Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997

TABLE OF PROVISIONS

           Long Title

            

CHAPTER 1--Introduction and core provisions
            

   PART 1-1--PRELIMINARY

           Division 1--Preliminary

   1.1.    Short title  
   1.2.    Commencement  
   1.3.    Differences in style not to affect meaning  
   1.4.    Application  
   1.7.    Administration of this Act  

   PART 1-2--A GUIDE TO THIS ACT

           Division 2--How to use this Act

              Subdivision 2-A--How to find your way around

   2.1.    The design  

              Subdivision 2-B--How the Act is arranged

   2.5.    The pyramid  

              Subdivision 2-C--How to identify defined terms and find the definitions

   2.10.   When defined terms are identified  
   2.15.   When terms are not identified  
   2.20.   Identifying the defined term in a definition  

              Subdivision 2-D--The numbering system

   2.25.   Purposes  
   2.30.   Gaps in the numbering  

              Subdivision 2-E--Status of Guides and other non-operative material

   2.35.   Non - operative material  
   2.40.   Guides  
   2.45.   Other material  

           Division 3--What this Act is about

   3.5.    Annual income tax  
   3.10.   Your other obligations as a taxpayer  
   3.15.   Your obligations other than as a taxpayer  

   PART 1-3--CORE PROVISIONS

           Division 4--How to work out the income tax payable on your taxable income

   4.1.    Who must pay income tax  
   4.5.    Meaning of you  
   4.10.   How to work out how much income tax you must pay  
   4.15.   How to work out your taxable income  
   4.25.   Special provisions for working out your basic income tax liability  

           Division 5--How to work out when to pay your income tax
           --

   5.1.    What this Division is about  

              Subdivision 5-A--How to work out when to pay your income tax

   5.5.    When income tax is payable  
   5.10.   When shortfall interest charge is payable  
   5.15.   General interest charge payable on unpaid income tax or shortfall interest charge  

           Division 6--Assessable income and exempt income
           --

   6.1.    Diagram showing relationships among concepts in this Division  
           --
   6.5.    Income according to ordinary concepts ( ordinary income )  
   6.10.   Other assessable income ( statutory income )  
   6.15.   What is not assessable income  
   6.20.   Exempt income  
   6.23.   Non - assessable non - exempt income  
   6.25.   Relationships among various rules about ordinary income  

           Division 8--Deductions

   8.1.    General deductions  
   8.5.    Specific deductions  
   8.10.   No double deductions  

   PART 1-4--CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS

           Division 9--Entities that must pay income tax

   9.1A.   Effect of this Division  
   9.1.    List of entities  
   9.5.    Entities that work out their income tax by reference to something other than taxable income  

           Division 10--Particular kinds of assessable income

   10.1.   Effect of this Division  
   10.5.   List of provisions about assessable income  

           Division 11--Particular kinds of non-assessable income

              Subdivision 11-A--Lists of classes of exempt income

   11.1A.  Effect of this Subdivision  
   11.1.   Overview  
   11.5.   Entities that are exempt, no matter what kind of ordinary or statutory income they have  
   11.15.  Ordinary or statutory income which is exempt  

              Subdivision 11-B--Particular kinds of non-assessable non-exempt income

   11.50.  Effect of this Subdivision  
   11.55.  List of non - assessable non - exempt income provisions  

           Division 12--Particular kinds of deductions

   12.1.   Effect of this Division  
   12.5.   List of provisions about deductions  

           Division 13--Tax offsets

   13.1A.  Effect of this Division  
   13.1.   List of tax offsets  
            

CHAPTER 2--Liability rules of general application
            

   PART 2-1--ASSESSABLE INCOME

           Division 15--Some items of assessable income
           --

   15.1.   What this Division is about  
           --
   15.2.   Allowances and other things provided in respect of employment or services  
   15.3.   Return to work payments  
   15.5.   Accrued leave transfer payments  
   15.10.  Bounties and subsidies  
   15.15.  Profit - making undertaking or plan  
   15.20.  Royalties  
   15.22.  Payments made to members of a copyright collecting society  
   15.23.  Payments of resale royalties by resale royalty collecting society  
   15.25.  Amount received for lease obligation to repair  
   15.30.  Insurance or indemnity for loss of assessable income  
   15.35.  Interest on overpayments and early payments of tax  
   15.40.  Providing mining, quarrying or prospecting information or geothermal exploration information  
   15.45.  Amounts paid under forestry agreements  
   15.46.  Amounts paid under forestry managed investment schemes  
   15.50.  Work in progress amounts  
   15.55.  Certain amounts paid under funeral policy  
   15.60.  Certain amounts paid under scholarship plan  
   15.70.  Reimbursed car expenses  
   15.75.  Bonuses  
   15.80.  Franked distributions entitled to a foreign income tax deduction--Additional Tier 1 capital exception  

           Division 17--Effect of GST etc. on assessable income
           --

   17.1.   What this Division is about  
   17.5.   GST and increasing adjustments  
   17.10.  Certain decreasing adjustments  
   17.15.  Elements in calculation of amounts  
   17.20.  GST groups and GST joint ventures  
   17.30.  Special credits because of indirect tax transition  
   17.35.  Certain sections not to apply to certain assets or expenditure  

           Division 20--Amounts included to reverse the effect of past deductions
           --

   20.1.   What this Division is about  
   20.5.   Other provisions that reverse the effect of deductions  

              Subdivision 20-A--Insurance, indemnity or other recoupment for deductible expenses
           --

   20.10.  What this Subdivision is about  
   20.15.  How to use this Subdivision  
           --
   20.20.  Assessable recoupments  
   20.25.  What is recoupment ?  
   20.30.  Tables of deductions for which recoupments are assessable  
           --
   20.35.  If the expense is deductible in a single income year  
   20.40.  If the expense is deductible over 2 or more income years  
   20.45.  Effect of balancing charge  
   20.50.  If the expense is only partially deductible  
   20.55.  Meaning of previous recoupment law  
           --
   20.60.  If you are the only entity that can deduct an amount for the loss or outgoing  
   20.65.  If 2 or more entities can deduct amounts for the loss or outgoing  

              Subdivision 20-B--Disposal of a car for which lease payments have been deducted
           --

   20.100. What this Subdivision is about  
   20.105. Map of this Subdivision  
           --
   20.110. Disposal of a leased car for profit  
   20.115. Working out the profit on the disposal  
   20.120. Meaning of notional depreciation  
           --
   20.125. Disposal of a leased car for profit  
           --
   20.130. Successive leases  
           --
   20.135. No amount included if earlier disposal for market value  
   20.140. Reducing the amount to be included if there has been an earlier disposal  
           --
   20.145. No amount included if you inherited the car  
   20.150. Reducing the amount to be included if another provision requires you to include an amount for the disposal  
   20.155. Exception for particular cars taken on hire  
   20.157. Exception for small business entities  
           --
   20.160. Disposal of an interest in a car  

   PART 2-5--RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS

           Division 25--Some amounts you can deduct
           --

   25.1.   What this Division is about  
           --
   25.5.   Tax - related expenses  
   25.10.  Repairs  
   25.15.  Amount paid for lease obligation to repair  
   25.20.  Lease document expenses  
   25.25.  Borrowing expenses  
   25.30.  Expenses of discharging a mortgage  
   25.35.  Bad debts  
   25.40.  Loss from profit - making undertaking or plan  
   25.45.  Loss by theft etc.  
   25.47.  Misappropriation where a balancing adjustment event occurs  
   25.50.  Payments of pensions, gratuities or retiring allowances  
   25.55.  Payments to associations  
   25.60.  Parliament election expenses  
   25.65.  Local government election expenses  
   25.70.  Deduction for election expenses does not extend to entertainment  
   25.75.  Rates and land taxes on premises used to produce mutual receipts  
   25.85.  Certain returns in respect of debt interests  
   25.90.  Deduction relating to foreign non - assessable non - exempt income  
   25.95.  Deduction for work in progress amounts  
   25.100. Travel between workplaces  
   25.110. Capital expenditure to terminate lease etc.  
   25.115. Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility  
   25.120. Transitional--deduction for payment of rent from land investment by operating entity to asset entity  
   25.125. COVID - 19 tests  

           Division 26--Some amounts you cannot deduct, or cannot deduct in full
           --

   26.1.   What this Division is about  
           --
   26.5.   Penalties  
   26.10.  Leave payments  
   26.15.  Franchise fees windfall tax  
   26.17.  Commonwealth places windfall tax  
   26.19.  Rebatable benefits  
   26.20.  Assistance to students  
   26.22.  Political contributions and gifts  
   26.25.  Interest or royalty  
   26.25A. Payments to employees--labour mobility programs  
   26.26.  Non - share distributions and dividends  
   26.30.  Relative's travel expenses  
   26.31.  Travel related to use of residential premises as residential accommodation  
   26.35.  Reducing deductions for amounts paid to related entities  
   26.40.  Maintaining your family  
   26.45.  Recreational club expenses  
   26.47.  Non - business boating activities  
   26.50.  Expenses for a leisure facility  
   26.52.  Bribes to foreign public officials  
   26.53.  Bribes to public officials  
   26.54.  Expenditure relating to illegal activities  
   26.55.  Limit on deductions  
   26.60.  Superannuation contributions surcharge  
   26.68.  Loss from disposal of eligible venture capital investments  
   26.70.  Loss from disposal of venture capital equity  
   26.75.  Excess non - concessional contributions tax cannot be deducted  
   26.80.  Financing costs on loans to pay superannuation contribution  
   26.85.  Borrowing costs on loans to pay life insurance premiums  
   26.90.  Superannuation supervisory levy  
   26.95.  Superannuation guarantee charge  
   26.96.  Laminaria and Corallina decommissioning levy cannot be deducted  
   26.97.  National Disability Insurance Scheme expenditure  
   26.98.  Division 293 tax cannot be deducted  
   26.99.  Excess transfer balance tax cannot be deducted  
   26.100. Expenditure attributable to water infrastructure improvement payments  
   26.102. Expenses associated with holding vacant land  
   26.105. Non - compliant payments for work and services  

           Division 27--Effect of input tax credits etc. on deductions
           --

   27.1.   What this Division is about  

              Subdivision 27-A--General

   27.5.   Input tax credits and decreasing adjustments  
   27.10.  Certain increasing adjustments  
   27.15.  GST payments  
   27.20.  Elements in calculation of amounts  
   27.25.  GST groups and GST joint ventures  
   27.35.  Certain sections not to apply to certain assets or expenditure  

              Subdivision 27-B--Effect of input tax credits etc. on capital allowances

   27.80.  Cost or opening adjustable value of depreciating assets reduced for input tax credits  
   27.85.  Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments  
   27.87.  Certain decreasing adjustments included in assessable income  
   27.90.  Cost or opening adjustable value of depreciating assets increased: increasing adjustments  
   27.92.  Certain increasing adjustments can be deducted  
   27.95.  Balancing adjustment events  
   27.100. Pooling  
   27.105. Other Division 40 expenditure  
   27.110. Input tax credit etc. relating to 2 or more things  

           Division 28--Car expenses
           --

   28.1.   What this Division is about  
   28.5.   Map of this Division  

              Subdivision 28-A--Deductions for car expenses

   28.10.  Application of Division 28  
   28.12.  Car expenses  
   28.13.  Meaning of car expense  

              Subdivision 28-B--Choosing which method to use
           --

   28.14.  What this Subdivision is about  
   28.15.  Choosing between the 2 methods  
           --
   28.20.  Rules governing choice of method  

              Subdivision 28-C--The "cents per kilometre" method

   28.25.  How to calculate your deduction  
   28.30.  Capital allowances  
   28.35.  Substantiation  

              Subdivision 28-F--The "log book" method

   28.90.  How to calculate your deduction  
   28.95.  Eligibility  
   28.100. Substantiation  

              Subdivision 28-G--Keeping a log book
           --

   28.105. What this Subdivision is about  
   28.110. Steps for keeping a log book  
           --
   28.115. Income years for which you need to keep a log book  
   28.120. Choosing the 12 week period for a log book  
   28.125. How to keep a log book  
   28.130. Replacing one car with another  

              Subdivision 28-H--Odometer records for a period
           --

   28.135. What this Subdivision is about  
           --
   28.140. How to keep odometer records for a car for a period  

              Subdivision 28-I--Retaining the log book and odometer records

   28.150. Retaining the log book for the retention period  
   28.155. Retaining odometer records  

              Subdivision 28-J--Situations where you cannot use, or do not need to use, one of the 2 methods
           --

