Commonwealth Consolidated Regulations

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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  

              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  
   294.80.03.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  
           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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