Income Tax Assessment Act 1997



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
      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  
      offshore banking unit, deemed interest on payments to by owner 121EK
    barter transactions 21 , 21A , 15-2
      see trusts  
      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
      see controlled foreign corporations  
      see shipping  
      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
      see controlled foreign corporations, co-operative company, directors, dividends, liquidation, shareholders and shares  
      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  
      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  
      see trusts  
    debt/equity swap  
      see shares and units  
    defence forces  
      allowances and benefits for service as a member of 15-2
      see capital allowances  
      excessive remuneration or retirement payment from company 109
      see 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  
      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)  
      see shares  
      allowances and benefits in relation to employment or rendering services 15-2
      employment termination payment 82-10
      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  
      see recoupment  
    farm management deposits  
      repayments of 393-10
    [ FIFs] (Repealed by No 114 of 2010)  
      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 income tax deduction for franked distributions  
      Additional Tier 1 capital exception 15-80
    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 adjusted liability for incurred claims 321-10
      reduction in value of adjusted liability for remaining coverage 321-50
      reduction in value of outstanding claims liability 321-80
    geothermal energy  
      providing geothermal exploration information 15-40
      see recoupment  
    horticultural plants  
      see recoupment  
      see leases  
      see dividends  
      see compensation and recoupment  
    [ industrial property] (Repealed by No 88 of 2013)  
    [ infrastructure borrowings] (Repealed by No 4 of 2018)  
      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)  
      overpaid tax, on 15-35
      qualifying securities, on 159GQ , 159GW(1)
      see also co-operative companies and leases  
      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
      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
      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  
      see compensation  
      see investments  
    managed investment trusts  
      gains etc. from carried interests 275-200(2)
      see benefits  
    [ minerals resource rent tax] (Repealed by No 96 of 2014)  
      providing mining, quarrying or prospecting information 15-40
      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  
      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)  
      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)  
      see insurance, leases and superannuation  
    primary production  
      see recoupment  
      see investments  
      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
      see profits and trusts  
      see mining and recoupment  
    R & D  
      balancing adjustment 40-292 , 40-293 , 355-315 and 355-525
      disposal of R & D results 355-410
      recoupments and feedstock adjustments 355-450
      see 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
      see car expenses, dividends, elections, petroleum and recoupment  
      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  
      see timber  
    royalties 15-20
      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)
      see investments  
      see co-operative companies, employment, loans and trusts  
      excessive remuneration or retirement payment from company 109
      loans, payments and credits from company Division 7A of Part III
      see also dividends  
      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  
      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)  
      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
      see dividends, foreign investment funds, interest and recoupment  
    termination of employment  
      see directors, eligible termination payments, leave payments and shareholders  
      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  
      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  
      acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of 63E(4)
    water conservation  
      see recoupment  
      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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