   28.160. What this Subdivision is about  
           --
   28.165. Exception for particular cars taken on hire  
   28.170. Exception for particular cars used in particular ways  
   28.175. Further miscellaneous exceptions  
   28.180. Car expenses related to award transport payments  
   28.185. Application of Subdivision 28 - J to recipients and payers of certain withholding payments  

           Division 30--Gifts or contributions
           --

   30.1.   What this Division is about  
   30.5.   How to find your way around this Division  
   30.10.  Index  

              Subdivision 30-A--Deductions for gifts or contributions

   30.15.  Table of gifts or contributions that you can deduct  
   30.17.  Requirements for certain recipients  

              Subdivision 30-B--Tables of recipients for deductible gifts
           --

   30.20.  Health  
           --
   30.25.  Education  
   30.30.  Gifts that must be for certain purposes  
   30.35.  Rural schools hostel buildings  
   30.37.  Scholarship etc. funds  
           --
   30.40.  Research  
           --
   30.45.  Welfare and rights  
   30.45A. Australian disaster relief funds--declarations by Minister  
   30.46.  Australian disaster relief funds--declarations under State and Territory law  
           --
   30.50.  Defence  
           --
   30.55.  The environment  
   30.60.  Gifts to a National Parks body or conservation body must satisfy certain requirements  
           --
   30.65.  Industry, trade and design  
           --
   30.70.  The family  
   30.75.  Marriage education organisations must be approved  
           --
   30.80.  International affairs  
   30.85.  Developing country relief funds  
   30.86.  Developed country disaster relief funds  
           --
   30.90.  Sports and recreation  
           --
   30.95.  Philanthropic trusts  
           --
   30.100. Cultural organisations  
           --
   30.102. Fire and emergency services  
           --
   30.105. Other recipients  
   30.110. Community charities  

              Subdivision 30-BA--Endorsement of deductible gift recipients
           --

   30.115. What this Subdivision is about  
           --
   30.120. Endorsement by Commissioner  
   30.125. Entitlement to endorsement  
   30.130. Maintaining a gift fund  
           --
   30.180. How this Subdivision applies to government entities  

              Subdivision 30-C--Rules applying to particular gifts of property
           --

   30.200. Getting written valuations  
   30.205. Proceeds of the sale would have been assessable  
   30.210. Approved valuers  
   30.212. Valuations by the Commissioner  
           --
   30.215. How much you can deduct  
   30.220. Reducing the amount you can deduct  
           --
   30.225. Gift of property by joint owners  

              Subdivision 30-CA--Administrative requirements relating to ABNs
           --

   30.226. What this Subdivision is about  
           --
   30.227. Entities to which this Subdivision applies  
   30.228. Content of receipt for gift or contribution  
   30.229. Australian Business Register must show deductibility of gifts to deductible gift recipient  

              Subdivision 30-DA--Donations to political parties and independent candidates and members
           --

   30.241. What this Subdivision is about  
           --
   30.242. Deduction for political contributions and gifts  
   30.243. Amount of the deduction  
   30.244. When an individual is an independent candidate  
   30.245. When an individual is an independent member  

              Subdivision 30-DB--Spreading certain gift and covenant deductions over up to 5 income years
           --

   30.246. What this Subdivision is about  
           --
   30.247. Gifts and covenants for which elections can be made  
   30.248. Making an election  
   30.249. Effect of election  
   30.249A.Requirements--environmental property gifts  
   30.249B.Requirements--heritage property gifts  
   30.249D.Requirements--conservation covenants  

              Subdivision 30-G--Index to this Division

   30.315. Index  
   30.320. Effect of this Subdivision  

           Division 31--Conservation covenants
           --

   31.1.   What this Division is about  
           --
   31.5.   Deduction for entering into conservation covenant  
   31.10.  Requirements for fund, authority or institution  
   31.15.  Valuations by the Commissioner  

           Division 32--Entertainment expenses
           --

   32.1.   What this Division is about  

              Subdivision 32-A--No deduction for entertainment expenses

   32.5.   No deduction for entertainment expenses  
   32.10.  Meaning of entertainment  
   32.15.  No deduction for property used for providing entertainment  

              Subdivision 32-B--Exceptions

   32.20.  The main exception--fringe benefits  
   32.25.  The tables set out the other exceptions  
   32.30.  Employer expenses  
   32.35.  Seminar expenses  
   32.40.  Entertainment industry expenses  
   32.45.  Promotion and advertising expenses  
   32.50.  Other expenses  

              Subdivision 32-C--Definitions relevant to the exceptions

   32.55.  In - house dining facility (employer expenses table items 1.1 and 1.2)  
   32.60.  Dining facility (employer expenses table item 1.3)  
   32.65.  Seminars (seminar expenses table item 2.1)  

              Subdivision 32-D--In-house dining facilities (employer expenses table item 1.2)

   32.70.  $30 is assessable for each meal provided to non - employee in an in - house dining facility  

              Subdivision 32-E--Anti-avoidance

   32.75.  Commissioner may treat you as having incurred entertainment expense  

              Subdivision 32-F--Special rules for companies and partnerships

   32.80.  Company directors  
   32.85.  Directors, employees and property of wholly - owned group company  
   32.90.  Partnerships  

           Division 34--Non-compulsory uniforms
           --

   34.1.   What this Division is about  
   34.3.   What you need to read  

              Subdivision 34-A--Application of Division 34

   34.5.   This Division applies to employees and others  
   34.7.   This Division applies to employers and others  

              Subdivision 34-B--Deduction for your non-compulsory uniform

   34.10.  What you can deduct  
   34.15.  What is a non - compulsory uniform?  
   34.20.  What are occupation specific clothing and protective clothing ?  

              Subdivision 34-C--Registering the design of a non-compulsory uniform

   34.25.  Application to register the design  
   34.30.  Industry Secretary's decision on application  
   34.33.  Written notice of decision  
   34.35.  When uniform becomes registered  

              Subdivision 34-D--Appeals from Industry Secretary's decision

   34.40.  Review of decisions by the Administrative Review Tribunal  

              Subdivision 34-E--The Register of Approved Occupational Clothing

   34.45.  Keeping of the Register  
   34.50.  Changes to the Register  

              Subdivision 34-F--Approved occupational clothing guidelines

   34.55.  Approved occupational clothing guidelines  

              Subdivision 34-G--The Industry Secretary

   34.60.  Industry Secretary to give Commissioner information about entries  
   34.65.  Delegation of powers by Industry Secretary  

           Division 35--Deferral of losses from non-commercial business activities
           --

   35.1.   What this Division is about  
           --
   35.5.   Object  
   35.10.  Deferral of deductions from non - commercial business activities  
   35.15.  Modification if you have exempt income  
   35.20.  Modification if you become bankrupt  
   35.25.  Application of Division to certain partnerships  
   35.30.  Assessable income test  
   35.35.  Profits test  
   35.40.  Real property test  
   35.45.  Other assets test  
   35.50.  Apportionment  
   35.55.  Commissioner's discretion  

           Division 36--Tax losses of earlier income years
           --

   36.1.   What this Division is about  

              Subdivision 36-A--Deductions for tax losses of earlier income years

   36.10.  How to calculate a tax loss for an income year  
   36.15.  How to deduct tax losses of entities other than corporate tax entities  
   36.17.  How to deduct tax losses of corporate tax entities  
   36.20.  Net exempt income  
   36.25.  Special rules about tax losses  

              Subdivision 36-B--Effect of you becoming bankrupt
           --

   36.30.  What this Subdivision is about  
           --
   36.35.  No deduction for tax loss incurred before bankruptcy  
   36.40.  Deduction for amounts paid for debts incurred before bankruptcy  
   36.45.  Limit on deductions for amounts paid  

              Subdivision 36-C--Excess franking offsets
           --

   36.50.  What this Subdivision is about  
           --
   36.55.  Converting excess franking offsets into tax loss  
            

CHAPTER 2--Liability rules of general application
            

   PART 2-10----CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE

           Division 40--Capital allowances
           --

   40.1.   What this Division is about  
   40.10.  Simplified outline of this Division  

              Subdivision 40-A--Objects of Division

   40.15.  Objects of Division  

              Subdivision 40-B--Core provisions
           --

   40.20.  What this Subdivision is about  
           --
   40.25.  Deducting amounts for depreciating assets  
   40.27.  Further reduction of deduction for second - hand assets in residential property  
   40.30.  What a depreciating asset is  
   40.35.  Jointly held depreciating assets  
   40.40.  Meaning of hold a depreciating asset  
   40.42.  When mining, quarrying or prospecting rights are used  
   40.45.  Assets to which this Division does not apply  
   40.50.  Assets for which you deduct under another Subdivision  
   40.53.  Alterations etc. to certain depreciating assets  
   40.55.  Use of the "cents per kilometre" car expense deduction method  
   40.60.  When a depreciating asset starts to decline in value  
   40.65.  Choice of methods to work out the decline in value  
   40.70.  Diminishing value method  
   40.72.  Diminishing value method for post - 9 May 2006 assets  
   40.75.  Prime cost method  
   40.80.  When you can deduct the asset's cost  
   40.82.  Assets costing less than $150,000--medium sized businesses--assets first acquired between 2 April 2019 and 31 December 2020  
   40.85.  Meaning of adjustable value and opening adjustable value of a depreciating asset  
   40.90.  Debt forgiveness  
   40.95.  Choice of determining effective life  
   40.100. Commissioner's determination of effective life  
   40.102. Capped life of certain depreciating assets  
   40.103. Effective life and remaining effective life of certain vessels  
   40.105. Self - assessing effective life  
   40.110. Recalculating effective life  
   40.115. Splitting a depreciating asset  
   40.120. Replacement spectrum licences  
   40.122. Partial conversions of mining, quarrying or prospecting rights  
   40.125. Merging depreciating assets  
   40.130. Choices  
   40.135. Certain anti - avoidance provisions  
   40.140. Getting tax information from associates  

              Subdivision 40-C--Cost
           --

   40.170. What this Subdivision is about  
           --
   40.175. Cost  
   40.180. First element of cost  
   40.185. Amount you are taken to have paid to hold a depreciating asset or to receive a benefit  
   40.190. Second element of cost  
   40.195. Apportionment of cost  
   40.200. Exclusion from cost  
   40.205. Cost of a split depreciating asset  
   40.210. Cost of merged depreciating assets  
   40.215. Adjustment: double deduction  
   40.217. Cost of partial continuations of mining, quarrying or prospecting rights  
   40.220. Cost reduced by amounts not of a capital nature  
   40.222. Cost reduced by water infrastructure improvement expenditure  
   40.225. Adjustment: acquiring a car at a discount  
   40.230. Adjustment: car limit  
   40.235. Adjustment: National Disability Insurance Scheme costs  

              Subdivision 40-D--Balancing adjustments
           --

   40.280. What this Subdivision is about  
           --
   40.285. Balancing adjustments  
   40.290. Reduction for non - taxable use  
   40.291. Reduction for second - hand assets used in residential property  
   40.292. Adjustments--assets used for both general tax purposes and R&D activities  
   40.293. Adjustments--partnership assets used for both general tax purposes and R&D activities  
   40.295. Meaning of balancing adjustment event  
   40.300. Meaning of termination value  
   40.305. Amount you are taken to have received under a balancing adjustment event  
   40.310. Apportionment of termination value  
   40.320. Car to which section 40 - 225 applies  
   40.325. Adjustment: car limit  
   40.335. Deduction for in - house software where you will never use it  
   40.340. Roll - over relief  
   40.345. What the roll - over relief is  
   40.350. Additional consequences  
   40.360. Notice to allow transferee to work out how this Division applies  
   40.362. Roll - over relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012  
   40.363. Roll - over relief for interest realignment arrangements  
   40.364. Interest realignment adjustments  
   40.365. Involuntary disposals  
   40.370. Balancing adjustments where there has been use of different car expense methods  

              Subdivision 40-E--Low-value and software development pools
           --

   40.420. What this Subdivision is about  
           --
   40.425. Allocating assets to a low - value pool  
   40.430. Rules for assets in low - value pools  
   40.435. Private or exempt use of assets  
   40.440. How you work out the decline in value of assets in low - value pools  
   40.445. Balancing adjustment events  
   40.450. Software development pools  
   40.455. How to work out your deduction  
   40.460. Your assessable income includes consideration for pooled software  

