INCOME TAX ASSESSMENT ACT 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-4 - CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS  

Division 10 - Particular kinds of assessable income  

SECTION 10-5   10-5   List of provisions about assessable income  


The provisions set out in the table:
  • · include in your assessable income amounts that are not * ordinary income; and
  • · vary or replace the rules that would otherwise apply for certain kinds of * ordinary income.
  • Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 .


    Accrued leave transfer payments 15-5
    alienated personal services income 86-15
    allowances
    see employment
    annual leave
    see leave payments
    annuities 27H
    approved deposit fund (ADFs)
    see superannuation
    attributable income
    see controlled foreign corporations
    avoidance of tax
    general 177F
    diversion of income 121H
    see also transfers of income
    bad debts
    see recoupment
    balancing adjustment
    see capital allowances, investments, R & D, scientific research and tax exempt entities
    banking
    offshore banking activities, income from 121EG(1)
    offshore banking unit, deemed interest on payments to by owner 121EK
    barter transactions 21 , 21A , 15-2
    beneficiaries
    see trusts
    benefits
    business, non-cash 21A
    consideration, non-cash 21
    meals you provide in an in-house dining facility 32-70
    see also employment and superannuation
    bonus shares
    see shares
    bounties 15-10
    capital allowances
    excess of termination value over adjustable value
      generally 40-285
      for some cars 40-370
    depreciating asset in low-value pool 40-445(2)
    expenditure in software development pool 40-460
    recovery of petroleum resource rent tax 40-750(3)
    capital gains 102-5
    see also insurance
    car expenses
    cents per kilometres reimbursement of 15-70
    carried interests
    carried interests, not ordinary income 118-21
    CFCs
    see controlled foreign corporations
    charters
    see shipping
    child
    non-trust income of, unearned 102AE
    trust income of, unearned 102AG
    collecting societies
    payments of royalties by copyright collecting societies 15-22
    payments of royalties by resale royalty collecting society 15-23
    company
    see controlled foreign corporations, co-operative company, directors, dividends, liquidation, shareholders and shares
    compensation
    live stock or trees, recoveries for loss of 385-130
    profits or income, insurance or indemnity for loss of 15-30
    received by lessor for lessee ' s non-compliance with lease obligation to repair 15-25
    trading stock, insurance or indemnity for loss of 70-115
    see also insurance, live stock, recoupment and scientific research
    consideration
    see benefits
    consolidated groups and MEC groups
    Assets in relation to Division 230 financial arrangement 701-61(3)
    controlled foreign corporations (CFCs)
    attributable income of 456 to 459A
    see also dividends and taxes
    co-operative company
    receipts of 119
    credit union
    see co-operative company
    currency gains
    see foreign exchange
    currency losses
    see recoupment
    death
    see trusts
    debt/equity swap
    see shares and units
    defence forces
    allowances and benefits for service as a member of 15-2
    depreciation
    see capital allowances
    directors
    excessive remuneration or retirement payment from company 109
    distributions
    see dividends
    dividends
    benefit of LIC capital gain through a trust or partnership 115-280
    general 44(1)
    distribution from a controlled foreign corporation 47A(1)
    franked dividends, credits on 207-20(1) , 207-35(1) , 207-35(3)
    see also liquidation
    elections
    local government, reimbursement of expenses of 25-65
    see also recoupment
    electricity connections
    see recoupment
    [ eligible termination payments (ETPs)] (Repealed by No 15 of 2007)
    employees
    see shares
    employment
    allowances and benefits in relation to employment or rendering services 15-2
    employment termination payment 82-10
    82-65
    82-70
    other payments for employment termination 83-295
    return to work payments 15-3
    see accrued leave transfer payments, leave payments, superannuation and sections 82-10A and 82-10C of the Income Tax (Transitional Provisions) Act 1997
    environment
    see recoupment
    farm management deposits
    repayments of 393-10
    [ FIFs] (Repealed by No 114 of 2010)
    films
    Australian, proceeds of investment in 26AG
    financial arrangements
    gains from 230-15(1)
    [ first home saver accounts] (Repealed by No 70 of 2015)
    foreign exchange
    gains 775-15
    see also recoupment
    foreign investment funds (FIFs) (Repealed by No 114 of 2010)
    forestry agreement
    amount where section 82KZMG of the 1936 Act applies 15-45
    CGT event in relation to forestry interest in agreement 82KZMGB
    forestry managed investment schemes
    forestry manager ' s receipts under scheme 15-46
    CGT event in relation to forestry interest in scheme for initial participant 394-25(2)
    CGT event in relation to forestry interest in scheme for subsequent participant 394-30(2)
    franked dividends
    see dividends
    funeral policy
    benefit under 15-55
