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INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021
- made under the Income Tax Assessment Act 1997 and the Income Tax (Transitional Provisions) Act 1997
TABLE OF PROVISIONS
CHAPTER 1--Introduction and core provisions
1. Name
3. Authority
CHAPTER 2--Liability rules of general application
PART 2-5--RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
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 etc.
Division 30--Gifts or contributions
30.212.01.Valuation of gifts
30.212.02.Application for valuation
30.212.03.Charge for making valuation
30.212.04.Advance payment of charge
30.212.05.Commissioner not required to consider application until advance payment is paid
30.212.06.Applications treated as having no effect
30.212.07.Crediting and repaying valuation charges
30.212.08.Valuation certificates
Division 31--Conservation covenants
31.15.01.Valuation of land
31.15.02.Application for valuation
31.15.03.Charge for making valuation
31.15.04.Advance payment of charge
31.15.05.Commissioner not required to consider application until advance payment is paid
31.15.06.Applications treated as having no effect
31.15.07.Crediting and repaying valuation charges
31.15.08.Valuation certificates
PART 2-15----NON-ASSESSABLE INCOME
Division 50--Exempt entities
Subdivision 50-A--Various exempt entities
50.50.01.Prescribed institutions located outside Australia
50.50.02.Prescribed institutions pursuing objectives principally outside Australia
50.55.01.Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50 of the Act
Division 51--Exempt amounts
51.5.01.Defence allowances
PART 2-20----TAX OFFSETS
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.Private health insurer to provide annual statement to PHIIB if requested
PART 2-25----TRADING STOCK
Division 70--Trading stock
Subdivision 70-C--Accounting for trading stock you hold at the start or end of the income year
70.55.01.Cost of natural increase of live stock
PART 2-40----RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
Division 83A--Employee share schemes
Subdivision 83A-A--Objects of Division and key concepts
83A.5.01.Object of Division 83A
Subdivision 83A-E--Miscellaneous
83A.315.01.Value of certain ESS interests
83A.315.02.Valuing unlisted rights
83A.315.03.Exercise price of right nil or cannot be determined
83A.315.04.Value of beneficial interests
83A.315.05.Working out the value of a right to acquire the beneficial interest in a share
83A.315.08.Calculation percentages of 50% or more, and less than 110%
83A.315.09.Base percentages for calculation percentages of 110% or more
CHAPTER 3--Specialist liability rules
PART 3-30----SUPERANNUATION
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
290.165.01.Age - related conditions--prescribed provisions relating to previous work test exemptions
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
Subdivision 291-C--Modifications for defined benefit interests
291.170.01.Treatment of superannuation sub - funds
291.170.02.Notional taxed contributions--contributions for funds with 5 or more defined benefit members
291.170.03.Notional taxed contributions--contributions for funds to which section 291 - 170.02 does not apply
291.170.04.Notional taxed contributions--nil amount
291.170.05.Notional taxed contributions--conditions for paragraph 291 - 170(2)(d) and subparagraph 291 - 170(3)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997
291.170.07.Notional taxed contributions--conditions for paragraph 291 - 170(4)(d) and subparagraph 291 - 170(5)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997
Division 292--Excess non-concessional contributions
Subdivision 292-C--Excess non-concessional contributions tax
292.90.01.Non - concessional contributions for a financial year
Division 293--Sustaining the superannuation contribution concession
Subdivision 293-D--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
294.25.02.Credit in transfer balance account--commutation of certain capped defined benefit income streams
294.25.03.Credit in transfer balance account--capped defined benefit income streams: transfers to successor funds
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
294.80.02A.Debit in transfer balance account--commutation of certain capped defined benefit income streams
294.80.02B.Debit in transfer balance account--certain permanent incapacity pensions
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 88 funding credits--limit on choice
295.265.02.Method 1--Funding credit valuation process
295.265.03.How to calculate the discounted present value of liabilities for step 1 of method 1
295.265.04.How to calculate the assets available to fund pre - 1 July 88 liabilities for step 2 of method 1
295.265.05.Method 2--Notionally updated funding credit valuation process
Subdivision 295-F--Exempt income
295.385.01.Segregated current pension assets--prescribed superannuation income stream benefits
Subdivision 295-G--Deductions
295.465.01.Complying funds--deductions for insurance premiums
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 $200
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
302.195.01.Circumstances in which a person died in the line of duty
302.195.02.Circumstances in which a person has not 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 306--Roll-overs etc.
306.10.01.Roll - over superannuation benefit
Division 307--Key concepts relating to superannuation benefits
Subdivision 307-A--Superannuation benefits generally
307.5.01.What is a superannuation benefit?