              Subdivision 40-F--Primary production depreciating assets
           --

   40.510. What this Subdivision is about  
           --
   40.515. Water facilities, horticultural plants, fodder storage assets and fencing assets  
   40.520. Meaning of water facility , horticultural plant , fodder storage asset and fencing asset  
   40.525. Conditions  
   40.530. When declines in value start  
   40.535. Meaning of horticulture and commercial horticulture  
   40.540. How you work out the decline in value for water facilities  
   40.545. How you work out the decline in value for horticultural plants  
   40.548. How you work out the decline in value for fodder storage assets  
   40.551. How you work out the decline in value for fencing assets  
   40.555. Amounts you cannot deduct  
   40.560. Non - arm's length transactions  
   40.565. Extra deduction for destruction of a horticultural plant  
   40.570. How this Subdivision applies to partners and partnerships  
   40.575. Getting tax information if you acquire a horticultural plant  

              Subdivision 40-G--Capital expenditure of primary producers and other landholders
           --

   40.625. What this Subdivision is about  
           --
   40.630. Landcare operations  
   40.635. Meaning of landcare operation  
   40.640. Meaning of approved management plan  
   40.645. Electricity and telephone lines  
   40.650. Amounts you cannot deduct under this Subdivision  
   40.655. Meaning of connecting power to land or upgrading the connection and metering point  
   40.660. Non - arm's length transactions  
   40.665. How this Subdivision applies to partners and partnerships  
   40.670. Approval of persons as farm consultants  
   40.675. Review of decisions relating to approvals  

              Subdivision 40-H--Capital expenditure that is immediately deductible
           --

   40.725. What this Subdivision is about  
           --
   40.730. Deduction for expenditure on exploration or prospecting  
   40.735. Deduction for expenditure on mining site rehabilitation  
   40.740. Meaning of ancillary mining activities and mining building site  
   40.745. No deduction for certain expenditure  
   40.750. Deduction for payments of petroleum resource rent tax  
   40.755. Environmental protection activities  
   40.760. Limits on deductions from environmental protection activities  
   40.765. Non - arm's length transactions  

              Subdivision 40-I--Capital expenditure that is deductible over time
           --

   40.825. What this Subdivision is about  
           --
   40.830. Project pools  
   40.832. Project pools for post - 9 May 2006 projects  
   40.835. Reduction of deduction  
   40.840. Meaning of project amount  
   40.845. Project life  
   40.855. When you start to deduct amounts for a project pool  
   40.860. Meaning of mining capital expenditure  
   40.865. Meaning of transport capital expenditure  
   40.870. Meaning of transport facility  
   40.875. Meaning of processed minerals and minerals treatment  
   40.880. Business related costs  
   40.885. Non - arm's length transactions  

              Subdivision 40-J--Capital expenditure for the establishment of trees in carbon sink forests
           --

   40.1000.What this Subdivision is about  
           --
   40.1005.Deduction for expenditure for establishing trees in carbon sink forests  
   40.1010.Expenditure for establishing trees in carbon sink forests  
   40.1015.Carbon sequestration by trees  
   40.1020.Certain expenditure disregarded  
   40.1025.Non - arm's length transactions  
   40.1030.Extra deduction for destruction of trees in carbon sink forest  
   40.1035.Getting information if you acquire a carbon sink forest  

              Subdivision 40-K--Farm-in farm-out arrangements
           --

   40.1095.What this Subdivision is about  
           --
   40.1100.Meaning of farm - in farm - out arrangement and exploration benefit  
           --
   40.1105.Treatment of certain exploration benefits received under farm - in farm - out arrangements  
   40.1110.Cost of split interests resulting from farm - in farm - out arrangements  
   40.1115.Deductions relating to receipt of exploration benefits  
   40.1120.Cost base and reduced cost base of exploration benefits etc.  
   40.1125.Effect of exploration benefits on the cost of mining, quarrying or prospecting information  
           --
   40.1130.Consequences of certain exploration benefits provided under farm - in farm - out arrangements  

           Division 41--Additional deduction for certain new business investment
           --

   41.1.   What this Division is about  
           --
   41.5.   Object of Division  
   41.10.  Entitlement to deduction for investment  
   41.15.  Amount of deduction  
   41.20.  Recognised new investment amount  
   41.25.  Investment commitment time  
   41.30.  First use time  
   41.35.  New investment threshold  

           Division 43--Deductions for capital works
           --

   43.1.   What this Division is about  
   43.2.   Key concepts used in this Division  

              Subdivision 43-A--Key operative provisions
           --

   43.5.   What this Subdivision is about  
           --
   43.10.  Deductions for capital works  
   43.15.  Amount you can deduct  
   43.20.  Capital works to which this Division applies  
   43.25.  Rate of deduction  
   43.30.  No deduction until construction is complete  
   43.35.  Requirement for registration under the Industry Research and Development Act  
   43.40.  Deduction for destruction of capital works  
   43.45.  Certain anti - avoidance provisions  
   43.50.  Links and signposts to other parts of the Act  
   43.55.  Anti - avoidance--arrangement etc. with tax - exempt entity  

              Subdivision 43-B--Establishing the deduction base
           --

   43.60.  What this Subdivision is about  
   43.65.  Explanatory material  
           --
   43.70.  What is construction expenditure?  
   43.72.  Meaning of forestry road , timber operation and timber mill building  
   43.75.  Construction expenditure area  
   43.80.  When capital works begin  
   43.85.  Pools of construction expenditure  
   43.90.  Table of intended use at time of completion of construction  
   43.95.  Meaning of hotel building and apartment building  
   43.100. Certificates by Industry Innovation and Science Australia  

              Subdivision 43-C--Your area and your construction expenditure
           --

   43.105. What this Subdivision is about  
   43.110. Explanatory material  
           --
   43.115. Your area and your construction expenditure--owners  
   43.120. Your area and your construction expenditure--lessees and quasi - ownership right holders  
   43.125. Lessees' or right holders' pools can revert to owner  
   43.130. Identifying your area on acquisition or disposal  

              Subdivision 43-D--Deductible uses of capital works
           --

   43.135. What this Subdivision is about  
           --
   43.140. Using your area in a deductible way  
   43.145. Using your area in the 4% manner  
   43.150. Meaning of industrial activities  

              Subdivision 43-E--Special rules about uses
           --

   43.155. What this Subdivision is about  
           --
   43.160. Your area is used for a purpose if it is maintained ready for use for the purpose  
   43.165. Temporary cessation of use  
   43.170. Own use--capital works other than hotel and apartment buildings  
   43.175. Own use--hotel and apartment buildings  
   43.180. Special rules for hotel and apartment buildings  
   43.185. Residential or display use  
   43.190. Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house  
   43.195. Use for R&D activities must be in connection with a business  

              Subdivision 43-F--Calculation of deduction
           --

   43.200. What this Subdivision is about  
   43.205. Explanatory material  
           --
   43.210. Deduction for capital works begun after 26 February 1992  
   43.215. Deduction for capital works begun before 27 February 1992  
   43.220. Capital works taken to have begun earlier for certain purposes  

              Subdivision 43-G--Undeducted construction expenditure
           --

   43.225. What this Subdivision is about  
           --
   43.230. Calculating undeducted construction expenditure--common step  
   43.235. Post - 26 February 1992 undeducted construction expenditure  
   43.240. Pre - 27 February 1992 undeducted construction expenditure  

              Subdivision 43-H--Balancing deduction on destruction of capital works
           --

   43.245. What this Subdivision is about  
           --
   43.250. The amount of the balancing deduction  
   43.255. Amounts received or receivable  
   43.260. Apportioning amounts received for destruction  

           Division 45--Disposal of leases and leased plant
           --

   45.1.   What this Division is about  
           --
   45.5.   Disposal of leased plant or lease  
   45.10.  Disposal of interest in partnership  
   45.15.  Disposal of shares in 100% subsidiary that leases plant  
   45.20.  Disposal of shares in 100% subsidiary that leases plant in partnership  
   45.25.  Group members liable to pay outstanding tax  
   45.30.  Reduction for certain plant acquired before 21.9.99  
   45.35.  Limit on amount included for plant for which there is a CGT exemption  
   45.40.  Meaning of plant and written down value  

   PART 2-15----NON-ASSESSABLE INCOME

           Division 50--Exempt entities

              Subdivision 50-A--Various exempt entities

   50.1.   Entities whose ordinary income and statutory income is exempt  
   50.5.   Charity, education and science  
   50.10.  Community service  
   50.15.  Employees and employers  
   50.25.  Government  
   50.30.  Health  
   50.35.  Mining  
   50.40.  Primary and secondary resources, and tourism  
   50.45.  Sports, culture and recreation  
   50.47.  Special condition for all items  
   50.50.  Special conditions for item 1.1  
   50.52.  Special condition for item 1.1  
   50.55.  Special conditions for items 1.3, 1.4, 6.1 and 6.2  
   50.65.  Special conditions for item 1.6  
   50.70.  Special conditions for items 1.7, 2.1, 9.1 and 9.2  
   50.72.  Special condition for item 4.1  
   50.75.  Certain distributions may be made overseas  

              Subdivision 50-B--Endorsing charitable entities as exempt from income tax
           --

   50.100. What this Subdivision is about  
           --
   50.105. Endorsement by Commissioner  
   50.110. Entitlement to endorsement  

           Division 51--Exempt amounts

   51.1.   Amounts of ordinary income and statutory income that are exempt  
   51.5.   Defence  
   51.10.  Education and training  
   51.30.  Welfare  
   51.32.  Compensation payments for loss of tax exempt payments  
   51.33.  Compensation payments for loss of pay and/or allowances as a Defence reservist  
   51.35.  Payments to a full - time student at a school, college or university  
   51.40.  Payments to a secondary student  
   51.42.  Bonuses for early completion of an apprenticeship  
   51.43.  Income collected or derived by copyright collecting society  
   51.45.  Income collected or derived by resale royalty collecting society  
   51.50.  Maintenance payments to a spouse or child  
   51.52.  Income derived from eligible venture capital investments by ESVCLPs  
   51.54.  Gain or profit from disposal of eligible venture capital investments  
   51.55.  Gain or profit from disposal of venture capital equity  
   51.57.  Interest on judgment debt relating to personal injury  
   51.60.  Prime Minister's Prizes  
   51.100. Shipping  
   51.105. Shipping activities  
   51.110. Core shipping activities  
   51.115. Incidental shipping activities  
   51.120. Interest on unclaimed money and property  
   51.125. 2018 storms--relief payments  

           Division 52--Certain pensions, benefits and allowances are exempt from income tax
           --

   52.1.   What this Division is about  

              Subdivision 52-A--Exempt payments under the Social Security Act 1991
           --

   52.5.   What this Subdivision is about  
           --
   52.10.  How much of a social security payment is exempt?  
   52.15.  Supplementary amounts of payments  
   52.20.  Tax - free amount of an ordinary payment after the death of your partner  
   52.25.  Tax - free amount of certain bereavement lump sum payments  
   52.30.  Tax - free amount of certain other bereavement lump sum payments  
   52.35.  Tax - free amount of a lump sum payment made because of the death of a person you are caring for  
   52.40.  Provisions of the Social Security Act 1991 under which payments are made  

              Subdivision 52-B--Exempt payments under the Veterans' Entitlements Act 1986
           --

   52.60.  What this Subdivision is about  
           --
   52.65.  How much of a veterans' affairs payment is exempt?  
   52.70.  Supplementary amounts of payments  
   52.75.  Provisions of the Veterans' Entitlements Act 1986 under which payments are made  

              Subdivision 52-C--Exempt payments made because of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
           --

   52.100. What this Subdivision is about  
           --
   52.105. Supplementary amount of a payment made under the Repatriation Act 1920 is exempt  
   52.110. Other exempt payments  

              Subdivision 52-CA--Exempt payments under the Military Rehabilitation and Compensation Act 2004
           --

   52.112. What this Subdivision is about  
           --
   52.114. How much of a payment under the Military Rehabilitation and Compensation Act is exempt?  

