevant event in that Division.
CGT exempt amount
has the meaning given by section
152-315
.
CGT retirement exemption limit
has the meaning given by section
152-320
.
CGT small business entity
has the meaning given by subsection
152-10(1AA)
.
chain of trusts
has the meaning given by section
104-71
.
changeover time
for a company has the meaning given by sections
165-115C
,
165-115D
and
719-705
.
child
: without limiting who is a child of an individual, each of the following is the
child
of an individual:
(a) the individual ' s * adopted child, stepchild or exnuptial child;
(b) a child of the individual ' s * spouse;
(c) someone who is a child of the individual within the meaning of the Family Law Act 1975 .
child care base week
(Repealed by No 49 of 2019)
child care offset limit
(Repealed by No 49 of 2019)
child event
(Repealed by No 49 of 2019)
child recipient
of a
*
superannuation income stream has the meaning given by section
294-175
.
class
of a taxable income or a
*
tax loss of a
*
life insurance company has the meaning given by section
320-133
.
class
:
*
membership interests in a company or trust form a
class
if the interests have the same, or substantially the same, rights.
clean building
has the meaning given by section
12-430
in Schedule
1
to the
Taxation Administration Act 1953
.
clean building managed investment trust
has the meaning given by section
12-425
in Schedule
1
to the
Taxation Administration Act 1953
.
Climate Change Department
(Repealed by No 110 of 2014)
Climate Change Minister
means the Minister administering the
National Greenhouse and Energy Reporting Act 2007
.
Climate Change Secretary
means the Secretary of the Department administered by the
*
Climate Change Minister.
closing pool balance
has the meaning given by:
(a) for a low-value pool - section 40-440 ; or
(b) for a * general small business pool - section 328-200 .
closing pool value
has the meaning given by section
40-830
.
club
(Repealed by No 121 of 1997)
CMPTI community benefit rules
has the meaning given by subsection
419-145(1)
.
CMPTI expenditure
has the meaning given by section
419-25
.
CMPTI processing activity
has the meaning given by section
419-20
.
CMPTI tax offset
has the meaning given by subsection
419-5(1)
.
collectable
has the meaning given by section
108-10
.
commence
to be an
*
active build to rent development has the meaning given by subsections
43-152(1)
and
(2)
.
commencing day
of a
*
CFC has the meaning given by section
406
of the
Income Tax Assessment Act 1936
.
commencing day asset
of a
*
CFC has the meaning given by section
406
of the
Income Tax Assessment Act 1936
.
commercial horticulture
has the meaning given by section
40-535
.
commercial residential premises
has the same meaning as in the
*
GST Act.
Commissioner
means the Commissioner of Taxation.
Note:
The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953 .
Commissioner assessment
(Repealed by No 161 of 2005)
Commissioner
'
s instalment rate
has the meaning given by section
45-115
in Schedule
1
to the
Taxation Administration Act 1953
.
committed capital
of a partnership has the meaning given by section
118-445
.
common ownership
: see
under common ownership
.
common area
, for
*
dwellings of an
*
active build to rent development, has the meaning given by subsection
43-151(3)
.
common-ownership nexus
:
see section
727-400
.
common stake
has the meaning given by sections
124-783
and
124-783A
.
common stakeholder
has the meaning given by section
124-783
.
Commonwealth education or training payment
has the meaning given by subsection
52-145(1)
.
Commonwealth labour market program
has the meaning given by subsection
52-145(2)
.
Commonwealth law
means a law of the Commonwealth.
Commonwealth of Nations country
means:
(a) a foreign country that is a member of the Commonwealth of Nations; or
(b) a colony, overseas territory or protectorate of such a member; or
(c) a territory for whose international relations such a member is responsible;
other than one declared by the regulations not to be a Commonwealth of Nations country.
Commonwealth public sector superannuation scheme
has the same meaning as in the
Superannuation (Unclaimed Money and Lost Members) Act 1999
.
community charity corporation
has the meaning given by section
426-180
in Schedule
1
to the
Taxation Administration Act 1953
.
community charity corporation guidelines
has the meaning given by section
426-185
in Schedule
1
to the
Taxation Administration Act 1953
.
community charity trust
has the meaning given by section
426-117
in Schedule
1
to the
Taxation Administration Act 1953
.
community charity trust guidelines
has the meaning given by section
426-118
in Schedule
1
to the
Taxation Administration Act 1953
.
community shed
means a public institution that satisfies all of the following requirements:
(a) the institution ' s dominant purposes are advancing mental health and preventing or relieving social isolation;
(b) the institution seeks to achieve those purposes principally by providing a physical location where it supports individuals to undertake activities, or work on projects, in the company of others;
(c) either:
(i) there are no particular criteria for membership of the institution; or
(ii) the criteria for membership of the institution relate only to an individual ' s gender or Indigenous status (in that membership is, for cultural reasons, open only to * Indigenous persons) or both.
(a) a body corporate; or
(b) any other unincorporated association or body of persons;
but does not include a partnership or a * non-entity joint venture.
Note 1:
Division 830 treats foreign hybrid companies as partnerships.
Note 2:
A reference to a company includes a reference to a corporate limited partnership: see section 94J of the Income Tax Assessment Act 1936 .
company law
(Repealed by No 41 of 2005)
(a) of a partnership ' s * notional loss or * notional net income - has the meaning given by sections 165-80 and 165-85 ; and
(b) of a partnership ' s * full year deductions - has the meaning given by sections 165-90 .
comparison rate
has the meaning given by section
392-55
.
compensable work-related trauma
has the meaning given by subsection
136(1)
of the
Fringe Benefits Tax Assessment Act 1986
.
(a) in relation to a * film, has the meaning given by subsection 376-55(2) ; and
(b) in relation to a * digital game, has the meaning given by subsection 378-25(2) .
complying approved deposit fund
means a complying approved deposit fund within the meaning of section
47
of the
Superannuation Industry (Supervision) Act 1993
.
complying health insurance policy
has the meaning given by the
Private Health Insurance Act 2007
.
complying superannuation asset
has the meaning given by subsection
320-170(6)
.
complying superannuation asset pool
has the meaning given by subsection
320-170(6)
.
complying superannuation class
:
(a) for a taxable income of a * life insurance company - has the meaning given by section 320-137 ; or
(b) for a * tax loss of a * life insurance company - has the meaning given by section 320-141 .
complying superannuation class
(Repealed by No 45 of 2008)
complying superannuation class
(Repealed by No 45 of 2008)
complying superannuation entity
means:
(a) a * complying superannuation fund; or
(b) a * complying approved deposit fund; or
(c) a * pooled superannuation trust.
complying superannuation/FHSA asset
(Repealed by No 70 of 2015)
complying superannuation/FHSA asset pool
(Repealed by No 70 of 2015)
complying superannuation/FHSA class
(Repealed by No 70 of 2015)
complying superannuation/FHSA liabilities
(Repealed by No 70 of 2015)
complying superannuation/FHSA life insurance policy
(Repealed by No 70 of 2015)
complying superannuation fund
means a complying superannuation fund within the meaning of section
45
of the
Superannuation Industry (Supervision) Act 1993
.
complying superannuation liabilities
of a
*
life insurance company means liabilities of the company under
*
life insurance policies referred to in subsection
320-190(1)
.
complying superannuation life insurance policy
means a
*
life insurance policy that:
(a) is held by the trustee of a * complying superannuation entity; or
(b) is held by an individual and:
(i) provides for an * annuity that is not presently payable, if the annuity was purchased out of a * superannuation lump sum or an * employment termination payment; or
(ia) provides for an * immediate annuity, if the annuity is a * superannuation income stream that is not in the * retirement phase; or
(ii) is so held in the benefit fund of a * friendly society, being a fund that is a * regulated superannuation fund; or
(c) is held by another * life insurance company and is a * complying superannuation asset of that company;
and is not an * excluded complying superannuation life insurance policy.
complying superannuation plan
means:
(a) a * complying superannuation fund; or
(b) a * public sector superannuation scheme that is:
(i) a * regulated superannuation fund; or
(ii) an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ); or
(c) a * complying approved deposit fund; or
(d) an * RSA.
component
of your
*
tax position has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
concentration
(Repealed by No 77 of 2001)
concessional contributions
has the meaning given by sections
291-25
and
291-165
.
concessional contributions cap
has the meaning given by section
291-20.
concessional cross staple rent cap
has the meaning given by sections
12-443
and
12-444
in Schedule
1
to the
Taxation Administration Act 1953
.
conduit foreign income
has the meaning given by Subdivision
802-A
.
connected entity
of an entity means:
(a) an * associate of the entity; or
(b) another member of the same * wholly owned group if the entity is a company and is a member of such a group.
connected with
:
an entity is
connected with
you in the circumstances described in section
328-125
.
Note:
This meaning is affected by section 152-78 .
connecting power to land or upgrading the connection
has the meaning given by section
40-655
.
conservation covenant
has the meaning given by section
31-5
.
consideration
, for a
*
taxable supply, has the same meaning as in the
*
GST Act.
(a) consideration receivable on the disposal of a leased * car has the meaning given by section 20-115 ; and
(b) consideration receivable for * trading stock changing hands has the meaning given by subsection 70-100(11) .
consolidatable group
has the meaning given by section
703-10
.
consolidated group
has the meaning given by section
703-5
.
Note 1:
Part 3-90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719-2 ).
Note 2:
Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3-90 ) referring only to consolidated groups do not apply to MEC groups.
consolidation transitional year
for a
*
member of a
*
consolidated group or a member of a
*
MEC group, is an income year for that member that satisfies both of the following conditions:
(a) the group is in existence during all or any part of that year;
(b) Subdivision 45-Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45-S in that Schedule):
(i) does not apply at all to the * head company or the * provisional head company of the group during that year; or
(ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45-705(2) or subparagraph 45-705(3)(c)(ii) , (4)(d)(ii) or (iv), or subsection 45-915(2) or subparagraph 45-915(3)(c)(ii) , (4)(b)(ii) or (iv), in that Schedule.
Constituent Entity
, of an
*
Applicable MNE Group, has the same meaning as in the
*
Minimum Tax Act, as affected by section 28 of that Act.
constitution
of a company means the memorandum and articles of association of the company, or any other rules or document constituting the company or governing its activities.
constitutional corporation
means:
(a) a corporation to which paragraph 51(xx) of the Constitution applies; or
(b) a body corporate that is incorporated in a Territory.
constitutionally protected fund
means a fund that is declared by the regulations to be a constitutionally protected fund.
construction expenditure
has the meaning given by section
43-70
.
construction expenditure area
has the meaning given by section
43-75
.
contingent on aspects of the economic performance
has the meaning given by section
974-85
.
contingent on the economic performance
(Repealed by No 10 of 2016)
continuing shareholders
has the meaning given by sections
175-10
,
175-20
,
175-25
,
175-45
,
175-60
,
175-65
and
175-85
.
continuous disability policy
has the meaning given by section
9A
of the
Life Insurance Act 1995
.
contract of reinsurance
,
in respect of
*
life insurance policies, does not include a contract of reinsurance in respect of:
(a) the parts of * complying superannuation life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a * complying superannuation asset pool; or
(b) policies that are * exempt life insurance policies.
contributions segment
has the meaning given by section
307-220
.
contributions-splitting superannuation benefit
has the meaning given by the regulations.
control a non-fixed trust
has the meaning given by Subdivision
269-E
in Schedule
2F
to the
Income Tax Assessment Act 1936
.
control (for value shifting purposes)
has the meaning given by sections
727-355
,
727-360
,
727-365
and
727-375
.
controlled foreign company
has the same meaning as in Part
X
of the
Income Tax Assessment Act 1936
.
controlled foreign corporate limited partnership
has the meaning given by section
820-760
.
controlled foreign entity debt
has the meaning given by section
820-885
.
controlled foreign entity equity
has the meaning given by section
820-890
.
controlled foreign trust
has the same meaning as in Part
X
of the
Income Tax Assessment Act 1936
.
controller (for CGT purposes)
: an entity is a
controller (for CGT purposes)
of a company in the circumstances mentioned in section
975-155
.
controller (for imputation purposes)
has the meaning given by subsections
207-130(5)
and
(6)
.
controlling individual
(Repealed by
No 55 of 2007
)
convertible interest
means a convertible interest in a company or in a trust or unit trust and:
(a) a convertible interest in a company is an interest of the kind referred to in item 4 of the table in subsection 974-75(1) ; and
(b) a convertible interest in a trust or unit trust is an interest that has the same or a similar effect in relation to the trust or unit trust.
(a) a convertible note of a company has the meaning given by section 82L of the Income Tax Assessment Act 1936 ; and
(b) a convertible note of a trust or unit trust means a note that has the same or a similar effect in relation to the trust or unit trust.
co-operative company
has the same meaning as in
Division 9 of Part III
of the
Income Tax Assessment Act 1936
.
copyright collecting society
means either of the following bodies:
(a) a body that satisfies all of the following conditions:
(i) a declaration under the Copyright Act 1968 is in force in respect of the body;
(ii) the body is a company whose * constitution contains provisions about the distribution of amounts collected or * derived by it, including a requirement that a * member of the society cannot direct the body to pay an amount at a particular time;
(iii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met;
(b) a company that satisfies all of the following conditions:
(i) the company is incorporated under an * Australian law relating to companies;
(ii) the company has and maintains the purpose of collective administration of copyrights;
(iii) if the company has other purposes - these purposes are incidental to the purpose described in subparagraph (ii) or, if the company is the * resale royalty collecting society, relate to the company ' s functions or duties as resale royalty collecting society;
(iv) the company collects or derives, and distributes, income of a kind mentioned in paragraph 51-43(2)(a) or (b) ;
(v) the company ' s constitution allows any copyright owner, or his or her * agent, to be a member of the society, or allows all copyright owners of a particular type to be members;
(vi) the company ' s constitution prohibits the payment of * dividends;
(vii) the company ' s constitution contains provisions about the payment, out of amounts collected or derived by it, of the administrative costs of collecting those amounts;
(viii) the company ' s constitution contains provisions about the distribution of amounts collected or derived by it, including a requirement that an amount must be paid to a member as soon as is reasonably possible after the allocation of the amount to the member, as well as a requirement that a member cannot direct the company to pay an amount at a particular time;
(ix) the company ' s constitution, or contracts with members, contains such other provisions as are prescribed by the regulations (if any), being provisions necessary to ensure that the interests of members or their agents are protected adequately;
(x) the company ' s constitution requires the company to hold amounts on trust for copyright owners who are not members, or for members pending the payment of amounts to them;
(xi) the company ' s constitution, or contracts with members, allows all members to access the company ' s records;
(xii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met.
copyright income
(Repealed by No 126 of 2009)
core R
&
D activities
has the meaning given by section
355-25
.
core shipping activities
has the meaning given by section
51-110
.
corporate change
has the meaning given by section
166-175
.
corporate collective investment vehicle
or
CCIV
has the same meaning as in the
Corporations Act 2001
.
[ CCH Note: Definition of " corporate director " will be inserted by No 8 of 2022, s 3 and Sch 5 item 18, applicable to a CCIV sub-fund trust that has an ABN, even if the trust began to have an ABN before 1 July 2026. The definition will read:
]corporate director
of a * CCIV has the same meaning as in the Corporations Act 2001 .
corporate limited partnership
has the meaning given by section
94D
of the
Income Tax Assessment Act 1936
.
corporate tax entity
has the meaning given by section
960-115
.
corporate tax gross-up rate
, of an entity for an income year, means the amount worked out using the following formula:
| 100% - * Corporate tax rate for imputation purposes of the entity for the income year | ||
| * Corporate tax rate for imputation purposes of the entity for the income year |
(a) in relation to a company to which paragraph 23(2)(a) of the Income Tax Rates Act 1986 applies - means the rate of tax in respect of the taxable income of a company covered by that paragraph; or
(b) in relation to another entity - means the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(b) of that Act.
corporate tax rate for imputation purposes
, of an entity for an income year, means:
(a) unless paragraph (b) applies - the entity ' s * corporate tax rate for the income year, worked out on the assumptions that:
(i) the entity ' s * aggregated turnover for the income year is equal to its aggregated turnover for the previous income year; and
(ii) the entity ' s base rate entity passive income (within the meaning of the Income Tax Rates Act 1986 ) for the income year is equal to its base rate entity passive income for the previous income year; and
(iii) the entity ' s assessable income for the income year is equal to its assessable income for the previous income year; or
(b) if the entity did not exist in the previous income year - the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(a) of the Income Tax Rates Act 1986 .
corporate unit trust
(Repealed by No 53 of 2016)
[ CCH Note: Definition of " correction notice " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]correction notice
, in relation to a * registered PGO certificate, has the meaning given by section 421-40 .
(a) cost of a * depreciating asset has the meaning given by Subdivision 40-C ; and
(b) cost of an item of * trading stock, in the case of an animal that you acquired by natural increase, has the meaning given by section 70-55 ; and
Note:
The cost of an animal acquired by natural increase before the 1997-98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936 . See subsection 70-55(2) of the Income Tax (Transitional Provisions) Act 1997 .
(c) cost of a * registered emissions unit has the meaning given by section 420-60 .
cost base
of a
*
CGT asset has the meaning given by Subdivision
110-A
.
cost-free debt capital
has the meaning given by section
820-946
.
COT transfer
of a loss has the meaning given by section
707-210
.
country by country reporting entity
has the meaning given by section
815-370
.
country by country reporting group
has the meaning given by section
815-380
.
country by country reporting parent
has the meaning given by section
815-375
.
CRC program
means the program administered by the Commonwealth known as the Cooperative Research Centres Program.
(a) a * consolidated group is created from a * MEC group if the consolidated group comes into existence under section 703-55 at the time the MEC group ceases to exist (as mentioned in that section); and
(b) a MEC group is created from a consolidated group if:
(i) the MEC group comes into existence under section 719-40 when a * special conversion event happens to a * potential MEC group derived from an * eligible tier-1 company of a * top company; and
(ii) the eligible tier-1 company was the * head company of the consolidated group (as mentioned in paragraph 719-40(1)(b) ).
creditable acquisition
has the meaning given by section
195-1
of the
*
GST Act.
creditable importation
has the meaning given by section
195-1
of the
*
GST Act.
creditable purpose
has the meaning given by section
195-1
of the
*
GST Act.
credit absorption tax
has the meaning given by section
770-15
.
credit reporting bureau
has the meaning given by subsection
355-72(7)
in Schedule
1
to the
Taxation Administration Act 1953
.
critical mineral
has the meaning given by section
419-15
.
cross-character allocation amount
, of a particular character, has the meaning given by section
276-330
.
cross staple arrangement
has the meaning given by section
12-436
in Schedule
1
to the
Taxation Administration Act 1953
.
Crown lease
has the meaning given by section
124-580
.
CRS
(short for Common Reporting Standard) has the meaning given by subsection
396-110(1)
in Schedule
1
to the
Taxation Administration Act 1953
.
CRS Commentary
has the meaning given by subsection
396-110(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
crystallised pre-July 83 amount
, in relation to a
*
superannuation interest, means the amount mentioned in paragraph
307-225(2)(e)
in relation to the interest.
crystallised reduction amount
has the meaning given by section
136-10
in Schedule
1
to the
Taxation Administration Act 1953
.
crystallised segment
has the meaning given by section
307-225
.
CS/RA class
(Repealed by No 101 of 2004)
CS/RA component
(Repealed by No 101 of 2004)
cultural organisation
(Repealed by No 40 of 2023)
currency exchange rate effect
has the meaning given by section
775-105
.
current annual turnover
(Repealed by
No 80 of 2007
)
current GST turnover
has the meaning given by section
195-1
of the
*
GST Act.
current pension
means a pension that has begun to be paid.
current termination value
of a
*
life insurance policy, or of the
*
net risk component of a life insurance policy, has the meaning given in prudential standards made under section
230A
of the
Life Insurance Act 1995
.
current year
means the income year for which you are working out your assessable income, deductions and
*
tax offsets.
custodian
has the meaning given by section
12-390
in Schedule
1
to the
Taxation Administration Act 1953
.
customs dealing
has the meaning given by the
*
Wine Tax Act.
customs duty
has the meaning given by the
*
GST Act.
dad and partner pay
(Repealed by No 4 of 2023)
[ CCH Note: Definition of " data standards " will be inserted by No 69 of 2020 (as amended by No 35 of 2022), s 3 and Sch 1 item 1384, effective 1 July 2026 or a day or days to be fixed by Proclamation. For application and transitional provisions, see note under s 30-5(4AA) . The definition will read:
]data standards
means standards made by the Registrar under section 13 of the Commonwealth Registers Act 2020 to the extent that they relate to the Registrar ' s functions or powers in connection with the A New Tax System (Australian Business Number) Act 1999 .Note:
The data standards deal with how the Registrar ' s functions and powers are performed and exercised. For example, they may provide for:
(a) the collection of information; and (b) the manner and form in which information is given to the Registrar; and (c) the manner and form of communication between the Registrar and persons who give information to the Registrar or seek to access information held by the Registrar.
datacasting transmitter licence
(Repealed by No 151 of 2020)
date of the settlement or order
, for a
*
structured settlement or a
*
structured order, has the meaning given by section
54-5
.
death benefits dependant
has the meaning given by section
302-195
.
death benefit termination payment
has the meaning given by subsection
82-130(3)
.
debenture
of a company or unit trust includes debenture stock, bonds, notes and any other securities of the company or trust, whether or not constituting a charge on its assets.
debit value
, of a
*
superannuation interest that supports an income stream that is, or was at any time, a
*
capped defined benefit income stream, has the meaning given by section
294-145
.
debt account discharge liability
has the meaning given by section
133-120
in Schedule
1
to the
Taxation Administration Act 1953
.
debt capital
, of an entity and at a particular time, means any
*
debt interests issued by the entity that are still
*
on issue at that time.
debt deduction
has the meaning given by section
820-40
.
debt interest
in an entity has the meaning given by Subdivision
974-B
.
debt-like trust instrument
has the meaning given by section
276-505
.
debt property
has the meaning given by section
243-30
.
decreased value shares
(Repealed by No 90 of 2002)
decrease time
for a
*
direct value shift has the meaning given by section
725-155
.
decreasing adjustment
has the meaning given by section
195-1
of the
*
GST Act.
deduct
has the meaning given by sections
8-1
and
8-5
.
deductible gift recipient
has the meaning given by section
30-227
.
deducting hybrid
has the meaning given by section
832-550
.
deducting hybrid mismatch
has the meaning given by section
832-545
.
deduction
means an amount that you can deduct.
Note:
For income years before 1997-98, deduction has the meaning given by section 8-3 of the Income Tax (Transitional Provisions) Act 1997 .
(a) of a * deduction/non-inclusion mismatch - has the meaning given by subsections 832-105(1) and 832-105(2) ; and
(b) of a * deduction/deduction mismatch - has the meaning given by subsection 832-110(2) ; and
(c) of a * hybrid financial instrument mismatch - has the meaning given by subsection 832-200(2) ; and
(d) of a * hybrid payer mismatch - has the meaning given by subsection 832-305(2) ; and
(e) of a * reverse hybrid mismatch - has the meaning given by subsection 832-395(2) ; and
(f) of a * branch hybrid mismatch - has the meaning given by subsection 832-470(2) ; and
(g) of a * deducting hybrid mismatch - has the meaning given by subsection 832-545(2) ; and
(h) of an * offshore hybrid mismatch - means the * deduction component of the relevant hybrid financial instrument mismatch, hybrid payer mismatch, reverse hybrid mismatch, branch hybrid mismatch or deducting hybrid mismatch.
deduction/deduction mismatch
has the meaning given by section
832-110
.
deduction/non-inclusion mismatch
has the meaning given by section
832-105
.
deduction year
has the meaning given by section
170-20
.
default commutation notice
has the meaning given by section
136-10
in Schedule
1
to the
Taxation Administration Act 1953
.
Defence Department
(Repealed by No 110 of 2014)
Defence Minister
means the Minister administering section 1 of the
Defence Act 1903
.
Defence Secretary
means the Secretary of the Department administered by the
*
Defence Minister.
deferral reversal
, for a
*
superannuation interest, has the meaning given by section
133-25
in Schedule
1
to the
Taxation Administration Act 1953
.
deferred annuity
(Repealed by No 15 of 2007)
deferred BAS payer
, at a particular time, means an entity that has an obligation to notify the Commissioner of a
*
BAS amount at that time, other than:
(a) an entity that has an obligation at that time to give the Commissioner a * GST return for a monthly * tax period; or
(b) an entity whose obligation to notify a BAS amount at that time relates only to one or more of the following:
(i) an * amount withheld by a * medium withholder or a * large withholder;
(ii) the * PAYG instalment of an * annual payer.
Note:
You are therefore a deferred BAS payer if you have an obligation to give the Commissioner a GST return for a quarterly tax period or if you are a GST instalment payer within the meaning of the GST Act.
deferred roll-over gain
:
an asset has a deferred roll-over gain at a particular time if:
(a) before that time there was a roll-over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and
(b) as a result of the roll-over all or part of a * capital gain from the disposal or CGT event was disregarded.
The amount of the deferred roll-over gain is equal to the amount of the capital gain that was disregarded, reduced by the amount (if any) by which the gain has been taken into account in working out a * net capital gain (section 102-5 ) or * net capital loss (section 102-10 ) in relation to the asset between the roll-over time and the particular time.
deferred roll-over loss
:
an asset has a deferred roll-over loss at a particular time if:
(a) before that time there was a roll-over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and
(b) as a result of the roll-over all or part of a * capital loss from the disposal or CGT event was disregarded.
The amount of the deferred roll-over loss is equal to the amount of the capital loss that was disregarded, reduced by the amount (if any) by which the loss has been taken into account in working out a * net capital gain (section 102-5 ) or * net capital loss (section 102-10 ) in relation to the asset between the roll-over time and the particular time.
deferred superannuation income stream
has the meaning given by the
Superannuation Industry (Supervision) Regulations 1994
.
deferred to a debt account
, for a
*
superannuation interest, in relation to
*
assessed Division 293 tax, has the meaning given by section
133-10
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) section 205-40 sets out when a * franking account is in deficit; and
(b) section 208-125 sets out when an * exempting account is in deficit; and
(c) section 210-130 sets out when a * venture capital sub-account is in deficit.
defined benefit contributions
has the meaning given by sections
293-115
,
293-150
and
293-195
.
defined benefit income
has the meaning given by section
303-2
.
defined benefit income cap
has the meaning given by section
303-4
.
defined benefit interest
has the meaning given by section
291-175
.
defined benefit tax
has the meaning given by section
133-15
in Schedule
1
to the
Taxation Administration Act 1953
.
demerged entity
has the meaning given by section
125-70
.
demerger
has the meaning given by section
125-70
.
demerger dividend
has the meaning given by subsection
6(1)
of the
Income Tax Assessment Act 1936
.
demerger group
has the meaning given by section
125-65
.
demerger subsidiary
has the meaning given by section
125-65
.
demerging entity
has the meaning given by section
125-70
.
demutualise
: a mutual entity (within the meaning of the
Corporations Act 2001
) that issues one or more MCIs (within the meaning of that Act) is taken not to
demutualise
by doing so.
