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INCOME TAX ASSESSMENT REGULATIONS 1997
- made under the Income Tax Assessment Act 1997
TABLE OF PROVISIONS
PART 1--PRELIMINARY
1. Name of Regulations
PART 2--LIABILITY RULES OF GENERAL APPLICATION
Division 26--Some amounts you cannot deduct, or cannot deduct in full
26.85.01.Borrowing costs on loans to pay life insurance premiums--term insurance policy
Division 30--Valuation of particular gifts of property
30.212.01.Valuation of gifts
30.212.02.Application for valuation
30.212.05.Certificates of authenticity
30.212.06.Estimates of fees
30.212.07.Advance payment of fees
30.212.08.Commissioner not required to consider certain applications
30.212.09.Applications treated as having no effect
30.212.10.Fees for carrying out valuations
30.212.11.Crediting and repaying valuation fees
30.212.12.Valuation certificates
Division 31--Conservation covenants
31.15.01.Valuation of land
31.15.02.Application for valuation
31.15.03.Estimates of fees--request by applicant
31.15.04.Advance payment of fees
31.15.05.Commissioner not required to consider certain applications
31.15.06.Applications treated as having no effect
31.15.07.Fees for carrying out valuations
31.15.08.Crediting and repaying valuation fees
31.15.09.Valuation certificates
Division 50--Exempt entities
50.50.01.Prescribed institutions located outside Australia
50.50.02.Prescribed institutions pursuing objectives principally outside Australia
50.50.03.Prescribed sporting society, association or club
50.55.01.Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50
Division 51--Exempt amounts
51.5.01.Defence allowances
51.42.01.Bonuses for early completion of an apprenticeship
Division 61--Generally applicable tax offsets
Subdivision 61-G--Private health insurance offset complementary to Part 2-2 of the Private Health Insurance Act 2007
61.220.01.Definitions for Subdivision 61-G
61.220.02.Private health insurer to provide annual statement to PHIIB if requested
Division 70--Trading stock
70.55.01.Cost of natural increase of live stock--paragraph 70-55(1)(b) of Act
Division 83A--Employee share schemes
83A.5.01.Object of Division 83A
83A.315.01.Determining the value of a right
83A.315.02.Valuing unlisted rights
83A.315.03.Exercise price of right nil or can not be determined
83A.315.04.Value of beneficial interests
83A.315.05.Outline of remainder of Division
83A.315.06.Step 1--calculate the calculation percentage
83A.315.07.Step 2--how to use calculation percentage
83A.315.08.Table 1 and instructions
83A.315.09.Table 2 and instructions
PART 2A--SPECIALIST LIABILITY RULES
Division 230--Taxation of financial arrangements
230.355.01.Recording requirements
Division 290----Contributions to superannuation funds
Subdivision 290-C--Deducting personal contributions
290.155.01.Complying superannuation fund condition--prescribed superannuation funds
290.155.05.Complying superannuation fund condition--prescribed contributions and superannuation funds
290.170.01.Notice of intent to deduct contributions--contributions-splitting applications
Division 291--Excess concessional contributions
Subdivision 291-B--Excess concessional contributions
291.25.01.Concessional contributions for a financial year
Division 292--Excess non-concessional contributions
Subdivision 292-C--Excess non-concessional contributions tax
292.90.01.Non-concessional contributions for a financial year
Subdivision 292-D--Modifications for defined benefit interests
292.170.01.Definitions
292.170.02.Notional taxed contributions--contributions for funds with 5 or more defined benefit members
292.170.03.Notional taxed contributions--contributions for funds where regulation 292-170.02 does not apply
292.170.04.Notional taxed contributions--nil amount
292.170.05.Notional taxed contributions--other conditions (paragraph 292-170(6)(d) of the Act)
292.170.06.Notional taxed contributions--other conditions (subparagraph 292-170(7)(e)(ii) of the Act)
292.170.07.Notional taxed contributions--other conditions (paragraph 292-170(8)(d) of the Act)
292.170.08.Notional taxed contributions--other conditions (subparagraph 292-170(9)(e)(ii) of the Act)
Division 293--Sustaining the superannuation contribution concession
Subdivision 293-D--Modifications for defined benefit interests
293.115.01.Method of determining amount of defined benefit contributions
Subdivision 293-DA--Further modifications for defined benefit interests
293.115.05.Preliminary
293.115.10.Defined benefit contributions--non-accruing members
293.115.15.Defined benefit contributions--accruing members with funded benefit interests
293.115.20.Defined benefit contributions--accruing members with other interests
Subdivision 293-E--Modifications for constitutionally protected State higher level office holders
293.145.01.Constitutionally protected State higher level office holders
Division 294--Transfer balance cap
Subdivision 294-B--Transfer balance account
294.25.01.Credit in transfer balance account--payment of consideration for interest supporting deferred superannuation income stream
Subdivision 294-C--Transfer balance debits
294.80.01.Debit in transfer balance account--reduction in amount of superannuation income stream benefit
294.80.02.Debit in transfer balance account--reduction in amount of superannuation income stream benefit
294.80.03.Debit in transfer balance account--certain items of table in subsection 294-80(1) of the Act do not apply to certain superannuation income streams
Subdivision 294-D--Modifications for certain defined benefit income streams
294.130.01.Meaning of capped defined benefit income stream
294.135.01.Transfer balance credit--determining special value of a superannuation interest
294.145.01.Transfer balance debits--determining debit value of a superannuation interest
Division 295--Taxation of superannuation entities
Subdivision 295-D--Contributions excluded
295.265.01.Application of pre-1 July 1988 funding credits--limit on choice
Subdivision 295-F--Exempt income
295.385.01.Segregated current pension assets--prescribed superannuation income stream benefits
Subdivision 295-G--Deductions
295.465.01.Deductible portion of premiums
PART 3--SUPERANNUATION BENEFITS PAID FROM COMPLYING PLANS ETC
Division 301--Superannuation member benefits paid from complying plans etc
Subdivision 301-D--Departing Australia superannuation payments
301.170.01.Departing Australia superannuation payments
Subdivision 301-E--Superannuation lump sum member benefits less than
301.225.01.Superannuation lump sum member benefits less than $200 are tax free
Division 302----Superannuation death benefits paid from complying plans etc
Subdivision 302-D--Definitions relating to dependants
302.195.Circumstances in which a person died in the line of duty
302.195A.Circumstances in which a person is taken not to have died in the line of duty
302.200.01.What is an interdependency relationship--matters to be taken into account
302.200.02.What is an interdependency relationship--existence of relationship
Division 303----Superannuation benefits paid in special circumstances
303.10.01.Meaning of terminal medical condition
Division 306--Roll-overs etc
306.10.01.Roll-over superannuation benefit
Division 307--Key concepts relating to superannuation benefits
Subdivision 307-B--Superannuation lump sums and superannuation income stream benefits
307.5.01.What is a superannuation benefit?