              Subdivision 52-CB--Exempt payments under the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006

   52.117. Payments of travelling expenses and pharmaceutical supplement are exempt  

              Subdivision 52-CC--Exempt payments under the Treatment Benefits (Special Access) Act 2019

   52.120. Payments of travelling expenses and pharmaceutical supplement are exempt  

              Subdivision 52-E--Exempt payments under the ABSTUDY scheme
           --

   52.130. What this Subdivision is about  
           --
   52.131. Payments under ABSTUDY scheme  
   52.132. Supplementary amount of payment  
   52.133. Tax - free amount of ordinary payment on death of partner if no bereavement payment payable  
   52.134. Tax - free amount if you receive a bereavement lump sum payment  

              Subdivision 52-F--Exemption of Commonwealth education or training payments

   52.140. Supplementary amount of a Commonwealth education or training payment is exempt  
   52.145. Meaning of Commonwealth education or training payment  

              Subdivision 52-G--Exempt payments under the A New Tax System (Family Assistance) (Administration) Act 1999

   52.150. Family assistance payments are exempt  

              Subdivision 52-H--Other exempt payments

   52.160. Economic security strategy payments are exempt  
   52.162. ETR payments are exempt  
   52.165. Household stimulus payments are exempt  
   52.170. Outer Regional and Remote payments under the Helping Children with Autism package are exempt  
   52.172. Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt  
   52.175. Continence aids payments are exempt  
   52.180. National Disability Insurance Scheme amounts are exempt  
   52.185. Acute support packages are exempt  

           Division 53--Various exempt payments
           --

   53.1.   What this Division is about  
           --
   53.10.  Exemption of various types of payments  
   53.20.  Exemption of similar Australian and United Kingdom veterans' payments  
   53.25.  Coronavirus economic response payment  
   53.30.  Territories Stolen Generations Redress Scheme payments are exempt  

           Division 54--Exemption for certain payments made under structured settlements and structured orders
           --

   54.1.   What this Division is about  

              Subdivision 54-A--Definitions
           --

   54.5.   Definitions  
   54.10.  Meaning of structured settlement and structured order  

              Subdivision 54-B--Tax exemption for personal injury annuities
           --

   54.15.  Personal injury annuity exemption for injured person  
   54.20.  Lump sum compensation etc. would not have been assessable  
   54.25.  Requirements of the annuity instrument  
   54.30.  Requirements for payments of the annuity  
   54.35.  Payments during the guarantee period on the death of the injured person  
   54.40.  Requirement for minimum monthly level of support  

              Subdivision 54-C--Tax exemption for personal injury lump sums
           --

   54.45.  Personal injury lump sum exemption for injured person  
   54.50.  Lump sum compensation would not have been assessable  
   54.55.  Requirements of the instrument under which the lump sum is paid  
   54.60.  Requirements for payments of the lump sum  

              Subdivision 54-D--Miscellaneous
           --

   54.65.  Exemption for certain payments to reversionary beneficiaries  
   54.70.  Special provisions about trusts  
   54.75.  Minister to arrange for review and report  

           Division 55--Payments that are not exempt from income tax
           --

   55.1.   What this Division is about  
           --
   55.5.   Occupational superannuation payments  
   55.10.  Education entry payments  

           Division 58--Capital allowances for depreciating assets previously owned by an exempt entity
           --

   58.1.   What this Division is about  

              Subdivision 58-A--Application

   58.5.   Application of Division  
   58.10.  When an asset is acquired in connection with the acquisition of a business  

              Subdivision 58-B--Calculating decline in value of privatised assets under Division 40

   58.60.  Purpose of rules in this Subdivision  
   58.65.  Choice of method to work out cost of privatised asset  
   58.70.  Application of Division 40  
   58.75.  Meaning of notional written down value  
   58.80.  Meaning of undeducted pre - existing audited book value  
   58.85.  Pre - existing audited book value of depreciating asset  
   58.90.  Method and effective life for transition entity  

           Division 59--Particular amounts of non-assessable non-exempt income
           --

   59.1.   What this Division is about  
           --
   59.10.  Compensation under firearms surrender arrangements  
   59.15.  Mining payments  
   59.20.  Taxable amounts relating to franchise fees windfall tax  
   59.25.  Taxable amounts relating to Commonwealth places windfall tax  
   59.30.  Amounts you must repay  
   59.35.  Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs  
   59.40.  Issue of rights  
   59.50.  Native title benefits  
   59.55.  2019 - 20 bushfires--payments for volunteer work with fire services  
   59.60.  2019 - 20 bushfires--disaster relief payments and non - cash benefits  
   59.65.  Water infrastructure improvement payments  
   59.67.  Meaning of SRWUIP program , SRWUIP payment , direct SRWUIP payment and indirect SRWUIP payment  
   59.70.  List of SRWUIP programs  
   59.75.  Commissioner to be kept informed  
   59.80.  Amending assessments  
   59.85.  2019 floods--recovery grants for small businesses, primary producers and non - profit organisations  
   59.86.  2019 floods--on - farm grant program for primary producers  
   59.90.  Cash flow boost  
   59.95.  Coronavirus economic response payment  
   59.96.  COVID - 19 disaster payment  
   59.97.  State and Territory grants to small business relating to the recovery from the coronavirus known as COVID - 19  
   59.98.  Commonwealth small business support payments relating to the coronavirus known as COVID - 19  
   59.99.  2021 floods and storms--recovery grants  
   59.100. Refund of large - scale generation shortfall charge  
   59.105. Cyclone Seroja--recovery grants  

   PART 2-20----TAX OFFSETS

           Division 61--Generally applicable tax offsets

              Subdivision 61-A--Dependant (invalid and carer) tax offset
           --

   61.1.   What this Subdivision is about  
           --
   61.5.   Object of this Subdivision  
           --
   61.10.  Who is entitled to the tax offset  
   61.15.  Cases involving more than one spouse  
   61.20.  Exceeding the income limit for family tax benefit (Part B)  
   61.25.  Eligibility for family tax benefit (Part B) without shared care  
           --
   61.30.  Amount of the dependant (invalid and carer) tax offset  
   61.35.  Families with shared care percentages  
   61.40.  Reduced amounts of dependant (invalid and carer) tax offset  
   61.45.  Reductions to take account of the other individual's income  

              Subdivision 61-D--Low Income tax offset
           --

   61.100. What this Subdivision is about  
           --
   61.110. Entitlement to the Low Income tax offset  
   61.115. Amount of the Low Income tax offset  

              Subdivision 61-G--Private health insurance offset complementary to Part 2-2 of the Private Health Insurance Act 2007
           --

   61.200. What this Subdivision is about  
           --
   61.205. Entitlement to the private health insurance tax offset  
   61.210. Amount of the private health insurance tax offset  
   61.215. Reallocation of the private health insurance tax offset between spouses  

              Subdivision 61-L--Tax offset for Medicare levy surcharge (lump sum payments in arrears)
           --

   61.575. What this Subdivision is about  
           --
   61.580. Entitlement to a tax offset  
   61.585. The amount of a tax offset  
   61.590. Definition of MLS lump sums  

              Subdivision 61-N--Seafarer tax offset
           --

   61.695. What this Subdivision is about  
           --
   61.700. Object of this Subdivision  
   61.705. Who is entitled to the seafarer tax offset  
   61.710. Amount of the seafarer tax offset  

              Subdivision 61-P--ESVCLP tax offset
           --

   61.750. What this Subdivision is about  
           --
   61.755. Object of this Subdivision  
   61.760. Who is entitled to the ESVCLP tax offset  
   61.765. Amount of the ESVCLP tax offset--general case  
   61.770. Amount of the ESVCLP tax offset--members of trusts or partnerships  
   61.775. Amount of the ESVCLP tax offset--trustees  

           Division 63--Common rules for tax offsets
           --

   63.1.   What this Division is about  
   63.10.  Priority rules  

           Division 65--Tax offset carry forward rules
           --

   65.10.  What this Division is about  
           --
   65.30.  Amount carried forward  
   65.35.  How to apply carried forward tax offsets  
   65.40.  When a company cannot apply a tax offset  
   65.50.  Effect of bankruptcy  
   65.55.  Deduction for amounts paid for debts incurred before bankruptcy  

           Division 67--Refundable tax offset rules
           --

   67.10.  What this Division is about  
           --
   67.20.  Which tax offsets this Division applies to  
   67.23.  Refundable tax offsets  
   67.25.  Refundable tax offsets--franked distributions  
   67.30.  Refundable tax offsets--R&D  
            

CHAPTER 2--Liability rules of general application
            

   PART 2-25----TRADING STOCK

           Division 70--Trading stock
           --

   70.1.   What this Division is about  
   70.5.   The 3 key features of tax accounting for trading stock  

              Subdivision 70-A--What is trading stock

   70.10.  Meaning of trading stock  
   70.12.  Registered emissions units  

              Subdivision 70-B--Acquiring trading stock

   70.15.  In which income year do you deduct an outgoing for trading stock?  
   70.20.  Non - arm's length transactions  
   70.25.  Cost of trading stock is not a capital outgoing  
   70.30.  Starting to hold as trading stock an item you already own  

              Subdivision 70-C--Accounting for trading stock you hold at the start or end of the income year
           --

   70.35.  You include the value of your trading stock in working out your assessable income and deductions  
   70.40.  Value of trading stock at start of income year  
   70.45.  Value of trading stock at end of income year  
           --
   70.50.  Valuation if trading stock obsolete etc.  
   70.55.  Working out the cost of natural increase of live stock  
   70.60.  Valuation of horse breeding stock  
   70.65.  Working out the horse opening value and the horse reduction amount  

              Subdivision 70-D--Assessable income arising from disposals of trading stock and certain other assets
           --

   70.75.  What this Subdivision is about  
   70.80.  Why the rules in this Subdivision are necessary  
           --
   70.85.  Application of this Subdivision to certain other assets  
   70.90.  Assessable income on disposal of trading stock outside the ordinary course of business  
   70.95.  Purchase price is taken to be market value  
   70.100. Notional disposal when you stop holding an item as trading stock  
   70.105. Death of owner  
   70.110. You stop holding an item as trading stock but still own it  
   70.115. Compensation for lost trading stock  

              Subdivision 70-E--Miscellaneous

   70.120. Deducting capital costs of acquiring trees  

   PART 2-40----RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS

           Division 80--General rules
           --

   80.1.   What this Division is about  
           --
   80.5.   Holding of an office  
   80.10.  Application to the termination of employment  
   80.15.  Transfer of property  
   80.20.  Payments for your benefit or at your direction or request  

           Division 82--Employment termination payments
           --

   82.1.   What this Division is about  

              Subdivision 82-A--Employment termination payments: life benefits
           --

   82.5.   What this Subdivision is about  
           --
   82.10.  Taxation of life benefit termination payments  

              Subdivision 82-B--Employment termination payments: death benefits
           --

   82.60.  What this Subdivision is about  
           --
   82.65.  Death benefits for dependants  
   82.70.  Death benefits for non - dependants  
   82.75.  Death benefits paid to trustee of deceased estate  

              Subdivision 82-C--Key concepts
           --

   82.125. What this Subdivision is about  
           --
   82.130. What is an employment termination payment ?  
   82.135. Payments that are not employment termination payments  
   82.140. Tax free component of an employment termination payment  
   82.145. Taxable component of an employment termination payment  
   82.150. What is an invalidity segment of an employment termination payment?  
   82.155. What is a pre - July 83 segment of an employment termination payment?  
   82.160. What is the ETP cap amount ?  

           Division 83--Other payments on termination of employment
           --

   83.1.   What this Division is about  

              Subdivision 83-A--Unused annual leave payments
           --

   83.5.   What this Subdivision is about  
           --
   83.10.  Unused annual leave payment is assessable  
   83.15.  Entitlement to tax offset  

              Subdivision 83-B--Unused long service leave payments
           --

   83.65.  What this Subdivision is about  
           --
   83.70.  Application--long service leave  
   83.75.  Meaning of unused long service leave payment  
   83.80.  Taxation of unused long service leave payments  
   83.85.  Entitlement to tax offset  
   83.90.  Meaning of pre - 16/8/78 period , pre - 18/8/93 period , post - 17/8/93 period and long service leave employment period  
           --
   83.95.  How to work out amount of payment attributable to each period  
   83.100. How to work out unused days of long service leave for each period  
   83.105. How to work out long service leave accrued in each period  
           --
   83.110. Leave accrued in pre - 16/8/78, pre - 18/8/93 and post - 17/8/93 periods--employment full - time and part - time  
           --
   83.115. Working out used days of long service leave if leave taken at less than full pay  

              Subdivision 83-C--Genuine redundancy payments and early retirement scheme payments
           --

   83.165. What this Subdivision is about  
           --
   83.170. Tax - free treatment of genuine redundancy payments and early retirement scheme payments  
   83.175. What is a genuine redundancy payment ?  
   83.180. What is an early retirement scheme payment ?  