Note:
MCI is short for mutual capital instrument (see section 167AD of the Corporations Act 2001 ).
departing Australia superannuation payment
has the meaning given by section
301-170
.
depository entity
has the meaning given by section
166-260
.
depreciating asset
has the meaning given by section
40-30
.
depreciating asset lease
:
a
depreciating asset lease
is an agreement (including a renewal of an agreement) under which the entity that
*
holds the
*
depreciating asset grants a
*
right to use the asset to another entity. However, a
depreciating asset lease
does not include a
*
hire purchase agreement or a
*
short-term hire agreement.
Deputy Commissioner
means a Deputy Commissioner of Taxation.
derivative financial arrangement
has the meaning given by subsection
230-350(1)
.
derive
has a meaning affected by subsection
6-5(4)
.
design
of a uniform has the meaning given by subsection
34-25(2)
.
Designated Filing Entity
has the meaning given by section
127-25
.
designated infrastructure project
means an infrastructure project designated under section
415-70
.
designated infrastructure project entity
has the meaning given by section
415-20
.
Designated Local Entity
has the meaning given by section
127-15
.
determined member component
has the meaning given by section
276-205
.
determined trust component
has the meaning given by section
276-255
.
development assistance
for a
*
film has the meaning given by section
376-55
.
(a) in relation to a * film, means expenditure to the extent to which it is incurred in meeting the development costs for the film and includes expenditure to the extent to which it is incurred on any of the following:
(i) location surveys and other activities undertaken to assess locations for possible use in the film;
(ii) storyboarding for the film;
(iii) scriptwriting for the film;
(iv) research for the film;
(v) casting actors for the film;
(vi) developing a budget for the film;
(vii) developing a shooting schedule for the film; and
(b) in relation to a * digital game, has the meaning given by section 378-35 .
died in the line of duty
has the meaning given by subsection
302-195(3)
.
digital currency
has the same meaning as in the
*
GST Act.
digital game
has the meaning given by section
378-20
.
diminishing value method
has the meaning given by sections
40-70
and
40-72
.
diminishing value rate
(Repealed by No 77 of 2001)
dining facility
has the meaning given by section
32-60
.
direct equity interests
in a company are
*
shares in the company.
direct forestry expenditure
has the meaning given by section
394-45
.
direct participation interest
has the meaning given by section
960-190
.
direct roll-over replacement
has the meaning given by section
723-110
.
direct small business participation percentage
has the meaning given by section
152-70
.
direct SRWUIP payment
has the meaning given by subsection
59-67(3)
.
direct value shift
has the meaning given by section
725-145
.
direct voting percentage
in a company has the meaning given by section
768-550
.
disability policy
means a
*
life insurance policy under which a benefit is payable in the event of:
(a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured (the insured ); or
(b) injury to, or disability of, the insured as a result of accident or sickness; or
(c) the insured being found to have a stated condition or disease;
but does not include a contract of consumer credit insurance within the meaning of the Insurance Contracts Act 1984 .
disability superannuation benefit
means a
*
superannuation benefit if:
(a) the benefit is paid to an individual because he or she suffers from ill-health (whether physical or mental); and
(b) 2 legally qualified medical practitioners have certified that, because of the ill-health, it is unlikely that the individual can ever be * gainfully employed in a capacity for which he or she is reasonably qualified because of education, experience or training.
disaggregated attributable decrease
:
section
727-775
sets out how to determine whether an
*
indirect value shift has produced a
disaggregated attributable decrease
in the
*
market value of an
*
equity or loan interest.
disaggregated attributable increase
:
section
727-805
sets out how to determine whether an
*
indirect value shift has produced a
disaggregated attributable increase
in the
*
market value of an
*
equity or loan interest.
(a) a * net capital loss - has the meaning given by section 175-40 ; or
(b) a * capital loss - has the meaning given by section 175-55 .
disallowed capital allowance percentage
has the meaning given by subsection
250-150(4)
.
discount
:
an
*
equity or loan interest is issued at a
discount
as provided in section
725-150
.
discount capital gain
has the meaning given by Subdivision
115-A
.
discount percentage
has the meaning given by Subdivision
115-B
.
discretionary benefits
means investment account benefits (as defined by section
14
of the
Life Insurance Act 1995
) that are regarded as non-participating benefits for the purposes of that Act solely because of the operation of Prudential Rules No. 22 in force under section
252
of that Act.
disease
has the meaning given by subsection
34-20(3)
.
disentitling event
has the meaning given by section
385-163
.
disposal year
has the meaning given by subsection
385-105(2)
.
dispose of
a
*
CGT asset: you
dispose of
a CGT asset (in its capacity as a CGT asset) in the circumstances specified in section
104-10
.
disregarded small fund assets
has the meaning given by section
295-387
.
distributable profits
of a company has the meaning given by section
317
of the
Income Tax Assessment Act 1936
.
distributing body
has the meaning given by section
128U
of the
Income Tax Assessment Act 1936
.
distribution
, by a
*
corporate tax entity, has the meaning given by section
960-120
.
distribution event
has the meaning given by subsection
207-120(5)
.
distribution statement
has the meaning given by section
202-80
.
diverted profits tax
means tax imposed by the
Diverted Profits Tax Act 2017
.
divestiture registration requirement
(Repealed by No 54 of 2016)
dividend
has the meaning given by subsections
6(1)
and
(4)
and
6BA(5)
and section
94L
of the
Income Tax Assessment Act 1936
.
dividend shareholding of less than 1%
(Repealed by No 147 of 2005)
dividend stake
has the meaning given by section
166-235
.
dividend stripping operation
has the meaning given by section
207-155
.
Division 6C land
has the meaning given by section
12-448
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 230 financial arrangement
: a
*
financial arrangement is a
Division 230 financial arrangement
if Division
230
applies in relation to your gains and losses from the arrangement.
(a) the Division 230 starting value of an asset or liability that is or is part of a * Division 230 financial arrangement to which Subdivision 230-C (fair value method) applies is the amount of the asset or the amount of the liability according to the relevant standards mentioned in section 230-230 that apply in relation to the arrangement; and
(b) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230-D (foreign exchange retranslation method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230-280 that apply in relation to the arrangement; and
(c) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230-F (reliance on financial reports method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230-420 that apply in relation to the arrangement.
Division 293 tax
means tax imposed by the
Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013
.
(a) the Income Tax Assessment Act 1997 , so far as it relates to the * Division 293 tax; and
(b) any Act that imposes Division 293 tax; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b) (or to so much of that Act as is covered); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations and other legislative instruments under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
Division 405 payment
has the meaning given by section
405-5
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 405 report
has the meaning given by section
405-10
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 410 payment
has the meaning given by section
410-5
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 410 report
has the meaning given by section
410-10
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 415 payment
has the meaning given by section
415-5
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 417 payment
has the meaning given by section
417-5
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 832 control group
has the meaning given by section
832-205
.
documentary
has the meaning given by section
376-25
.
down interest
has the meaning given by section
725-155
.
DPT assessment
has the meaning given by section
145-10
in Schedule
1
to the
Taxation Administration Act 1953
.
dual inclusion income
has the meaning given by section
832-680
.
dual listed company arrangement
has the meaning given by section
125-60
.
dual listed company voting share
has the meaning given by section
125-60
.
dual resident investment company
has the meaning given by section
6F
of the
Income Tax Assessment Act 1936
.
dwelling
has the meaning given by section
118-115
.
early retirement scheme
has the meaning given by section
83-180
.
early retirement scheme payment
has the meaning given by section
83-180
.
early stage venture capital limited partnership
has the meaning given by subsection
118-407(4)
.
economic infrastructure facility
has the meaning given by section
12-439
in Schedule
1
to the
Taxation Administration Act 1953
.
Education Department
(Repealed by No 110 of 2014)
(a) a * superannuation guarantee education direction; or
(b) a * tax-records education direction.
Education Minister
(Repealed by No 15 of 2017)
Education Secretary
(Repealed by No 15 of 2017)
effective life
:
the
effective life
of a
*
depreciating asset is worked out under sections
40-95
,
40-100
,
40-102
,
40-103
,
40-105
and
40-110
.
effectively non-cancellable
has the meaning given by section
250-130
.
effectively non-contingent obligation
has the meaning given by section
974-135
.
election to rely on financial reports
has the meaning given by section
230-395
.
electronic payment
means a payment by way of electronic transmission, in an electronic format approved by the Commissioner.
electronic sales suppression tool
has the meaning given by section
8WAB
of the
Taxation Administration Act 1953
.
electronic signature
of an entity means a unique identification of the entity in electronic form that is approved by the Commissioner.
element taxed in the fund
has the meaning given by section
307-275
.
element untaxed in the fund
has the meaning given by section
307-275
.
eligible building site
(Repealed by No 77 of 2001)
eligible community housing provider
has the meaning given by section
980-10
.
eligible continuing substantial member
of a
*
former exempting entity has the meaning given by section
208-155
.
eligible Division 166 company
means a company:
(a) that is not a * widely held company; and
(b) in which:
(i) * voting stakes that carry rights to more than 50% of the voting power in the company; or
(ii) * dividend stakes that carry rights to receive more than 50% of any dividends that the company may pay; or
are beneficially owned (whether directly, or * indirectly through one or more interposed entities) by:
(iii) * capital stakes that carry rights to receive more than 50% of any distribution of capital of the company;
(iv) a widely held company; or
(v) an entity mentioned in subsection 166-245(2) that satisfies the condition in subsection 166-245(3) ; or
(vi) a * non-profit company; or
(vii) a charity; or
(viii) 2 or more entities mentioned in subparagraphs (iv) to (vii).
Note:
For subparagraphs (b)(i), (ii) and (iii), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.
eligible for a granny flat interest
has the meaning given by subsection
137-10(2)
.
eligible mining operations
(Repealed by No 77 of 2001)
eligible mining or quarrying operations
(Repealed by No 77 of 2001)
eligible no-till seeder
(Repealed by No 83 of 2014)
eligible quarrying operations
(Repealed by No 77 of 2001)
eligible security
has the meaning given by section
775-190
.
eligible termination payment
(Repealed by No 15 of 2007)
eligible tier-1 company
has the meaning given by section
719-15
.
eligible venture capital investment
has the meaning given by sections
118-425
and
118-427
.
Note:
This meaning is also affected by subsection 118-435(2) .
eligible venture capital investor
has the meaning given by subsection
118-415(2)
.
eligible venture capital partner
has the meaning given by section
118-420
.
Emergency Management Minister
(Repealed by No 85 of 2013)
employee share scheme
has the meaning given by subsection
83A-10(2)
.
employee share trust
has the meaning given by subsection
130-85(4)
.
Employment Department
(Repealed by No 110 of 2014)
Employment Minister
(Repealed by No 110 of 2014)
Employment Secretary
means the Secretary of the Department responsible for employment policy.
employment termination payment
has the meaning given by section
82-130
.
end benefit
has the meaning given by section
133-130
in Schedule
1
to the
Taxation Administration Act 1953
.
endowment policy
has the meaning given by section
295-480
.
ends
, in relation to a
*
corporate change, has the meaning given by section
166-175
.
end user
of an asset has the meaning given by section
250-50
.
end value
of an asset has the meaning given by section
250-180
.
enterprise
has the meaning given by section
9-20
of the
*
GST Act.
entertainment
has the meaning given by section
32-10
.
entitled to child care benefit
(Repealed by No 49 of 2019)
entitlement to child care benefit
(Repealed by No 49 of 2019)
entitlement to an eligible cash bidding amount
(Repealed by No 77 of 2001)
entity
has the meaning given by section
960-100
.
entity EBITDA
has the meaning given by section
820-55
.
entity maintenance deduction
has the meaning given by subsection
86-65(2)
.
environmental organisation
(Repealed by No 40 of 2023)
environmental protection activities
has the meaning given by section
40-755
.
Environment Department
(Repealed by No 110 of 2014)
Environment Minister
means the Minister administering the
Environment Protection and Biodiversity Conservation Act 1999
.
Environment Secretary
means the Secretary of the Department administered by the
*
Environment Minister.
equity capital
of an entity at a particular time means the total of the following as at that time:
(a) the issue price (however described) of each * equity interest in the entity that is still * on issue, reduced by so much (if any) of the issue price as remains unpaid;
(b) the entity ' s general reserves and asset revaluation reserves;
(c) the entity ' s retained earnings;
(d) the entity ' s net earnings (if any) for the current year, reduced by:
(i) the * tax the entity expects to pay in respect of those net earnings; and
(ii) so much of each distribution to the entity ' s * members that has been made or declared as at that time as is attributable to the entity ' s earnings for the current year;
(e) if the entity is a * corporate tax entity - provisions for * distributions of profit;
(f) if paragraph (e) does not apply - provisions for distributions to the entity ' s * members;
reduced by the total of the following as at that time:
(g) the entity ' s negative retained earnings (if any);
(h) the entity ' s net loss (if any) for the current year.
equity holder
in a company means an entity that holds an
*
equity interest in the company.
equity interest
in an entity has the meaning given by:
(a) in the case of a company - Subdivision 974-C ; and
(b) in the case of a trust or partnership - section 820-930 .
equity interest
(Repealed by No 142 of 2003)
equity or loan interest
has the meaning given by section
727-520
.
ESS deferred taxing point
, for an
*
ESS interest, has the meaning given by sections
83A-115
and
83A-120
.
Note 1:
ESS is short for employee share scheme.
Note 2:
For ESS interests acquired before 1 July 2009, see subsection 83A-5(4) of the Income Tax (Transitional Provisions) Act 1997 .
ESS interest
, in a company, has the meaning given by subsection
83A-10(1)
.
Note:
ESS is short for employee share scheme.
ESVCLP
means an
*
early stage venture capital limited partnership.
ETP cap amount
has the meaning given by section
82-160
.
excepted MIT CSA income
has the meaning given by section
12-442
in Schedule
1
to the
Taxation Administration Act 1953
.
excepted trust
has the meaning given by section
272-100
in Schedule
2F
to the
Income Tax Assessment Act 1936
.
excess concessional contributions
has the meaning given by section
291-20
.
excess concessional contributions charge
(Repealed by No 45 of 2021)
excess concessional contributions determination
has the meaning given by section
97-5
in Schedule
1
to the
Taxation Administration Act 1953
.
excess concessional contributions tax
(Repealed by No 118 of 2013)
excess contributions tax
(Repealed by No 118 of 2013)
excess contributions tax assessment
(Repealed by No 118 of 2013)
excess deduction rules
(Repealed by No 77 of 2001)
excess exploration credit tax
means tax imposed by the
Excess Exploration Credit Tax Act 2015
.
excess foreign tax credits
(Repealed by
No 143 of 2007
)
excess franking offsets
has the meaning given by section
36-55
.
excess non-concessional contributions
has the meaning given by section
292-85
.
excess non-concessional contributions determination
has the meaning given by subsection
97-25(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
excess non-concessional contributions tax
means tax imposed under the
Superannuation (Excess Non-concessional Contributions Tax) Act 2007
.
excess non-concessional contributions tax assessment
has the meaning given by sections
292-230
and
292-310
.
excess tax EBITDA amount
has the meaning given by section
820-60
.
excess transfer balance
has the meaning given by section
294-30
and modified by section
294-140
.
excess transfer balance determination
has the meaning given by section
136-10
in Schedule
1
to the
Taxation Administration Act 1953
.
excess transfer balance earnings
has the meaning given by section
294-235
.
excess transfer balance period
has the meaning given by section
294-230
.
excess transfer balance tax
means tax imposed by the
Superannuation (Excess Transfer Balance Tax) Imposition Act 2016
.
excess untaxed roll-over amount
has the meaning given by section
306-15
.
exchangeable interest
has the meaning given by section
130-100
.
excisable goods
has the meaning given by the
*
GST Act.
Excise Acts
has the meaning given by the
Excise Act 1901
.
excise duty
has the meaning given by the
*
GST Act.
excise-equivalent goods
has the same meaning as in the
Customs Act 1901
.
(a) the Excise Act 1901 ; and
(b) any Act that imposes * excise duty; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
excluded complying superannuation/FHSA life insurance policy
(Repealed by No 70 of 2015)
excluded complying superannuation life insurance policy
means a
*
life insurance policy that:
(a) provides only for * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295-460(c) , that are not * participating benefits; or
(b) is an * exempt life insurance policy.
excluded equity interest
has the meaning given by section
820-946
.
excluded exempt income
(Repealed by No 66 of 2003)
excluded foreign resident
has the meaning given by subsection
118-110(4)
.
excluded loss
has the meaning given by sections
175-5
and
175-40
.
excluded STB
has the same meaning as in section
24AT
of the
Income Tax Assessment Act 1936
.
excluded virtual PST life insurance policy
(Repealed by No 45 of 2008)
exempt Australian government agency
means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory whose * ordinary income and * statutory income is exempt from income tax because of Division 50 ; or
(c) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ) whose * ordinary income and * statutory income is exempt from income tax under that Division of that Part.
(a) an entity all of whose * ordinary income and * statutory income is exempt from income tax because of this Act or because of another * Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or
(b) an * untaxable Commonwealth entity.
Note:
See section 11-5 for a list of entities of the kind referred to in paragraph (a).
exempt film income
for an income year is so much of the amount, or the sum of the amounts, to which section
26AG
of the
Income Tax Assessment Act 1936
applies in relation to you for the income year as is
*
exempt income.
exempt foreign employment income
means amounts that are exempt from tax under section
23AF
or
23AG
of the
Income Tax Assessment Act 1936
.
exempt foreign government agency
means:
(a) the government of a foreign country, or of part of a foreign country; or
(b) an authority of the government of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency; or
(c) an authority of the government of part of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency.
exempt income
has the meaning given by section
6-20
.
Note:
For income years before 1997-98, exempt income has the meaning given by section 6-20 of the Income Tax (Transitional Provisions) Act 1997 .
exempt income subject to withholding tax
(Repealed by No 66 of 2003)
exempting account
means an account that arises under section
208-110
.
exempting company
(Repealed by No 101 of 2006)
exempting credit
has the meaning given by section
208-115
.
exempting debit
has the meaning given by section
208-120
.
exempting deficit
has the meaning given by subsection
208-125(2)
.
exempting entity
has the meaning given by section
208-20
and affected by section
220-500
if relevant.
exempting percentage
has the meaning given by section
208-95
.
exempting surplus
has the meaning given by subsection
208-125(1)
.
exempt institution that is eligible for a refund
has the meaning given in section
207-115
.
Note:
This definition is affected by sections 207-119 to 207-136 .
exempt life insurance policy
has the meaning given by section
320-246
.
Note:
This definition is affected by section 320-247 .
exempt life insurance policy liabilities
of a
*
life insurance company means liabilities of the company under the
*
life insurance policies referred to in subsection
320-245(1)
.
expand
, in relation to an
*
active build to rent development, has the meaning given by subsection
43-152(3)
.
expected financial benefits
has the meaning given by section
250-95
.
expenditure
(Repealed by No 77 of 2001)
expenditure on software
(Repealed by No 77 of 2001)
exploration benefit
has the meaning given by subsection
40-1100(2)
.
exploration credit
means an exploration credit created, or to be created under Subdivision
418-D
.
exploration credits allocation
for an entity for an income year has the meaning given by section
418-81
.
exploration credits remainder
for an income year has the meaning given by subsection
418-103(2)
.
exploration investment
has the meaning given by section
418-111
.
exploration or prospecting
has a meaning affected by subsection
40-730(4)
.
exploration or prospecting authority
(Repealed by No 77 of 2001)
exploration or prospecting cash bidding payment
(Repealed by No 77 of 2001)
external indirect equity or loan interest
in a
*
subsidiary member of a
*
consolidated group or
*
MEC group has the meaning given by section
715-610
or
719-775
.
facility agreement
has the meaning given by section
775-185
.
failure to notify penalty
means the penalty worked out under
Division 2 of Part IIA
of the
Taxation Administration Act 1953
.
fair value election
has the meaning given by subsection
230-210(1)
.
Families Department
means the Department administered by the
*
Families Minister.
Families Minister
means the Minister administering the
Data-matching Program (Assistance and Tax) Act 1990
.
Families Secretary
means the Secretary of the
*
Families Department.
family law superannuation payment
has the meaning given by section
307-5
.
family trust
has the same meaning as in section
272-75
in Schedule 2F to the
Income Tax Assessment Act 1936
.
farm-in farm-out arrangement
has the meaning given by subsection
40-1100(1)
.
farm management deposit
has the meaning given by Subdivision
393-B
.
FATCA Agreement
has the meaning given by section
396-15
in Schedule
1
to the
Taxation Administration Act 1953
.
FDA credit
(Repealed by No 147 of 2005)
FDA debit
(Repealed by No 147 of 2005)
FDA declaration
(Repealed by No 147 of 2005)
FDA declaration percentage
(Repealed by No 147 of 2005)
FDA surplus
(Repealed by No 147 of 2005)
feature film
includes a
*
film that is an animated feature film, but does not include a film that is not
*
feature-length.
feature-length
: a
*
film is
feature-length
if:
(a) if the film is a large format film - the film is at least 45 minutes in duration; and
(b) otherwise - the film is more than 60 minutes in duration.
feedstock revenue
has the meaning given by subsection
355-445(4)
.
fencing asset
has the meaning given by subsection
40-520(4)
.
FHSA
(Repealed by No 70 of 2015)
FHSA component
(Repealed by No 70 of 2015)
FHSA holder
(Repealed by No 70 of 2015)
FHSA home acquisition payment
(Repealed by No 70 of 2015)
FHSA ineligibility payment
(Repealed by No 70 of 2015)
FHSA misuse tax
(Repealed by No 70 of 2015)
FHSA mortgage payment
(Repealed by No 70 of 2015)
FHSA payment conditions
(Repealed by No 70 of 2015)
FHSA provider
(Repealed by No 70 of 2015)
FHSA trust
(Repealed by No 70 of 2015)
FHSS eligible concessional contribution
for a
*
financial year means a
*
concessional contribution for the financial year that is eligible to be released under section
138-35
in Schedule
1
to the
Taxation Administration Act 1953
.
FHSS eligible non-concessional contribution
for a
*
financial year means a
*
non-concessional contribution for the financial year that is eligible to be released under section
138-35
in Schedule
1
to the
Taxation Administration Act 1953
.
FHSS maximum release amount
has the meaning given by section
138-25
in Schedule
1
to the
Taxation Administration Act 1953
.
FHSS releasable contributions amount
has the meaning given by subsection
138-30(1)
in Schedule
1
to the
Taxation Administration Act 1953
.
FHSS released amounts
has the meaning given by section
313-10
.
FIF
(Repealed by No 114 of 2010)
FIFO cost method
of working out the
*
value of a
*
registered emissions unit has the meaning given by section
420-52
.
film
means an aggregate of images, or of images and sounds, embodied in any material.
film authority
has the meaning given by section
376-55
.
film component
has the meaning given by section
36-40
.
film deductions
for an income year are the following:
(a) amounts you could deduct for the income year under former section 124ZAFA of the Income Tax Assessment Act 1936 ;
(b) amounts that you could deduct for the income year and to which former section 124ZAO of that Act applied in relation to you for the income year.
film licensed investment company
(Repealed by No 136 of 2012)
film loss
has the meaning given by section
36-40
.
Note:
Section 701-30 (rules about where an entity is not a subsidiary member for the whole of an income year) may affect a film loss.
final RUNL
has the meaning given by section
715-35
.
finance charge
(Repealed by
No 79 of 2010
)
Finance Department
means the Department administered by the
*
Finance Minister.
financed property
has the meaning given by section
243-30
.
Finance Minister
means the Minister administering the
Public Governance, Performance and Accountability Act 2013
.
Finance Secretary
means the Secretary of the
*
Finance Department.
financial arrangement
has the meaning given by sections
230-45
to
230-55
.
financial benefit
has the meaning given by section
974-160
.
financial entity
, at a particular time, means an entity other than an
*
ADI that is any of the following at that time:
(a) an entity that:
(i) is a registered corporation under the Financial Sector (Collection of Data) Act 2001 ; and
(ii) at the particular time, carries on a * business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity ' s associates; and
(iii) in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business;
(b) a * securitisation vehicle;
(c) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or
and carries on a business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity ' s * associates;
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products;
Note 1:
Paragraphs 764A(1)(a), (b) and (j) of the Corporations Act 2001 deal respectively with securities, managed investment products and government debentures, stocks and bonds.
Note 2:
Paragraph 911A(2)(h) of that Act exempts financial services provided to wholesale clients by a person who is regulated by an overseas regulatory authority if the provision of the service is covered by an exemption from the Australian Securities and Investments Commission (ASIC).
Note 3:
Paragraph 911A(2)(l) of that Act empowers ASIC to exempt financial services.
(d) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in derivatives within the meaning of that Act; or
and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity ' s associates.
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives;
[ CCH Note: Definition of " financial entity " amended by No 76 of 2023, s 3 and Sch 2 item 659, by inserting " Chapter 7 of " in para (d)(i), effective 20 October 2023. This misdescribed amendment cannot be given effect.]
financial institution
has the meaning given by section
202A
of the
Income Tax Assessment Act 1936
.
financial investment
includes the following:
(a) a * share in a company;
(b) an interest in a managed investment scheme (within the meaning of the Corporations Act 2001 );
(c) a * forestry interest in a * forestry managed investment scheme;
(d) a right or option in respect of an investment referred to in paragraph (a), (b) or (c);
(e) an investment of a like nature to any of those referred to in paragraphs (a) to (d).
financial statement net third party interest expense
has the meaning given by section
820-54
.
financial year
means a period of 12 months beginning on 1 July.
financing arrangement
has the meaning given by section
974-130
.
financing cost
has the meaning given by section
26-80
.
firearms surrender arrangements
means:
(a) an * Australian law; or
(b) administrative arrangements of a State or Territory;
implementing the agreement arising from the meeting of the Police Ministers held on 10 May 1996 concerning the surrender of prohibited firearms.
first continuity period
has the meaning given by section
165-120
.
first home super saver determination
has the meaning given by subsection
138-10(1)
in Schedule
1
to the
Taxation Administration Act 1953
.
first home super saver scheme
means the scheme set out in:
(a) Division 313 ; and
(b) Division 138 in Schedule 1 to the Taxation Administration Act 1953 ;
and other provisions as they relate to those Divisions.
first home super saver tax
means the tax imposed by the
First Home Super Saver Tax Act 2017
.
first use time
has the meaning given by section
41-30
.
Fiscal Year
has the same meaning as in the
*
Minimum Tax Act.
FITO allocation amount
, of a particular character, has the meaning given by section
276-335
.
