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INCOME TAX ASSESSMENT ACT 1997 - SECT 995.1

Definitions

  (1)   In this Act, except so far as the contrary intention appears:

"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" means the Administrative Appeals Tribunal.

"ABN" has the meaning given by the A New Tax System (Australian Business Number) Act 1999 .

"abnormal trading" has the meaning given by Subdivision   960 - H.

"above-average special professional income" has the meaning given by section   405 - 15.

"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 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 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 .

"acquire" :

  (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 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.

"active participant" :

  (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).

"adjustable value" :

  (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 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.

"affected interest" :

  (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.

"affected owner" :

  (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.

"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 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). annuity ">

"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 OB deduction" has the meaning given by subsection   121EF(2) of the Income Tax Assessment Act 1936 .

"alteration time" :

  (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" includes a nil amount.

"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 fund" means:

  (a)   a * public ancillary fund; or

  (b)   a * private ancillary fund.

"ancillary mining activities" has the meaning given by section   40 - 740.

"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.

"annuity" includes:

  (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.

"apportionable deductions" are:

  (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 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).

"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 debt amount" :

  (a)   for an * outward investing entity (non - ADI)--has the meaning given by section   820 - 105; and

  (b)   for an * inward investing entity (non - ADI)--has the meaning given by section   820 - 215.

"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.

"artistic support" has the meaning given by subsection   405 - 25(5).

"Arts Minister" means the Minister administering the National Gallery Act 1975 .

"Arts Secretary" means the Secretary of the Department administered by the * Arts Minister.

"artwork" means:

  (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 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 .

"assessment" :

  (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

"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-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 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 interest" has the meaning given by section   820 - 905.

"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 .

"Australian Business Registrar" means the Registrar of the * Australian Business Register.

"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.

"Australian controller" :

  (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 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 .

"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 law" means a * Commonwealth law, a * State law or a * Territory law.

"Australian legislature" means:

  (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 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 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).

"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.

"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

Position not reasonably arguable

Section   284 - 90 in Schedule   1 to the Taxation Administration Act 1953

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 .

"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.

"BAS provisions" means:

  (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.

"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 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

  (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).

"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 stake" has the meaning given by section   166 - 235.

"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).

"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 limit" has the meaning given by section   40 - 230.

"carried interest" :

  (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).

"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 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).

"cessation event" , in relation to a * provisional head company of a * MEC group, has the meaning given by subsection   719 - 60(6).

"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 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 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.

"collectable" has the meaning given by section   108 - 10.

"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 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'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-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 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.

"company" means:

  (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's share" :

  (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 .

"completed" :

  (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 entity" means:

  (a)   a * complying superannuation fund; or

  (b)   a * complying approved deposit fund; or

  (c)   a * pooled superannuation trust.

"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 .

"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.

"consideration receivable" :

  (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.

"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.

"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).

"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.

"convertible note" :

  (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.

"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 .

"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:

Start formula start fraction 100% minus *Corporate tax rate for imputation purposes of the entity for the income year over *Corporate tax rate for imputation purposes of the entity for the income year end fraction end formula

"corporate tax rate" :

  (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 .

"cost" :

  (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.

"created" :

  (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 .

"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.

"currency exchange rate effect" has the meaning given by section   775 - 105.

"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.

"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.

"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 .

"deduction component" :

  (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 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 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 .

"deficit" :

  (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 infrastructure project" means an infrastructure project designated under section   415 - 70.

"designated infrastructure project entity" has the meaning given by section   415 - 20.

"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.

"development expenditure" :

  (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.

"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.

"disallow" :

  (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 .

"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 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.

"Division 230 starting value" :

  (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 .

"Division 293 tax" law means:

  (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 direction" means:

  (a)   a * superannuation guarantee education direction; or

  (b)   a * tax - records education direction.

"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 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

  (iii)   * capital stakes that carry rights to receive more than 50% of any distribution of capital of the company;

    are beneficially owned (whether directly, or * indirectly through one or more interposed entities) by:

  (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 security" has the meaning given by section   775 - 190.

"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.

"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 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.

"entity" has the meaning given by section   960 - 100.

"entity maintenance deduction" has the meaning given by subsection   86 - 65(2).

"environmental protection activities" has the meaning given by section   40 - 755.

"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 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 determination" has the meaning given by section   97 - 5 in Schedule   1 to the Taxation Administration Act 1953 .

"excess exploration credit tax" means tax imposed by the Excess Exploration Credit Tax Act 2015 .

"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 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 .

"excise law" means:

  (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 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 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 .

"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.