              Subdivision 83-D--Foreign termination payments
           --

   83.230. What this Subdivision is about  
           --
   83.235. Termination payments tax free--foreign resident period  
   83.240. Termination payments tax free--Australian resident period  

              Subdivision 83-E--Other payments
           --

   83.290. What this Subdivision is about  
           --
   83.295. Termination payments made more than 12 months after termination etc.  

           Division 83A--Employee share schemes
           --

   83A.1.  What this Division is about  

              Subdivision 83A-A--Objects of Division and key concepts

   83A.5.  Objects of Division  
   83A.10. Meaning of ESS interest and employee share scheme  

              Subdivision 83A-B--Immediate inclusion of discount in assessable income
           --

   83A.15. What this Subdivision is about  
           --
   83A.20. Application of Subdivision  
   83A.25. Discount to be included in assessable income  
   83A.30. Amount for which discounted ESS interest acquired  
   83A.33. Reducing amounts included in assessable income--start ups  
   83A.35. Reducing amounts included in assessable income--other cases  
   83A.45. Further conditions for reducing amounts included in assessable income  

              Subdivision 83A-C--Deferred inclusion of gain in assessable income
           --

   83A.100.What this Subdivision is about  
           --
   83A.105.Application of Subdivision  
   83A.110.Amount to be included in assessable income  
   83A.115.ESS deferred taxing point--shares  
   83A.120.ESS deferred taxing point--rights to acquire shares  
   83A.125.Tax treatment of ESS interests held after ESS deferred taxing points  
           --
   83A.130.Takeovers and restructures  

              Subdivision 83A-D--Deduction for employer
           --

   83A.200.What this Subdivision is about  
           --
   83A.205.Deduction for employer  
   83A.210.Timing of general deductions  

              Subdivision 83A-E--Miscellaneous

   83A.305.Acquisition by associates  
   83A.310.Forfeiture etc. of ESS interest  
   83A.315.Market value of ESS interest  
   83A.320.Interests in a trust  
   83A.325.Application of Division to relationships similar to employment  
   83A.330.Application of Division to ceasing employment  
   83A.335.Application of Division to stapled securities  
   83A.340.Application of Division to indeterminate rights  

   PART 2-42----PERSONAL SERVICES INCOME

           Division 84--Introduction
           --

   84.1.   What this Part is about  
           --
   84.5.   Meaning of personal services income  
   84.10.  This Part does not imply that individuals are employees  

           Division 85--Deductions relating to personal services income
           --

   85.1.   What this Division is about  
           --
   85.5.   Object of this Division  
   85.10.  Deductions for non - employees relating to personal services income  
   85.15.  Deductions for rent, mortgage interest, rates and land tax  
   85.20.  Deductions for payments to associates etc.  
   85.25.  Deductions for superannuation for associates  
   85.30.  Exception: personal services businesses  
   85.35.  Exception: employees, office holders and religious practitioners  
   85.40.  Application of Subdivision 900 - B to individuals who are not employees  

           Division 86--Alienation of personal services income
           --

   86.1.   What this Division is about  
   86.5.   A simple description of what this Division does  

              Subdivision 86-A--General

   86.10.  Object of this Division  
   86.15.  Effect of obtaining personal services income through a personal services entity  
   86.20.  Offsetting the personal services entity's deductions against personal services income  
   86.25.  Apportionment of entity maintenance deductions among several individuals  
   86.27.  Deduction for net personal services income loss  
   86.30.  Assessable income etc. of the personal services entity  
   86.35.  Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes  
   86.40.  Salary payments shortly after an income year  

              Subdivision 86-B--Entitlement to deductions

   86.60.  General rule for deduction entitlements of personal services entities  
   86.65.  Entity maintenance deductions  
   86.70.  Car expenses  
   86.75.  Superannuation  
   86.80.  Salary or wages promptly paid  
   86.85.  Deduction entitlements of personal services entities for amounts included in an individual's assessable income  
   86.87.  Personal services entity cannot deduct net personal services income loss  
   86.90.  Application of Divisions 28 and 900 to personal services entities  

           Division 87--Personal services businesses
           --

   87.1.   What this Division is about  
   87.5.   Diagram showing the operation of this Division  

              Subdivision 87-A--General

   87.10.  Object of this Division  
   87.15.  What is a personal services business?  
   87.18.  The results test for a personal services business  
   87.20.  The unrelated clients test for a personal services business  
   87.25.  The employment test for a personal services business  
   87.30.  The business premises test for a personal services business  
   87.35.  Personal services income from Australian government agencies  
   87.40.  Application of this Division to certain agents  

              Subdivision 87-B--Personal services business determinations

   87.60.  Personal services business determinations for individuals  
   87.65.  Personal services business determinations for personal services entities  
   87.70.  Applying etc. for personal services business determinations  
   87.75.  When personal services business determinations have effect  
   87.80.  Revoking personal services business determinations  
   87.85.  Review of decisions  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-1--CAPITAL GAINS AND LOSSES: GENERAL TOPICS

           Division 100--A Guide to capital gains and losses
           --

   100.1.  What this Division is about  
   100.5.  Effect of this Division  
   100.10. Fundamentals of CGT  
   100.15. Overview of Steps 1 and 2  
           Step 1--Have you made a capital gain or a capital loss?
   100.20. What events attract CGT?  
   100.25. What are CGT assets?  
   100.30. Does an exception or exemption apply?  
   100.33. Can there be a roll - over?  
           Step 2--Work out the amount of the capital gain or loss
   100.35. What is a capital gain or loss?  
   100.40. What factors come into calculating a capital gain or loss?  
   100.45. How to calculate the capital gain or loss for most CGT events  
           Step 3--Work out your net capital gain or loss for the income year
   100.50. How to work out your net capital gain or loss  
   100.55. How do you comply with CGT?  
           --
   100.60. Why keep records?  
   100.65. What records?  
   100.70. How long you need to keep records  

           Division 102--Assessable income includes net capital gain
           --

   102.1.  What this Division is about  
   102.3.  Concessions in working out your net capital gain  
           --
   102.5.  Assessable income includes net capital gain  
   102.10. How to work out your net capital loss  
   102.15. How to apply net capital losses  
   102.20. Ways you can make a capital gain or a capital loss  
   102.22. Amounts of capital gains and losses  
   102.23. CGT event still happens even if gain or loss disregarded  
   102.25. Order of application of CGT events  
   102.30. Exceptions and modifications  

           Division 103--General rules
           --

   103.1.  What this Division is about  
           --
   103.5.  Giving property as part of a transaction  
   103.10. Entitlement to receive money or property  
   103.15. Requirement to pay money or give property  
   103.25. Choices  
   103.30. Reduction of cost base etc. by net input tax credits  

           Division 104--CGT events
           --

   104.1.  What this Division is about  
   104.5.  Summary of the CGT events  

              Subdivision 104-A--Disposals

   104.10. Disposal of a CGT asset: CGT event A1  

              Subdivision 104-B--Use and enjoyment before title passes

   104.15. Use and enjoyment before title passes: CGT event B1  

              Subdivision 104-C--End of a CGT asset

   104.20. Loss or destruction of a CGT asset: CGT event C1  
   104.25. Cancellation, surrender and similar endings: CGT event C2  
   104.30. End of option to acquire shares etc.: CGT event C3  

              Subdivision 104-D--Bringing into existence a CGT asset

   104.35. Creating contractual or other rights: CGT event D1  
   104.40. Granting an option: CGT event D2  
   104.45. Granting a right to income from mining: CGT event D3  
   104.47. Conservation covenants: CGT event D4  

              Subdivision 104-E--Trusts

   104.55. Creating a trust over a CGT asset: CGT event E1  
   104.60. Transferring a CGT asset to a trust: CGT event E2  
   104.65. Converting a trust to a unit trust: CGT event E3  
   104.70. Capital payment for trust interest: CGT event E4  
   104.71. Adjustment of non - assessable part  
   104.72. Reducing your capital gain under CGT event E4 if you are a trustee  
   104.75. Beneficiary becoming entitled to a trust asset: CGT event E5  
   104.80. Disposal to beneficiary to end income right: CGT event E6  
   104.85. Disposal to beneficiary to end capital interest: CGT event E7  
   104.90. Disposal by beneficiary of capital interest: CGT event E8  
   104.95. Making a capital gain  
   104.100.Making a capital loss  
   104.105.Creating a trust over future property: CGT event E9  
   104.107A.AMIT--cost base reduction exceeds cost base: CGT event E10  
   104.107B.Annual cost base adjustment for member's unit or interest in AMIT  
   104.107C.AMIT cost base net amount  
   104.107D.AMIT cost base reduction amount  
   104.107E.AMIT cost base increase amount  
   104.107F.Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income  
   104.107G.Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset--adjustment of cost of asset  
   104.107H.Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset--amount included in assessable income  

              Subdivision 104-F--Leases

   104.110.Granting a lease: CGT event F1  
   104.115.Granting a long - term lease: CGT event F2  
   104.120.Lessor pays lessee to get lease changed: CGT event F3  
   104.125.Lessee receives payment for changing lease: CGT event F4  
   104.130.Lessor receives payment for changing lease: CGT event F5  

              Subdivision 104-G--Shares

   104.135.Capital payment for shares: CGT event G1  
   104.145.Liquidator or administrator declares shares or financial instruments worthless: CGT event G3  

              Subdivision 104-H--Special capital receipts

   104.150.Forfeiture of deposit: CGT event H1  
   104.155.Receipt for event relating to a CGT asset: CGT event H2  

              Subdivision 104-I--Australian residency ends

   104.160.Individual or company stops being an Australian resident: CGT event I1  
   104.165.Exception for individuals  
   104.170.Trust stops being a resident trust: CGT event I2  

              Subdivision 104-J--CGT events relating to roll-overs

   104.175.Company ceasing to be member of wholly - owned group after roll - over: CGT event J1  
   104.180.Sub - group break - up  
   104.182.Consolidated group break - up  
   104.185.Change in relation to replacement asset or improved asset after a roll - over under Subdivision 152 - E: CGT event J2  
   104.190.Replacement asset period  
   104.195.Trust failing to cease to exist after roll - over under Subdivision 124 - N: CGT event J4  
   104.197.Failure to acquire replacement asset and to incur fourth element expenditure after a roll - over under Subdivision 152 - E: CGT event J5  
   104.198.Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6  

              Subdivision 104-K--Other CGT events

   104.205.Incoming international transfer of emissions unit: CGT event K1  
   104.210.Bankrupt pays amount in relation to debt: CGT event K2  
   104.215.Asset passing to tax - advantaged entity: CGT event K3  
   104.220.CGT asset starts being trading stock: CGT event K4  
   104.225.Special collectable losses: CGT event K5  
   104.230.Pre - CGT shares or trust interest: CGT event K6  
   104.235.Balancing adjustment events for depreciating assets and certain assets used for R&D: CGT event K7  
   104.240.Working out capital gain or loss for CGT event K7: general case  
   104.245.Working out capital gain or loss for CGT event K7: pooled assets  
   104.250.Direct value shifts: CGT event K8  
   104.255.Carried interests: CGT event K9  
   104.260.Certain short - term forex realisation gains: CGT event K10  
   104.265.Certain short - term forex realisation losses: CGT event K11  
   104.270.Foreign hybrids: CGT event K12  

              Subdivision 104-L--Consolidated groups and MEC groups

   104.500.Loss of pre - CGT status of membership interests in entity becoming subsidiary member: CGT event L1  
   104.505.Where pre - formation intra - group roll - over reduction results in negative allocable cost amount: CGT event L2  
   104.510.Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3  
   104.515.Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4  
   104.520.Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5  
   104.525.Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6  
   104.535.Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8  

           Division 106--Entity making the gain or loss
           --

   106.1.  What this Division is about  

              Subdivision 106-A--Partnerships

   106.5.  Partnerships  

              Subdivision 106-B--Bankruptcy and liquidation

   106.30. Effect of bankruptcy  
   106.35. Effect of liquidation  

              Subdivision 106-C--Absolutely entitled beneficiaries

   106.50. Absolutely entitled beneficiaries  

              Subdivision 106-D--Securities, charges and encumbrances

   106.60. Securities, charges and encumbrances  

           Division 108--CGT assets
           --

   108.1.  What this Division is about  

              Subdivision 108-A--What a CGT asset is

   108.5.  CGT assets  
   108.7.  Interest in CGT assets as joint tenants  

              Subdivision 108-B--Collectables

   108.10. Losses from collectables to be offset only against gains from collectables  
   108.15. Sets of collectables  
   108.17. Cost base of a collectable  