(a) an entity has a fixed entitlement to a share of the income or capital of a company, partnership or trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936 ; and
(b) despite paragraph (a) of this definition, a * beneficiary of a * CCIV sub-fund trust is taken to have a fixed entitlement to a share of the income or capital of the trust as provided by section 195-120 of this Act.
Note:
Section 165-245 of this Act affects when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.
fixed ratio earnings limit
has the meaning given by section
820-51
.
fixed ratio test disallowed amount
has the meaning given by section
820-57
.
fixed trust
: a trust is a
fixed trust
if entities have
*
fixed entitlements to all of the income and capital of the trust.
Note:
AMITs are treated as fixed trusts (see section 276-55 ).
flexible care
has the same meaning as in the
Aged Care Act 1997
.
[ CCH Note: Definition of " flexible care " will be repealed by No 45 of 2025, s 3 and Sch 3 item 220, effective 1 November 2025.]
FLIC
(Repealed by No 164 of 2007)
FLIC concessional capital
(Repealed by No 164 of 2007)
(a) subsections 207-50(2) , (3) and (4) set out the circumstances in which a * franked distribution flows indirectly to an entity; and
(b) subsection 207-50(5) sets out the circumstances in which a franked distribution flows indirectly through an entity; and
(c) section 208-175 sets out the circumstances in which a * distribution * franked with an exempting credit flows indirectly to an entity; and
(d) section 220-405 sets out the circumstances in which a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) flows indirectly to an entity; and
(e) subsections 380-25(2) , (3) and (4) set out the circumstances in which * NRAS rent flows indirectly to an entity; and
(f) subsection 380-25(5) sets out the circumstances in which NRAS rent flows indirectly through an entity.
FLP
(Repealed by No 114 of 2010)
FMD provider
(short for farm management deposit provider) has the meaning given by subsection
393-20(3)
.
fodder storage asset
has the meaning given by subsection
40-520(3)
.
Foreign Affairs Minister
means the Minister administering the
International Development Association Act 1960
.
foreign bank
means an
*
ADI that is a
*
foreign entity.
foreign controlled Australian company
has the meaning given by section
820-785
.
foreign controlled Australian entity
has the meaning given by section
820-780
.
foreign controlled Australian partnership
has the meaning given by section
820-795
.
foreign controlled Australian trust
has the meaning given by section
820-790
.
foreign currency
means a currency other than:
(a) Australian currency; or
(b) * digital currency; or
(c) anything prescribed by the regulations for the purposes of this paragraph.
foreign currency hedge
has the meaning given by subsection
230-350(2)
.
foreign dividend account
(Repealed by No 147 of 2005)
foreign DMT tax
has the meaning given by section
770-150
.
foreign entity
means an entity that is not an
*
Australian entity.
foreign equity distribution
has the meaning given by section
768-10
.
foreign establishment amounts
(Repealed by No 83 of 2003)
foreign exchange retranslation election
has the meaning given by subsections
230-255(1)
and
(3)
.
foreign general insurance company
means a company that is a foreign resident, and whose sole or principal business is
*
insurance business.
foreign government agency
means:
(a) the government of a foreign country or of part of a foreign country; or
(b) an authority of the government of a foreign country; or
(c) an authority of the government of part of a foreign country.
(a) * foreign DMT tax; and
(b) * foreign IIR tax; and
(c) * foreign UTPR tax.
foreign hybrid
has the meaning given by section
830-5
.
foreign hybrid company
has the meaning given by section
830-15
.
foreign hybrid limited partnership
has the meaning given by section
830-10
.
foreign hybrid mismatch rules
means a
*
foreign law corresponding to any of Subdivisions
832-C
,
832-D
,
832-E
,
832-F
,
832-G
or
832-H
(which are about hybrid mismatches).
foreign hybrid net capital loss amount
has the meaning given by section
830-55
.
foreign hybrid revenue loss amount
has the meaning given by paragraph
830-45(1)(a)
.
foreign hybrid tax provisions
means:
(a) the Income Tax Assessment Act 1936 (other than Division 5A of Part III ); and
(b) this Act (other than Subdivision 830-A and 830-B ); and
(c) an Act that imposes any tax payable under the Income Tax Assessment Act 1936 or this Act; and
(d) the Income Tax Rates Act 1986 ; and
(e) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and
(f) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c), (d) or (e); and
(g) regulations under an Act covered by any of the preceding paragraphs.
foreign IIR tax
means tax that:
(a) is payable under a * foreign law; and
(b) satisfies the requirements of the IIR (within the meaning of the * GloBE Rules).
foreign income tax
has the meaning given by section
770-15
.
foreign income tax deduction
has the meaning given by section
832-120
.
foreign investment fund
(Repealed by No 114 of 2010)
foreign law
means a law of a foreign country.
Note:
Foreign country is defined in section 2B of the Acts Interpretation Act 1901 .
foreign life insurance company
means a company that is a foreign resident, and whose sole or principal business is life insurance.
foreign pension fund
has the meaning given by subsection
840-805(4B)
.
foreign public official
has the same meaning as in section 70.1 of the
Criminal Code
.
foreign resident
means a person who is not a resident of Australia for the purposes of the
Income Tax Assessment Act 1936
.
Note:
Foreign resident is not asterisked in this Act.
foreign resident life insurance policy
means a
*
life insurance policy that:
(a) was issued by a company in the course of carrying on a * business at or through the * permanent establishment of the company in a foreign country; and
(b) is held by an entity that is neither an * associate of the company nor a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936 ).
foreign revenue claim
has the meaning given by section
263-10
in Schedule
1
to the
Taxation Administration Act 1953
.
foreign service of document request
has the meaning given by section
263-60
in Schedule
1
to the
Taxation Administration Act 1953
.
foreign superannuation fund
(Repealed by No 58 of 2006).
(a) a * superannuation fund is a foreign superannuation fund at a time if the fund is not an * Australian superannuation fund at that time; and
(b) a superannuation fund is a foreign superannuation fund for an income year if the fund is not an Australian superannuation fund for the income year.
foreign tax
(Repealed by
No 143 of 2007
)
foreign tax period
, in relation to an entity, in relation to a foreign tax imposed by a tax law of a foreign country, means the accounting period used by the entity for the purposes of determining the tax base under that law.
foreign trust for CGT purposes
means a trust that is not a
*
resident trust for CGT purposes.
foreign UTPR tax
means tax that:
(a) is payable under a * foreign law; and
(b) satisfies the requirements of the UTPR (within the meaning of the * GloBE Rules).
foreign venture capital fund of funds
has the meaning given by subsections
118-420(4)
and
(5)
.
forestry interest
in a
*
forestry managed investment scheme has the meaning given by subsection
394-15(3)
.
forestry managed investment scheme
has the meaning given by subsection
394-15(1)
.
forestry manager
of a
*
forestry managed investment scheme has the meaning given by subsection
394-15(2)
.
forestry road
has the meaning given by section
43-72
.
forex cost base
has the meaning given by section
775-85
.
forex entitlement base
has the meaning given by section
775-90
.
forex realisation event
means any of the forex realisation events described in Division
775
.
forex realisation gain
:
for each
*
forex realisation event a
forex realisation gain
is worked out in the way described in the event.
forex realisation loss
:
for each
*
forex realisation event a
forex realisation loss
is worked out in the way described in the event.
forgive
a debt has the meaning given by sections
245-35
,
245-36
and
245-37
.
Note:
Subdivisions 245-C to 245-G (about forgiveness of commercial debts) apply to certain arrangements as if the arrangements were forgiveness of debts: see section 245-45 .
forgiveness income year
,
in relation to a debt that is
*
forgiven, means the income year in which the debt is forgiven.
form approved by Industry Innovation and Science Australia
has the same meaning as in section
33-5
of the
Venture Capital Act 2002
.
form approved by the Venture Capital Registration Board
(Repealed by
No 164 of 2007
)
form approved by the PDF Board
(Repealed by
No 78 of 2007
)
former exempting entity
has the meaning given by section
208-50
.
fourth element expenditure
has the meaning given by section
104-185
.
frankable distribution
has the meaning given by section
202-40
.
frankable with a venture capital credit
has the meaning given by section
210-50
.
franked distribution
:
a
*
distribution is franked if an entity
*
franks it in accordance with section
202-5
.
franked part
of a
*
distribution has the meaning given by section
976-1
.
franking account
means an account that arises under section
205-10
.
Note 1:
Section 205-15 sets out when a credit arises in that account.
Note 2:
Section 205-30 sets out when a debit arises in that account.
franking account balance
has the meaning given by section
214-30
.
franking assessment
has the meaning given by subsection
214-60(1)
and affected by section
214-100
.
franking credit
has the meaning given by section
205-15
.
franking debit
has the meaning given by section
205-30
.
franking deficit
has the meaning given by subsection
205-40(2)
.
franking deficit tax
means tax imposed under the
New Business Tax System (Franking Deficit Tax) Act 2002
.
Note:
That Act imposes tax where it is payable under section 205-45 of this Act.
franking entity
has the meaning given by section
202-15
.
franking percentage
has the meaning given by section
203-35
.
franking period
has the meaning given by sections
203-40
and
203-45
.
franking return
means a return required under Subdivision
214-A
.
franking surplus
has the meaning given by subsection
205-40(1)
.
franking tax
has the meaning given by section
214-40
.
franks with an exempting credit
has the meaning given by section
208-60
.
frank with a venture capital credit
has the meaning given by section
210-30
.
free carbon unit
(Repealed by No 83 of 2014)
(a) a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b) a body that is registered or incorporated as a friendly society under a * State law or a * Territory law; or
(c) a body that is permitted, by a * State law or a * Territory law, to assume or use the expression friendly society ; or
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a * State law or a * Territory law.
friendly society dispensary
means an approved pharmacist (within the meaning of Part VII of the
National Health Act 1953
) that is:
(a) a * friendly society; or
(b) a body carrying on * business for the benefit of members of a * friendly society.
(a) a fringe benefit as defined by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) a benefit that would be a fringe benefit (as defined by subsection 136(1) of that Act) if paragraphs (d) and (e) of the definition of employer in that subsection of that Act were omitted.
fringe benefits taxable amount
has the meaning given by section
5B
of the
Fringe Benefits Tax Assessment Act 1986
.
fringe benefits tax law
means a provision of an Act or regulations under which the extent of liability for tax imposed by the
Fringe Benefits Tax Act 1986
is worked out.
FRT disallowed amount
: see
fixed ratio test disallowed amount
.
FS assessment debt
means an FS assessment debt under:
(a) subsection 19AB(2) of the Social Security Act 1991 ; or
(b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998.
FTB amount
for an income year means an amount of family tax benefit (within the meaning of the
A New Tax System (Family Assistance) (Administration) Act 1999
) to which an individual is entitled in respect of the income year.
fuel tax credit
has the meaning given by section
110-5
of the
Fuel Tax Act 2006
.
fuel tax law
has the meaning given by section
110-5
of the
Fuel Tax Act 2006
.
fuel tax return
means a return under the
Fuel Tax Act 2006
.
fuel tax return period
has the meaning given by section
61-20
of the
Fuel Tax Act 2006
.
full self-assessment taxpayer
(Repealed by
No 79 of 2010
)
full year amounts
has the meaning given by section
165-60
.
full year car deduction
(Repealed by No 162 of 2015)
full year deductions
has the meaning given by subsections
165-55(5)
and
(6)
.
fund payment
has the meaning given by sections
12-405
and
12A-110
in Schedule
1
to the
Taxation Administration Act 1953
.
fund-raising event
has the meaning given by section
40-165
of the
*
GST Act, as modified by the omission of subparagraph
40-165(1)(b)(i)
of that Act.
[ CCH Note: Definition of " funded aged care service " will be inserted by No 45 of 2025, s 3 and Sch 3 item 221, effective 1 November 2025. The definition will read:
]funded aged care service
has the same meaning as in the Aged Care Act 2024 .
funeral policy
means a
*
life insurance policy issued by a
*
friendly society for the sole purpose of providing benefits to pay for the funeral of the insured person.
Future Fund Board
means the Future Fund Board of Guardians established by section 34 of the
Future Fund Act 2006
.
gainfully employed
means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.
gaining entity
for an
*
indirect value shift has the meaning given by section
727-150
.
GDP-adjusted notional tax
has the meaning given by section
45-405
in Schedule
1
to the
Taxation Administration Act 1953
.
GDP amount
for a
*
quarter has the meaning given by section
45-405
in Schedule
1
to the
Taxation Administration Act 1953
.
general class investor
has the meaning given by subsections
820-46(2)
and
820-583(1)
.
general company tax rate
(Repealed by No 97 of 2008)
general deduction
has the meaning given by section
8-1
.
general insurance company
means a body corporate that carries on
*
insurance business.
general insurance policy
means a policy of insurance that is not a
*
life insurance policy or an
*
annuity instrument.
general interest charge
means the charge worked out under Part
IIA
of the
Taxation Administration Act 1953
.
general partner
means a partner of a
*
limited partnership whose liability in relation to the partnership is not limited.
general small business pool
has the meaning given by section
328-185
.
general STS pool
(Repealed by
No 80 of 2007
)
general transfer balance cap
has the meaning given by section
294-35
.
genuine prospector
(Repealed by No 77 of 2001)
genuine redundancy payment
has the meaning given by section
83-175
.
geothermal energy extraction
has the meaning given by subsection
15-40(4)
.
geothermal energy extraction right
(Repealed by No 96 of 2014)
geothermal energy resources
means matter occurring naturally within the Earth and containing energy as heat.
geothermal exploration information
has the meaning given by subsection
15-40(3)
.
geothermal exploration right
(Repealed by No 96 of 2014)
global financial statements
has the meaning given by section
960-570
.
global GST amount
has the meaning given by section 195-1 of the
*
GST Act.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165-115E ; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165-115U .
global parent entity
has the meaning given by section
960-560
.
GloBE Entity
means an Entity (within the meaning of the
*
Minimum Tax Act).
GloBE Excluded Entity
means an Excluded Entity (within the meaning of the
*
Minimum Tax Act).
GloBE Implementation Framework
:
(a) means the GloBE Implementation Framework (within the meaning of the * Minimum Tax Rules); or
(b) if the expression GloBE Implementation Framework is not used in the Minimum Tax Rules - has the meaning given by the regulations.
GloBE Information Return
has the meaning given by section
127-5
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) means an Investment Entity (within the meaning of the * Minimum Tax Rules); or
(b) if the expression Investment Entity is not used in the Minimum Tax Rules - has the meaning given by the regulations.
GloBE Joint Venture
means a Joint Venture (within the meaning of the
*
Minimum Tax Act).
GloBE JV Subsidiary
means a JV Subsidiary (within the meaning of the
*
Minimum Tax Act).
GloBE located
: a
*
GloBE Entity or
*
GloBE Permanent Establishment is
GloBE located
in a jurisdiction for a
*
Fiscal Year if the GloBE Entity or GloBE Permanent Establishment is located in that jurisdiction for the Fiscal Year for the purposes of the
*
Minimum Tax Act.
GloBE Main Entity
, in respect of a
*
GloBE Permanent Establishment, means the Main Entity (within the meaning of the
*
Minimum Tax Act) in respect of the GloBE Permanent Establishment.
GloBE partnership
has the meaning given by subsection
128-20(6)
in Schedule
1
to the
Taxation Administration Act 1953
.
GloBE Permanent Establishment
means a Permanent Establishment (within the meaning of the
*
Minimum Tax Act).
GloBE Rules
has the same meaning as in the
*
Minimum Tax Act.
GloBE Securitisation Entity
means a Securitisation Entity (within the meaning of the
*
Minimum Tax Act).
GloBE Transition Year
, of an
*
Applicable MNE Group:
(a) means the Applicable MNE Group ' s Transition Year (within the meaning of the * Minimum Tax Rules) for Australia; or
(b) if the expression Transition Year is not used in the Minimum Tax Rules - has the meaning given by the regulations.
GloBE Ultimate Parent Entity
, of an
*
Applicable MNE Group, means the Ultimate Parent Entity (within the meaning of the
*
Minimum Tax Act, as affected by section 28 of that Act) of the Applicable MNE Group.
goes for at least 4 hours
, in relation to a
*
seminar, has the meaning given by subsection
32-65(2)
.
government entity
(Repealed by No 41 of 2005)
government entity
†
has the meaning given by section
41
of the
A New Tax System (Australian Business Number) Act 1999
.
[ † CCH Note: This second definition of " government entity " was inserted by Act No 91 of 2000.]
Government FHSA contribution
(Repealed by No 70 of 2015)
GR group
has the meaning given by section
820-53
.
GR group member
has the meaning given by section
820-53
.
GR group net third party interest expense
has the meaning given by section
820-54
.
GR group parent
has the meaning given by section
820-53
.
granny flat interest
has the meaning given by subsection
137-10(1)
.
greater benefit from franking credits
has a meaning affected by subsections
204-30(7)
and (8).
(a) under an * indirect value shift, has the meaning given by subsection 727-150(3) ; and
(b) under a * presumed indirect value shift, has the meaning given by subsection 727-855(1) .
greenfields minerals expenditure
has the meaning given by section
418-80
.
greenfields minerals explorer
has the meaning given by section
418-75
.
[ CCH Note: Definition of " grid matching requirements " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]grid matching requirements
has the meaning given by section 421-25 .
gross averaging amount
has the meaning given by section
392-70
.
gross forgiven amount
has the meaning given by section
245-75
.
gross vehicle mass
of a vehicle means:
(a) the road weight specified by the manufacturer of the vehicle as the maximum design weight capacity of the vehicle; or
(b) in the absence of such a specification, the sum of:
(i) the weight of the vehicle; and
(ii) the weight of the maximum load for which the vehicle was designed (including the weight of the driver and a full tank of fuel, if applicable).
group EBITDA
has the meaning given by section
820-55
.
Group Entity
, of an
*
Applicable MNE Group, has the same meaning as in the
*
Minimum Tax Act.
group heading
has the meaning given by section
950-100
.
group ratio
has the meaning given by section
820-53
.
group ratio earnings limit
has the meaning given by section
820-51
.
group turnover
(Repealed by
No 80 of 2007
)
group turnover
†
(Repealed by No 41 of 2005)
GST
has the meaning given by section
195-1
of the
*
GST Act.
GST Act
means the
A New Tax System (Goods and Services Tax) Act 1999
.
GST-free
has the meaning given by section
195-1
of the
*
GST Act.
GST group
has the meaning given by section
195-1
of the
*
GST Act.
GST inclusive market value
has the meaning given by section
195-1
of the
*
GST Act.
GST joint venture
has the meaning given by section
51-5
of the
*
GST Act.
GST joint venture
†
(Repealed by
No 143 of 2007
)
[ † CCH Note: This second definition of " GST joint venture " was inserted by No 176 of 1999.]
GST law
has the meaning given by section
195-1
of the
*
GST Act.
GST return
has the same meaning as in section
195-1
of the
*
GST Act.
GST turnover
has the meaning given by section
195-1
of the
*
GST Act.
guaranteed residual value
for an asset that is put to a tax preferred use has the meaning given by subsection
250-85(3)
.
guarantee period
, for an annuity provided under a
*
structured settlement or a
*
structured order, has the meaning given by subsection
54-35(2)
.
Guide
has the meaning given by section
950-150
.
harm prevention charity
(Repealed by No 40 of 2023)
(a) in relation to a * consolidated group or * consolidatable group - has the meaning given by section 703-15 ; and
(b) of a * MEC group - has the meaning given by section 719-75 .
head entity
of a demerger group has the meaning given by section
125-65
.
Health Department
(Repealed by No 110 of 2014)
Health Minister
means the Minister administering the
National Health Act 1953
.
Health Secretary
means the Secretary of the Department administered by the
*
Health Minister.
HECS-HELP benefit
(Repealed by No 55 of 2016)
hedged item
has the meaning given by subsections
230-335(10)
and
(11)
.
hedging financial arrangement
has the meaning given by subsections
230-335(1)
to
(9)
and sections
230-340
and
230-345
.
hedging financial arrangement election
has the meaning given by section
230-315
.
Heritage Department
(Repealed by No 110 of 2014)
Heritage Minister
(Repealed by No 110 of 2014)
Heritage Secretary
means the Secretary of the Department administered by the Minister administering the
Australian Heritage Council Act 2003
.
HIH company
has the meaning given by section
322-5
.
HIH Trust
has the meaning given by section
322-5
.
hire purchase agreement
means:
(a) a contract for the hire of goods where:
(i) the hirer has the right, obligation or contingent obligation to buy the goods; and
Note:
An example of a contingent obligation is a put option.
(ii) the charge that is or may be made for the hire, together with any other amount payable under the contract (including an amount to buy the goods or to exercise an option to do so), exceeds the price of the goods; and
(iii) title in the goods does not pass to the hirer until the option referred to in subparagraph (a)(i) is exercised; or
(b) an agreement for the purchase of goods by instalments where title in the goods does not pass until the final instalment is paid.
(a) hold a car for the purposes of Division 28 has the meaning given by section 28-90 ; and
(b) hold a * depreciating asset has the meaning given by section 40-40 ; and
(c) hold a * registered emissions unit has the meaning given by section 420-12 .
(d) (Repealed by No 96 of 2014)
[ CCH Note: Definition of " holder " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]holder
, of a * registered production profile, means the holder of the profile under the Future Made in Australia (Guarantee of Origin) Act 2024 .
horse opening value
has the meaning given by subsection
70-65(1)
.
horse reduction amount
has the meaning given by subsection
70-65(2)
.
horticultural plant
has the meaning given by section
40-520
.
horticulture
has the meaning given by section
40-535
.
horticulture business
(Repealed by No 77 of 2001)
hotel building
has the meaning given by section
43-95
.
(a) residential accommodation; or
(b) health, education, recreation or similar facilities, or facilities for meals; or
(c) works carried out directly in connection with such accommodation or facilities, including works for providing water, light, power, access or communications.
Housing Department
(Repealed by No 110 of 2014)
Housing Minister
(Repealed by No 110 of 2014)
Housing Secretary
means the Secretary of the Department administered by the Minister administering the
National Rental Affordability Scheme Act 2008
.
[ CCH Note: Definition of " HPTO community benefit rules " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]HPTO community benefit rules
(short for " hydrogen production tax offset community benefit rules " ) means the rules made under section 421-45 .
hybrid financial instrument mismatch
has the meaning given by section
832-200
.
hybrid mismatch
has the meaning given by sections
832-215
,
832-230
,
832-310
,
832-400
,
832-475
,
832-545
and
832-620
.
hybrid payer
has the meaning given by section
832-320
.
hybrid payer mismatch
has the meaning given by section
832-305
.
[ CCH Note: Definition of " hydrogen production tax offset " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]hydrogen production tax offset
has the meaning giving by subsection 421-5(1) .
hypothetical tax position
has the meaning given by section
45-615
in Schedule
1
to the
Taxation Administration Act 1953
.
IGIS official
(short for Inspector-General of Intelligence and Security official) means:
(a) the Inspector-General of Intelligence and Security; or
(b) any other person covered by subsection 32(1) of the Inspector-General of Intelligence and Security Act 1986 .
immediate annuity
means an
*
annuity that is presently payable.
Immigration Department
means the Department administered by the Minister administering the
Migration Act 1958
.
Immigration Minister
(Repealed by No 110 of 2014)
Immigration Secretary
means the Secretary of the
*
Immigration Department.
import
has the meaning given by section
195-1
of the
*
GST Act.
import declaration
has the meaning given by the
Customs Act 1901
.
import declaration advice
has the meaning given by the
Customs Act 1901
.
imported hybrid mismatch
has the meaning given by section
832-615
.
importing payment
, in relation to an
*
offshore hybrid mismatch, has the meaning given by section
832-625
.
improvement threshold
has the meaning given by section
108-85
.
imputation benefit
has the meaning given by subsection
204-30(6)
.
imputation system
means the rules in Part
3-6
.
IMR capital gain
(Repealed by No 70 of 2015)
IMR capital loss
(Repealed by No 70 of 2015)
IMR deduction
(Repealed by No 70 of 2015)
IMR entity
has the meaning given by section
842-220
.
IMR financial arrangement
has the meaning given by section
842-225
.
IMR foreign fund
(Repealed by No 70 of 2015)
IMR income
(Repealed by No 70 of 2015)
IMR widely held entity
has the meaning given by sections
842-230
and
842-240
.
in a position to affect rights
has the meaning given by section
975-150
.
incapacitated entity
has the meaning given by section
195-1
of the
*
GST Act.
incentive amount
(Repealed by No 26 of 2012)
incidental costs
has the meaning given by section
110-35
.
incidental forestry scheme receipts
has the meaning given by subsection
394-30(4)
.
incidental shipping activities
has the meaning given by section
51-115
.
income bond
means a
*
life insurance policy issued by a
*
friendly society under which bonuses are regularly distributed.
income company
has the meaning given by section
170-10
.
income for surcharge purposes
,
for a person and an income year, means the sum of the following:
(a) the person ' s taxable income for the income year (disregarding the person ' s * assessable FHSS released amount for the income year and subsection 271-105(1) in Schedule 2F to the Income Tax Assessment Act 1936 );
(b) the person ' s * reportable fringe benefits total (if any) for the income year;
(c) the person ' s * reportable superannuation contributions for the income year;
(d) the person ' s * total net investment loss for the income year;
less the amount mentioned in subsection 301-20(3) for the person for the income year if the person is entitled to a tax offset under subsection 301-20(2) for the income year.
income tax
means income tax imposed by any of these:
(a) the Income Tax Act 1986 ;
(b) the Income Tax (Diverted Income) Act 1981 ;
(c) the Income Tax (Former Complying Superannuation Funds) Act 1994 ;
(d) the Income Tax (Former Non-resident Superannuation Funds) Act 1994 ;
(e) the Income Tax (Fund Contributions) Act 1989 .
income tax law
means a provision of an Act or regulations under which is worked out the extent of liability for:
(a) * tax; or
(b) * Medicare levy; or
(c) * franking tax; or
(d) * withholding tax; or
(e) * mining withholding tax; or
(f) tax payable in accordance with subsection 276-340(2) , 276-410(2) , 276-425(2) or 276-820(6) (AMIT offset taxation).
income tax liability
, of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection
4-10(3)
) for the financial year applicable to the entity under subsection
4-10(2)
.
income tax return
means a return under section
161
,
162
or
163
of the
Income Tax Assessment Act 1936
.
income unitholding of less than 1%
(Repealed by No 94 of 1999)
income year
: the basic meaning is given by subsections
4-10(2)
and
9-5(2)
. Some provisions refer to a particular income year. (They may describe it in different ways: for example, as the income year ending on 30 June 1998, or the 1997-98 income year.) For an entity that adopts an accounting period in place of the particular income year, the reference includes:
(a) the adopted accounting period; or
(b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936 :
(i) in relation to the commencing of the income year - the adopted accounting period (as ending under that section); or
(ii) in relation to the ending of the income year - the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.
Note 1:
The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 .