"exempt entity" means:

  (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 .

"exempting account" means an account that arises under section   208 - 110.

"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).

"expected financial benefits" has the meaning given by section   250 - 95.

"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).

"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 .

"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).

"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.

"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 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 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)   a registered corporation under the Financial Sector (Collection of Data) Act 2001 ;

  (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

  (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;

    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;

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

  (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;

    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.

"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 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.

"FITO allocation amount" , of a particular character, has the meaning given by section   276 - 335.

"fixed entitlement" :

  (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 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 .

"flows indirectly" :

  (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.

"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 entity" means an entity that is not an * Australian entity.

"foreign equity distribution" has the meaning given by section   768 - 10.

"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.

"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 income tax" has the meaning given by section   770 - 15.

"foreign income tax deduction" has the meaning given by section   832 - 120.

"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" :

  (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 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 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 subsection 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 .

"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.

"friendly society" means:

  (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.

"fringe benefit" means:

  (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.

"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 year amounts" has the meaning given by section   165 - 60.

"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.

"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 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 transfer balance cap" has the meaning given by section   294 - 35.

"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 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).

"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.

"global method" :

  (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.

"goes for at least 4 hours" , in relation to a * seminar, has the meaning given by subsection   32 - 65(2).

"government entity" has the meaning given by section   41 of the A New Tax System (Australian Business Number) Act 1999 .

"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).

"greater benefits" :

  (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.

"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 heading" has the meaning given by section   950 - 100.

"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 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.

"head company" :

  (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 Minister" means the Minister administering the National Health Act 1953 .

"Health Secretary" means the Secretary of the Department administered by the * Health Minister.

"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.

"held" : see hold .

"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.

"hold" :

  (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.

"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.

"hotel building" has the meaning given by section   43 - 95.

"housing and welfare" means:

  (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 Secretary" means the Secretary of the Department administered by the Minister administering the National Rental Affordability Scheme Act 2008 .

"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.

"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 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 entity" has the meaning given by section   842 - 220.

"IMR financial arrangement" has the meaning given by section   842 - 225.

"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.

"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 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.

"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.

"indexation factor" :

  (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.

"index number" :

  (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 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.

"individual asset method" :

  (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.

"industrial instrument" means:

  (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 Innovation and Science Australia" means the board established by section   6 of the Industry Research and Development Act 1986 .

"Industry Secretary" means the Secretary of the * Industry Department.

"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;

  (ii)   starting from the first group, consolidated groups or MEC groups are successively created, ending in the creation of the later group;

    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.

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).

"injected amount" has the meaning given by sections   175 - 10, 175 - 20 and 175 - 85.

"injured person" :

  (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).

"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.

"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.

"intermediate controller" has the meaning given by subsection   727 - 530(2).

"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 .

"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)" has the meaning given by sections   820 - 185, 820 - 583, 820 - 609 and 820 - 610.

"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)" has the meaning given by sections   820 - 185 and 820 - 583.

"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)" has the meaning given by section   820 - 185.

"irrigation water provider" has the meaning given by section   40 - 515.

"IRU" is an indefeasible * right to use a telecommunications cable system.

"issued" , in relation to a * debt interest, has the meaning given by paragraph   974 - 55(1)(d).

"issue pool" , for exploration investment made in an entity in an income year, has the meaning given by section   418 - 115.

"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 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.

"large withholder" has the meaning given by section   16 - 95 in Schedule   1 to the Taxation Administration Act 1953 .

"last retirement day" means:

  (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 .

"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).

"lesser benefits" :

  (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 .

"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 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.

"limited partnership" means:

  (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.

"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 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).

"loss company" :

  (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 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.

"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.

"maximum allowable debt" :

  (a)   for an * outward investing 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 entity (non - ADI) covered by paragraph   820 - 185(1)(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).

"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 .

"member" :

  (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.

"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.

"minerals" has a meaning affected by subsection   40 - 730(5).

"minerals treatment" has the meaning given by section   40 - 875.

"minimum capital amount" :

  (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 holding period" , for an * ESS interest, has the meaning given by subsection   83A - 45(5).

"mining and quarrying operations" has the meaning given by section   40 - 730.

"mining building site" has the meaning given by section   40 - 740.

"mining capital expenditure" has the meaning given by section   40 - 860.

"mining entitlement" has the meaning given by subsection   124 - 710(2).

"mining payment" has the meaning given by section   128U of the Income Tax Assessment Act 1936 .

"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 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.

"money equivalent" means:

  (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 voting power" has the meaning given by section   165 - 150.

"more than a 50% stake" :

  (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 .

