Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 995.1

  (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.

"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 net third party interest expense" has the meaning given by section   820 - 54.

"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).

"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.

"ancillary or community charity trust fund" means:

  (a)   a * public ancillary fund; or

  (b)   a * private ancillary fund; or

  (c)   a * community charity trust.

"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.

"applicable insurance contracts accounting standard" means:

  (a)   unless paragraph   (b) applies-- * accounting standard AASB 17, as in force on 31   December 2022; or

  (b)   if the regulations prescribe another accounting standard (which may be AASB 17 as in force at another time)--that accounting standard.

"applicable trust fund guidelines" means:

  (a)   in relation to a * public ancillary fund--the * public ancillary fund guidelines; or

  (b)   in relation to a * private ancillary fund--the * private ancillary fund guidelines; or

  (c)   in relation to a * community charity trust--the * community charity trust guidelines.

"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 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.

"ART" means the Administrative Review Tribunal.

"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 .

"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 for insurance acquisition cash flows" has the same meaning as in the * applicable insurance contracts accounting standard.

"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.

"associate pair" : an entity is an associate pair of another entity if any of the following conditions are satisfied:

  (a)   the entity is an associate of the other entity;

  (b)   the other entity is an associate of the entity.

"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 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 charity corporation" has the meaning given by section   426 - 180 in Schedule   1 to the Taxation Administration Act 1953 .

"community charity corporation guidelines" has the meaning given by section   426 - 185 in Schedule   1 to the Taxation Administration Act 1953 .

"community charity trust" has the meaning given by section   426 - 117 in Schedule   1 to the Taxation Administration Act 1953 .

"community charity trust guidelines" has the meaning given by section   426 - 118 in Schedule   1 to the Taxation Administration Act 1953 .

"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:

"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;