Note 2:
An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 .
in connection with
: an economic benefit is
*
provided
in connection with
a
*
scheme if at least one of the tests in section
727-160
is satisfied.
increase time
for a
*
direct value shift has the meaning given by section
725-155
.
increased value shares
(Repealed by No 90 of 2002)
increasing adjustment
has the meaning given by section
195-1
of the
*
GST Act.
independent Australian fund manager
has the meaning given by section
842-245
.
independent candidate
has the meaning given by section
30-244
.
independent member
has the meaning given by section
30-245
.
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960-265 - indexation factor has the meaning given by section 960-285 ; or
(aa) for the amount mentioned in the provision listed at item 14 in section 960-265 - indexation factor has the meaning given by section 960-290 ; or
(b) for an amount mentioned in a provision listed at another item in section 960-265 - indexation factor has the meaning given by section 960-275 .
indexed common ownership market value
(Repealed by No 90 of 2002)
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960-265 - index number has the meaning given by section 960-285 ; or
(b) for any other amount (other than the amount mentioned in the provision listed at item 14 in section 960-265 ) - index number has the meaning given by section 960-280 .
Indigenous holding entity
has the meaning given by subsection
59-50(6)
.
Indigenous land
means any estate or interest in land that, under an
*
Australian law relating to
*
Indigenous persons, is held for the use or benefit of Indigenous persons.
Indigenous person
means an individual who is:
(a) a member of the Aboriginal race of Australia; or
(b) a descendant of an Indigenous inhabitant of the Torres Strait Islands.
indirect Australian real property interest
has the meaning given by section
855-25
.
indirect equity interests
: an entity has
indirect equity interests
in a company if it has
*
shares or other interests in entities interposed between the entity and the company.
indirect equity or loan interest
has the meaning given by section
727-525
.
indirectly
: entities have the right to receive
*
dividends or capital of a company
indirectly
for their own benefit if they would receive the dividends or capital for their own benefit if:
(a) the company were to pay or distribute the dividends or capital; and
(b) the dividends or capital were then successively paid or distributed by each entity interposed between the company and those entities.
An * ultimate owner indirectly has a beneficial interest in a * CGT asset of an entity, or in * ordinary income that may be * derived from a * CGT asset of an entity, as described in section 149-15 .
indirect participation interest
has the meaning given by section
960-185
.
indirect primary equity interest
has the meaning given by section
727-220
.
indirect roll-over replacement
has the meaning given by section
723-110
.
indirect small business participation percentage
has the meaning given by section
152-75
.
indirect SRWUIP payment
has the meaning given by subsection
59-67(4)
.
indirect tax
means any of the following:
(a) * GST;
(b) * wine tax;
(c) * luxury car tax.
indirect tax document
means a document that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was made or given under, or for the purposes of, an * indirect tax law.
Example:
A GST return is a document made for the purposes of an indirect tax law.
indirect tax information
means information that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was disclosed or obtained under an * indirect tax law; and
(c) relates to the affairs of an entity other than you.
indirect tax law
means any of the following:
(a) the * GST law;
(b) the * wine tax law;
(c) the * luxury car tax law;
(d) the * fuel tax law.
indirect tax or excise ruling
means a
*
public ruling or a
*
private ruling, to the extent that the ruling relates to:
(a) an * indirect tax law (other than the * fuel tax law); or
(b) an * excise law.
indirect tax ruling
(Repealed by
No 74 of 2010
)
indirect value shift
has the meaning given by Subdivision
727-B
.
indirect voting percentage
in a company has the meaning given by section
768-555
.
individual
means a natural person.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165-115E ; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165-115U .
individual superannuation guarantee shortfall
has the meaning given by section
19
of the
Superannuation Guarantee (Administration) Act 1992
.
industrial activities
has the meaning given by section
43-150
.
(a) an * Australian law; or
(b) an award, order, determination or industrial agreement in force under an * Australian law.
Industry Department
means the Department administered by the Minister administering the
Industry Research and Development Act 1986
.
Industry Minister
(Repealed by No 110 of 2014)
Industry Secretary
means the Secretary of the
*
Industry Department.
in existence
(Repealed by No 41 of 2005)
information exchange country
has the meaning given by section
12-385
in Schedule
1
to the
Taxation Administration Act 1953
.
Infrastructure CEO
means the Chief Executive Officer of Infrastructure Australia appointed under section 29 of the
Infrastructure Australia Act 2008
.
infrastructure project capital expenditure
has the meaning given by subsection
415-75(4)
.
infrastructure project designation rules
has the meaning given by section
415-100
.
in-house dining facility
has the meaning given by section
32-55
.
in-house software
is computer software, or a
*
right to use computer software, that you acquire, develop or have another entity develop:
(a) that is mainly for you to use in performing the functions for which the software was developed; and
(b) for which you cannot deduct amounts under a provision of this Act outside Divisions 40 and 328 .
initial head company instalment rate
, for a
*
head company of a
*
consolidated group, or a
*
provisional head company of a
*
MEC group, is an
*
instalment rate worked out on the basis of:
(a) for a group that comes into existence in an income year under section 703-50 or 719-50 - the first * base assessment of a company as the head company of that group for which the * base year is that income year; and
(b) for a group (the later group ) for which either of the following conditions is satisfied:
(i) the later group is * created from a group (the first group ) that comes into existence under section 703-50 or 719-50 ;
the first base assessment of a company as the head company of the first group, the later group or any other group covered by subparagraph (ii), for which the base year is the income year in which the first group comes into existence.
(ii) starting from the first group, consolidated groups or MEC groups are successively created, ending in the creation of the later group;
Note:
For example, subparagraph (b)(ii) covers a consolidated group that is created from a MEC group, which was in turn created from a consolidated group that came into existence under section 703-50 .
initial participant
in a
*
forestry managed investment scheme has the meaning given by subsection
394-15(5)
.
[ CCH Note: Definition of " initial reconciliation period " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]initial reconciliation period
, for a * registered PGO certificate, has the meaning given by section 421-35 .
injected amount
has the meaning given by sections
175-10
,
175-20
and
175-85
.
injected income
(Repealed by No 147 of 1997)
(a) in relation to a * structured settlement, has the meaning given by subparagraph 54-10(1)(a) (i); and
(b) in relation to a * structured order, has the meaning given by subparagraph 54-10(1A)(a) (i).
Industry Innovation and Science Australia
means the board established by section
6
of the
Industry Research and Development Act 1986
.
input tax credit
has the meaning given by section
195-1
of the
*
GST Act.
input taxed
has the meaning given by section
195-1
of the
*
GST Act.
installed ready for use
means installed ready for use and held in reserve. However, a
*
mining, quarrying or prospecting right is not
installed ready for use
.
instalment group
has the meaning given by section
45-145
in Schedule
1
to the
Taxation Administration Act 1953
.
instalment income
has the meaning given by sections
45-120
,
45-260
,
45-280
,
45-285
,
45-286
and
45-465
in Schedule
1
to the
Taxation Administration Act 1953
.
instalment month
has the meaning given by section
45-65
in Schedule
1
to the
Taxation Administration Act 1953
.
instalment of petroleum resource rent tax
is an instalment of tax payable under
Division 2 of Part VIII
of the
Petroleum Resource Rent Tax Assessment Act 1987
.
instalment quarter
has the meaning given by section
45-60
in Schedule
1
to the
Taxation Administration Act 1953
.
instalment trust
has the meaning given by section
235-825
.
instalment trust asset
has the meaning given by section
235-825
.
insurance business
has the same meaning as in the
Insurance Act 1973
.
intellectual property
: an item of
intellectual property
consists of the rights (including equitable rights) that an entity has under a
*
Commonwealth law as:
(a) the patentee, or a licensee, of a patent; or
(b) the owner, or a licensee, of a registered design; or
(c) the owner, or a licensee, of a copyright;
or of equivalent rights under a * foreign law.
interest in membership interests
has the same meaning as in section
177EA
of the
Income Tax Assessment Act 1936
.
interest realignment adjustment
has the meaning given by subsection
40-364(7)
.
interest realignment arrangement
has the meaning given by subsection
40-363(5)
.
interest that will or may convert into another interest
has the meaning given by section
974-165
.
intermediary
(Repealed by No 32 of 2008)
intermediate controller
has the meaning given by subsection
727-530(2)
.
international emissions unit
(Repealed by No 83 of 2014)
international tax agreement
means an agreement (within the meaning of the
International Tax Agreements Act 1953
) to which that Act gives the force of law.
international tax sharing treaty
:
(a) means an agreement between Australia and another country under which Australia and the other country share tax revenues from activities undertaken in an area identified by or under the agreement; and
(b) does not include an agreement within the meaning of the International Tax Agreements Act 1953 .
interposed company
(Repealed by No 147 of 2005)
invalidity segment
, of an
*
employment termination payment, has the meaning given by section
82-150
.
investment body
for a
*
Part VA investment has the meaning given by section
202D
of the
Income Tax Assessment Act 1936
.
investment commitment time
has the meaning given by section
41-25
.
investment registration requirement
:
(a) in relation to a * VCLP - has the meaning given by subsection 9-1(2) of the Venture Capital Act 2002 ; and
(ab) in relation to an * ESVCLP - has the meaning given by subsection 9-3(2) of the Venture Capital Act 2002 ; and
(b) in relation to an * AFOF - has the meaning given by subsection 9-5(2) of the Venture Capital Act 2002 .
investor
for a
*
Part VA investment has the meaning given by section
202D
of the
Income Tax Assessment Act 1936
.
invoice
means a document notifying an obligation to make a payment.
involuntary roll-over superannuation benefit
has the meaning given by section
306-12
.
inward investing entity (ADI)
has the meaning given by sections
820-395
and
820-609
.
Note:
Section 820-430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
inward investing entity (non-ADI)
(Repealed by No 23 of 2024)
inward investing financial entity (non-ADI)
has the meaning given by section
820-185
and
820-583(1)
.
inward investment vehicle (financial)
has the meaning given by sections
820-185
,
820-583
,
820-609
and
820-610
.
Note:
Section 820-430 allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.
inward investment vehicle (general)
(Repealed by No 23 of 2024)
inward investor (financial)
has the meaning given by section
820-185
.
Note:
Section 820-430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
inward investor (general)
(Repealed by No 23 of 2024)
irrigation water provider
has the meaning given by section
40-515
.
IRU
is an indefeasible
*
right to use a telecommunications cable system.
issue pool
, for exploration investment made in an entity in an income year, has the meaning given by section
418-115
.
issued
, in relation to a
*
debt interest, has the meaning given by paragraph
974-55(1)(d)
.
IVS period
has the meaning given by section
727-150
.
IVS time
has the meaning given by section
727-150
.
joint venture operator
for a
*
GST joint venture has the meaning given by section
195-1
of the
*
GST Act.
JPDA
(short for Joint Petroleum Development Area) has the same meaning as it has in the
Petroleum (Timor Sea Treaty) Act 2003
.
KiwiSaver scheme
has the meaning given by the KiwiSaver Act 2006 of New Zealand.
KiwiSaver scheme provider
means a provider (within the meaning of the KiwiSaver Act 2006 of New Zealand).
Kyoto unit
has the same meaning as in the
Australian National Registry of Emissions Units Act 2011
.
labour hire notional withheld amount
has the meaning given by section
16-125
in Schedule
1
to the
Taxation Administration Act 1953
.
labour hire notional withheld amount
has the meaning given by section
16-125
in Schedule
1
to the
Taxation Administration Act 1953
.
labour mobility program withholding tax
means income tax payable under Subdivision
840-S
.
Note:
The tax is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act.
Laminaria and Corallina decommissioning levy
means levy imposed by the
Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022
landcare operation
has the meaning given by section
40-635
.
land transport facilities borrowings agreement
(Repealed by No 41 of 2011)
land transport facility
(Repealed by No 41 of 2011)
large withholder
has the meaning given by section
16-95
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) if an individual ' s employment or office would have terminated when he or she reached a particular age or completed a particular period of service - the day he or she would reach the age or complete the period of service (as the case may be); or
(b) in any other case - the day on which he or she would turn 65.
laundry expense
has the meaning given by section
900-40
.
law enforcement agency
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
leasing company
(Repealed by No 101 of 2006)
legally responsible
(Repealed by No 49 of 2019)
legal personal representative
means:
(a) an executor or administrator of an estate of an individual who has died; or
(b) a trustee of an estate of an individual who is under a legal disability; or
(c) a person who holds a general power of attorney that was granted by another person.
legal practitioner
means a person who is enrolled as a barrister, a solicitor or a barrister and solicitor of:
(a) a federal court; or
(b) a court of a State or Territory.
leisure facility
has the meaning given by subsection
26-50(2)
.
(a) under an * indirect value shift, has the meaning given by paragraph 727-150(3)(a) ; and
(b) under a * presumed indirect value shift, has the meaning given by paragraph 727-855(1)(c) .
liability
, of a
*
sub-fund of a
*
CCIV, means any of the liabilities of the sub-fund, ascertained in accordance with Subdivision
C
of Division
3
of Part
8B.5
of the
Corporations Act 2001
.
liability for incurred claims
has the same meaning as in the
*
applicable insurance contracts accounting standard.
Note:
For how to work out the adjusted liability for incurred claims, see section 321-20 .
liability for remaining coverage
has the same meaning as in the
*
applicable insurance contracts accounting standard.
Note:
For how to work out the adjusted liability for remaining coverage, see section 321-60 .
liable entity
has the meaning given by section
832-325
.
LIC capital gain
has the meaning given by section
115-285
.
life benefit termination payment
has the meaning given by subsection
82-130(2)
.
life events test
has the meaning given by subsection
118-110(5)
.
life insurance business
means:
(a) a business to the extent that it consists of issuing * life insurance policies; and
(b) any business that relates to a business to which paragraph (a) applies.
life insurance company
means a company registered under section
21
of the
Life Insurance Act 1995
.
life insurance entity
(Repealed by No 89 of 2000)
life insurance policy
has the meaning given to the expression
life policy
in the
Life Insurance Act 1995
but includes:
(a) a contract made in the course of carrying on business that is * life insurance business because of a declaration in force under section 12A or 12B of that Act; and
(b) a sinking fund policy within the meaning of that Act.
life insurance premium
includes consideration received or receivable in respect of the grant of, or the undertaking of liabilities in respect of, an
*
annuity or a
*
personal injury lump sum.
Note:
Certain other amounts are treated as life insurance premiums when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320-320 .
like customable goods
has the same meaning as in the
Customs Act 1901
.
limited partner
means a partner of a
*
limited partnership whose liability in relation to the partnership is limited.
(a) an association of persons (other than a company) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly, where the liability of at least one of those persons is limited; or
(b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a * VCLP, an * ESVCLP, an * AFOF or a * VCMP and to carry on activities that are carried on by a body of that kind.
limited recourse debt
has the meaning given by section
243-20
.
linked assets and liabilities
has the meaning given by subsection
705-59(2)
.
linked group
has the meaning given by section
170-260
.
link note
(Repealed by No 41 of 2005)
listed country
has the meaning given by section
320
of the
Income Tax Assessment Act 1936
.
listed investment company
has the meaning given by section
115-290
.
listed public company
means a company
*
shares in which (except shares that carry a right to a fixed rate of
*
dividend) are listed for quotation in the official list of an
*
approved stock exchange. However, a company is
not
a
listed public company
if:
(a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed entities); or
(b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any * dividends that the company may pay; or
(c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any distribution of capital of the company.
listed widely held trust
has the meaning given by section
272-115
in Schedule 2F to the
Income Tax Assessment Act 1936
.
live stock
does
not
include animals used as beasts of burden or working beasts in a
*
business other than a
*
primary production business.
local governing body
means a local governing body established by or under a
*
State law or
*
Territory law.
lodge electronically
: a document is lodged electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner.
long life small business pool
(Repealed by No 23 of 2012)
long life STS pool
(Repealed by
No 80 of 2007
)
long service leave employment period
has the meaning given by subsection
83-90(4)
.
long term bond rate
, for a period, means:
(a) the average, expressed as a decimal fraction to 4 decimal places (rounding up if the fifth decimal place is 5 or more), of the daily assessed Australian Government bond capital market yields in respect of 10-year non-rebate Treasury bonds published by the Reserve Bank in relation to the period; or
(b) if no such yields in respect of bonds of that kind were published by the Reserve Bank in relation to the period, the decimal fraction determined by the Minister by legislative instrument for the purposes of this definition in relation to the period.
look-through earnout right
has the meaning given by subsection
118-565(1)
or
(4)
.
losing entity
for an
*
indirect value shift has the meaning given by section
727-150
.
loss carry back choice
has the meaning given by section
160-15
.
loss carry back tax offset
has the meaning given by section
160-5
.
loss carry back tax offset component
has the meaning given by subsection
160-10(2)
.
(a) at a particular time, has the meaning given by section 165-115R or 165-115S ; and
(b) in relation to a transfer of a * tax loss or a * net capital loss has the meaning given by section 170-10 or 170-110 .
loss denial balance
of a
*
loss denial pool of an entity has the meaning given by sections
715-60
,
715-70
,
715-110
,
715-135
,
715-355
and
715-360
.
loss denial pool
of an entity has the meaning given by sections
715-60
,
715-70
,
715-110
,
715-135
,
715-355
and
715-360
.
loss exposure amount
has the meaning given by section
830-60
.
loss-focussed basis
has the meaning given by section
727-780
.
loss year
has the meaning given by sections
36-10
,
165-70
and
175-35
.
Note:
The meaning of loss year in sections 36-10 , 165-70 and 175-35 is modified by section 36-55 for a corporate tax entity that has an amount of excess franking offsets.
low-cost plant
(Repealed by No 77 of 2001)
low-cost asset
has the meaning given by section
40-425
.
low rate cap amount
has the meaning given by section
307-345
.
low tax component
has the meaning given by section
295-545
.
low tax contributions
has the meaning given by sections
293-25
and
293-105
.
low-value asset
has the meaning given by section
40-425
.
low-value pool
(Repealed by No 77 of 2001)
LTF interest
(Repealed by No 41 of 2011)
luxury car
:
a
*
car is a
luxury car
at a time if section
40-230
would reduce its
*
cost as a
*
depreciating asset if an entity acquired it at that time for its
*
market value.
Note 1:
Division 242 treats a lease of a luxury car as a notional sale of the car by the lessor to the lessee financed by a notional loan by the lessor to the lessee.
Note 2:
Section 242-10 of the Income Tax (Transitional Provisions) Act 1997 extends this definition to cover reductions of cost under former provisions corresponding to section 40-230 .
luxury car lease payment
,
in relation to a
*
car to which Division
242
(about luxury car leases) applies, means an amount that the lessee under the lease is required to pay for the rental or hire of the car, but does not include:
(a) an amount in the nature of a penalty payable for failure to make a payment for rental or hire on time; or
(b) a * termination amount.
luxury car lease payment period
means a period for which a
*
luxury car lease payment under the lease is allocated or expressed to be payable.
Note:
If a luxury car lease payment period for a lease of a luxury car would otherwise be longer than 6 months, subsection 242-35(3) divides the original period into periods of no longer than 6 months.
luxury car tax
has the meaning given by section
27-1
of the
*
Luxury Car Tax Act.
Luxury Car Tax Act
means the
A New Tax System (Luxury Car Tax) Act 1999
.
luxury car tax law
has the meaning given by section
27-1
of the
*
Luxury Car Tax Act.
majority control
has the meaning given by section
45-145
in Schedule
1
to the
Taxation Administration Act 1953
.
majority underlying interests
in a
*
CGT asset has the meaning given by section
149-15
.
make
, in relation to a
*
film, has the meaning given by section
376-125
.
managed investment scheme
means an entity, with more than 20 members, that is:
(a) a managed investment scheme for the purposes of the Corporations Act 2001 ; or
(b) an entity with a similar status to a managed investment scheme under a * foreign law relating to corporate regulation.
managed investment trust
has the meaning given by section
275-10
.
managed investment trust withholding tax
means income tax payable under:
(a) Subdivision 840-M of this Act; or
(b) Subdivision 840-M of the Income Tax (Transitional Provisions) Act 1997 .
margin scheme
has the same meaning as in the
*
GST Act.
market integrity rules
means rules made under section
798G
of the
Corporations Act 2001
.
market value
has a meaning affected by Subdivision
960-S
.
market value method
of working out the
*
value of a
*
registered emissions unit has the meaning given by section
420-54
.
material decrease
(Repealed by No 90 of 2002)
material increase
(Repealed by No 90 of 2002)
(a) for an * outward investing financial entity (non-ADI) - has the meaning given by section 820-90 (or that section as applied by section 820-120 ); and
(b) for an * inward investing financial entity (non-ADI) covered by paragraph 820-185(1A)(a) (or 820-225(1)(a) ) - has the meaning given by section 820-190 (or that section as applied by section 820-225 ).
maximum available release amount
, for a
*
superannuation interest, has the meaning given by section
131-45
in Schedule
1
to the
Taxation Administration Act 1953
.
maximum exempt area
has the meaning given by section
118-255
.
maximum exploration credit amount
for an income year has the meaning given by subsection
418-85(2)
.
maximum franking credit
for a distribution has the meaning given by subsection
202-60(2)
.
maximum TC group
(Repealed by No 101 of 2006)
MBL benefit
has the meaning given by section
117-15
in Schedule
1
to the
Taxation Administration Act 1953
.
MBL reporting day
, for a
*
quarter, has the meaning given by subsection
115-5(3)
in Schedule
1
to the
Taxation Administration Act 1953
.
MDO
has the meaning given by section 5 of the
Medical Indemnity Act 2002
.
meal allowance
has the meaning given by section
900-30
.
meal allowance expense
has the meaning given by section
900-30
.
MEC group
has the meaning given by section
719-5
.
Note 1:
Part 3-90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719-2 ).
Note 2:
Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3-90 ) referring only to consolidated groups do not apply to MEC groups.
Medicare levy
has the meaning given by the
Income Tax Assessment Act 1936
.
Medicare levy (fringe benefits) surcharge
means Medicare levy surcharge imposed by the
A New Tax System (Medicare Levy Surcharge
-
Fringe Benefits) Act 1999
.
Medicare levy surcharge
means:
(a) an amount (other than a nil amount) of * Medicare levy that is payable by you only because of section 8B , 8C , 8D , 8E , 8F or 8G of the Medicare Levy Act 1986 ; or
(b) * Medicare levy (fringe benefits) surcharge.
medium withholder
has the meaning given by section
16-100
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) in relation to a * GST group - has the meaning given by section 195-1 of the * GST Act; and
(b) in relation to a * consolidated group or * consolidatable group - has the meaning given by section 703-15 ; and
(ba) in relation to a * MEC group - has the meaning given by section 719-25 ; and
(bb) in relation to a * potential MEC group - has the meaning given by section 719-10 ; and
(bc) in relation to a * country by country reporting group - has the meaning given by section 815-380 ; and
(bd) in relation to a * notional listed company group - has the meaning given by section 960-575 ; and
(be) in relation to a * sovereign entity group - has the meaning given by section 880-20 ; and
(c) in relation to an entity - has the meaning given by section 960-130 ; and
(d) in relation to a * copyright collecting society, means:
(i) any entity that has been admitted as a member under the society ' s * constitution; or
(ii) any entity that has authorised the society to license the use of his or her copyright material; and
(e) in relation to an * NRAS consortium - means:
(i) an entity (other than in the capacity as a partner of a partnership) that is a party to the contractual * arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the entity was a party to the arrangement when the NRAS consortium was established); or
(ii) a partnership, if all of the partners of the partnership are parties to the contractual arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the partners were parties to the arrangement when the NRAS consortium was established); and
(f) in relation to a * sub-fund of a * CCIV - means a person who is, under subsection 1222Q(3) of the Corporations Act 2001 , a member of the sub-fund; and
(g) in relation to an * obligor group - has the meaning given by section 820-49 .
member
(Repealed by No 41 of 2005)
member
(Repealed by No 41 of 2005)
member
(Repealed by No 68 of 2002)
member
(Repealed by No 41 of 2005)
member
(Repealed by No 41 of 2005)
member component
has the meaning given by section
276-210
.
member of the Forces
has the meaning given by section
52-105
.
member of the tax preferred end user group
has the meaning given by paragraph
250-60(4)(a)
.
member of the tax preferred sector
has the meaning given by paragraph
250-60(4)(b)
.
membership interest
in an entity has the meaning given by section
960-135
.
member spouse
means a member spouse within the meaning of Part
VIIIB
or
VIIIC
of the
Family Law Act 1975
.
metering point
on land has the meaning given by section
40-655
.
method of depreciation
(Repealed by No 77 of 2001)
miner
(Repealed by No 96 of 2014)
minerals
has a meaning affected by subsection
40-730(5)
.
minerals treatment
has the meaning given by section
40-875
.
(a) for an * outward investing entity (ADI) - has the meaning given by section 820-305 (or that section as applied by section 820-330 ); and
(b) for an * inward investing entity (ADI) - has the meaning given by section 820-400 (or that section as applied by section 820-420 ).
minimum continuity period
(Repealed by No 142 of 2003)
minimum holding period
, for an
*
ESS interest, has the meaning given by subsection
83A-45(5)
.
Minimum Tax Act
means the
Taxation (Multinational
-
Global and Domestic Minimum Tax) Act 2024
.
(a) the * Minimum Tax Act; and
(b) any Act that imposes * Australian GloBE tax; and
(c) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a) or (b); and
(d) any other Act, so far as it relates to an Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations or any legislative instrument under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
Minimum Tax Rules
means the Rules (within the meaning of the
*
Minimum Tax Act).
minimum training expenditure amount
has the meaning given by subsection
376-27(6)
.
mining and quarrying operations
has the meaning given by section
40-730
.
mining authority
(Repealed by No 77 of 2001)
mining building site
has the meaning given by section
40-740
.
mining capital expenditure
has the meaning given by section
40-860
.
mining cash bidding payment
(Repealed by No 77 of 2001)
mining entitlement
has the meaning given by subsection
124-710(2)
.
mining expenditure
(Repealed by No 96 of 2014)
mining loss
(Repealed by No 96 of 2014)
mining operations
(Repealed by No 14 of 2012)
mining or quarrying transport
(Repealed by No 77 of 2001)
mining payment
has the meaning given by section
128U
of the
Income Tax Assessment Act 1936
.
mining profit
(Repealed by No 96 of 2014)
mining project interest
(Repealed by No 96 of 2014)
mining project split
(Repealed by No 96 of 2014)
mining project transfer
(Repealed by No 96 of 2014)
mining, quarrying or prospecting information
has the meaning given by subsection
40-730(8)
.
mining, quarrying or prospecting right
is:
(a) an authority, licence, permit or right under an * Australian law to mine, quarry or prospect for * minerals, * petroleum or quarry materials; or
(b) a lease of land that allows the lessee to mine, quarry or prospect for minerals, petroleum or quarry materials on the land; or
(c) an interest in such an authority, licence, permit, right or lease; or
(d) any rights that:
(i) are in respect of buildings or other improvements (including anything covered by the definition of housing and welfare ) that are on the land concerned or are used in connection with operations on it; and
(ii) are acquired with such an authority, licence, permit, right, lease or interest.