    general insurance companies and companies that self insure
    gross premiums 321-45
    reduction in value of outstanding claims liability 321-10 and 321-80
    reduction in value of unearned premium reserve 321-50
    geothermal energy
    providing geothermal exploration information 15-40
    grapevines
    see recoupment
    horticultural plants
    see recoupment
    improvements
    see leases
    imputation
    see dividends
    indemnity
    see compensation and recoupment
    [ industrial property] (Repealed by No 88 of 2013)
    [ infrastructure borrowings] (Repealed by No 4 of 2018)
    insurance
    bonuses 26AH , 15-75
    company, demutualisation of 121AT
    life insurance, transfer of contributions by superannuation fund or approved deposit fund to 295-260
    payments from a non-resident reinsurer in respect of a loss 148
    premiums in respect of Australian business received by non-resident insurers 143
    premiums paid to a non-resident for reinsurance 148
    premiums paid to mutual insurance association 121
    premiums payable to a non-resident for insurance of property in Australia 142(1)
    premiums payable to a non-resident for insuring an event that can only happen in Australia 142(1)
    premiums payable to a non-resident under an insurance contract with a resident 142(2)
    rebates and premiums refunded to a superannuation fund trustee 295-320 (table item 4)
    see also compensation, life insurance companies and recoupment
    [ intellectual property] (Repealed by No 77 of 2001)
    interest
    loans raised in Australia by foreign governments, on 27
    overpaid tax, on 15-35
    qualifying securities, on 159GQ , 159GW(1)
    see also co-operative companies and leases
    investments
    prizes from investment-related lotteries 26AJ
    qualifying securities, payments to partial residents made under 159GW(2)
    qualifying securities, amount assessable to issuer of 159GT(1B)
    qualifying securities, balancing adjustment on the transfer of 159GS
    securities, variation in terms of 159GV(2)
    securities lending arrangements 26BC
    traditional securities, gains on the disposal or redemption of 26BB
    see also films and interest
    landcare operations
    see recoupment
    leased plant Division 45
    leases
    amounts received by lessor from lessee for non-compliance with lease obligation to repair 15-25
    interest component of payments under non-leveraged finance leases 159GK
    partnership leasing property under non-leveraged finance lease, new partner or contribution of capital since 14 May 1985 159GO
    premiums relating to assignment of a lease granted before 20 September 1985 26AB
    profit on disposal of previously leased motor vehicles Subdivision 20-B
    leases of luxury cars
    accrual amounts 242-35
    adjustment amounts (lessee) 242-70
    adjustment amounts (lessor) 242-65
    leave payments
    accrued leave transfer payment 15-5
    unused annual leave payment 83-10
    unused long service leave payment 83-80
    see employment
    [ life assurance companies ] (Repealed by No 89 of 2000)
    life insurance companies Subdivision 320-B
    limited recourse debt
    excessive deduction amount (debtor) 243-40
    excessive deduction amount (partner) 243-65
    liquidation
    distribution to a shareholder in winding up a company 47(1)
    live stock
    death or destruction of Subdivision 385-E
    departing Australia and 385-160 , 385-163
    insolvency, and 385-160 , 385-163
    profits on death or disposal of Subdivision 385-E , 385-160
    see also compensation and trading stock
    long service leave
    see leave payments
    losses
    see compensation
    lotteries
    see investments
    managed investment trusts
    gains etc. from carried interests 275-200(2)
    meals
    see benefits
    [ minerals resource rent tax] (Repealed by No 96 of 2014)
    Mining
    providing mining, quarrying or prospecting information 15-40
    minors
    see child
    motor vehicles
    see car expenses and leases
    mutual insurance
    see insurance
    non-cash benefits
    see benefits and employment
    notional sales and loans
    adjustment amounts (lessee) 240-110(2)
    adjustment amounts (lessor) 240-105(2)
    notional interest 240-35(1)
    profit on actual sale 240-35(3)
    profit on notional sale 240-35(2)
    offshore banking units
    see banking
    partnerships
    net income of, partner ' s interest in 92(1)
    uncontrolled partnership income, effect of 94
    see also leases
    [ payments to members of copyright collecting societies] (Repealed by No 126 of 2009)
    petroleum
    resource rent tax, recovery of 20-30(1)
    see also capital allowances
    [ pooled depreciated property] (Repealed by No 77 of 2001)
    [ pooled software] (Repealed by No 77 of 2001)
    premiums
    see insurance, leases and superannuation
    primary production
    see recoupment
    prizes
    see investments
    profits
    cross-border transfer pricing 815-30
    profit-making undertaking or plan 15-15
    sale of property acquired before 20 September 1985 for profit-making by sale 25A
    see also avoidance of tax
    Project pools
    An amount received for the abandonment, sale or other disposal of a project 40-830 , 40-832
    property
    see profits and trusts
    quarrying
    see mining and recoupment
    R & D
    balancing adjustment 40-292 , 40-293 , 355-315 and 355-525