"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" 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 .

"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 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.

"net income" :

  (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 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 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.

"neutralising amount" :

  (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 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 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-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-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-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-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-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 buyer" has the meaning given by section   240 - 17.

"notional depreciation" for a lease period has the meaning given by section   20 - 120.

"notional employer" has the meaning given by section   28 - 185.

"notional interest" has the meaning given by section   240 - 60.

"notional listed company group" has the meaning given by section   960 - 575.

"notional loss" :

  (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 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 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 .

"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 .

"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 .

"ongoing development" , in relation to a * digital game, has the meaning given by subsection   378 - 25(6).

"on issue" :

  (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

  (ii)   does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity's * associates;

    all * shares that:

  (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 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 .

"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 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" at the end of an income year (the current income year ) under * general insurance policies means claims under the policies that:

  (a)   the * general insurance company concerned is liable to pay; and

  (b)   arose from insured events that occurred in the current income year or an earlier income year; and

  (c)   were not paid in full before the end of the current income year.

"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:

  allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases; and

  allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.

"outward investing entity (non-ADI)" has the meaning given by sections   820 - 85, 820 - 583, 820 - 609 and 820 - 610.

"outward investor (financial)" has the meaning given by sections   820 - 85, 820 - 583, 820 - 609 and 820 - 610.

Note:   Section   820 - 430 allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases.

"outward investor (general)" has the meaning given by sections   820 - 85 and 820 - 583.

"over" , of a particular character, has the meaning given by section   276 - 345.

"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 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).

"participant:"

  (a)   participant , in relation to a * GST joint venture, has the meaning given by section   195 - 1 of the * GST Act; and

  (a)   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.

"partnership" means:

  (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 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.

"PAYG instalment" means an instalment payable under Division   45 in Schedule   1 to the Taxation Administration Act 1953 .

"PAYG instalment period" means:

  (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 .

"PAYG payment period" means:

  (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 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 .

"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) .

"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 .

"person" includes a company.

"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 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.

"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.

"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 .

"pool of construction expenditure" has the meaning given by section   43 - 85.

"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.

"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-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 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-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 .

"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 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, bêche - 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.

"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.

"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 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 minerals" has the meaning given by section   40 - 875.

"production associate" has the meaning given by subsection   405 - 25(4).

"production expenditure" has the meaning given by Subdivision   376 - C.

"production sharing contract" has the meaning given by the * Timor Sea Maritime Boundaries Treaty.

"product ruling" means a public ruling under the Taxation Administration Act 1953 that states that it is a product ruling.

"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 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.

"publicly traded unit trust" has the meaning given by section   149 - 50.

"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 .

"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.

"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 forex account" means an account that:

  (a)   is denominated in a particular * foreign currency; and

  (c)   either:

  (i)   has the primary purpose of facilitating transactions; or

  (ii)   is a credit card account.

"qualifying investor" has the meaning given by section   43 - 220.

"qualifying security" has the same meaning as in Division   16E of Part   III of the Income Tax Assessment Act 1936 .

"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.

"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-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.

"quote" :

  (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 (for superannuation purposes)" has the meaning given by section   295 - 615.

"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 .

"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).

"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 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.

"recognised tax adviser" means:

  (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).

"redeemable shares" means:

  (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 .

"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 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 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 .

"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 .

"related entity" has the meaning given by subsections   26 - 35(2) and (3).

"related scheme" has the meaning given by section   974 - 155.

"related spousal interest" has the meaning given by subsection   292 - 102(4).

"relative" of a person means:

  (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 .

"religious practitioner" means:

  (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.

"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 .

"residence article" has the meaning given by subsection   815 - 120(6).

"residency requirement" :

  (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);

  (vi)   section   208 - 145 (table of franking debits 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

  (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 .

"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 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.

"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 period" has the meaning given by sections   28 - 150, 900 - 25, 900 - 75 and 900 - 90.

"retirement phase" :

  (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 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.

"risk component" :

  (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 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 .

"safe harbour capital amount" :

  (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.

"safe harbour debt amount" :

  (a)   for an * outward investor (general)--has the meaning given by section   820 - 95; and

  (b)   for an * outward investor (financial)--has the meaning given by section   820 - 100; and

  (c)   for an * inward investment vehicle (general)--has the meaning given by section   820 - 195; and

  (d)   for an * inward investment vehicle (financial)--has the meaning given by section   820 - 200; and

  (e)   for an * inward investor (general)--has the meaning given by section   820 - 205; and

  (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.

"scheme" means:

  (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.

"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.

"share" :

  (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