However, a right in respect of anything covered by the definition of housing and welfare in relation to a quarrying site is not a mining, quarrying or prospecting right .
mining revenue
(Repealed by No 96 of 2014)
mining revenue event
(Repealed by No 96 of 2014)
mining site rehabilitation
has the meaning given by section
40-735
.
mining withholding tax
means income tax payable under section
128V
of the
Income Tax Assessment Act 1936
.
MIT agricultural income
has the meaning given by sections
12-448
and
12-449
in Schedule
1
to the
Taxation Administration Act 1953
.
MIT cross staple arrangement income
has the meaning given by sections
12-437
and
12-440
in Schedule
1
to the
Taxation Administration Act 1953
.
MIT participation interest
has the meaning given by section
275-40
.
MIT residential housing income
has the meaning given by sections
12-450
and
12-451
in Schedule
1
to the
Taxation Administration Act 1953
.
MIT trading trust income
has the meaning given by sections
12-446
and
12-447
in Schedule
1
to the
Taxation Administration Act 1953
.
MLS lump sums
has the meaning given by section
61-590
.
modified market value
of an entity has the meaning given by section
707-325
.
money
, in relation to the
*
consideration for a
*
taxable supply, has the same meaning as in the
*
GST Act.
(a) a right to receive money or something that is a * money equivalent under this definition; or
(b) a * financial arrangement (within the meaning of section 230-45 ).
moneylending debt
means a debt resulting from a loan of money in the ordinary course of a
*
business of lending money carried on by the creditor.
monthly payer
has the meaning given by section
45-136
in Schedule
1
to the
Taxation Administration Act 1953
.
more than 50% of the company
'
s capital distributions
has the meaning given by section
165-160
.
more than 50% of the company
'
s dividends
has the meaning given by section
165-155
.
more than 50% of the listed public company
'
s capital distributions
(Repealed by No 147 of 2005)
more than 50% of the listed public company
'
s dividends
(Repealed by No 147 of 2005)
more than 50% of the voting power
has the meaning given by section
165-150
.
more than 50% of the voting power in the listed public company
(Repealed by No 147 of 2005)
(a) more than a 50% stake in a company has the meaning given by section 165-37 ; and
(b) more than a 50% stake in the income or capital of a trust has the meaning given by section 269-50 in Schedule 2F to the Income Tax Assessment Act 1936 .
motor vehicle
means any motor-powered road vehicle (including a 4 wheel drive vehicle).
MPR test day
has the meaning given by subsection
45-138(4)
in Schedule
1
to the
Taxation Administration Act 1953
.
MRRT
(Repealed by No 96 of 2014)
MRRT allowance
(Repealed by No 96 of 2014)
MRRT law
(Repealed by No 96 of 2014)
MRRT liability
(Repealed by No 96 of 2014)
MRRT payable
(Repealed by No 96 of 2014)
MRRT return
(Repealed by No 96 of 2014)
MRRT year
(Repealed by No 96 of 2014)
multi-rate trustee
has the meaning given by section
45-455
in Schedule
1
to the
Taxation Administration Act 1953
.
mutual affiliate company
has the meaning given by section
121AC
of the
Income Tax Assessment Act 1936
.
mutual insurance company
has the meaning given by section
121AB
of the
Income Tax Assessment Act 1936
.
MySuper product
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
National Rental Affordability Scheme
has the same meaning as in the
National Rental Affordability Scheme Act 2008
.
native title
has the same meaning as in the
Native Title Act 1993
.
native title benefit
has the meaning given by subsection
59-50(5)
.
natural resource
(Repealed by No 88 of 2013)
natural resource
means
*
minerals or any other non-living resource of the land, sea-bed or sea.
NDIS amount
has the meaning given by the
National Disability Insurance Scheme Act 2013
.
necessary connection with Australia
(Repealed by
No 168 of 2006
)
net amount
has the same meaning as in section
195-1
of the
*
GST Act.
net assessable film income
for an income year is your
*
assessable film income for that year reduced by your
*
film deductions for that year.
net asset amount
has the meaning given by section
104-95
.
net capital gain
has the meaning given by sections
102-5
and
165-111
.
Note:
For income years before 1998-99, net capital gain has the meaning given by section 102-20 of the Income Tax (Transitional Provisions) Act 1997 .
net capital loss
has the meaning given by sections
102-10
and
165-114
and affected by section
701-30
.
net current termination value
of a
*
life insurance policy means so much of the
*
current termination value of the policy as relates to the part of the policy that is not reinsured under a
*
contract of reinsurance.
net debt deductions
has the meaning given by section
820-50
.
net exempt film income
for an income year is your
*
exempt film income for that year reduced by:
(a) any taxes payable in respect of that income in a country or place outside Australia; and
(b) any expenses (not of a capital nature) so far as you incurred them during that year in deriving that income.
net exempt income
has the meaning given by section
36-20
.
net forgiven amount
,
of a debt, has the meaning given by sections
245-85
and
245-90
.
net fuel amount
has the meaning given by section
60-5
of the
Fuel Tax Act 2006
.
net GST
:
Your
net GST
for a
*
supply, is:
(a) the * GST payable by you on the supply; plus
(b) the sum of any * increasing adjustments that you have relating to the supply; minus
(c) the sum of any * decreasing adjustments that you have relating to the supply.
(a) of a partnership - has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 ; and
(b) of a trust (other than a * public trading trust or an * AMIT) - has the same meaning as in Division 6 of Part III of that Act; and
(c) of a public trading trust - has the same meaning as in Division 6C of Part III of that Act; and
(d) of an AMIT - means the AMIT ' s total assessable income, reduced by all deductions of the AMIT.
net income from working
(Repealed by No 20 of 2015)
net input tax credit
: Your
net input tax credit
for an
*
acquisition or
*
importation is:
(a) the amount of any * input tax credit to which you are entitled for the acquisition or * importation; minus
(b) the sum of any * increasing adjustments that you have relating to the acquisition or * importation; plus
(c) the sum of any * decreasing adjustments that you have relating to the acquisition or * importation.
net investment component of ordinary life insurance policies
has the meaning given by subsection
713-515(4)
.
net overstated amount
has the meaning given by subsection
104-525(3)
.
net premium
for a
*
life insurance policy means the amount of the
*
life insurance premium for the policy less the part (if any) of that premium that is reinsured under a
*
contract of reinsurance.
net risk component
of a
*
life insurance policy means so much of the policy
'
s risk component as:
(a) is not reinsured under a * contract of reinsurance; or
(b) is reinsured under a contract of reinsurance to which subsection 148(1) of the Income Tax Assessment Act 1936 applies.
net small business income
, of a
*
small business entity, has the meaning given by section
328-365
.
net STS income
(Repealed by
No 80 of 2007
)
net understated amount
has the meaning given by subsection
104-525(3)
.
net value
of an entity means the amount by which the sum of the
*
market values of the assets of the entity exceeds the sum of its liabilities.
net value of the CGT assets
of an entity has the meaning given by section
152-20
.
(a) for a * hybrid payer mismatch - has the meaning given by section 832-330 ; and
(b) for a * deducting hybrid mismatch - has the meaning given by section 832-560 .
new investment threshold
has the meaning given by section
41-35
.
new residential premises
has the same meaning as in the
*
GST Act.
new spectrum licence
(Repealed by No 77 of 2001)
New Zealand-sourced amount
has the meaning given by the regulations mentioned in section
312-5
(about trans-Tasman portability of retirement savings).
non-ADI financial institution
has the meaning given by subsection
128A(1)
of the
Income Tax Assessment Act 1936
.
non-arm
'
s length component
has the meaning given by section
295-545
.
non-arm
'
s length income
has the meaning given by sections
295-550
and
275-610
.
non-arm
'
s length limited recourse debt
has the meaning given by subsection
243-20(7)
.
non-assessable non-exempt income
has the meaning given by section
6-23
.
non-cash benefit
is property or services in any form except money. If a non-cash benefit is dealt with on behalf of an entity, or is provided or dealt with as an entity directs, the benefit is taken to be provided to the entity.
non-complying ADF
(Repealed by
No 9 of 2007
)
non-complying approved deposit fund
means an
*
approved deposit fund that is not a
*
complying approved deposit fund.
non-complying superannuation fund
means a
*
superannuation fund that:
(a) is a fund; and
(b) is not a * complying superannuation fund.
non-compulsory
, in relation to a
*
uniform, has the meaning given by subsection
34-15(2)
.
non-compulsory uniform
(Repealed by No 41 of 2005)
non-concessional contributions
has the meaning given by section
292-90
.
non-concessional contributions cap
has the meaning given by section
292-85
.
non-concessional MIT income
has the meaning given by section
12-435
in Schedule
1
to the
Taxation Administration Act 1953
.
non-copyright income
(Repealed by No 126 of 2009)
non-debt liabilities
, of an entity and at a particular time, means liabilities that the entity has at that time, other than:
(a) any * debt capital of the entity; or
(b) any * equity interest in the entity; or
(c) if the entity is a * corporate tax entity - a provision for a * distribution of profit; or
(ca) if paragraph (c) does not apply - a provision for a distribution to the entity ' s * members; or
(d) any liability of the entity under a securities loan arrangement if, as at that time, the entity:
(i) has received amounts for the sale of securities (other than any fees associated with the sale) under the arrangement; and
(ii) has not repurchased the securities under the arrangement; or
(e) a liability of the entity, to the extent that it meets the conditions for being taken into account in working out the * borrowed securities amount of the entity as at that time.
non-deductible right to future income
(Repealed by No 99 of 2012)
non-entity joint venture
means an arrangement that the Commissioner is satisfied is a contractual arrangement:
(a) under which 2 or more parties undertake an economic activity that is subject to the joint control of the parties; and
(b) that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties.
non-equity share
means a
*
share that is not an
*
equity interest in the company.
Note:
A share will not be an equity interest if it is characterised as, or forms part of a larger interest that is characterised as, a debt interest under Subdivision 974-B .
non-fixed trust
means a trust that is not a
*
fixed trust.
non-IMR Division 6E net income
(Repealed by No 70 of 2015)
non-IMR net capital gain
(Repealed by No 70 of 2015)
non-IMR net income
(Repealed by No 70 of 2015)
non-IMR partnership loss
(Repealed by No 70 of 2015)
non-IMR partnership net income
(Repealed by No 70 of 2015)
non-membership equity interest
:
an interest in an entity is a
non-membership equity interest
in the entity at a time to the extent that it is not an accounting liability (within the meaning of subsection
705-70(1)
) of the entity at that time, if:
(a) the interest is not a * membership interest in the entity at that time; and
(b) the interest is not a * debt interest in the entity at that time.
In determining the extent to which the interest is not an accounting liability at that time:
(c) treat each reference in subsection 705-70(1) to the joining entity as instead being a reference to the entity; and
(d) treat the reference in that subsection to the joining time as instead being a reference to that time
non-member spouse
means a non-member spouse within the meaning of Part
VIIIB
or
VIIIC
of the
Family Law Act 1975
.
non-portfolio interest test
: an interest held by an entity in another entity passes the
non-portfolio interest test
in the circumstances set out in section
960-195
.
non-primary production deductions
has the meaning given by subsection
392-85(3)
.
non-primary production shade-out amount
has the meaning given by subsections
392-90(2)
and
(3)
.
non-profit company
has the meaning given by section
3
of the
Income Tax Act 1986
.
non-profit sub-entity
has the meaning given by section
195-1
of the
*
GST Act.
non-quotation withholding payment
means a
*
withholding payment covered by Subdivision
12-E
in Schedule
1
to the
Taxation Administration Act 1953
.
Note:
Subdivision 12-E and Division 14 in that Schedule deal with collecting amounts on account of income tax payable by recipients of certain payments or non-cash benefits who have not quoted their tax file number or ABN, as appropriate.
non-resident life insurance policy
(Repealed by No 41 of 2005)
non-share capital account
means the account provided for by section
164-10
.
non-share capital return
has the meaning given by section
974-125
.
non-share distribution
has the meaning given by section
974-115
.
non-share dividend
has the meaning given by section
974-120
.
non-share equity interest
in a company means an
*
equity interest in the company that is not solely a
*
share.
no-TFN contributions income
has the meaning given by section
295-610
.
notional accounting period
(Repealed by No 114 of 2010)
notional adjustable value
(Repealed by No 83 of 2003)
notional buyer
has the meaning given by section
240-17
.
notional depreciation
for a lease period has the meaning given by section
20-120
.
notional depreciation amount
(Repealed by No 77 of 2001)
notional employer
has the meaning given by section
28-185
.
notional income
(Repealed by No 77 of 2001)
notional interest
has the meaning given by section
240-60
.
notional listed company group
has the meaning given by section
960-575
.
notional loan
(Repealed by
No 79 of 2010
)
notional loan principal
(Repealed by
No 79 of 2010
)
(a) of a company - has the meaning given by sections 165-50 and 165-75 ; and
(b) of a partnership - has the meaning given by sections 165-80 and 165-85 .
notional net capital gain
has the meaning given by section
165-108
.
notional net capital loss
has the meaning given by section
165-108
.
notional net income
of a partnership has the meaning given by sections
165-80
and
165-85
.
notional seller
has the meaning given by section
240-17
.
notional shareholder
(Repealed by No 147 of 2005)
notional tax
has the meaning given by sections
45-325
and
45-475
in Schedule
1
to the
Taxation Administration Act 1953
.
notional taxable income
has the meaning given by sections
165-50
and
165-75
.
notional taxed contributions
has the meaning given by section
291-170
.
notional undeducted cost
(Repealed by No 77 of 2001)
notional written down value
of a
*
depreciating asset has the meaning given by section
58-75
.
NRAS approved participant
(short for National Rental Affordability Scheme approved participant), of an
*
NRAS consortium, means a
*
member of the NRAS consortium who is the approved participant (within the meaning of the regulations made for the purposes of the
National Rental Affordability Scheme Act 2008
) for the NRAS consortium.
NRAS certificate
(short for National Rental Affordability Scheme certificate) means a certificate issued by the
*
Housing Secretary under the
*
National Rental Affordability Scheme.
NRAS consortium
(short for National Rental Affordability Scheme consortium) means a consortium, joint venture or
*
non-entity joint venture:
(a) established by one or more contractual * arrangements, the purpose of which are to facilitate the leasing of * NRAS dwellings; and
(b) that is not a * corporate tax entity, a * superannuation fund, a trust or a partnership.
NRAS dwelling
(short for National Rental Affordability Scheme dwelling) means an approved rental dwelling (within the meaning of the regulations made for the purposes of the
National Rental Affordability Scheme Act 2008
).
NRAS rent
(short for National Rental Affordability Scheme rent) means rent
*
derived from a
*
NRAS dwelling under the
*
National Rental Affordability Scheme for an income year.
NRAS year
has the same meaning as in the
National Rental Affordability Scheme Act 2008
.
NZ franking choice
has the meaning given by section
220-35
.
NZ franking company
has the meaning given by section
220-30
.
NZ resident
has the meaning given by section
220-20
.
OB activity
has the meaning given by section
121D
of the
Income Tax Assessment Act 1936
.
obligor group
has the meaning given by section
820-49
.
occupation specific clothing
has the meaning given by subsection
34-20(1)
.
officially quoted price
has the meaning given by subsections
124-784A(6)
and
(7)
.
off-market buy-back
means a purchase that is a buy-back and an off-market purchase for the purposes of
Division 16K of Part III
of the
Income Tax Assessment Act 1936
.
off-market purchase
has the meaning given by section
159GZZZJ
of the
Income Tax Assessment Act 1936
.
[ CCH Note: Definition of " offset period " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]offset period
has the meaning given by section 421-30 .
offshore banking unit
has the meaning given by section
128AE
of the
Income Tax Assessment Act 1936
.
offshore document
has the meaning given by section
353-25
in Schedule
1
to the
Taxation Administration Act 1953
.
offshore hybrid mismatch
has the meaning given by sections
832-195
,
832-300
,
832-390
,
832-465
and
832-540
.
offshore information
has the meaning given by section
353-25
in Schedule
1
to the
Taxation Administration Act 1953
.
old spectrum licence
(Repealed by No 77 of 2001)
ongoing development
, in relation to a
*
digital game, has the meaning given by subsection
378-25(6)
.
(a) a * debt interest is on issue as provided in paragraph 974-55(1)(e) ; and
(b) an * equity interest in an entity:
(i) is on issue from when it is issued until it stops being on issue because of subparagraph (ii); and
(ii) stops being on issue when, for reasons other than the economic performance of the entity (or of a * connected entity of the entity), there is no longer a reasonable likelihood that a substantial * financial benefit will be provided in respect of the interest under the * scheme, or under any of the schemes, that give rise to the interest.
on-lent amount
, of an entity and at a particular time, means the value, as at that time, of:
(a) all the assets of the entity that are comprised by * debt interests issued by other entities; and
(b) all the assets of the entity that are comprised by leases for the hire of goods that are not covered by paragraph (a) and in relation to which the following subparagraphs are satisfied:
(i) each of the leases is for a term of 6 months or more;
(ii) the leases are part of the * business of hiring goods that the entity carries on;
(iii) the entity ' s business of hiring goods is not carried on predominantly for the purposes of hiring goods to the entity ' s * associates; and
(c) all the securities that were held by the entity that:
(i) have been sold by the entity under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell-buyback arrangement or securities loan arrangement; but
(ii) have not yet been repurchased by the entity under the agreement or arrangement; and
(d) if the entity:
(i) carries on a * business of dealing in securities; and
all * shares that:
(ii) does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity ' s * associates;
(iii) the entity holds at that time; and
(iv) are listed at that time for quotation in the official list of an * approved stock exchange; and
(v) are not shares in an * associate entity at that time of the entity.
on-market buy-back
means a purchase that is a buy-back and an on-market purchase for the purposes of
Division 16K of Part III
of the
Income Tax Assessment Act 1936
.
opening adjustable value
of a
*
depreciating asset has the meaning given by section
40-85
.
opening balance
(Repealed by No 77 of 2001)
opening pool balance
has the meaning given by section
328-195
.
operating entity
has the meaning given by section
12-436
in Schedule
1
to the
Taxation Administration Act 1953
.
oral ruling
has the meaning given by section
360-5
in Schedule
1
to the
Taxation Administration Act 1953
.
oral ruling arrangement
(Repealed by No 161 of 2005)
ordinary capital gain
has the meaning given by section
124ZW
of the
Income Tax Assessment Act 1936
.
ordinary class
for a taxable income of a
*
life insurance company has the meaning given by section
320-139
.
ordinary class
for a
*
tax loss of a
*
life insurance company has the meaning given by section
320-143
.
ordinary debt interest
has the meaning given by section
974-140
.
ordinary income
has the meaning given by section
6-5
.
ordinary investment policy
means a
*
life insurance policy that is not:
(a) a * complying superannuation life insurance policy; or
(b) an * exempt life insurance policy; or
(c) a policy that provides for * participating benefits or * discretionary benefits; or
(d) a policy (other than a * funeral policy) under which amounts are to be paid only on the death or disability of a person.
ordinary payment
is defined as set out in this table:
| Ordinary payment | ||
| Item | Ordinary payment , in relation to this kind of a payment: | has the meaning given by: |
| 1 | Payment under the ABSTUDY scheme | subsection 52-131(8) |
| 2 | Payment under the Military Rehabilitation and Compensation Act 2004 | subsection 52-114(3) |
| 3 | Social security payment | subsection 52-10(3) |
| 4 | Veterans ' affairs payment | subsection 52-65(4) |
original excess contributions tax assessment day
(Repealed by No 118 of 2013)
original excess non-concessional contributions tax assessment day
has the meaning given by section
292-305
.
original franking assessment day
has the meaning given by subsection
214-95(2)
.
outstanding
, within the context of
*
franking returns, has the meaning given by subsection
214-45(3)
.
outstanding claims
(Repealed by No 52 of 2024)
outstanding foreign hybrid net capital loss amount
has the meaning given by section
830-70
.
outstanding foreign hybrid revenue loss amount
has the meaning given by section
830-65
.
outstanding tax-related liability
of an entity at a particular time means a
*
tax-related liability of the entity:
(a) that has arisen at or before that time (whether or not it is due and payable at that time); and
(b) an amount of which has not been paid before that time.
outward investing entity (ADI)
has the meaning given by sections
820-300
,
820-583
and
820-609
.
Note:
Section 820-430:
outward investing entity (non-ADI)
(Repealed by No 23 of 2024)
outward investing financial entity (non-ADI)
has the meaning given by sections
820-85
,
820-583
,
820-609
and
820-610
.
Note:
Section 820-430 allows an outward investing financial entity (non-ADI) to be treated as an outward investing entity (ADI) in certain cases.
outward investor (financial)
(Repealed by No 23 of 2024)
outward investor (general)
(Repealed by No 23 of 2024)
over
, of a particular character, has the meaning given by section
276-345
.
over-depreciated
(Repealed by No 56 of 2010)
over-depreciation
(Repealed by No 56 of 2010)
over-franking tax
means tax imposed under the
New Business Tax System (Over-franking Tax) Act 2002.
Note:
The Act imposes tax where it is payable under section 203-50 of this Act.
overseas fund
has the meaning given by section 74 of the
Life Insurance Act 1995
.
overseas permanent establishment
, of an entity, means a
*
permanent establishment of the entity that is in a country other than Australia.
owner
of a
*
farm management deposit has the meaning given by subsection
393-25(1)
.
ownership interest
: an
ownership interest:
(a) in land or a * dwelling - has the meaning given by section 118-130 ; and
(b) in a company or trust - has the meaning given by section 125-60 .
Ownership Interest Percentage
has the same meaning as in the
*
Minimum Tax Act.
ownership period
of a
*
dwelling has the meaning given by section
118-125
.
ownership test period
has the meaning given by sections
165-12
,
165-37
and
165-123
, and affected by sections
415-35
and
415-40
.
ownership test time
has the meaning given by section
166-145
.
paid-up share capital
of a company means the amount standing to the credit of the company
'
s
*
share capital account reduced by the amount (if any) that represents amounts unpaid on shares.
parent
: an individual is the
parent
of anyone who is the individual
'
s
*
child.
parental leave pay
has the meaning given by the
Paid Parental Leave Act 2010
.
part
of the
*
spectrum specified in a
*
spectrum licence has the meaning given by section 5 of the
Radiocommunications Act 1992
.
partial interest
in a
*
corporate tax entity has the meaning given by subsection
208-25(3)
.
partial realisation
(Repealed by No 77 of 2001)
participant
(Repealed by No 41 of 2005)
(a) participant , in relation to a * GST joint venture, has the meaning given by section 195-1 of the * GST Act; and
(b) participant in a * forestry managed investment scheme has the meaning given by subsection 394-15(4) .
participating benefit
has the meaning given by section
15
of the
Life Insurance Act 1995
.
participating PDF
has the meaning given by section
210-40
.
(a) an association of persons (other than a company or a * limited partnership) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly; or
(b) a limited partnership.
Note 1:
Division 830 treats foreign hybrid companies as partnerships.
Note 2:
A reference to a partnership does not include a reference to a corporate limited partnership: see section 94K of the Income Tax Assessment Act 1936 .
partnership cost setting interest
, in a partnership, has the meaning given by section
713-210
.
partnership loss
has the same meaning as in
Division 5 of Part III
of the
Income Tax Assessment Act 1936
.
partner
'
s proportion
has the meaning given by subsection
355-505(2)
.
part of a distribution that is franked with an exempting credit
has the meaning given by section
976-10
.
part of a distribution that is franked with a venture capital credit
has the meaning given by section
976-15
.
part of a substantial shareholding
(Repealed by No 147 of 2005)
Part VA investment
means an investment of a kind mentioned in section
202D
of the
Income Tax Assessment Act 1936
.
party
, in relation to a
*
structured arrangement, has the meaning given by subsection
832-210(3)
.
passes
: a
*
CGT asset
passes
to a beneficiary in an individual
'
s estate in the way described in section
128-20
.
PAYE earner
(Repealed by No 91 of 2000)
PAYE earnings
(Repealed by No 91 of 2000)
PAYG instalment
means an instalment payable under Division
45
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) for a * quarterly payer - an * instalment quarter in relation to which a * PAYG instalment is paid; and
(b) for an * annual payer - an income year in relation to which a PAYG instalment is paid.
PAYG instalment variation credit
means a credit under section
45-215
or
45-420
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) for a * personal services entity that is a * small withholder - any * quarter; or
(b) for any other personal services entity - any month.
PAYG withholding branch
has the meaning given by section
16-142
in Schedule
1
to the
Taxation Administration Act 1953
.
PAYG withholding non-compliance tax
means the Pay as you go withholding non-compliance tax imposed under the
Pay As You Go Withholding Non-compliance Tax Act 2012
.
payment
, of a
*
carried interest, includes the meanings given in subsection
104-255(7)
.
payment split
means a payment split within the meaning of Part
VIIIB
or
VIIIC
of the
Family Law Act 1975
.
payment summary
has the meaning given by section
16-170
in Schedule
1
to the
Taxation Administration Act 1953
.
pays a PAYG instalment
has the meaning given by subsection
205-20(1)
.
pays Australian DMT tax
has the meaning given by subsection
205-20(3B)
.
pays diverted profits tax
has the meaning given by subsection
205-20(3A)
.
pays income tax
has the meaning given by subsection
205-20(3)
.
PDF
(pooled development fund) means a company that is a PDF within the meaning of the
Pooled Development Funds Act 1992
.
PDF Board
(Repealed by
No 78 of 2007
)
PE
: see
permanent establishment
.
pension age
has the meaning given by subsection
23(1)
of the
Social Security Act 1991
.
Note:
In Subdivision 52-E , pension age has the meaning given by subsection 52-131(9) .
performing artist
has the meaning given by subsections
405-25(2)
and
(3)
.
periodic aggregate tax information
has the meaning given by subsection
355-47(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
period of review
, for an assessment of an
*
assessable amount, has the meaning given by section
155-35
in Schedule
1
to the
Taxation Administration Act 1953
.
Note 1:
For the purposes of diverted profits tax, this definition is modified in respect of a DPT assessment (see section 145-15 in Schedule 1 to the Taxation Administration Act 1953 ).
Note 2:
For the purposes of Laminaria and Corallina decommissioning levy, this definition is modified in respect of an amount of that levy (see section 125-15 in Schedule 1 to the Taxation Administration Act 1953 ).