              Subdivision 108-C--Personal use assets

   108.20. Losses from personal use assets must be disregarded  
   108.25. Sets of personal use assets  
   108.30. Cost base of a personal use asset  

              Subdivision 108-D--Separate CGT assets
           --

   108.50. What this Subdivision is about  
           --
   108.55. When is a building a separate asset from land?  
   108.60. Depreciating asset that is part of a building is a separate asset  
   108.65. Land adjacent to land acquired before 20 September 1985  
   108.70. When is a capital improvement a separate asset?  
   108.75. Capital improvements to CGT assets for which a roll - over may be available  
   108.80. Deciding if capital improvements are related to each other  
   108.85. Meaning of improvement threshold  

           Division 109--Acquisition of CGT assets
           --

   109.1.  What this Division is about  

              Subdivision 109-A--Operative rules

   109.5.   General acquisition rules  
   109.10.  When you acquire a CGT asset without a CGT event  

              Subdivision 109-B--Signposts to other acquisition rules

   109.50.  Effect of this Subdivision  
   109.55. Other acquisition rules  
   109.60.  Acquisition rules outside this Part and Part 3 - 3  

           Division 110--Cost base and reduced cost base
           --

   110.1.  What this Division is about  
   110.5.  Modifications to general rules  
   110.10.  Rules about cost base not relevant for some CGT events  

              Subdivision 110-A--Cost base

   110.25. General rules about cost base  
   110.35. Incidental costs  
   110.36. Indexation  
           --
   110.37. Expenditure forming part of cost base or element  
   110.38. Exclusions  
   110.40. Assets acquired before 7.30 pm on 13 May 1997  
   110.43. Partnership interests acquired before 7.30 pm on 13 May 1997  
   110.45. Assets acquired after 7.30 pm on 13 May 1997  
   110.50. Partnership interests acquired after 7.30 pm on 13 May 1997  
   110.53. Exceptions to application of sections 110 - 45 and 110 - 50  
   110.54. Debt deductions disallowed by thin capitalisation rules  

              Subdivision 110-B--Reduced cost base

   110.55. General rules about reduced cost base  
   110.60. Reduced cost base for partnership assets  

           Division 112--Modifications to cost base and reduced cost base
           --

   112.1.  What this Division is about  
   112.5.  Discussion of modifications  

              Subdivision 112-A--General modifications

   112.15. General rule for replacement modifications  
   112.20. Market value substitution rule  
   112.25.  Split, changed or merged assets  
   112.30. Apportionment rules  
   112.35.  Assumption of liability rule  
   112.36.  Acquisitions of assets involving look - through earnout rights  
   112.37. Put options  

              Subdivision 112-B--Finding tables for special rules

   112.40.  Effect of this Subdivision  
   112.45. CGT events  
   112.46. Annual cost base adjustment for member's unit or interest in AMIT  
   112.48. Gifts acquired by associates  
   112.50. Main residence  
   112.53. Scrip for scrip roll - over  
   112.53AA.Statutory licences  
   112.53AB.Change of incorporation  
   112.53A.MDO roll - over  
   112.53B.Exchange of stapled ownership interests for units in a unit trust  
   112.53C.Water entitlement roll - overs  
   112.54. Demergers  
   112.54A.Transfer of assets between certain trusts  
   112.55. Effect of you dying  
   112.60. Bonus shares or units  
   112.65. Rights  
   112.70. Convertible interests  
   112.77. Exchangeable interests  
   112.78. Exploration investments  
   112.80. Leases  
   112.85. Options  
   112.87. Residency  
   112.90. An asset stops being a pre - CGT asset  
   112.92. Demutualisation of certain entities  
   112.95. Transfer of tax losses and net capital losses within wholly - owned groups of companies  
   112.97. Modifications outside this Part and Part 3 - 3  

              Subdivision 112-C--Replacement-asset roll-overs

   112.100.Effect of this Subdivision  
   112.105.What is a replacement - asset roll - over?  
   112.110.How is the cost base of the replacement asset modified?  
   112.115.Table of replacement - asset roll - overs  

              Subdivision 112-D--Same-asset roll-overs

   112.135.Effect of this Subdivision  
   112.140.What is a same - asset roll - over?  
   112.145.How is the cost base of the asset modified?  
   112.150.Table of same - asset roll - overs  

           Division 114--Indexation of cost base

   114.1.  Indexing elements of cost base  
   114.5.  When indexation relevant  
   114.10. Requirement for 12 months ownership  
   114.15. Cost base modifications  
   114.20. When expenditure is incurred for roll - overs  

           Division 115--Discount capital gains and trusts' net capital gains
           --

   115.1.  What this Division is about  

              Subdivision 115-A--Discount capital gains
           --

   115.5.  What is a discount capital gain ?  
   115.10. Who can make a discount capital gain?  
   115.15. Discount capital gain must be made after 21 September 1999  
   115.20. Discount capital gain must not have indexed cost base  
   115.25. Discount capital gain must be on asset acquired at least 12 months before  
   115.30. Special rules about time of acquisition  
   115.32. Special rule about time of acquisition for certain replacement - asset roll - overs  
   115.34. Further special rule about time of acquisition for certain replacement - asset roll - overs  
           --
   115.40. Capital gain resulting from agreement made within a year of acquisition  
   115.45. Capital gain from equity in an entity with newly acquired assets  
   115.50. Discount capital gain from equity in certain entities  
   115.55. Capital gains involving money received from demutualisation of friendly society health or life insurer  

              Subdivision 115-B--Discount percentage

   115.100.What is the discount percentage for a discount capital gain  
   115.105.Foreign or temporary residents--individuals with direct gains  
   115.110.Foreign or temporary residents--individuals with trust gains  
   115.115.Foreign or temporary residents--percentage for individuals  
   115.120.Foreign or temporary residents--trusts with certain gains  
   115.125.Investors disposing of property used for affordable housing  

              Subdivision 115-C--Rules about trusts with net capital gains
           --

   115.200.What this Division is about  
           --
   115.210.When this Subdivision applies  
   115.215.Assessing presently entitled beneficiaries  
   115.220.Assessing trustees under section 98 of the Income Tax Assessment Act 1936  
   115.222.Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936  
   115.225.Attributable gain  
   115.227.Share of a capital gain  
   115.228.Specifically entitled to an amount of a capital gain  
   115.230.Choice for resident trustee to be specifically entitled to capital gain  

              Subdivision 115-D--Tax relief for shareholders in listed investment companies
           --

   115.275.What this Subdivision is about  
           --
   115.280.Deduction for certain dividends  
   115.285.Meaning of LIC capital gain  
   115.290.Meaning of listed investment company  
   115.295.Maintaining records  

           Division 116--Capital proceeds
           --

   116.1.  What this Division is about  
   116.5.  General rules  
   116.10.  Modifications to general rules  
           --
   116.20. General rules about capital proceeds  
           --
   116.25. Table of modifications to the general rules  
   116.30.  Market value substitution rule: modification 1  
   116.35. Companies and trusts that are not widely held  
   116.40. Apportionment rule: modification 2  
   116.45. Non - receipt rule: modification 3  
   116.50. Repaid rule: modification 4  
   116.55. Assumption of liability rule: modification 5  
   116.60. Misappropriation rule: modification 6  
           --
   116.65. Disposal etc. of a CGT asset the subject of an option  
   116.70. Option requiring both acquisition and disposal etc.  
   116.75. Special rule for CGT event happening to a lease  
   116.80. Special rule if CGT asset is shares or an interest in a trust  
   116.85. Section 47A of 1936 Act applying to rolled - over asset  
   116.95. Company changes residence from an unlisted country  
   116.100.Gifts of property  
   116.105.Conservation covenants  
   116.110.Roll - overs for merging superannuation funds  
   116.115.Farm - in farm - out arrangements  
   116.120.Disposals of assets involving look - through earnout rights  

           Division 118--Exemptions
           --

   118.1.  What this Division is about  

              Subdivision 118-A--General exemptions
           --

   118.5.  Cars, motor cycles and valour decorations  
   118.10. Collectables and personal use assets  
   118.12. Assets used to produce exempt income etc.  
   118.13. Shares in a PDF  
   118.15. Registered emissions units  
           --
   118.20. Reducing capital gains if amount otherwise assessable  
   118.21. Carried interests  
   118.22. Superannuation lump sums and employment termination payments  
   118.24. Depreciating assets  
   118.25. Trading stock  
   118.27. Division 230 financial arrangements and financial arrangements to which Subdivision 250 - E applies  
   118.30. Film copyright  
   118.35. R&D  
           --
   118.37. Compensation, damages etc.  
   118.40. Expiry of a lease  
   118.42. Transfer of stratum units  
   118.45. Sale of rights to mine  
   118.55. Foreign currency hedging gains and losses  
   118.60. Certain gifts  
   118.65. Later distributions of personal services income  
   118.70. Transactions by exempt entities  
   118.75. Marriage or relationship breakdown settlements  
   118.77. Native title and rights to native title benefits  
           --
   118.80. Reduction of boat capital gain  
           --
   118.85. Special disability trusts  

              Subdivision 118-B--Main residence
           --

   118.100.What this Subdivision is about  
   118.105.Map of this Subdivision  
           --
   118.110.Basic case  
   118.115.Meaning of dwelling  
   118.120.Extension to adjacent land etc.  
   118.125.Meaning of ownership period  
   118.130.Meaning of ownership interest in land or a dwelling  
           --
   118.135.Moving into a dwelling  
   118.140.Changing main residences  
   118.145.Absences  
   118.147.Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.  
   118.150.If you build, repair or renovate a dwelling  
   118.155.Where individual referred to in section 118 - 150 dies  
   118.160.Destruction of dwelling and sale of land  
           --
   118.165.Separate CGT event for adjacent land or other structures  
   118.170.Spouse having different main residence  
   118.175.Dependent child having different main residence  
           --
   118.178.Previous roll - over under Subdivision 126 - A  
   118.180.Acquisition of dwelling from company or trust on marriage or relationship breakdown--roll - over provision applying  
           --
   118.185.Partial exemption where dwelling was your main residence during part only of ownership period  
   118.190.Use of dwelling for producing assessable income  
   118.192.Special rule for first use to produce income  
           --
   118.195.Dwelling acquired from a deceased estate  
   118.197.Special rule for surviving joint tenant  
   118.200.Partial exemption for deceased estate dwellings  
   118.205.Adjustment if dwelling inherited from deceased individual  
   118.210.Trustee acquiring dwelling under will  
           --
   118.215.What the following provisions are about  
   118.218.Exemption available to trustee--main case  
   118.220.Exemption available to trustee--after the principal beneficiary's death  
   118.222.Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary's death  
   118.225.Amount of exemption available after the principal beneficiary's death--general  
   118.227.Amount of exemption available after the principal beneficiary's death--cost base and reduced cost base  
   118.230.Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts  
           --
   118.240.What the following provisions are about  
   118.245.CGT events happening only to adjacent land  
   118.250.Compulsory acquisitions of adjacent land  
   118.255.Maximum exempt area  
   118.260.Partial exemption rules  
   118.265. Extension to adjacent structures  

              Subdivision 118-D--Insurance and superannuation

   118.300.Insurance policies  
   118.305.Superannuation  
   118.310.RSA's  
   118.313. Superannuation agreements under the Family Law Act  
   118.315.Segregated exempt assets of life insurance companies  
   118.320.Segregated current pension assets of a complying superannuation entity  

              Subdivision 118-E--Units in pooled superannuation trusts

   118.350.Units in pooled superannuation trusts  

              Subdivision 118-F--Venture capital investment
           --

   118.400.What this Subdivision is about  
           --
   118.405.Exemption for certain foreign venture capital investments through venture capital limited partnerships  
   118.407.Exemption for certain venture capital investments through early stage venture capital limited partnerships  
   118.408.Partial exemption for some capital gains otherwise fully exempt under section 118 - 407  
   118.410.Exemption for certain foreign venture capital investments through Australian venture capital funds of funds  
   118.415.Exemption for certain venture capital investments by foreign residents  
   118.420.Meaning of eligible venture capital partner etc.  
   118.425.Meaning of eligible venture capital investment --investments in companies  
   118.427.Meaning of eligible venture capital investment --investments in unit trusts  
   118.428.Additional investment requirements for ESVCLPs  
   118.430.Meaning of at risk  
   118.432.Findings of substantially novel applications of technology  
   118.435.Special rule relating to investment in foreign resident holding companies  
   118.440.Meaning of permitted entity value  
   118.445.Meaning of committed capital  
   118.450.Values of assets and investments of entities without auditors  
   118.455.Impact Assessment of this Subdivision  

