Commonwealth Consolidated Regulations

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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 (Act s 50-50(c))  
   50.50.02.Prescribed institutions pursuing objectives principally outside Australia (Act s 50-50(d))  
   50.50.03.Prescribed sporting society, association or club  

           Division 51--Exempt amounts

   51.5.01.Defence allowances (Act s 51-5)  
   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  

           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  
   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-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-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  

   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  

   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 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 4 Constitutionally protected superannuation funds--State legislation
           SCHEDULE 5 Approved stock exchanges


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