Note 3:
For the purposes of Australian IIR/UTPR tax and Australian DMT tax, this definition is modified in respect of an amount of those taxes (see section 127-75 in Schedule 1 to the Taxation Administration Act 1953 ).
period of the loan
has the meaning given by subsection
25-25(5)
.
permanent establishment
has the meaning given by subsection
6(1)
of the
Income Tax Assessment Act 1936
.
permanent establishment article
has the meaning given by section
855-16
.
permitted entity value
has the meaning given by section
118-440
.
permitted loan
has the same meaning as in section
9-10
of the
Venture Capital Act 2002
.
personal injury annuity
has the meaning given by section
54-5
.
personal injury lump sum
has the meaning given by section
54-5
.
personal services business
has the meanings given by subsection
87-15(1)
and section
87-55
.
personal services business determination
means a determination under section
87-60
or
87-65
.
personal services business test
has the meaning given by subsection
87-15(2)
.
personal services entity
has the meaning given by subsection
86-15(2)
.
personal services income
has the meaning given by section
84-5
.
personal services payment remitter
has the meaning given by section
13-15
in Schedule
1
to the
Taxation Administration Act 1953
.
personal use asset
has the meaning given by section
108-20
.
petroleum
has the meaning given by subsection
40-730(6)
.
Petroleum Exploration Permit WA-523-P permit area
has the meaning given by subsection
417-10(2)
.
petroleum mining
(Repealed by No 77 of 2001)
petroleum resource rent tax
means tax imposed by any of the following:
(a) the Petroleum Resource Rent Tax (Imposition - General) Act 2012 ;
(b) the Petroleum Resource Rent Tax (Imposition - Customs) Act 2012 ;
(c) the Petroleum Resource Rent Tax (Imposition - Excise) Act 2012 ;
as assessed under the Petroleum Resource Rent Tax Assessment Act 1987 .
petroleum resource rent tax amount
means any debt or credit that arises directly under the
*
petroleum resource rent tax provisions.
petroleum resource rent tax law
means:
(a) the Petroleum Resource Rent Tax Assessment Act 1987 ; and
(b) any Act that imposes * petroleum resource rent tax; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
petroleum resource rent tax provisions
means the
*
petroleum resource rent tax law, other than
*
BAS provisions.
PHIIB
(short for
private health insurance incentive beneficiary
) has the meaning given by the
Private Health Insurance Act 2007
.
plant
has the meaning given by section
45-40
.
plant lease
(Repealed by No 77 of 2001)
plant lessee
(Repealed by No 77 of 2001)
policy owners
'
retained profits
for
*
life insurance policies means Australian policy owners
'
retained profits, or overseas policy owners
'
retained profits, as defined by section
61
of the
Life Insurance Act 1995
, in relation to the statutory fund (within the meaning of section
29
of that Act) to which the business of issuing the policies relates.
policy termination value
, in relation to a
*
life insurance policy at a particular time, means the amount that is, within the meaning of prudential standards made under section
230A
of the
Life Insurance Act 1995
, the termination value of that policy at that time.
pool
(Repealed by No 77 of 2001)
pool closing balance
(Repealed by No 77 of 2001)
pool of construction expenditure
has the meaning given by section
43-85
.
pooled development fund
means a
*
PDF.
pooled interest
in an
*
eligible tier-1 company that is a member of a
*
MEC group has the meaning given by section
719-560
.
pooled superannuation trust
means a pooled superannuation trust within the meaning of section
48
of the
Superannuation Industry (Supervision) Act 1993
.
ported
, in relation to a
*
digital game, has the meaning given by subsection
378-25(4)
.
position to affect rights
has the meaning given by section
975-150
.
post-17/8/93 period
has the meaning given by subsection
83-90(3)
.
post-AMMA actual payment
has the meaning given by section
12A-210
in Schedule
1
to the
Taxation Administration Act 1953
.
post-CGT asset
means a
*
CGT asset that is not a
*
pre-CGT asset.
post-choice NZ franking company
has the meaning given by section
220-300
.
post, digital and visual effects production
for a
*
film has the meaning given by section
376-35
.
potential MEC group
has the meaning given by section
719-10
.
potential residential land
has the same meaning as in the
*
GST Act.
PPL superannuation contribution payment
has the meaning given by section
307-5
.
pre-16/8/78 period
has the meaning given by subsection
83-90(1)
.
pre-18/8/93 period
has the meaning given by subsection
83-90(2)
.
pre-2012 IMR capital gain
(Repealed by No 70 of 2015)
pre-2012 IMR income
(Repealed by No 70 of 2015)
pre-AMMA actual payment
has the meaning given by section
12A-210
in Schedule
1
to the
Taxation Administration Act 1953
.
pre-CGT asset
has the meaning given by section
149-10
.
pre-CGT factor
(Repealed by No 56 of 2010)
pre-CGT proportion
has the meaning given by section
705-125
.
precious metal
has the same meaning as in the
*
GST Act.
precluded asset
has the meaning given by subsection
122-25(3)
.
predominant economic interest
in an asset has the meaning given by sections
250-110
to
250-140
.
predominantly-services indirect value shift
has the meaning given by section
727-725
.
pre-existing audited book value
of a
*
depreciating asset has the meaning given by section
58-85
.
pre-July 83 segment
, of an
*
employment termination payment, has the meaning given by section
82-155
.
Pre-GST annual turnover
(Repealed by No 101 of 2006)
pre-mining condition
(Repealed by No 77 of 2001)
pre-mining expenditure
(Repealed by No 96 of 2014)
pre-mining project interest
(Repealed by No 96 of 2014)
pre-mining revenue
(Repealed by No 96 of 2014)
pre-owned
has the meaning given by subsection
118-428(2)
.
pre-school course
has the same meaning as in the
*
GST Act.
prescribed dual resident
has the meaning given by subsection
6(1)
of the
Income Tax Assessment Act 1936
.
prescribed excluded STB
means an
*
excluded STB that is prescribed by the regulations for the purposes of
Division 1AB of Part III
of the
Income Tax Assessment Act 1936
.
prescribed international unit
(Repealed by No 83 of 2014)
prescribed private fund
(Repealed by No 88 of 2009)
present value
of a
*
financial benefit has a meaning affected by section
250-100
.
preservation age
has the meaning given by Part
6
of the Superannuation Industry (Supervision) Regulations 1994.
pre-shift gain
has the meaning given by section
725-210
.
pre-shift loss
has the meaning given by section
725-210
.
presumed indirect value shift
has the meaning given by section
727-855
.
previous recoupment law
has the meaning given by section
20-55
.
price
, for a
*
taxable supply, has the same meaning as in the
*
GST Act.
primary course
has the same meaning as in the
*
GST Act.
primary entitlement
(Repealed by No 49 of 2019)
primary equity interest
in an entity has the meaning given by section
727-520
.
primary interest
in an entity has the meaning given by section
727-520
.
primary loan interest
in an entity has the meaning given by section
727-520
.
primary producer registered emissions unit
has the meaning given by section
420-13
.
primary production business
: you carry on a
primary production business
if you carry on a
*
business of:
(a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or
(b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or
(c) manufacturing dairy produce from raw material that you produced; or
(d) conducting operations relating directly to taking or catching fish, turtles, dugong, b ê che-de-mer, crustaceans or aquatic molluscs; or
(e) conducting operations relating directly to taking or culturing pearls or pearl shell; or
(f) planting or tending trees in a plantation or forest that are intended to be felled; or
(g) felling trees in a plantation or forest; or
(h) transporting trees, or parts of trees, that you felled in a plantation or forest to the place:
(i) where they are first to be milled or processed; or
(ii) from which they are to be transported to the place where they are first to be milled or processed.
primary production deductions
has the meaning given by subsection
392-80(3)
.
prime cost method
has the meaning given by section
40-75
.
prime cost rate
(Repealed by No 77 of 2001)
principal beneficiary
of a
*
special disability trust has the meaning given by:
(a) for a special disability trust within the meaning of the Social Security Act 1991 - subsection 1209M(1) of that Act; or
(b) for a special disability trust within the meaning of the Veterans ' Entitlements Act 1986 - subsection 52ZZZWA(1) of that Act.
principal class of shares
in a company means:
(a) those ordinary or common shares of the company that represent the majority of the voting power and value of the company; or
(b) if no single class of ordinary or common shares represents the majority of the voting power and value of the company - those classes of ordinary or common shares that represent the majority of the voting power and value of the company.
priority agreement
(Repealed by No 101 of 2006)
private ancillary fund
has the meaning given by section
426-105
in Schedule
1
to the
Taxation Administration Act 1953
.
private ancillary fund guidelines
has the meaning given by section
426-110
in Schedule
1
to the
Taxation Administration Act 1953
.
private company
means a company that is not a
*
public company for the income year.
private indirect tax ruling
(Repealed by
No 74 of 2010
)
private ruling
has the meaning given by sections
359-5
and
362-25
in Schedule
1
to the
Taxation Administration Act 1953
.
private use
, of a
*
car, has the meaning given by subsection
136(1)
of the
Fringe Benefits Tax Assessment Act 1986
.
privatised asset
has the meaning given by section
58-5
.
proceeds of crime order
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
proceeds of the disposal or death
has the meaning given by subsection
385-100(2)
.
proceeds of the sale of 2 wool clips
has the meaning given by subsection
385-135(3)
.
processed materials
(Repealed by No 77 of 2001)
processed minerals
has the meaning given by section
40-875
.
production associate
has the meaning given by subsection
405-25(4)
.
[ CCH Note: Definition of " production emissions intensity " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]production emissions intensity
has the meaning given by section 421-20 .
production expenditure
has the meaning given by Subdivision
376-C
.
[ CCH Note: Definition of " production pathway " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]production pathway
has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024 .
[ CCH Note: Definition of " production profile " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]production profile
has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024 .
product ruling
means a public ruling under the
Taxation Administration Act 1953
that states that it is a product ruling.
production sharing contract
has the meaning given by the
*
Timor Sea Maritime Boundaries Treaty.
professional arts business
has the meaning given by section
35-10
.
professional year 1
has the meaning given by subsection
405-50(3)
.
professional year 2
has the meaning given by subsection
405-50(4)
.
professional year 3
has the meaning given by subsection
405-50(4)
.
professional year 4
has the meaning given by subsection
405-50(4)
.
profit
on the disposal of a leased
*
car has the meaning given by section
20-115
.
project amount
has the meaning given by section
40-840
.
project life
has the meaning given by section
40-845
.
Project Wickenby officer
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
Project Wickenby taskforce agency
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
Project Wickenby taskforce supporting agency
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
promoter
has the meaning given by section
290-60
in Schedule
1
to the
Taxation Administration Act 1953
.
property right or interest
has the meaning given by subsection
354-5(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
property subdivision plan
has the same meaning as in the
*
GST Act.
prospecting entitlement
has the meaning given by subsection
124-710(1)
.
prospective gaining entity
for a
*
scheme has the meaning given by section
727-860
.
prospective losing entity
for a
*
scheme has the meaning given by section
727-850
.
protected information
has the meaning given by section
355-30
in Schedule
1
to the
Taxation Administration Act 1953
.
protective clothing
has the meaning given by subsection
34-20(2)
.
provide
a
*
fringe benefit or economic benefit includes allow, confer, give, grant or perform the benefit.
Note:
This is based on the definition of provide in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
provide affordable housing
has the meaning given by section
980-5
.
provided in relation to a tax preferred use of an asset
, in relation to a
*
financial benefit, has a meaning affected by section
250-85
.
provides medical indemnity cover
has the meaning given by section 5 of the
Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
.
provisional head company
of a
*
MEC group means the company that holds an appointment in force under section
719-60
as the provisional head company of the group.
provisionally designated infrastructure project
means an infrastructure project designated provisionally under section
415-65
.
prudential capital deduction
, for an entity and at a particular time, means the total amounts that must be deducted in calculating the following in accordance with the
*
prudential standards as in force at that time:
(a) the eligible tier 1 capital of the entity at that time (within the meaning of those standards);
(b) the sum of the eligible tier 1 and tier 2 capital of the entity at that time (within the meaning of those standards).
prudential standards
means the prudential standards determined by
*
APRA and in force under section
11AF
of the
Banking Act 1959
.
public ancillary fund
has the meaning given by section
426-102
in Schedule
1
to the
Taxation Administration Act 1953
.
public ancillary fund guidelines
has the meaning given by section
426-103
in Schedule
1
to the
Taxation Administration Act 1953
.
public body
(Repealed by No 121 of 1997)
public company
means a company that is a public company (as defined by section
103A
of the
Income Tax Assessment Act 1936
) for the income year.
public financial entity
has the meaning given by section
880-130
.
public indirect tax ruling
(Repealed by
No 74 of 2010
)
public non-financial entity
has the meaning given by section
880-130
.
public official
means an employee or official of an
*
Australian government agency or of a
*
local governing body.
public ruling
has the meaning given by sections
358-5
and
362-5
in Schedule
1
to the
Taxation Administration Act 1953
.
public sector superannuation scheme
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
public trading trust
has the meaning given by section
102R
of the
Income Tax Assessment Act 1936
.
publicly traded unit trust
has the meaning given by section
149-50
.
purpose of producing assessable income
: something is done for the
purpose of producing assessable income
if it is done:
(a) for the purpose of gaining or producing assessable income; or
(b) in carrying on a * business for the purpose of gaining or producing assessable income.
Note:
Sections 26-19 (about using property in gaining or producing rebatable benefits) and 32-15 (about using property in providing entertainment) treat use of property as not being for the purpose of producing assessable income.
purposes of the Project Wickenby taskforce
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
put to a tax preferred use
, in relation to an asset, has the meaning given by section
250-60
.
Qualified Domestic Minimum Top-up Tax
:
(a) means Qualified Domestic Minimum Top-up Tax (within the meaning of the * Minimum Tax Rules); or
(b) if the expression Qualified Domestic Minimum Top-up Tax is not used in the Minimum Tax Rules - has the meaning given by the regulations.
qualified person
(Repealed by No 101 of 2006)
qualifying Australian development expenditure
has the meaning given by section
378-40
.
qualifying Australian production expenditure
has the meaning given by Subdivision
376-C
.
Qualifying Competent Authority Agreement
has the meaning given by subsection
127-20(3)
in Schedule
1
to the
Taxation Administration Act 1953
.
qualifying forex account
means an account that:
(a) is denominated in a particular * foreign currency; and
(b) (Repealed by No 15 of 2009)
(c) either:
(i) has the primary purpose of facilitating transactions; or
(ii) is a credit card account.
qualifying interest
(Repealed by No 77 of 2001)
qualifying investor
has the meaning given by section
43-220
.
qualifying purpose
(Repealed by No 77 of 2001)
qualifying right
(Repealed by No 133 of 2009)
qualifying security
has the same meaning as in
Division 16E of Part III
of the
Income Tax Assessment Act 1936
.
qualifying share
(Repealed by No 133 of 2009)
qualifying SME investment
means an
*
SME investment that is made in accordance with Division 1 of Part 4 of the
Pooled Development Funds Act 1997
.
[ CCH Note: The insert from No 16 of 2003 gives the incorrect year for the Pooled Development Funds Act . The year should read " 1992 " .]
quarry materials
(Repealed by No 77 of 2001)
quarter
means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
quarterly instalment component
has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
quarterly payer
means an entity that is liable to pay
*
PAYG instalments and is not an
*
annual payer or
*
monthly payer.
quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax
has the meaning given by section
45-134
in Schedule
1
to the
Taxation Administration Act 1953
.
quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax
has the meaning given by section
45-132
in Schedule
1
to the
Taxation Administration Act 1953
.
quarterly payer who pays on the basis of GDP-adjusted notional tax
has the meaning given by section
45-130
in Schedule
1
to the
Taxation Administration Act 1953
.
quarterly payer who pays on the basis of instalment income
has the meaning given by section
45-125
in Schedule
1
to the
Taxation Administration Act 1953
.
quasi-owner
(Repealed by No 77 of 2001)
quasi-ownership right
over land means:
(a) a lease of the land; or
(b) an easement in connection with the land; or
(c) any other right, power or privilege over the land, or in connection with the land.
(a) quote an entity ' s * ABN means quote in a form and manner approved by the Commissioner;
(b) quote a * tax file number in connection with a * Part VA investment: you quote your tax file number in connection with the investment if you are taken, for the purposes of Part VA of the Income Tax Assessment Act 1936 , to have quoted the number in connection with the investment;
(c) quote a tax file number to a trustee: the beneficiary of a trust quotes the beneficiary ' s tax file number to the trustee of the trust if:
(i) Division 4B of Part VA of the Income Tax Assessment Act 1936 applies to the trustee and to the beneficiary; and
(ii) the beneficiary is taken, for the purposes of that Part, to have quoted the beneficiary ' s tax file number to the trustee.
quoted
(Repealed by No 56 of 2010)
quoted (for superannuation purposes)
has the meaning given by section
295-615
.
R
&
D activities
has the meaning given by section
355-20
.
R
&
D entity
has the meaning given by section
355-35
.
R
&
D partnership
has the meaning given by subsection
355-505(1)
.
RBA
has the same meaning as in Part
IIB
of the
Taxation Administration Act 1953
.
RBA surplus
has the same meaning as in Part
IIB
of the
Taxation Administration Act 1953
.
realisation event
has the meaning given by sections
977-5
,
977-20
and
977-55
.
realisation-time method
means the method (for determining the effect of
*
indirect value shifts) for which Subdivision
727-G
provides.
realised for income tax purposes
:
(a) a gain is realised for income tax purposes as provided in sections 977-15 , 977-35 , 977-40 and 977-55 ; and
(b) a loss is realised for income tax purposes as provided in sections 977-10 , 977-25 , 977-30 and 977-55 .
reasonably arguable
has the meaning given by section
284-15
in Schedule
1
to the
Taxation Administration Act 1953
.
reasonably arguable threshold
for an income year has the meaning given by subsection
284-90(3)
in Schedule
1
to the
Taxation Administration Act 1953
.
receives a refund of Australian DMT tax
has the meaning given by subsection
205-35(1B)
.
receives a refund of diverted profits tax
has the meaning given by subsection
205-35(1A)
.
receives a refund of income tax
has the meaning given by section
205-35
.
recognised company accounts
, for a period, of a company that is a foreign resident means:
(a) accounts that are prepared in relation to the company for the period in accordance with standards covered by subsection 820-960(1C) or (1D) ; or
(b) if there are no such accounts for the period - accounts that:
(i) are prepared in relation to the company for the period in accordance with commercially accepted accounting principles; and
(ii) give a true and fair view of the financial position of the company.
recognised consolidated accounts
, for a period, of 2 or more companies that are foreign residents means:
(a) consolidated accounts that are prepared in relation to those companies for the period in accordance with standards covered by subsection 820-960(1C) or (1D) ; or
(b) if there are no such accounts for the period - consolidated accounts that:
(i) are prepared in relation to those companies for the period in accordance with commercially accepted accounting principles; and
(ii) give a true and fair view of the financial position of the companies on a consolidated basis.
recognised new investment amount
has the meaning given by section
41-20
.
(a) a * registered tax agent; or
(b) a registered BAS agent (within the meaning of the Tax Agent Services Act 2009 ); or
(c) a qualified tax relevant provider (within the meaning of the Corporations Act 2001 ); or
(d) a legal practitioner.
recoupment
has the meaning given by section
20-25
.
recreation
includes amusement, sport or similar leisure-time pursuits.
recreational club
has the meaning given by subsection
26-45(2)
.
(a) * shares that are liable to be redeemed; or
(b) shares that, at the option of the company that issued them, are liable to be redeemed.
reduce a franking assessment
has the meaning given by subsection
214-125(2)
.
reduced beneficiary
'
s share
of a trust
'
s net income for an income year has the meaning given by section
45-483
in Schedule
1
to the
Taxation Administration Act 1953
.
reduced cost base
of a
*
CGT asset has the meaning given by Subdivision
110-B
.
reduced net asset amount
has the meaning given by section
104-100
.
reduced no beneficiary
'
s share
of a trust
'
s net income for an income year has the meaning given by section
45-483
in Schedule
1
to the
Taxation Administration Act 1953
.
reduction amount
has the meaning given by subsections
385-120(2)
and
(3)
.
referable
: a
*
share in a
*
CCIV is
referable
to a
*
sub-fund of the CCIV if it is so referable under subsection
1230(1)
of the
Corporations Act 2001
.
refund of income tax
(Repealed by No 41 of 2005)
registered auditor
, in relation to an entity, means:
(a) a person registered as an auditor under a law in force in a State or a Territory; or
(b) if the entity is not an Australian resident - a person registered as an auditor under a law in force in the country of which the entity is a resident.
registered charity
means an entity that is registered under the
Australian Charities and Not-for-profits Commission Act 2012
as the type of entity mentioned in column 1 of item 1 of the table in subsection 25-5(5) of that Act.
registered CMPTI processing activity
has the meaning given by subsection
419-35(1)
.
registered emissions unit
has the meaning given by section
420-10
.
registered health promotion charity
means an institution that is:
(a) a * registered charity; and
(b) registered under the Australian Charities and Not-for-profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 13 of the table in subsection 25-5(5) of that Act.
registered organisation
(Repealed by No 101 of 2004)
[ CCH Note: Definition of " registered PGO certificate " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]registered PGO certificate
: a PGO certificate (within the meaning of the Future Made in Australia (Guarantee of Origin) Act 2024) is a registered PGO certificate if the Clean Energy Regulator:
(a) has decided to register the certificate under section 56 of that Act; and
(b) has not invalidated the certificate under section 64 of that Act.
[ CCH Note: Definition of " registered production profile " will be inserted by No 9 of 2025, s 3 and Sch 1 item 4, effective 1 January 2026. The definition will read:
]registered production profile
: a * production profile is a registered production profile if:
(a) the Clean Energy Regulator has decided to register the profile under section 33 of the Future Made in Australia (Guarantee of Origin) Act 2024) ; and
(b) the registration of the profile has not been:
(i) cancelled under section 45 of that Act; or
(ii) surrendered under section 48 of that Act.
registered public benevolent institution
means an institution that is:
(a) a * registered charity; and
(b) registered under the Australian Charities and Not-for-profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 14 of the table in subsection 25-5(5) of that Act.
registered scheme
has the same meaning as in the
Corporations Act 2001
.
registered tax agent
has the meaning given by subsection
90-1(1)
of the
Tax Agent Services Act 2009
.
registered tax agent, BAS agent or tax (financial) adviser
(Repealed by No 69 of 2023)
registered tax agent or BAS agent
(Repealed by No 120 of 2013)
[ CCH Note: Definition of " Registrar " will be inserted by No 69 of 2020 (as amended by No 35 of 2022), s 3 and Sch 1 item 1384, effective 1 July 2026 or a day or days to be fixed by Proclamation. For application and transitional provisions, see note under s 30-5(4AA) . The definition will read:
]Registrar
has the same meaning as in the A New Tax System (Australian Business Number) Act 1999 .
registration
(Repealed by No 97 of 2008)
registration requirements of an AFOF
has the meaning given by subsection
9-5(1)
of the
Venture Capital Act 2002
.
registration requirements of an ESVCLP
has the meaning given by subsection
9-3(1)
of the
Venture Capital Act 2002
.
registration requirements of a VCLP
has the meaning given by subsection
9-1(1)
of the
Venture Capital Act 2002
.
regulated superannuation fund
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
rehabilitation
(Repealed by No 77 of 2001)
rehabilitation tax offset
(Repealed by No 96 of 2014)
related
(Repealed by No 77 of 2001)
related business
(Repealed by No 165 of 1999)
related entity
has the meaning given by subsections
26-35(2)
and
(3)
.
related facility
(Repealed by No 41 of 2011)
related scheme
has the meaning given by section
974-155
.
related spousal interest
has the meaning given by subsection
292-102(4).
(a) the person ' s * spouse; or
(b) the * parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or * adopted child of that person, or of that person ' s spouse; or
(c) the spouse of a person referred to in paragraph (b).
Note:
Section 960-255 may be relevant to determining relationships for the purposes of paragraph (b) of the definition of relative .
release entitlement
has the meaning given by section
135-10
in Schedule
1
to the
Taxation Administration Act 1953
.
relevant interest
has the same meaning as in the
Corporations Act 2001
.
(a) a minister of religion; or
(b) a student at an institution who is undertaking a course of instruction in the duties of a minister of religion; or
(c) a full-time member of a religious order; or
(d) a student at a college conducted solely for training persons to become members of religious orders.
remaining effective life
of a
*
depreciating asset:
(a) has the meaning given by section 40-75 ; and
(b) if the asset is a vessel to which subsection 40-103(2) applies - includes the meaning given by that subsection.
rent from land investment
means rent that is derived or received from investments in
Division 6C land
.
replace
(Repealed by No 77 of 2001)
replacement asset period
has the meaning given by section
104-190
.
replacement-asset roll-over
: a
replacement-asset roll-over
allows you to defer the making of a
*
capital gain or a
*
capital loss from one
*
CGT event until a later CGT event happens where your ownership of one CGT asset ends and you
*
acquire another one. The
replacement-asset roll-overs
are listed in section
112-115
.
reportable employer superannuation contribution
has the meaning given by section
16-182
in Schedule
1
to the
Taxation Administration Act 1953
.
reportable fringe benefits amount
for an income year in respect of an employee
'
s employment by an employer has the same meaning as in the
Fringe Benefits Tax Assessment Act 1986
(as it applies of its own force or because of the
Fringe Benefits Tax (Application to the Commonwealth) Act 1986
).
reportable fringe benefits total
has the same meaning as in the
Fringe Benefits Tax Assessment Act 1986
.
reportable superannuation contributions
, for an individual and an income year, means the sum of:
(a) the individual ' s * reportable employer superannuation contributions (if any) for the income year; and
(b) the individual ' s deductions (if any) under Subdivision 290-C for the income year;
reduced (but not below zero) by the amount of any * excess concessional contributions the individual has for the * financial year corresponding to the income year.
representative
of an
*
incapacitated entity has the meaning given by section
195-1
of the
*
GST Act.
representative member
for a
*
GST group has the meaning given by section
195-1
of the
*
GST Act.
required to be registered
has the meaning given by the
*
GST Act.
resale royalty
means resale royalty under the
Resale Royalty Right for Visual Artists Act 2009
.
resale royalty collecting society
means the collecting society, within the meaning given by the
Resale Royalty Right for Visual Artists Act 2009
.
resale royalty right
has the meaning given by the
Resale Royalty Right for Visual Artists Act 2009
.
research and development activities
(Repealed by No 93 of 2011)
residence article
has the meaning given by subsection
815-120(6)
.
(a) for an entity making a * distribution - has the meaning given by section 202-20 (as affected by section 220-100 , if relevant); and
(b) for an income year that is one in which, or in relation to which, an event specified in a table in one of the following sections occurs:
(i) section 205-15 (general table of * franking credits);
(ii) section 205-30 (general table of * franking debits);
(iii) section 208-115 (table of * exempting credits);
(iv) section 208-120 (table of * exempting debits);
(v) section 208-130 (table of franking credits that arise because of an entity ' s status as a * former exempting entity or * exempting entity);
or an income year that is described in section 205-70 or 220-205 - has the meaning given by section 205-25 ; and
(vi) section 208-145 (table of franking debits that arise because of an entity ' s status as a former exempting entity or exempting entity);
(c) for an entity receiving a distribution - has the meaning given by section 207-75 ; and
(d) for the purposes of determining whether an entity is an exempt institution that is eligible for a refund at the time a * franked distribution is made - has the meaning given by section 207-117 .
residential care
has the same meaning as in the
Aged Care Act 1997
.