307.70.01.Superannuation income stream benefits
Subdivision 307-C--Components of a superannuation benefit
307.125.01.Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme
307.125.02.Components of superannuation benefits after death of recipient of superannuation income stream
Subdivision 307-D--Superannuation interests
307.200.01.Application of Subdivision 307-D to Subdivisions 291-C and 293-D of the Act
307.200.02.Meaning of superannuation interests
307.200.03.Meaning of superannuation interests--treating a superannuation interest as 2 or more superannuation interests (public sector schemes)
307.200.05.Meaning of superannuation interests--treating a superannuation interest as 2 or more superannuation interests (superannuation income streams)
307.205.01.Value of superannuation interest for calculating pre-July 1983 amount for members in the contributions and investment phase
307.205.02.Value of superannuation interest
307.205.02A.Superannuation income streams or superannuation annuities based on identifiable amounts--value of an interest
307.205.02B.Public sector superannuation schemes--value of an interest
307.205.02C.Deferred superannuation income streams--value of an interest
307.205.02D.Pooled investment pensions--value of an interest
307.205.02E.Pooled investment annuities--value of an interest
PART 3A--RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 393--Farm management deposits
393.1. Simplified outline of the farm management deposits scheme
393.5. Application form for a farm management deposit: information given by depositor
393.10. Application form for a farm management deposit: information given to depositor
393.15. Repayment of farm management deposit in the event of a natural disaster
Division 418--Exploration for minerals
Subdivision 418-DA--Exploration credits allocation
418.103.01.Meaning of annual exploration cap--2020-21 income year
PART 4--INTERNATIONAL ASPECTS OF INCOME TAX
Subdivision 775-B--Realisation of forex gains or losses
775.145.01.Application of forex events to currency and fungible rights and obligations
Subdivision 830-A--Meaning of foreign hybrid
830.15.01.Foreign hybrid company
PART 5--ADMINISTRATION
Division 910--Transitional and application arrangements
910.1.01.Transitional arrangements arising out of the Income Tax Assessment Amendment (Superannuation Measures No. 1) Regulation 2013
910.1.02.Transitional arrangements arising out of the Tax Laws Amendment (2013 Measures No. 1) Regulation 2013
910.1.03.Transitional arrangements arising out of the Tax Laws Amendment (2013 Measures No. 1) Regulation 2013
910.1.04.Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014
910.1.05.Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2014 Measures No. 2) Regulation 2014
910.1.07.Transitional arrangements arising out of the Income Tax Assessment Amendment (Governor-General Pension Scheme) Regulation 2015
910.1.08.Transitional arrangements arising out of the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016
910.1.09.Transitional arrangements arising out of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017
910.1.10.Transitional arrangements arising out of the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2018
910.1.11.Transitional arrangements arising out of the Treasury Laws Amendment (Mutual Equity Interests) Regulations 2019
910.1.12.Transitional arrangements arising out of the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019
PART 6--THE DICTIONARY
Division 960--General
Subdivision 960-C--Foreign currency
960.50.01.Translation of foreign currency amounts into Australian currency--modification of special translation rules
Subdivision 960-D--Functional currency
960.80.01.Translation rules--translation into applicable functional currency
960.80.02.Translation rules for an attributable taxpayer of a CFC--translation into applicable functional currency
960.80.03.Translation rules--translation from applicable functional currency into Australian currency
Division 974--Debt and equity interests
Subdivision 974-F--Related concepts
974.135A.Non-cumulative redeemable preference shares issued by credit union
974.135B.Non-cumulative redeemable preference shares issued by mutual building society
974.135C.Redeemable preference shares
974.135D.Term cumulative subordinated note with insolvency or capital adequacy conditions
974.135E.Perpetual cumulative subordinated note with profitability, insolvency or negative earnings conditions
974.135F.Term cumulative subordinated note with non-viability condition
Division 995--Definitions
995.1.01.Definitions
995.1.04.Constitutionally protected funds
995.1.05.Approved stock exchanges
SCHEDULE 1A Method of working out amount of notional taxed contributions
SCHEDULE 1AA Working out defined benefit contributions
SCHEDULE 1BSchedule 1B--Valuation factors
SCHEDULE 1C Farm management deposits: statements to be read by depositors
SCHEDULE 2 Translation of currency amounts--rules and other requirements
SCHEDULE 4Schedule 4--Constitutionally protected superannuation funds--State legislation
SCHEDULE 5 Approved Stock Exchanges
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