    disposal of R & D results 355-410
    feedstock adjustment 355-465
    rates
    see recoupment
    recoupment
    insurance or indemnity for deductible losses or outgoings Subdivision 20-A
    other recoupment for certain deductible losses or outgoings Subdivision 20-A
    see also car expenses, compensation, elections and petroleum
    registered emissions units
    disposal of 420-25
    disposal for a non-commercial purpose 420-40
    difference between opening and closing value of 420-45
    reimbursements
    see car expenses, dividends, elections, petroleum and recoupment
    reinsurance
    see insurance
    [ repayments] (Repealed by No 66 of 2003)
    [ research & development] (Repealed by No 93 of 2011)
    [ residual value] (Repealed by No 88 of 2013)
    retirement payments
    see directors, leave payments and shareholders
    rights to income
    see transfers of income
    roads
    see timber
    royalties 15-20
    schemes
    see avoidance of tax
    scholarship plan
    benefit under 15-60
    scientific research
    consideration for disposal or destruction of buildings acquired for scientific research 73A(4)
    securities
    see investments
    services
    see co-operative companies, employment, loans and trusts
    shareholders
    excessive remuneration or retirement payment from company 109
    loans, payments and credits from company Division 7A of Part III
    see also dividends
    shares
    acquired in a debt/equity swap, profit on the disposal cancellation or redemption of 63E(4)
    bonus shares, cost of 6BA
    buy-backs 159GZZZJ to 159GZZZT
    employee share schemes Subdivisions 83A-B and 83A-C
    holding company shares held by a subsidiary, cancellation of 159GZZZC to 159GZZZI
    see also dividends
    shipping
    goods shipped in Australia, amounts paid to foreign shipowners and charterers for 129
    [ small-medium enterprises (SMEs)] (Repealed by No 23 of 2018)
    [ software] (Repealed by No 77 of 2001)
    [ spectrum licences] (Repealed by No 77 of 2001)
    subsidies 15-10
    [ sugar industry exit grants] (Repealed by No 109 of 2014)
    superannuation
    associated earnings on non-concessional contributions Subdivision 292-B
    benefits generally Divisions 301 to 306
    benefits in breach of legislative requirements Division 304
    benefits received from older superannuation funds 26AF , 26AFA
    complying fund becomes non-complying, effect of 295-320 (table item 2)
    contributions to an approved deposit fund Subdivisions 295-C and 295-D
    contributions to an RSA Subdivision 295-C
    contributions to a superannuation fund Subdivisions 295-C and 295-D
    death benefits 302-75 , 302-85 , 302-90 , 302-145
    excess concessional contributions 291-15(a)
    first home super saver scheme 313-20
    foreign superannuation funds and schemes, benefits from 305-70
    member benefits 301-20 , 301-25 , 301-35 , 301-40 , Subdivision 301-C
    foreign fund becoming Australian, effect of 295-320 (table item 3)
    no-TFN contributions income 295-605
    release authorities, payments from 304-20
    returned contributions 290-100
    trustee ' s liability to pay tax 295-5(2) and (3)
    see insurance
    tax avoidance
    see avoidance of tax and transfers of income
    tax exempt entities
    treatment of income and gains on becoming taxable Schedule 2D
    taxes
    see dividends, foreign investment funds, interest and recoupment
    termination of employment
    see directors, eligible termination payments, leave payments and shareholders
    theft
    see recoupment
    [ timber] (Repealed by No 77 of 2001)
    trading stock
    change in interests in 70-100
    death of trader and 70-105
    difference between opening and closing value of 70-35
    disposal not at arm ' s length 70-20
    disposal of outside ordinary course of business 70-90 , 70-95
    see also compensation and tax exempt entities
    transfer pricing
    arm ' s length principle for cross-border conditions between entities Subdivision 815-B
    arm ' s length principle for permanent establishments Subdivision 815-C
    transfers of income
    consideration for transfer of right to income 102CA
    payments for transfer or disposal of property 262
    transferee, effect on of transfer of right to income 102C
    transferor, effect on of transfer of right to income 102B
    travel expenses
    see car expenses
    trusts
    beneficiary under legal disability or with a vested and indefeasible interest in trust income 100
    deceased estates, income of 101A
    discretionary trusts 101
    net income of a trust estate, your present entitlement to 97 , 101
    non-resident beneficiaries, liability to tax of 98A
    non-resident trust estates to which you have transferred property or services, income of 102AAZD
    property of applied for benefit of beneficiaries 99B
    trust estate includes income from another trust estate 94(5)
    trustees ' liability to tax 98 , 99 , 99A , 102 , 102S
    see also avoidance of tax and superannuation
    unearned income
    see child
    units
    acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of 63E(4)
    water conservation
    see recoupment
    winding-up
    see insurance and liquidation
    wool clips
    double wool clips, treatment of 385-135 , 385-155
    work in progress
    receipt of a work in progress amount 15-50


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