[ CCH Note: Definition of " residential care " will be repealed by No 45 of 2025, s 3 and Sch 3 item 222, effective 1 November 2025.]
residential dwelling asset
has the meaning given by section
12-452
in Schedule
1
to the
Taxation Administration Act 1953
.
residential premises
has the same meaning as in the
*
GST Act.
resident investment vehicle
has the meaning given by section
118-510
.
resident TC group
(Repealed by No 101 of 2006)
resident trust for CGT purposes
: a trust is a
resident trust for CGT purposes
for an income year if, at any time during the income year:
(a) for a trust that is not a unit trust, a trustee is an Australian resident or the central management and control of the trust is in Australia; or
(b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied.
| Requirements for unit trust | ||
| Item | One of these requirements is satisfied | And also one of these |
| 1 | Any property of the trust is situated in Australia | The central management and control of the trust is in Australia |
| 2 | The trust carries on a * business in Australia | Australian residents held more than 50% of the beneficial interests in the income or property of the trust |
resident unit trust
has the meaning given by section
102Q
of the
Income Tax Assessment Act 1936
.
residual unrealised net loss
for a
*
changeover time has the meaning given by section
165-115BB
.
residual value
(Repealed by No 90 of 2002)
resource rent tax amount
(Repealed by No 96 of 2014)
resource rent tax provisions
(Repealed by No 96 of 2014)
responsible entity
, of a
*
registered scheme, has the same meaning as in the
Corporations Act 2001
.
restricted DPT evidence
has the meaning given by subsection
145-25(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
retail CCIV
has the meaning given by subsection
1222J(1)
of the
Corporations Act 2001
.
retail fuel
means taxable fuel, within the meaning of the
Fuel Tax Act 2006
, that is sold by retail.
retained cost base asset
has the meaning given by subsections
705-25(5)
,
713-515(1)
and
713-705(2)
.
retention authority
(Repealed by No 77 of 2001)
retention period
has the meaning given by sections
28-150
,
900-25
,
900-75
and
900-90
.
(a) section 307-80 sets out when a * superannuation income stream is in the retirement phase ; and
(b) a * superannuation interest is in the retirement phase at a time if it supports a superannuation income stream that is in the retirement phase at that time.
retirement phase recipient
of a
*
superannuation income stream has the meaning given by section
294-20
.
retirement phase superannuation income stream benefit
(or
RP superannuation income stream benefit
) has the meaning given by section
307-75
.
retirement village
has the same meaning as in the
*
GST Act.
retirement village residence contract
has the meaning given by paragraph
230-475(4)(a)
.
retirement village services contract
has the meaning given by paragraph
230-475(4)(b)
.
return
on a
*
debt interest or
*
equity interest does not include a return of an amount invested in the interest.
returning New Zealand-sourced amount
has the meaning given by the regulations mentioned in section
312-5
(about trans-Tasman portability of retirement savings).
revenue asset
has the meaning given by section
977-50
.
reverse hybrid
has the meaning given by section
832-410
.
reverse hybrid mismatch
has the meaning given by section
832-395
.
reviewable fuel tax decision
has the meaning given by subsection
112-50(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
reviewable GST decision
has the meaning given by subsection
110-50(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
reviewable GST transitional decision
has the meaning given by subsection
110-50(3)
in Schedule
1
to the
Taxation Administration Act 1953
.
reviewable indirect tax decision
(Repealed by No 39 of 2012)
reviewable wine tax decision
has the meaning given by subsection
111-50(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
revive
: a
*
170-D deferred loss
revives
as mentioned in section
715-310
.
right to future income
has the meaning given by subsection
701-63(5)
.
right to use
includes the right to possess.
(a) the risk component of a premium for a * life insurance policy has the meaning given by subsection 26-85(2) ; and
(b) the risk component of a claim paid under a life insurance policy has the meaning given by section 320-80 .
risk-weighted assets
, of an entity and at a particular time, means the sum of the entity
'
s risk exposures that the entity has at that time, as is determined in accordance with:
(a) if the entity is an * Australian entity that is not a * foreign controlled Australian entity - the * prudential standards; or
(b) in any other case - either of the following:
(i) the prudential standards;
(ii) the prudential standards determined by the prudential regulator in the country of which the entity, or the * foreign bank that has * TC control interests of at least 40% in the entity, is a resident.
roll-over cost
has the meaning given by subsection
328-455(2)
.
roll-over event
(Repealed by No 77 of 2001)
roll-over superannuation benefit
has the meaning given by section
306-10
.
rounding adjustment deficit
has the meaning given by section
276-310
.
rounding adjustment surplus
has the meaning given by section
276-315
.
rounding amount
has the meaning given by section
960-285
.
royalty
has the meaning given by subsection
6(1)
of the
Income Tax Assessment Act 1936
.
RSA
has the meaning given by the
Retirement Savings Accounts Act 1997
.
RSA component
has the meaning given by section
295-555
.
RSA payment
has the meaning given by section
307-5
.
RSA provider
has the same meaning as in the
Retirement Savings Accounts Act 1997
.
rural land irrigation water provider
has the meaning given by section
40-630
.
safeguard mechanism credit unit
has the same meaning as in the
National Greenhouse and Energy Reporting Act 2007
.
(a) for an * outward investing entity (ADI) - has the meaning given by section 820-310 ; and
(b) for an * inward investing entity (ADI) - has the meaning given by section 820-405 or 820-615 .
(c) (Repealed by No 101 of 2006)
(a) - (c) (Repealed by No 23 of 2024)
(d) for an * inward investment vehicle (financial) - has the meaning given by section 820-200 ; and
(e) (Repealed by No 23 of 2024)
(f) for an * inward investor (financial) - has the meaning given by section 820-210 .
same-asset roll-over
: a
same asset roll-over
allows you to disregard a
*
capital gain or
*
capital loss you make from:
(a) * disposing of a * CGT asset to another entity; or
(b) entering into an agreement with another entity that constitutes CGT event B1; or
(c) creating a CGT asset in another entity.
The same-asset roll-overs are listed in section 112-150 .
same business test
(Repealed by No 7 of 2019)
same business test period
(Repealed by No 7 of 2019)
savings and investment income
(Repealed by No 60 of 1999)
(a) any * arrangement; or
(b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.
Note:
The Commissioner may determine that, for the purposes of the debt and equity interest rules in Division 974 , what would otherwise be a single scheme is to be treated as 2 or more separate schemes, and that the schemes are not related: see section 974-150 .
scheme benefit
has the meaning given by section
284-150
in Schedule
1
to the
Taxation Administration Act 1953
.
scheme for a disposition
, in relation to
*
membership interests or an
*
interest in membership interests, has the same meaning as in section
177EA
of the
Income Tax Assessment Act 1936
.
scheme period
for a
*
direct value shift has the meaning given by section
725-55
.
scheme shortfall amount
has the meaning given by section
284-150
in Schedule
1
to the
Taxation Administration Act 1953
.
scholarship plan
means a
*
life insurance policy that:
(a) is issued by a * friendly society for the sole purpose of providing benefits to help in the education of nominated beneficiaries; and
(b) is not being used, and has never been used, as security for borrowing or raising money; and
(c) if it is issued on or after 1 January 2003 - contains a provision prohibiting use of the policy as security for borrowing or raising money.
Seasonal Labour Mobility Program withholding tax
(Repealed by No 75 of 2022)
secondary course
has the same meaning as in the
*
GST Act.
secondary equity interest
has the meaning given by section
727-520
.
secondary interest
has the meaning given by section
727-520
.
secondary loan interest
has the meaning given by section
727-520
.
Second Commissioner
means a Second Commissioner of Taxation.
second continuity period
has the meaning given by section
165-120
.
section 124ZZB SME assessable income
for a
*
PDF for an income year is the assessable income allocated to the PDF
'
s SME assessable income for the income year under section
124ZZB
of the
Income Tax Assessment Act 1936
.
securities dealer
means a person who, for the purposes of the
Corporations Act 2001
or for the purposes of a law of a State or Territory that corresponds to that Act, deals in securities.
securitisation vehicle
has the meaning given by section
820-942
.
securitised asset
has the meaning given by section
820-942
.
segregated current pension assets
has the meaning given by section
295-385
.
segregated exempt assets
of a
*
life insurance company means assets from time to time segregated by the company under Subdivision
320-H
, whether segregated at the time of the initial segregation or included at a later time.
segregated non-current assets
has the meaning given by section
295-395
.
self-assessed clearance declaration advice
has the meaning given by the
Customs Act 1901
.
self assessment
means an assessment:
(a) for the making of which the Commissioner wholly accepts statements of the taxpayer; or
(b) that, under section 166A of the Income Tax Assessment Act 1936 or a provision of another law, is taken to have been made by the Commissioner.
self-assessment entity
means a full self-assessment taxpayer (within the meaning of subsection
6(1)
of the
Income Tax Assessment Act 1936
).
self managed superannuation fund
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
seminar
has the meaning given by subsection
32-65(1)
.
Senior Executive Service office
means a position occupied by an SES employee or acting SES employee.
serious offence
has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
service period
has the meaning given by section
307-400
.
SGIO
(Repealed by No 89 of 2000)
(a) in a company means a share in the capital of the company, and includes stock; and
(aa) of a * capital gain has the meaning given by section 115-227 ; and
(b) of an * exempting credit has the meaning given by section 208-180 ; and
(c) of a * franked distribution has the meaning given by section 207-55 ; and
(d) of a * franking credit has the meaning given by section 207-57 ; and
(e) of * NRAS rent has the meaning given by section 380-30 .
share capital account
has the meaning given by section
975-300
.
shareholders
'
ratio
for an income year of a
*
life insurance company has the meaning given by section
219-50
.
shareholders
'
share
of the
*
income tax liability of a
*
life insurance company for an income year has the meaning given by section
219-50
.
shareholding interest
has the meaning given by section
175-95
.
share of the PHII benefit
(short for
share of the private health insurance incentive benefit
) has the meaning given by the
Private Health Insurance Act 2007
.
share value shift
(Repealed by No 90 of 2002)
shift proceeds
has the meaning given by sections
140-55
and
140-90
.
shipping activities
has the meaning given by section
51-105
.
shipping cargo
has the same meaning as in the
Shipping Reform (Tax Incentives) Act 2012
.
shipping exempt income certificate
has the same meaning as in the
Shipping Reform (Tax Incentives) Act 2012
.
shipping passenger
has the same meaning as in the
Shipping Reform (Tax Incentives) Act 2012
.
shortfall amount
has the meaning given by section
284-80
in Schedule
1
to the
Taxation Administration Act 1953
.
shortfall interest charge
means the charge worked out under Division
280
in Schedule
1
to the
Taxation Administration Act 1953
.
short-term hire agreement
(Repealed by No 97 of 2008)
short-term hire agreement
: a
short-term hire agreement
is an agreement for the intermittent hire of an asset on an hourly, daily, weekly or monthly basis. However, an agreement for the hire of an asset is not a
short-term hire agreement
if, having regard to any other agreements for the hire of the same asset to the same entity or an
*
associate of that entity, there is a substantial continuity of hiring so that the agreements together are for longer than a short-term basis.
sickness policy
means a
*
life insurance policy issued by a
*
friendly society for the sole purpose of providing:
(a) benefits in respect of a sickness of the insured person; or
(b) benefits covered by paragraph (a) and benefits to pay for the funeral of the insured person.
significant global entity
has the meaning given by section
960-555
.
significant individual
has the meaning given by section
152-55
.
significant stake
has the meaning given by sections
124-783
and
124-783A
.
significant stakeholder
has the meaning given by section
124-783
.
single-rate trustee
has the meaning given by section
45-450
in Schedule
1
to the
Taxation Administration Act 1953
.
SIS dependant
means a dependant within the meaning of the
Superannuation Industry (Supervision) Act 1993
.
small business CGT affiliate
(Repealed by
No 80 of 2007
)
small business entity
has the meaning given by section
328-110
.
small business entity turnover
(Repealed by No 23 of 2012)
small business participation percentage
has the meaning given by section
152-65
.
small business taxpayer
(Repealed by
No 80 of 2007
)
small superannuation account
means an account within the meaning of the
Small Superannuation Accounts Act 1995
.
small superannuation account payment
has the meaning given by section
307-5
.
small superannuation fund
means a
*
complying superannuation fund with no more than 6 members.
small withholder
has the meaning given by section
16-105
in Schedule
1
to the
Taxation Administration Act 1953
.
SME income component
has the same meaning as in section
124ZU
of the
Income Tax Assessment Act 1936
.
SME investment
has the meaning given by section
124ZW
of the
Income Tax Assessment Act 1936
.
software
(Repealed by No 77 of 2001)
software pool
(Repealed by No 77 of 2001)
Solvency Standard
(Repealed by No 154 of 2007)
sort
of loss has the meaning given by section
701-1
.
sovereign entity
has the meaning given by section
880-15
.
sovereign entity group
has the meaning given by section
880-20
.
special accrual amount
means an amount that is included in assessable income, or an amount that can be deducted from assessable income, under any of the following:
(a) Division 230 (about taxation of financial arrangements), other than Subdivision 230-B ;
(b) Subdivision 230-A if:
(i) the accruals method provided for in Subdivision 230-B is applied to take account of the gain or loss concerned; and
(ii) all the * financial benefits provided and received under the * financial arrangement concerned are denominated in a particular * foreign currency;
(c) Division 240 (about arrangements treated as a sale and loan);
(d) Division 242 (about luxury car leases);
(da) Subdivision 250-E of this Act if all the financial benefits provided and received under the financial arrangement concerned are denominated in a particular foreign currency;
(e) Division 16D of Part III of the Income Tax Assessment Act 1936 (about certain arrangements relating to the use of property);
(f) Division 16E of Part III of the Income Tax Assessment Act 1936 (about accruals assessability in respect of certain security payments).
(a) a * mutual affiliate company; or
(b) a * mutual insurance company; or
(c) a trade union registered under an * Australian law; or
(d) a * sporting club; or
(e) a company that is prescribed by the regulations.
special conversion event
, in relation to a
*
potential MEC group, has the meaning given by section
719-40
.
special disability trust
means:
(a) a special disability trust within the meaning of the Social Security Act 1991 ; or
(b) a special disability trust within the meaning of the Veterans ' Entitlements Act 1986 .
specialist credit card institution
has the meaning given by section
820-588
.
special professional
has the meaning given by subsection
405-25(1)
.
special value
, of a
*
superannuation interest that supports an income stream that is, or was at any time, a
*
capped defined benefit income stream, has the meaning given by section
294-135
.
[ CCH Note: Definition of " specialist aged care program " will be inserted by No 45 of 2025, s 3 and Sch 3 item 223, effective 1 November 2025. The definition will read:
]specialist aged care program
has the same meaning as in the Aged Care Act 2024 .
(a) specifically entitled to a * capital gain has the meaning given by section 115-228 ; and
Note:
A trustee of a trust estate that makes a choice under section 115-230 is taken to be specifically entitled to a capital gain.
(b) specifically entitled to a * franked distribution has the meaning given by section 207-58 .
specific deduction
has the meaning given by section
8-5
.
specified management fees
(Repealed by No 101 of 2006)
specified roll-over amount
of a
*
life insurance company means so much of an amount paid to the company as constitutes the
*
element untaxed in the fund of a
*
superannuation benefit that is a
*
roll-over superannuation benefit because of subparagraph
306-10(d)(ii)
.
specified roll-over component
(Repealed by No 83 of 2003)
spectrum
has the meaning given by section 5 of the
Radiocommunications Act 1992
.
spectrum licence
has the meaning given by section 5 of the
Radiocommunications Act 1992
.
split percentage
(Repealed by No 96 of 2014)
splittable payment
means a splittable payment within the meaning of Part
VIIIB
or
VIIIC
of the
Family Law Act 1975
.
SPOR taxpayer
(Repealed by No 161 of 2005)
sporting club
means a society, association or club that:
(a) is established for the encouragement of sport or a game; and
(b) is not carried on for profit to its members.
sporting competition
has the meaning given by subsection
405-25(7)
.
sportsperson
has the meaning given by subsection
405-25(6)
.
spouse
of an individual includes:
(a) another individual (whether of the same sex or a different sex) with whom the individual is in a relationship that is registered under a * State law or * Territory law prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and
(b) another individual who, although not legally married to the individual, lives with the individual on a genuine domestic basis in a relationship as a couple.
spread entity
,
in relation to a
*
consolidated group or
*
MEC group, means a
*
member of the group that is not a
*
stick entity in relation to the group.
spreading period
for an amount has the meaning given by sections
716-15
,
716-25
,
716-70
and
716-100
.
Note:
Those sections deal with assessable income and deductions spread over several periods of membership or non-membership of a consolidated group or MEC group.
SRWUIP expenditure
has the meaning given by subsections
26-100(2)
and
(3)
.
SRWUIP payment
has the meaning given by subsection
59-67(2)
.
SRWUIP program
has the meaning given by subsection
59-67(1)
.
stake interest
has the meaning given by subsection
124-783A(3)
.
stake option
has the meaning given by subsection
124-783A(3)
.
standard component
has the meaning given by section
295-555
.
standard corporate tax rate
(Repealed by No 41 of 2017)
(a) in relation to a * cross staple arrangement - has the meaning given by section 12-436 in Schedule 1 to the Taxation Administration Act 1953 ; or
(b) otherwise - has the meaning given by section 124-1045 .
starting base asset
(Repealed by No 96 of 2014)
starting base return
(Repealed by No 96 of 2014)
starting day
has the meaning given by section
149-60
.
starting instalment quarter
has the meaning given by subsection
45-125(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
start time
of a
*
depreciating asset has the meaning given by section
40-60
.
State insurer
means a body that carries on State insurance (within the meaning of paragraph 51(xiv) of the Constitution).
State law
means a law of a State.
statement worldwide assets
of an entity for a period has the meaning given by subsection
820-933(3)
.
statement worldwide debt
of an entity for a period has the meaning given by subsection
820-933(1)
.
statement worldwide equity
of an entity for a period has the meaning given by subsection
820-933(2)
.
statutory accounting period
(Repealed by
No 4 of 2007
)
statutory accounting period
has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
statutory demand
has the same meaning as in the
Corporations Act 2001
.
statutory income
has the meaning given by section
6-10
.
statutory licence
has the meaning given by section
124-140
.
(a) in relation to a * consolidated group - means a * member of the group that is:
(i) the * head company of the group; or
(ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or
(iii) a transitional foreign-held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or
(b) in relation to a * MEC group - means a member of the group that is:
(i) the head company of the group; or
(ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or
(iii) a transitional foreign-held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or
(iv) an * eligible tier-1 company.
stratum unit
has the meaning given by section
124-190
.
structured arrangement
has the meaning given by section
832-210
.
structured order
has the meaning given by section
54-10
.
structured settlement
has the meaning given by section
54-10
.
structured settlement contribution
has the meaning given by section
294-80
.
STS affiliate
(Repealed by
No 80 of 2007
)
STS annual turnover
(Repealed by
No 80 of 2007
)
STS average turnover
(Repealed by
No 80 of 2007
)
STS group turnover
(Repealed by
No 80 of 2007
)
STS taxpayer
(Repealed by
No 80 of 2007
)
Student Assistance Minister
means the Minister administering the
Student Assistance Act 1973
.
Student Assistance Secretary
means the Secretary of the Department administered by the
*
Student Assistance Minister.
sub-fund
, of a
*
CCIV, has the meaning given by subsection
1222Q(1)
of the
Corporations Act 2001
.
Subdivision 230-G assessable gain
from a
*
financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision
230-G
, to be a gain you make from the arrangement for the purposes of Division
230
.
Subdivision 230-G loss
from a
*
financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision
230-G
, to be a loss you make from the arrangement for the purposes of Division
230
.
subject to Australian income tax
has the meaning given by section
832-125
.
subject to deemed loan treatment
, in relation to a
*
financial benefit, has the meaning given by section
250-160
.
subject to foreign income tax
has the meaning given by section
832-130
.
subject to foreign tax
has the meaning given to the expression
"
subject to tax
"
by Part
X
of the
Income Tax Assessment Act 1936
.
subject to tax
(Repealed by
No 79 of 2010
)
subordinated debt interest
means a
*
debt interest issued to:
(a) an unsecured creditor; or
(b) a secured creditor who, in the event of the liquidation of the entity issuing the interest, can only make a claim regarding that interest after the claims of other secured creditors regarding other debt interests issued by that entity have been met.
subsidiary
: the question whether a company is a
subsidiary
of another company is to be determined in the same way as the question whether a corporation is a subsidiary of another corporation is determined under the
Corporations Act 2001
.
Note:
The expression 100% subsidiary has the meaning given by section 975-505 .
(a) of a * consolidated group or a * consolidatable group - has the meaning given by section 703-15 ; and
(b) of a * MEC group - has the meaning given by section 719-25 .
substantial continuity of ownership
has the meaning given by section
166-145
.
substantial employer
(Repealed by No 8 of 2019)
substantial renovations
has the same meaning as in the
*
GST Act.
substantial shareholding
: see
part of a substantial shareholding
.
successor fund
, in relation to a transfer of a
*
superannuation interest of:
(a) a member of a * superannuation fund; or
(b) a depositor with an * approved deposit fund; or
(c) a holder of an * RSA;
means another superannuation fund, approved deposit fund or RSA if the following conditions are met:
(d) that other fund or RSA confers on that member, depositor or holder equivalent rights to the rights he or she had under the first-mentioned fund or RSA in respect of the interest;
(e) the conferral of these equivalent rights was agreed, before the transfer, between:
(i) the * superannuation provider of that other fund or RSA; and
(ii) the superannuation provider of the first-mentioned fund or RSA.
superannuation annuity
has the meaning given by the regulations.
superannuation annuity payment
has the meaning given by section
307-5
.
superannuation benefit
has the meaning given by section
307-5
.
Note:
Sections 307-10 and 307-15 affect the meaning of superannuation benefit .
superannuation co-contribution benefit payment
has the meaning given by section
307-5
.
superannuation death benefit
has the meaning given by section
307-5
.
superannuation fund
has the meaning given by section
10
of the
Superannuation Industry (Supervision) Act 1993
.
superannuation fund for foreign residents
has the meaning given by section
118-520
.
superannuation fund payment
has the meaning given by section
307-5
.
superannuation guarantee education direction
means a direction given under subsection
384-10(1)
in Schedule
1
to the
Taxation Administration Act 1953
.
superannuation guarantee payment
has the meaning given by section
307-5
.
superannuation guarantee shortfall
has the meaning given by section
17
of the
Superannuation Guarantee (Administration) Act 1992
.
superannuation income stream
has the meaning given by section
307-70
.
superannuation income stream benefit
has the meaning given by section
307-70
.
superannuation income stream provider
for a
*
superannuation income stream means:
(a) for a superannuation income stream provided by a * superannuation fund - the trustee of the fund; or
(b) for a superannuation income stream that is a pension for the purposes of the Retirement Savings Accounts Act 1997 - the * RSA provider; or
(c) for a superannuation income stream provided by an * approved deposit fund - the trustee of the fund; or
(d) for a superannuation income stream provided by a * life insurance company - the life insurance company.
superannuation interest
means:
(a) an interest in a * superannuation fund; or
(b) an interest in an * approved deposit fund; or
(c) an * RSA; or
(d) an interest in a * superannuation annuity.
Note:
The meaning of superannuation interest may be affected by regulations made for the purposes of section 307-200 .
superannuation lump sum
has the meaning given by section
307-65
.
superannuation member benefit
has the meaning given by section
307-5
.
(a) a * superannuation fund; or
(b) an * approved deposit fund; or
(c) an * RSA.
superannuation provider
, in relation to a
*
superannuation plan, means:
(a) for a * superannuation fund - the trustee of the fund; or
(b) for an * approved deposit fund - the trustee of the fund; or
(c) for an * RSA - the * RSA provider.
supplementary amount
of a payment is defined as set out in this table:
| Supplementary amount of a payment | ||
| Item | Supplementary amount of this kind of payment: | has the meaning given by: |
| 1 | Commonwealth education or training payment | section 52-140 |
| 2 | (Repealed by No 13 of 2014) | |
| 2A | Payment under the ABSTUDY scheme | section 52-132 |
| 3 | Payment made because of the Veterans ' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 | section 52-105 |
| 4 | Social security payment | section 52-15 |
| 5 | Veterans ' affairs payment | section 52-70 |
supply
has the meaning given by section
9-10
of the
*
GST Act.
supporting R
&
D activities
has the meaning given by section
355-30
.
(a) section 205-40 sets out when a * franking account is in surplus; and
(b) section 208-125 sets out when an * exempting account is in surplus; and
(c) section 210-130 sets out when a * venture capital sub-account is in surplus.
tainted
: for when a company
'
s
*
share capital account is
tainted
, see subsections
197-50(1)
and
(2)
.
tainting amount
has the meaning given by subsection
197-50(3)
.
takeover bid
means a takeover bid under Chapter
6
of the
Corporations Act 2001
, or under a
*
foreign law relating to corporate regulation.
taskforce officer
of a prescribed taskforce has the meaning given by section
355-70
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) income tax imposed by the Income Tax Act 1986 , as assessed under this Act; or
(b) income tax imposed as such by any other Act, as assessed under this Act.
tax-records education direction
means a direction given under subsection
384-12(1)
in Schedule
1
to the
Taxation Administration Act 1953
.
taxable Australian property
has the meaning given by section
855-15
.
taxable Australian real property
has the meaning given by section
855-20
.
(a) the taxable component of an * employment termination payment has the meaning given by section 82-145 ; and
(b) the taxable component of a * superannuation benefit has the meaning given by section 307-120 ; and
(c) the taxable component of a * superannuation interest has the meaning given by section 307-215 .
taxable contributions
has the meaning given by section
293-20
.
taxable dealing
, in relation to
*
wine, has the meaning given by section
33-1
of the
*
Wine Tax Act.
taxable fuel
has the meaning given by section
110-5
of the
Fuel Tax Act 2006
.
taxable importation
has the meaning given by section
195-1
of the
*
GST Act.
taxable importation of a luxury car
has the meaning given by section
27-1
of the
*
Luxury Car Tax Act.
taxable income
has the meaning given by section
4-15
.
Note:
For a list of cases where taxable income is worked out in a special way, see subsection 4-15(2) .
taxable mining profit
(Repealed by No 96 of 2014)
taxable non-primary production income
has the meaning given by subsection
392-85(1)
.
taxable primary production income
has the meaning given by subsection
392-80(1)
.
taxable professional income
has the meaning given by subsection
405-45(1)
.
taxable purpose
has the meaning given by section
40-25
.