Subdivision 307-B--Superannuation lump sums and superannuation income stream benefits
307.70.01.Superannuation income stream benefits
307.70.02.Meaning of superannuation income stream
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
307.125.03.Components of certain military superannuation benefits
Subdivision 307-D--Superannuation interests
307.200.01.Application of sections 307 - 200.02 to 307 - 200.05 to Subdivisions 291 - C and 293 - D of the Act
307.200.02.Meaning of superannuation interests -- treating superannuation interests as 1 superannuation interest (self - managed superannuation funds)
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 83 amount for members in the contributions and investment phase
307.205.01A.How to calculate the value of a retirement benefit for step 1 of the method in subsection 307 - 205.01(2)
307.205.02.Value of superannuation interest
307.205.02A.Value of superannuation interest--superannuation income streams or superannuation annuities based on identifiable amounts
307.205.02B.Value of superannuation interest--public sector superannuation schemes
307.205.02C.Value of superannuation interest--deferred superannuation income streams
307.205.02D.Value of superannuation interest--pooled investment pensions
307.205.02E.Value of superannuation interest--pooled investment annuities
PART 3-45----RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 393--Farm management deposits
Subdivision 393-B--Meaning of farm management deposit and owner
393.20.01.Application form for a farm management deposit--information given by depositor
393.20.02.Application form for a farm management deposit--information given to depositor
393.40.01.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--2023 - 24 income year
418.103.02.Meaning of annual exploration cap--2024 - 25 income year
CHAPTER 4--International aspects of income tax
PART 4-5--GENERAL
Division 775--Foreign currency gains and losses
Subdivision 775-B--Realisation of forex gains or losses
775.145.01.Application of forex events to currency and fungible rights and obligations
Division 830--Foreign hybrids
Subdivision 830-A--Meaning of "foreign hybrid"
830.15.01.Foreign hybrid company
CHAPTER 6--The Dictionary
PART 6-1--CONCEPTS AND TOPICS
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
974.135.01.Non - cumulative redeemable preference shares issued by credit union or mutual building society
974.135.02.Redeemable preference shares
974.135.03.Term cumulative subordinated note with insolvency or capital adequacy conditions
974.135.04.Perpetual cumulative subordinated note with profitability, insolvency or negative earnings conditions
974.135.05.Term cumulative subordinated note with non - viability condition
PART 6-5--DICTIONARY DEFINITIONS
Division 995--Definitions
995.1.01.Definitions
995.1.02.Approved stock exchanges
995.1.03.Constitutionally protected funds
995.1.04.Definition of contributions - splitting superannuation benefit
995.1.05.Meaning of superannuation annuity
995.1.06.Meaning of terminal medical condition
CHAPTER 7--Transitional matters
PART 1000-1--TRANSITIONAL MATTERS RELATING TO THE REPEAL OF THE INCOME TAX ASSESSMENT REGULATIONS 1997
1000.1.01.Definitions
1000.1.02.This instrument generally applies to income years and financial years starting at or after the commencement time
1000.1.03.Valuations under Division 30 or 31
1000.1.04.Complying superannuation fund condition--elections
1000.1.05.Notional taxed contributions--allocation of contributions
1000.1.06.Transfer balance debits and transfer balance credits
1000.1.07.Application of pre - 1 July 88 funding credits
1000.1.08.Departing Australia superannuation payments
1000.1.09.Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme--choice of alternative method
1000.1.10.Farm management deposit
1000.1.11.Application of forex events to currency and fungible rights and obligations--elections
1000.1.12.Translating currency--choices and elections
1000.1.13.Certificates in relation to terminal medical conditions
PART 1000-2--TRANSITIONAL MATTERS RELATING TO THE TREASURY LAWS AMENDMENT (MISCELLANEOUS AND TECHNICAL AMENDMENTS) REGULATIONS 2021
1000.2.01.Application of amendments
PART 1000-3--TRANSITIONAL MATTERS RELATING TO THE TREASURY LAWS AMENDMENT (2022 MEASURES NO. 4) ACT 2023
1000.3.01.Definitions
1000.3.02.Application of amendments
1000.3.03.Modified continuing application of old regulations
PART 1000-4--TRANSITIONAL MATTERS RELATING TO THE TREASURY LAWS AMENDMENT (MILITARY SUPERANNUATION BENEFITS) REGULATIONS 2023
1000.4.01.Definitions
1000.4.02.Application of amendments
1000.4.03.Modified continuing application of old regulations
PART 1000-5--TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT AMENDMENT (SUPERANNUATION) REGULATIONS 2024
1000.5.01.Application of amendments
PART 1000-6--TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT AMENDMENT (TRANSFER BALANCE ACCOUNT VALUE FOR CERTAIN SUPERANNUATION INCOME STREAMS) REGULATIONS 2024
1000.6.01.Definitions
1000.6.02.Application of amendments
1000.6.03.Modified continuing application of old regulations
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 3 Approved stock exchanges
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