History
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
History
Ch 2 title inserted by
No 73 of 2006
, s 3 and Sch 5 item 40, effective 1 July 2006.
History
Div 14 heading substituted by No 23 of 2018, s 3 and Sch 5 item 12, effective 1 April 2018. For application provisions, see note under Subdiv
14-E
heading. The heading formerly read:
Division 14
-
Non-cash benefits, and accruing gains, for which amounts must be paid to the Commissioner
Div 14 heading substituted by
No 101 of 2006
, s 3 and Sch 2 item 951, effective 14 September 2006. The heading formerly read:
"
Non-cash benefits for which amounts must be paid to the Commissioner
"
.
Div 14 applies to a non-cash benefit provided on or after 1 July 2000.
History
Subdiv 14-D inserted by No 10 of 2016, s 3 and Sch 2 item 1, effective 26 February 2016. No 10 of 2016, s 3 and Sch 2 item 30 contains the following application provision:
30 Application of amendments
30
The amendments made to the extent that they relate to acquisitions of a kind described in section
14-200
in Schedule
1
to the
Taxation Administration Act 1953
, apply in relation to acquisitions on or after 1 July 2016.
Note:
For working out when a CGT asset is acquired, see Division
109
of the
Income Tax Assessment Act 1997
.
Commissioner
'
s Remedial Power
Note:
A Commissioner
'
s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power
-
Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s
18-15
,
18-20
and
18-25
in Sch
1
to the
Taxation Administration Act 1953
as follows:
To the extent that an entity
'
s entitlement to a credit referred to in s
18-15
,
18-20
or
18-25
in Sch
1
to TAA is in respect of an amount paid to the Commissioner under Subdiv
14-D
of Sch
1
to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv
14-D
is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s
370-5
of Sch
1
to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
An entity may give the Commissioner a notice, in the
*
approved form, that the entity intends to make or has made a declaration under subsection
A notice under this section is not a legislative instrument.
History
S 14-226 inserted by No 86 of 2026, s 3 and Sch 2 item 27, effective 1 October 2026. No 86 of 2026, s 3 and Sch 2 item 40 contains the following application provision:
40 Limit on amending previous assessments relating to taxable Australian real property
(1)
This item applies if:
(a)
before the commencement day the Commissioner made an assessment for an income year for:
(i)
a foreign resident; or
(ii)
the trustee of a foreign trust for CGT purposes; and
(b)
the assessment included a particular about a capital gain for a CGT event relating to a CGT asset that was one of the following, within the meaning of the
Income Tax Assessment Act 1997
as in force immediately before the commencement day:
(i)
taxable Australian real property;
(ii)
an indirect Australian real property interest;
(iii)
taxable Australian property that otherwise relates to taxable Australian real property or an indirect Australian real property interest.
(2)
The Commissioner cannot amend the assessment in relation to a particular about the capital gain unless:
(a)
if the limited amendment period (within the meaning of section
170
of the
Income Tax Assessment Act 1936
) for the assessment has not ended
-
the amendment is in accordance with subsection
170(1)
of that Act; or
(b)
if the limited amendment period (within the meaning of that Act) for the assessment has ended
-
either:
(i)
the amendment is in accordance with item 5 (fraud or evasion) of the table in subsection
170(1)
of that Act; or
(ii)
the amendment is in accordance with item 6 (review, appeal or objection) of that table and relates to an objection made before 10 April 2026.
(3)
Subitem (2) applies despite any other provision of the
Income Tax Assessment Act 1997
, the
Income Tax Assessment Act 1936
, and the
Taxation Administration Act 1953
.
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