              Subdivision 118-G--Venture capital: investment by superannuation funds for foreign residents
           --

   118.500.What this Subdivision is about  
   118.505.Exemption for certain foreign venture capital  
   118.510.Meaning of resident investment vehicle  
   118.515.Meaning of venture capital entity  
   118.520.Meaning of superannuation fund for foreign residents  
   118.525.Meaning of venture capital equity  

              Subdivision 118-H--Demutualisation of Tower Corporation

   118.550.Demutualisation of Tower Corporation  

              Subdivision 118-I--Look-through earnout rights

   118.560.Object  
   118.565.Look - through earnout rights  
   118.570.Extra ways a CGT asset can be an active asset  
   118.575.Creating and ending look - through earnout rights  
   118.580.Temporarily disregard capital losses affected by look - through earnout rights  

           Division 121--Record keeping
           --

   121.10. What this Division is about  
           --
   121.20. What records you must keep  
   121.25. How long you must retain the records  
   121.30. Exceptions  
   121.35. Asset register entries  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-3--CAPITAL GAINS AND LOSSES: SPECIAL TOPICS

           Division 122--Roll-over for the disposal of assets to, or the creation of assets in, a wholly-owned company
           --

   122.1.  What this Division is about  

              Subdivision 122-A--Disposal or creation of assets by an individual or trustee to a wholly-owned company
           --

   122.5.  What this Subdivision is about  
           --
   122.15. Disposal or creation of assets--wholly - owned company  
   122.20. What you receive for the trigger event  
   122.25. Other requirements to be satisfied  
   122.35. What if the company undertakes to discharge a liability (disposal case)  
   122.37. Rules for working out what a liability in respect of an asset is  
           --
   122.40. Disposal of a CGT asset  
           --
   122.45. Disposal of all the assets of a business  
   122.50. All assets acquired on or after 20 September 1985  
   122.55. All assets acquired before 20 September 1985  
   122.60. Assets acquired before and after 20 September 1985  
           --
   122.65. Creation of asset  
           --
   122.70. Consequences for the company (disposal case)  
           --
   122.75. Consequences for the company (creation case)  

              Subdivision 122-B--Disposal or creation of assets by partners to a wholly-owned company
           --

   122.120.What this Subdivision is about  
           --
   122.125.Disposal or creation of assets--wholly - owned company  
   122.130.What the partners receive for the trigger event  
   122.135.Other requirements to be satisfied  
   122.140.What if the company undertakes to discharge a liability (disposal case)  
   122.145.Rules for working out what a liability in respect of an interest in an asset is  
           --
   122.150.Capital gain or loss disregarded  
   122.155.Disposal of post - CGT or pre - CGT interests  
   122.160.Disposal of both post - CGT and pre - CGT interests  
           --
   122.170.Capital gain or loss disregarded  
   122.175.Other consequences  
   122.180.All interests acquired on or after 20 September 1985  
   122.185.All interests acquired before 20 September 1985  
   122.190.Interests acquired before and after 20 September 1985  
           --
   122.195.Creation of asset  
           --
   122.200.Consequences for the company (disposal case)  
           --
   122.205.Consequences for the company (creation case)  

           Division 124--Replacement-asset roll-overs
           --

   124.1.  What this Division is about  
   124.5.  How to find your way around this Division  

              Subdivision 124-A--General rules

   124.10.  Your ownership of one CGT asset ends  
   124.15. Your ownership of more than one CGT asset ends  
   124.20. Share and interest sale facilities  

              Subdivision 124-B--Asset compulsorily acquired, lost or destroyed
           --

   124.70. Events giving rise to a roll - over  
   124.75. Other requirements if you receive money  
   124.80. Other requirements if you receive an asset  
           --
   124.85. Consequences for receiving money  
   124.90. Consequences for receiving an asset  
   124.95. You receive both money and an asset  

              Subdivision 124-C--Statutory licences

   124.140.New statutory licences  
   124.145.Rollover consequences--capital gain or loss disregarded  
   124.150.Rollover consequences--partial roll - over  
   124.155.Roll - over consequences--all original licences were post - CGT  
   124.160.Roll - over consequences--all original licences were pre - CGT  
   124.165.Roll - over consequences--some original licences were pre - CGT, others were post - CGT  

              Subdivision 124-D--Strata title conversion

   124.190.Strata title conversion  

              Subdivision 124-E--Exchange of shares or units

   124.240.Exchange of shares in the same company  
   124.245.Exchange of units in the same unit trust  

              Subdivision 124-F--Exchange of rights or options

   124.295.Exchange of rights or option to acquire shares in a company  
   124.300.Exchange of rights or option to acquire units in a unit trust  

              Subdivision 124-I--Change of incorporation
           --

   124.510.What this Subdivision is about  
           --
   124.515.Object of this Subdivision  
           --
   124.520.Change of incorporation without change of entity  
           --
   124.525.Old corporation wound up  
           --
   124.530.Shares in company replacing pre - CGT and post - CGT mix of interest and rights in body  
   124.535.Rights as member of Indigenous corporation replacing pre - CGT and post - CGT mix of interest and rights in body  

              Subdivision 124-J--Crown leases
           --

   124.570.What this Subdivision is about  
           --
   124.575.Extension or renewal of Crown lease  
   124.580.Meaning of Crown lease  
   124.585.Original right differs in area from new right  
   124.590.Part of original right excised  
   124.595.Treating parts of new right as separate assets  
   124.600.What is the roll - over?  
   124.605.Change of lessor  

              Subdivision 124-K--Depreciating assets

   124.655.Roll - over for depreciating assets  
   124.660.Right granted to associate  

              Subdivision 124-L--Prospecting and mining entitlements
           --

   124.700.What this Subdivision is about  
           --
   124.705.Extension or renewal of prospecting or mining entitlement  
   124.710.Meaning of prospecting entitlement and mining entitlement  
   124.715.Original entitlement differs in area from new entitlement  
   124.720.Part of original entitlement excised  
   124.725.Treating parts of new entitlement as separate assets  
   124.730.What is the roll - over?  

              Subdivision 124-M--Scrip for scrip roll-over
           --

   124.775.What this Subdivision is about  
           --
   124.780.Replacement of shares  
   124.781.Replacement of trust interests  
   124.782.Transfer or allocation of cost base of shares acquired by acquiring entity etc.  
   124.783.Meaning of significant stakeholder , common stakeholder , significant stake and common stake  
   124.783A.Rights that affect stakes  
   124.784.Cost base of equity or debt given within acquiring group  
   124.784A.When arrangement is a restructure  
   124.784B.What is the cost base and reduced cost base when arrangement is a restructure?  
   124.784C.Cost base of equity or debt given within acquiring group  
   124.785.What is the roll - over?  
   124.790.Partial roll - over  
   124.795.Exceptions  
   124.800.Interest received for pre - CGT interest  
   124.810.Certain companies and trusts not regarded as having 300 members or beneficiaries  

              Subdivision 124-N--Disposal of assets by a trust to a company
           --

   124.850.What this Subdivision is about  
           --
   124.855.What this Subdivision deals with  
   124.860.Requirements for roll - over  
   124.865.Entities both choose the roll - over  
   124.870.Roll - over for owner of units or interests in a trust  
   124.875.Effect on the transferor and transferee  

              Subdivision 124-P--Exchange of a membership interest in an MDO for a membership interest in another MDO
           --

   124.975.What this Subdivision is about  
           --
   124.980.Exchange of membership interests in an MDO  
   124.985.What the roll - over is for post - CGT interests  
   124.990.Partial roll - over  
   124.995.Pre - CGT interests  

              Subdivision 124-Q--Exchange of stapled ownership interests for ownership interests in a unit trust
           --

   124.1040.What this Subdivision is about  
           --
   124.1045.Exchange of stapled securities  
   124.1050.Conditions  
   124.1055.Consequences of the roll - over for exchanging members  
   124.1060.Consequences of the roll - over for interposed trust  

              Subdivision 124-R--Water entitlements
           --

   124.1100.What this Subdivision is about  
           --
   124.1105.Replacement water entitlements roll - over  
   124.1110.Roll - over consequences--capital gain or loss disregarded  
   124.1115.Roll - over consequences--partial roll - over  
   124.1120.Roll - over consequences--all original entitlements post - CGT  
   124.1125.Roll - over consequences--all original entitlements pre - CGT  
   124.1130.Roll - over consequences--some original entitlements pre - CGT, others post - CGT  
           --
   124.1135.Reduction in water entitlements roll - over  
   124.1140.Roll - over consequences--capital gain or loss disregarded  
   124.1145.Roll - over consequences--all original entitlements post - CGT  
   124.1150.Roll - over consequences--some original entitlements pre - CGT, others post - CGT  
           --
   124.1155.Roll - over for variation to CGT asset  
   124.1160.Roll - over consequences  
   124.1165.Roll - over consequences--partial roll - over  

              Subdivision 124-S--Interest realignment arrangements
           --

   124.1220.What this Subdivision is about  
           --
   124.1225.Disposals of interests under interest realignment arrangements  
   124.1230.Roll - over consequences--partial roll - over  
   124.1235.Roll - over consequences--all original interests were post - CGT and pre - UCA  
   124.1240.Roll - over consequences--all original interests were pre - CGT  
   124.1245.Roll - over consequences--original interests were of mixed CGT status, all were pre - UCA  
   124.1250.Roll - over consequences--some original interests were pre - UCA  

           Division 125--Demerger relief
           --

   125.1.  What this Division is about  

              Subdivision 125-A--Object of this Division

   125.5.  Object of this Division  

              Subdivision 125-B--Consequences for owners of interests
           --

   125.50. Guide to Subdivision 125 - B  
           --
   125.55. When a roll - over is available for a demerger  
   125.60. Meaning of ownership interest and related terms  
   125.65. Meanings of demerger group , head entity and demerger subsidiary  
   125.70. Meanings of demerger , demerged entity and demerging entity  
   125.75. Exceptions to subsection 125 - 70(2)  
   125.80. What is the roll - over?  
   125.85. Cost base adjustments where CGT event happens but no roll - over chosen  
   125.90. Cost base adjustments where no CGT event  
   125.95. No other cost base adjustment after demerger  
   125.100.No further demerger relief in some cases  

              Subdivision 125-C--Consequences for members of demerger group
           --

   125.150.Guide to Subdivision 125 - C  
           --
   125.155.Certain capital gains or losses disregarded for demerging entity  
   125.160.No CGT event J1  
   125.165.Adjusted capital loss for value shift under a demerger  
   125.170.Reduced cost base reduction if demerger asset subject to roll - over  

              Subdivision 125-D--Public trading trusts
           --

   125.225.Guide to Subdivision 125 - D  
           --
   125.230.Application of Division to public trading trusts  

              Subdivision 125-E--Miscellaneous

   125.235.Share and interest sale facilities  

           Division 126--Same-asset roll-overs
           --

   126.1.  What this Division is about  

              Subdivision 126-A--Marriage or relationship breakdowns

   126.5.  CGT event involving spouses  
   126.15. CGT event involving company or trustee  
   126.20. Subsequent CGT event happening to roll - over asset where transferor was a CFC or a non - resident trust  
   126.25. Conditions for the purposes of subsections 126 - 5(3A) and 126 - 15(5)  

              Subdivision 126-B--Companies in the same wholly-owned group
           --

   126.40. What this Subdivision is about  
           --
   126.45. Roll - over for members of wholly - owned group  
   126.50. Requirements for roll - over  
   126.55. When there is a roll - over  
   126.60. Consequences of roll - over  
   126.75. Originating company is a CFC  
   126.85. Effect of roll - over on certain liquidations  

              Subdivision 126-C--Changes to trust deeds
           --

   126.125.What this Subdivision is about  
   126.130.Changes to trust deeds  
   126.135.Consequences of roll - over  

              Subdivision 126-D--Small superannuation funds

   126.140.CGT event involving small superannuation funds  

              Subdivision 126-E--Entitlement to shares after demutualisation and scrip for scrip roll-over
           --