Note:
Subsection 417-30(1) provides that certain uses etc. of assets (connected with Timor Sea petroleum) are taken to be for a taxable purpose.
taxable purpose proportion
has the meaning given by section
328-205
.
taxable resource
(Repealed by No 96 of 2014)
taxable supply
(Repealed by No 41 of 2005)
taxable supply
†
has the meaning given by section
195-1
of the
*
GST Act.
[ † CCH Note: This second definition of " taxable supply " was inserted by No 176 of 1999, s 3 and Sch 3 item 70, despite the earlier insertion of the definition by Act No 164 of 1999, s 3 and Sch 6 item 7.]
taxable supply of a luxury car
has the meaning given by section
27-1
of the
*
Luxury Car Tax Act.
tax accounting period
has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
tax advantaged business
(Repealed by No 101 of 2004)
tax advantaged insurance fund
(Repealed by No 101 of 2004)
tax affairs
means affairs relating to
*
tax.
(a) an Act of which the Commissioner has the general administration (including a part of an Act to the extent to which the Commissioner has the general administration of the Act); or
(b) legislative instruments made under such an Act (including such a part of an Act); or
(c) the Tax Agent Services Act 2009 or regulations made under that Act.
[ CCH Note: Definition of " taxation law " will be amended by No 69 of 2020 (as amended by No 35 of 2022), s 3 and Sch 1 item 1385, by inserting para (d), effective 1 July 2026 or a day or days to be fixed by Proclamation. For application and transitional provisions, see note under s 30-5(4AA) . Para (d) will read:
]
; or (d) the A New Tax System (Australian Business Number) Act 1999 or regulations made under that Act.
taxation officer
has the meaning given by section
355-30
in Schedule
1
to the
Taxation Administration Act 1953
.
tax audit
means an examination by the Commissioner of an entity
'
s financial affairs for the purposes of a
*
taxation law.
tax benefit
has the meaning given by section
45-605
in Schedule
1
to the
Taxation Administration Act 1953
.
tax cost
has the meaning given by section
830-100
.
tax cost is set
has the meaning given by section
701-55
or
830-90
.
tax cost setting amount
has the meaning given by section
701-60
or
830-95
.
tax debt
has the same meaning as in section
8AAZA
of the
Taxation Administration Act 1953
.
tax detriment
has the meaning given by section
45-624
in Schedule
1
to the
Taxation Administration Act 1953
.
[ CCH Note: Section 45-624 of Schedule 1 to the Taxation Administration Act 1953 , referred to above, does not exist. The reference was probably intended to refer to s 45-625 of the Schedule.]
tax EBITDA
has the meaning given by section
820-52
.
tax-exempt bonus share
has the meaning given by subsections
204-25(4)
and
(5)
.
tax-exempt foreign resident
has the meaning given by subsection
118-420(3)
.
tax-exempt non-resident
(Repealed by No 41 of 2005)
tax exempt vendor
has the meaning given by section
58-5
.
tax exploitation scheme
has the meaning given by section
290-65
in Schedule
1
to the
Taxation Administration Act 1953
.
tax file number
means a tax file number as defined in section
202A
of the
Income Tax Assessment Act 1936
.
tax-free amount
of a payment is defined as set out in this table:
| Tax-free amount of a payment | ||
| Tax-free amount of this kind of payment: | has the meaning given by: | |
| 1 | Social security payment | sections 52-20 , 52-25 , 52-30 and 52-35 |
| 2 | Payment under the ABSTUDY scheme | sections 52-133 and 52-134 |
(a) the tax free component of an * employment termination payment has the meaning given by section 82-140 ; and
(b) the tax free component of a * superannuation benefit has the meaning given by section 307-120 ; and
(c) the tax free component of a * superannuation interest has the meaning given by section 307-210 ; and
(d) the tax free component of an * Australian-sourced amount has the meaning given by the regulations mentioned in section 312-5 (about trans-Tasman portability of retirement savings).
taxing event generating a gain
has the meaning given by sections
725-245
and
725-335
.
tax invoice
has the meaning given by section
195-1
of the
*
GST Act.
(a) a tax loss worked out under section 36-10 , 165-70 , 175-35 or 701-30 of this Act (including such a tax loss as increased under section 415-15 or reduced under section 418-95 ); or
Note 1:
The meaning of tax loss in section 36-10 is affected by section 268-60 in Schedule 2F to the Income Tax Assessment Act 1936 .
Note 2:
The meaning of tax loss in sections 36-10 , 165-70 , 175-35 and 701-30 is modified by section 36-55 for a corporate tax entity that has an amount of excess franking offsets.
Note 3:
A life insurance company can have a tax loss of the complying superannuation class and/or a tax loss of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision 320-D .
(b) a tax loss as defined by section 36-105 (Tax losses for 1989-90 to 1996-97 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or
(c) a tax loss as defined by section 36-110 (Tax losses for 1957-58 to 1988-89 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or
(d) a tax loss determined under section 24 of the International Tax Agreements Act 1953 (about relief from double taxation where profits are adjusted) (including such a tax loss as increased under section 415-15 of this Act).
tax offset
has the meaning given by section
4-10
.
tax offset refund
, of yours for an income year, means a refund you can get as mentioned in item 40 of the table in subsection
63-10(1)
(refundable tax offsets) for the income year.
tax period
has the meaning given by section
195-1
of the
*
GST Act.
tax position
has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
tax preferred end user
has the meaning given by section
250-55
.
(a) an * exempt entity; or
(b) an * exempt Australian government agency; or
(c) an * associated government entity of an exempt Australian government agency; or
(d) a * prescribed excluded STB; or
(e) an * exempt foreign government agency.
tax preferred use
of an asset has the meaning given by sections
250-60(1)
and
(2)
.
tax profit on the disposal or death
has the meaning given by subsection
385-105(3)
.
tax receipt
means a receipt given to you under subsection
70-5(1)
of Schedule
1
to the
Taxation Administration Act 1953
.
tax-related liability
has the meaning given by section
255-1
in Schedule
1
to the
Taxation Administration Act 1953
.
TC control interest
has the meaning given by section
820-815
(which is affected by sections
820-820 to 820-835
).
TC control tracing interest
has the meaning given by section
820-875
.
(a) for a company - has the meaning given by section 820-855 ; and
(b) for a trust - has the meaning given by section 820-860 ; and
(c) for a partnership - has the meaning given by section 820-865 .
TC indirect control interest
has the meaning given by section
820-870
.
telecommunications site access right
means a right (except an
*
IRU) of a carrier (as defined in the
Telecommunications Act 1997
):
(a) to share a facility (as defined in section 7 of that Act); or
(b) to install such a facility at a particular location or on a particular structure; or
(c) to enter or cross premises for the purposes of installing or maintaining such a facility that is on the premises, or is at a location, or on a structure, that is accessible by way of the premises.
telephone signature
of an entity is a unique identification of the entity that can be given by telephone and that is approved by the Commissioner.
television series
(Repealed by
No 164 of 2007
)
temporary resident
: you are a
temporary resident
if:
(a) you hold a temporary visa granted under the Migration Act 1958 ; and
(b) you are not an Australian resident within the meaning of the Social Security Act 1991 ; and
(c) your * spouse is not an Australian resident within the meaning of the Social Security Act 1991 .
However, you are not a temporary resident if you have been an Australian resident (within the meaning of this Act), and any of paragraphs (a), (b) and (c) are not satisfied, at any time after the commencement of this definition.
Note:
The tests in paragraphs (b) and (c) are applied to ensure that holders of temporary visas who nonetheless have a significant connection with Australia are not treated as temporary residents for the purposes of this Act.
terminal medical condition
has the meaning given by the regulations.
terminating value
has the meaning given by sections
705-30
,
711-30
and
713-575
.
termination amount
means an amount payable because an
*
arrangement in relation to property ends and includes:
(a) if, at the end of the arrangement, one party to the arrangement acquires the property from the other party - an amount payable for the acquisition; or
(b) if, at the end of the arrangement, the property is lost or destroyed - any amounts paid to the owner of the property as a result of the loss or destruction; or
(c) otherwise - the * market value of the property at the end of the arrangement.
termination value
has the meaning given by section
40-300
.
Territory law
means a law of a Territory.
tertiary course
has the same meaning as in the
*
GST Act.
test day
has the meaning given by section
149-55
.
test period
has the meaning given by sections
165-165
,
166-5
,
166-20
,
166-40
and
166-80
, and affected by sections
415-35
and
415-40
.
test time
for the purposes of applying the
*
business continuity test has the meaning given by sections
165-13
,
165-15
,
165-35
,
165-40
,
165-45
,
165-115B
,
165-115BA
,
165-126
,
165-129
,
166-5
,
166-20
,
166-40
,
166-80
,
707-125
,
707-135
,
709-215
,
715-50
,
715-55
,
715-60
,
715-70
,
715-90
,
715-95
,
715-355
and
715-360
, and affected by sections
415-35
and
415-40
.
TFN declaration
means a declaration made for the purposes of section
202C
of the
Income Tax Assessment Act 1936
on or after 1 July 2000.
TFN withholding tax
means tax payable in accordance with section
14-55
in Schedule
1
to the
Taxation Administration Act 1953
.
Note:
The tax is imposed by the Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991 .
TFN withholding tax (ESS)
means tax payable in accordance with section
14-155
in Schedule
1
to the
Taxation Administration Act 1953
.
Note:
ESS is short for employee share scheme.
third party debt conditions
has the meaning given by section
820-427A
.
third party earnings limit
has the meaning given by section
820-427A
.
(a) the Income Tax Assessment Act 1936 ; and
(b) Part IVC of the Taxation Administration Act 1953 , so far as that Part relates to:
(i) this Act or the Income Tax Assessment Act 1936 ; or
(ii) Schedule 1 to the Taxation Administration Act 1953 ; and
(c) Schedule 1 to the Taxation Administration Act 1953 ;
except in Division 950 (Rules for interpreting this Act).
Note:
Subsection (2) of this section prevents definitions in the Income Tax Assessment Act 1997 from affecting the interpretation of the Income Tax Assessment Act 1936 .
tier-1 company
has the meaning given by section
719-20
.
tier 1 prudential capital deduction
, for an entity and at a particular time, means the amounts that must be deducted in the calculation of the eligible tier 1 capital (within the meaning of the
*
prudential standards) of the entity at that time in accordance with the prudential standards as in force at that time.
timber mill building
has the meaning given by section
43-72
.
timber operation
has the meaning given by section
43-72
.
Timor Sea Maritime Boundaries Treaty
means the Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries in the Timor Sea done at New York on 6 March 2018, as in force from time to time.
Note:
The Treaty could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
top company
has the meaning given by section
719-20
.
top entity
(Repealed by No 101 of 2006)
total debt amount
has the meaning given by sections
820-100
,
820-200
and
820-210
.
total film expenditure
has the meaning given by section
376-170
.
total forestry scheme deductions
has the meaning given by subsection
394-30(3)
.
total income
(Repealed by
No 164 of 2007
)
total net forgiven amount
has the meaning given by subsection
245-105(1)
.
total net investment loss
of an individual for an income year means the sum of:
(a) the amount (if any) by which the individual ' s deductions for the income year that are attributable to * financial investments exceed the individual ' s gross income for that year from those investments; and
(b) the amount (if any) by which the individual ' s deductions for the income year that are attributable to rental property exceed the individual ' s gross income for that year from rental property.
total participation interest
has the meaning given by section
960-180
.
total release amount
, in relation to an
*
excess non-concessional contributions determination, has the meaning given by paragraph
97-25(1)(c)
in Schedule
1
to the
Taxation Administration Act 1953
.
total share value increase
(Repealed by No 90 of 2002)
total superannuation balance
has the meaning given by section
307-230
.
total voting percentage
in a company has the meaning given by section
768-560
.
tracing rule
means a rule in one of the following sections:
(a) section 166-225 ;
(b) section 166-230 ;
(c) section 166-240 ;
(d) section 166-245 ;
(e) section 166-255 ;
(f) section 166-260 .
trading
in
*
shares in a
*
listed public company, or in units in a unit trust, has the meaning given by section
960-220
.
trading stock
has the meaning given by section
70-10
, as modified by section
70-12
of this Act and sections
124ZO
and
124ZQ
of the
Income Tax Assessment Act 1936
.
trading stock loss
has the meaning given by subsection
165-115A(1D)
.
traditional security
has the meaning given by section
26BB
of the
Income Tax Assessment Act 1936
.
transfer balance
has the meaning given by section
294-30
.
transfer balance account
means an account that arises under section
294-15
.
transfer balance cap
has the meaning given by section
294-35
and modified by section
294-185
.
transfer balance credit
has the meaning given by section
294-25
.
transfer balance debit
has the meaning given by section
294-80
.
transferor trust
has the meaning given by section
960-75
.
transfer pricing benefit
has the meaning given by sections
815-15
,
815-120
and
815-220
.
transfer value
of an asset means the amount that could be expected to be received from the disposal of the asset in an open market after deducting any costs expected to be incurred in respect of the disposal.
transition entity
has the meaning given by section
58-5
.
transition time
has the meaning given by section
58-5
.
transition year
has the meaning given by section
58-5
.
transitioned petroleum activities
has the meaning given by section
417-10
.
transport capital expenditure
has the meaning given by section
40-865
.
Transport Department
(Repealed by No 110 of 2014)
Transport Minister
(Repealed by No 110 of 2014)
Transport Secretary
(Repealed by No 110 of 2014)
transport expense
has the meaning given by section
900-220
.
transport facility
has the meaning given by section
40-870
.
transport payment
has the meaning given by section
900-220
.
travel allowance
has the meaning given by section
900-30
.
travel allowance expense
has the meaning given by section
900-30
.
travel between workplaces
has the meaning given by section
25-100
.
travel expense
has the meaning given by section
900-95
.
treatment
(Repealed by No 77 of 2001)
trial year
has the meaning given by section
707-120
.
trust component
, of a particular character, has the meaning given by sections
276-260
.
trust component deficit
, of a particular character, has the meaning given by sections
276-320
.
(a) of a * superannuation fund, an * approved deposit fund or a * pooled superannuation trust - means:
(i) if there is a trustee (within the ordinary meaning of that expression) of the fund or trust - the trustee; or
(ii) in any other case - the person who manages the fund or trust; and
(b) otherwise - has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
trust restructuring period
has the meaning given by section
124-860
.
trust share amount
has the meaning given by subsection
207-120(4)
.
trust voting interest
has the meaning given by section
124-781
.
ultimate controller
has the meaning given by section
727-350
.
ultimate holding company
of a
*
wholly-owned group has the meaning given by section
124-780
.
ultimate owner
has the meaning given by section
149-15
.
ultimate stake
of a particular percentage has the meaning given by sections
727-405
,
727-410
and
727-415
.
unbilled income asset
(Repealed by No 99 of 2012)
unclaimed money payment
has the meaning given by section
307-5
.
unconditionally registered
: a
*
VCLP,
*
ESVCLP or
*
AFOF is unconditionally registered if:
(a) its registration under the Venture Capital Act 2002 is not based, or is no longer based, on its conditional registration under section 13-5 of that Act; or
(b) it is taken to be unconditionally registered under subsection 13-10(2) of that Act.
undeducted construction expenditure
has the meaning given by section
43-235
and
43-240
.
undeducted cost
(Repealed by No 77 of 2001)
undeducted pre-existing audited book value
of a
*
depreciating asset has the meaning given by section
58-80
.
under
, of a particular character, has the meaning given by section
276-345
.
under-assessment
, in the context of a
*
franking assessment, has the meaning given by subsection
214-115(2)
.
under common ownership
: 2 companies are
under common ownership
if, and only if:
(a) they are members of the same * wholly-owned group; or
(b) after tracing the direct and indirect ownership of the * shares in each of the companies (through any interposed companies and trusts) to the individuals who ultimately hold it, that ownership is held by the same individuals in the same proportions.
In doing the tracing, ignore * shares whose * dividends can reasonably be regarded as being equivalent to the payment of interest on a loan having regard to:
(c) how the dividends are calculated; and
(d) the conditions applying to the payment of the dividends; and
(e) any other relevant matters.
unequal share structure
has the meaning given by subsection
167-10(3)
.
unexpended tax cost setting amount
(Repealed by No 99 of 2012)
unfrankable
has the meaning given by section
202-45
.
unfranked part
of a
*
distribution has the meaning given by section
976-5
.
uniform
has the meaning given by subsection
34-15(1)
.
unitary tax
has the meaning given by section
770-15
.
United Medical Protection Limited support payment
(Repealed by No 105 of 2019)
United Nations Convention on the Law of the Sea
means the United Nations Convention on the Law of the Sea, done at Montego Bay on 10 December 1982.
Note:
The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ([1994] ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
unlisted country
has the meaning given by section
320
of the
Income Tax Assessment Act 1936
.
unrecouped expenditure
(Repealed by No 77 of 2001)
unrecouped FMD deduction
(short for unrecouped farm management deposit deduction) has the meaning given by subsections
393-10(2)
,
393-16(3)
and
393-55(6)
and
(7)
.
untainting tax
has the meaning given by subsection
197-60(2)
.
untaxable Commonwealth entity
means an untaxable Commonwealth entity as defined by section
195-1
of the
*
GST Act.
untaxed plan cap amount
has the meaning given in section
307-350
.
unused allocation of exploration credits
from an income year has the meaning given by section
418-82
.
unused annual leave payment
has the meaning given by section
83-10
.
unused concessional contributions cap
has the meaning given by section
291-20
.
unused long service leave payment
has the meaning given by section
83-75
.
unused tax profit on the disposal or death
has the meaning given by subsection
385-110(3)
.
unutilised
means not
*
utilised.
up interest
has the meaning given by section
725-155
.
utilise
, a
*
tax loss, a
*
net capital loss or
*
net exempt income, has the meaning given by section
960-20
.
valuation days
, in relation to the calculation of the average value of a matter for an entity under Division
820
, means the particular days at which the value of that matter is measured under Subdivision
820-G
for the purposes of that calculation.
Valuation Standard
means any prudential standard made under section
230A
of the
Life Insurance Act 1995
that:
(a) provides for a valuation of the policy liabilities mentioned in subsection 114(2) of the Life Insurance Act 1995 ; and
(b) is in force under that Act.
valuation time
for a
*
life insurance company has the meaning given by sections
320-175
and
320-230
.
Note:
This definition is affected by section 713-525 .
(a) the value of the liabilities of a * life insurance company under the * risk components of * life insurance policies means the value worked out under section 320-85 ; and
(b) the value of an item of * trading stock has the meaning given by Subdivision 70-C ; and
(c) the value of a * registered emissions unit has the meaning given by Subdivision 420-D ; and
(d) the value of a * superannuation interest has the meaning given by subsection 307-205(1) .
value
(Repealed by No 41 of 2005)
value
†
(Repealed by No 41 of 2005)
value of the business supplies
(Repealed by No 41 of 2005)
value of the business supplies
†
(Repealed by No 41 of 2005)
variation credit component
has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
variation GIC component
has the meaning given by section
45-610
in Schedule
1
to the
Taxation Administration Act 1953
.
VBIF
(short for value of business in force) has the meaning given by section
820-310
.
VCLP
means a
*
venture capital limited partnership.
VCMP
means a venture capital management partnership within the meaning of subsection
94D(3)
of the
Income Tax Assessment Act 1936
.
venture capital credit
has the meaning given by section
210-105
.
venture capital debit
has the meaning given by section
210-120
.
venture capital deficit
has the meaning given by section
210-130
.
venture capital deficit tax
means tax imposed under the
New Business Tax System (Venture Capital Deficit Tax) Act 2003
.
venture capital entity
has the meaning given by section
118-515
.
venture capital equity
has the meaning given by section
118-525
.
venture capital limited partnership
has the meaning given by subsection
118-405(2)
.
Venture Capital Registration Board
(Repealed by
No 164 of 2007
)
venture capital sub-account
means a sub-account that arises under section
210-100
.
venture capital sub-account balance
has the meaning given by section
214-35
.
venture capital surplus
has the meaning given by section
210-130
.
vintage year
(Repealed by No 83 of 2014)
virtual pooled superannuation trust
(Repealed by No 45 of 2008)
virtual PST
(Repealed by No 45 of 2008)
virtual PST asset
(Repealed by No 45 of 2008)
virtual PST component
(Repealed by No 83 of 2003)
virtual PST liabilities
(Repealed by No 45 of 2008)
virtual PST life insurance policy
(Repealed by No 45 of 2008)
visiting force
has the meaning given by section 5 of the
Defence (Visiting Forces) Act 1963
.
voting share
in a company means:
(a) if the company is a body corporate - a voting share as defined by section 9 of the Corporations Act 2001 ; and
(b) otherwise - a share that would be a voting share as defined by that section if the company were a body corporate.
voting shareholding of less than 1%
(Repealed by No 147 of 2005)
voting stake
has the meaning given by section
166-235
.
Water Department
means the Department administered by the
*
Water Minister.
water entitlement
has the meaning given by section
124-1105
.
water facility
has the meaning given by section
40-520
.
Water Minister
means the Minister administering the
Water Act 2007
.
Water Secretary
means the Secretary of the
*
Water Department.
whole of life policy
has the meaning given by section
295-480
.
wholly-owned group
has the meaning given by section
975-500
.
wholly-owned subsidiary
of an entity has the meaning given by section
703-30
.
(a) a company, * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; or
(b) a company with more than 50 members, other than a company where at least one of the following conditions is met during an income year:
(i) no more than 20 persons held, or had the right to acquire or become the holders of, shares representing at least 75% of the value of the shares in the company (other than shares that only carry a right to a fixed rate of dividend);
(ii) at least 75% of the voting power in the company was capable of being exercised by no more than 20 persons;
(iii) at least 75% of the amount of any dividend paid by the company during the year was paid to no more than 20 persons;
(iv) if no dividend was paid by the company during the year - the Commissioner is of the opinion that, if a dividend had been paid by the company during the year, at least 75% of the amount of the dividend would have been paid to no more than 20 persons.
widely held entity
has the meaning given by subsection
842-230(2)
.
widely held foreign venture capital fund of funds
has the meaning given by subsection
118-420(6)
.
wine
has the meaning given by Subdivision
31-A
of the
*
Wine Tax Act.
wine tax
has the meaning given by section
33-1
of the
*
Wine Tax Act.
wine taxable dealing
(Repealed by No 70 of 2015)
Wine Tax Act
means the
A New Tax System (Wine Equalisation Tax) Act 1999
.
wine tax credit
has the meaning given by section
33-1
of the
*
Wine Tax Act.
wine tax law
has the meaning given by section
33-1
of the
*
Wine Tax Act.
WIP amount asset
has the meaning given by subsection
701-63(6)
.
withholder
means a
*
large withholder, a
*
medium withholder or a
*
small withholder.
withholding MIT
has the meaning given by section
12-383
in Schedule
1
to the
Taxation Administration Act 1953
.
(a) a payment from which an amount must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or
(aa) a payment that arises because of the operation of section 12A-205 in that Schedule (deemed payments) in respect of which Subdivision 12A-C in that Schedule requires an amount to be paid to the Commissioner; or
(b) an * alienated personal services payment in respect of which Division 13 in that Schedule requires an amount to be paid to the Commissioner; or
(c) a * non-cash benefit, the * capital proceeds or a * taxable supply, in respect of which Division 14 in that Schedule requires an amount to be paid to the Commissioner.
Note 1:
A withholding payment that consists of a non-cash benefit is made when the benefit is provided. The amount of the withholding payment is taken to be the market value of the benefit at that time.
Note 2:
Divisions 12 , 13 and 14 in Schedule 1 to the Taxation Administration Act 1953 deal with collecting amounts on account of income tax payable by the recipient of the payment, alienated personal services payment, non-cash benefit or capital proceeds.
withholding payment
covered by a particular provision in Schedule
1
to the
Taxation Administration Act 1953
means a
*
withholding payment consisting of:
(a) a payment from which an amount must be withheld under that provision (even if the amount is not withheld); or
(aa) a payment that arises because of the operation of section 12A-205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to the Commissioner; or
(b) a * non-cash benefit provided by an entity if that provision would have required the entity to withhold an amount if, instead of providing the benefit, the entity had paid the * market value of the benefit; or
(c) a non-cash benefit provided to an entity if that provision would have required the entity to withhold an amount if the benefit had been a payment of an amount equal to the market value of the benefit; or
(d) the * capital proceeds in respect of which Subdivision 14-D in that Schedule requires an amount to be paid to the Commissioner; or
(e) the * taxable supply in respect of which Subdivision 14-E in that Schedule requires an amount to be paid to the Commissioner.
withholding tax
means income tax payable under:
(a) section 301-175 (departing Australia superannuation payments); or
(b) section 306-15 (excess untaxed roll-over amounts); or
(c) Division 840 (withholding taxes); or
(d) Subdivision 840-M of the Income Tax (Transitional Provisions) Act 1997 (managed investment trust amounts); or
(e) section 128B of the Income Tax Assessment Act 1936 (dividends, interest and royalties).
work and income support withholding payments
means work and income support related withholding payments and benefits, within the meaning given by the
Income Tax Assessment Act 1936
.
workers
'
compensation law
has the meaning given by subsection
136(1)
of the
Fringe Benefits Tax Assessment Act 1986
.
work expense
has the meaning given by section
900-30
.
work in progress amount
has the meaning given by section
25-95
.
working holiday maker
has the meaning given by subsection
3A(1)
of the
Income Tax Rates Act 1986
.
working holiday taxable income
has the meaning given by subsections
3A(2)
and
(3)
of the
Income Tax Rates Act 1986
.
worldwide capital amount
, for an
*
outward investing entity (ADI), has the meaning given by section
820-320
.
worldwide debt
of an entity and at a particular time has the meaning given by subsection
820-932(1)
.
worldwide equity
of an entity and at a particular time has the meaning given by subsection
820-932(2)
.
worldwide gearing debt amount
:
(a) for an * outward investing financial entity (non-ADI) - has the meaning given by sections 820-110 and 820-111 ; and
(b) (Repealed by No 23 of 2024)
(c) for an inward investment vehicle (financial) - has the meaning given by section 820-217 ; and
(d) (Repealed by No 23 of 2024)
(e) for an * inward investor (financial) - has the meaning given by section 820-219 .
written down value
of a
*
depreciating asset has the meaning given by section
45-40
.
years remaining
(Repealed by No 77 of 2001)
you
has the meaning given by section
4-5
.
your area
has the meaning given by sections
43-115
and
43-120
.
your construction expenditure
has the meaning given by sections
43-115
and
43-120
.
your earning activity
has the meaning given by section
40-755
.
zero-capital amount
has the meaning given by section
820-942
.
995-1(2)
So far as a provision of the Income Tax Assessment Act 1997 gives an expression a particular meaning, the provision: (a) does not also have effect for the purposes of the Income Tax Assessment Act 1936 (the 1936 Act ), except as provided in the 1936 Act; and (b) does not also have effect for the purposes of Part IVC of the Taxation Administration Act 1953 , except as provided in that Part.
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