   126.185.What this Subdivision is about  
           --
   126.190.When there is a roll - over  
   126.195.Consequences of roll - over  

              Subdivision 126-G--Transfer of assets between certain trusts
           --

   126.215.What this Subdivision is about  
           --
   126.220.Object of this Subdivision  
   126.225.When a roll - over may be chosen  
   126.230.Beneficiaries' entitlements not be discretionary etc.  
   126.235.Exceptions for roll - over  
   126.240.Consequences for the trusts  
   126.245.Consequences for beneficiaries--general approach for working out cost base etc.  
   126.250.Consequences for beneficiaries--other approach for working out cost base etc.  
   126.255.No other cost base etc. adjustment for beneficiaries  
   126.260.Giving information to beneficiaries  
   126.265.Interest sale facilities  

           Division 128--Effect of death
           --

   128.1.  What this Division is about  
           --
   128.10. Capital gain or loss when you die is disregarded  
   128.15. Effect on the legal personal representative or beneficiary  
   128.20. When does an asset pass to a beneficiary?  
   128.25. The beneficiary is a trustee of a superannuation fund etc.  
           --
   128.50. Joint tenants  

           Division 130--Investments
           --

   130.1.  What this Division is about  

              Subdivision 130-A--Bonus shares and units
           --

   130.15. Acquisition time and cost base of bonus equities  
           --
   130.20. Issue of bonus shares or units  

              Subdivision 130-B--Rights

   130.40. Exercise of rights  
   130.45. Timing rules  
   130.50.  Application to options  

              Subdivision 130-C--Convertible interests

   130.60. Shares or units acquired by converting a convertible interest  

              Subdivision 130-D--Employee share schemes

   130.75. Objects of Subdivision  
   130.80. ESS interests acquired under employee share schemes  
   130.85. Interests in employee share trusts  
   130.90. Shares held by employee share trusts  
   130.95. Shares and rights in relation to ESS interests  
   130.97. Application of certain provisions of Division 83A  

              Subdivision 130-E--Exchangeable interests

   130.100.Exchangeable interest  
   130.105.Shares acquired in exchange for the disposal or redemption of an exchangeable interest  

              Subdivision 130-F--Exploration investments

   130.110.Reducing the reduced cost base before disposal  

           Division 132--Leases

   132.1.  Lessee incurs expenditure to get lease term varied or waived  
   132.5.  Lessor pays lessee for improvements  
   132.10. Grant of a long - term lease  
   132.15. Lessee of land acquires reversionary interest of lessor  

           Division 134--Options

   134.1.  Exercise of options  

           Division 137--Granny flat arrangements

              Subdivision 137-A--When CGT events do not happen
           --

   137.1.  What this Subdivision is about  
           --
   137.10. Meaning of key terms  
   137.15. CGT event does not happen when a certain kind of granny flat arrangement is entered into  
   137.20. CGT event does not happen when a certain kind of granny flat arrangement is varied  
   137.25. CGT event does not happen when a certain kind of granny flat arrangement is terminated  

           Division 149--When an asset stops being a pre-CGT asset

              Subdivision 149-A--Key concepts

   149.10. What is a pre - CGT asset?  
   149.15. Majority underlying interests in a CGT asset  

              Subdivision 149-B--When asset of non-public entity stops being a pre-CGT asset

   149.25. Which entities are affected  
   149.30. Effects if asset no longer has same majority underlying ownership  
   149.35. Cost base elements of asset that stops being a pre - CGT asset  

              Subdivision 149-C--When asset of public entity stops being a pre-CGT asset

   149.50. Which entities are affected  
   149.55. Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership  
   149.60. What the evidence must show  
   149.70. Effects if asset no longer has same majority underlying ownership  
   149.75. Cost base elements of asset that stops being a pre - CGT asset  
   149.80. No more evidence needed after asset stops being a pre - CGT asset  

              Subdivision 149-F--How to treat a "demutualised" public entity

   149.162.Subdivision applies only if entity gives sufficient evidence  
   149.165.Members treated as having underlying interests in assets until demutualisation  
   149.170.Effect of demutualisation of interposed company  

           Division 152--Small business relief
           --

   152.1.  What this Division is about  

              Subdivision 152-A--Basic conditions for relief under this Division
           --

   152.5.  What this Subdivision is about  
           --
   152.10. Basic conditions for relief  
   152.12. Special conditions for CGT event D1  
           --
   152.15. Maximum net asset value test  
   152.20. Meaning of net value of the CGT assets  
           --
   152.35. Active asset test  
   152.40. Meaning of active asset  
   152.45. Continuing time periods for involuntary disposals  
           --
   152.47. Spouses or children taken to be affiliates for certain passively held CGT assets  
   152.48. Working out an entity's aggregated turnover for passively held CGT assets  
   152.49. Businesses that are winding up  
           --
   152.50. Significant individual test  
   152.55. Meaning of significant individual  
           --
   152.60. Meaning of CGT concession stakeholder  
           --
   152.65. Small business participation percentage  
   152.70. Direct small business participation percentage  
   152.75. Indirect small business participation percentage  
           --
   152.78. Trustee of discretionary trust may nominate beneficiaries to be controllers of trust  
           --
   152.80. CGT event happens to an asset or interest within 2 years of individual's death  

              Subdivision 152-B--Small business 15-year exemption
           --

   152.100.What this Subdivision is about  
   152.105.15 - year exemption for individuals  
   152.110.15 - year exemption for companies and trusts  
   152.115.Continuing time periods for involuntary disposals  
   152.125.Payments to company's or trust's CGT concession stakeholders are exempt  

              Subdivision 152-C--Small business 50% reduction
           --

   152.200.What this Subdivision is about  
   152.205.You get the small business 50% reduction  
   152.210.You may also get the small business retirement exemption and small business roll - over relief  
   152.215.15 - year rule has priority  
   152.220.You may choose not to apply this Subdivision  

              Subdivision 152-D--Small business retirement exemption
           --

   152.300.What this Subdivision is about  
   152.305.Choosing the exemption  
   152.310.Consequences of choice  
   152.315.Choosing the amount to disregard  
   152.320.Meaning of CGT retirement exemption limit  
   152.325.Company or trust conditions  
   152.330.15 - year rule has priority  

              Subdivision 152-E--Small business roll-over
           --

   152.400.What this Subdivision is about  
           --
   152.410.When you can obtain the roll - over  
   152.415.What the roll - over consists of  
   152.420.Rules where an individual who has obtained a roll - over dies  
   152.430.15 - year rule has priority  

   PART 3-5--CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS

           Division 160--Corporate loss carry back tax offset for 2020-21, 2021-22 or 2022-23 for businesses with turnover under $5 billion
           --

   160.1.  What this Division is about  

              Subdivision 160-A--Entitlement to and amount of loss carry back tax offset

   160.5.  Entitlement to loss carry back tax offset  
   160.10. Amount of loss carry back tax offset  

              Subdivision 160-B--Loss carry back choice

   160.15. Loss carry back choice  
   160.16. Changing a loss carry back choice  
   160.20. Entity must have had turnover less than $5 billion for loss year  
   160.25. Entity must have been a corporate tax entity during relevant years  
   160.30. Transferred tax losses, income tax liabilities etc. not included  
   160.35. Integrity rule--no loss carry back tax offset if scheme entered into  

           Division 164--Non-share capital accounts for companies
           --

   164.1.  What this Division is about  
           --
   164.5.  Object  
   164.10. Non - share capital account  
   164.15. Credits to non - share capital account  
   164.20. Debits to non - share capital account  

           Division 165--Income tax consequences of changing ownership or control of a company
           --

   165.1.  What this Division is about  

              Subdivision 165-A--Deducting tax losses of earlier income years
           --

   165.5.  What this Subdivision is about  
           --
   165.10. To deduct a tax loss  
   165.12. Company must maintain the same owners  
   165.13. Alternatively, the company must satisfy the business continuity test  
   165.15. The same people must control the voting power, or the company must satisfy the business continuity test  
   165.20. When company can deduct part of a tax loss  

              Subdivision 165-B--Working out the taxable income and tax loss for the income year of the change
           --

   165.23. What this Subdivision is about  
   165.25. Summary of this Subdivision  
   165.30. Flow chart showing the application of this Subdivision  
           --
   165.35. On a change of ownership, unless the company satisfies the business continuity test  
   165.37. Who has more than a 50% stake in the company during a period  
   165.40. On a change of control of the voting power in the company, unless the company satisfies the business continuity test  
           --
   165.45. First, divide the income year into periods  
   165.50. Next, calculate the notional loss or notional taxable income for each period  
   165.55. How to attribute deductions to periods  
   165.60. How to attribute assessable income to periods  
   165.65. How to calculate the company's taxable income for the income year  
           --
   165.70. How to calculate the company's tax loss for the income year  
           --
   165.75. How to calculate the company's notional loss or notional taxable income for a period when the company was a partner  
   165.80. How to calculate the company's share of a partnership's notional loss or notional net income for a period if both entities have the same income year  
   165.85. How to calculate the company's share of a partnership's notional loss or notional net income for a period if the entities have different income years  
   165.90. Company's full year deductions include a share of partnership's full year deductions  

              Subdivision 165-CA--Applying net capital losses of earlier income years
           --

   165.93. What this Subdivision is about  
           --
   165.96. When a company cannot apply a net capital loss  

              Subdivision 165-CB--Working out the net capital gain and the net capital loss for the income year of the change
           --

   165.99. What this Subdivision is about  
           --
   165.102.On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test  
           --
   165.105.First, divide the income year into periods  
   165.108.Next, calculate the notional net capital gain or notional net capital loss for each period  
   165.111.How to work out the company's net capital gain  
   165.114.How to work out the company's net capital loss  

              Subdivision 165-CC--Change of ownership or control of company that has an unrealised net loss
           --

   165.115.What this Subdivision is about  
   165.115AA.Special rules to save compliance costs  
           --
   165.115A.Application of Subdivision  
   165.115B.What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time  
   165.115BA.What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock  
   165.115BB.Order of application of assets: residual unrealised net loss  
   165.115C.Changeover time--change in ownership of company  
   165.115D.Changeover time--change in control of company  
   165.115E.What is an unrealised net loss  
   165.115F.Notional gains and losses  

              Subdivision 165-CD--Reductions after alterations in ownership or control of loss company
           --

   165.115GA.What this Subdivision is about  
   165.115GB.When adjustments must be made  
   165.115GC.How adjustments are calculated  
   165.115H.How this Subdivision applies  
           --
   165.115J.Object of Subdivision  
   165.115K.Application and interpretation  
   165.115L.Alteration time--alteration in ownership of company  
   165.115M.Alteration time--alteration in control of company  
   165.115N.Alteration time--declaration by liquidator or administrator  
   165.115P.Notional alteration time--disposal of interests in company within 12 months before alteration time  
   165.115Q.Notional alteration time--disposal of interests in company earlier than 12 months before alteration time  
   165.115R.When company is a loss company at first or only alteration time in income year  
   165.115S.When company is a loss company at second or later alteration time in income year  
   165.115T.Reduction of certain amounts included in company's overall loss at alteration time  
   165.115U.Adjusted unrealised loss  
   165.115V.Notional losses  
   165.115W.Calculation of trading stock decrease  
   165.115X.Relevant equity interest  
   165.115Y.Relevant debt interest  
   165.115Z.What constitutes a controlling stake in a company  
   165.115ZA.Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time  
   165.115ZB.Adjustment amounts for the purposes of section 165 - 115ZA  
   165.115ZC.Notices to be given  
   165.115ZD.Adjustment (or further adjustment) for interest realised at a loss after global method has been used  

              Subdivision 165-C--Deducting bad debts
           --

   165.117.What this Subdivision is about  
           --
   165.119.Application of Subdivision  
   165.120.To deduct a bad debt  
   165.123.Company must maintain the same owners  
   165.126.Alternatively, the company must satisfy the business continuity test  
   165.129.Same people must control the voting power, or the company must satisfy the business continuity test  
   165.132.When tax losses resulting from bad debts cannot be deducted  

              Subdivision 165-D--Tests for finding out whether the company has maintained the same owners
           --

   165.150.Who has more than 50% of the voting power in the company  
   165.155.Who has rights to more than 50% of the company's dividends  
   165.160.Who has rights to more than 50% of the company's capital distributions  
   165.165.Rules about tests for a condition or occurrence of a circumstance  
   165.175.Tests can be satisfied by a single person  
           --
   165.180.Arrangements affecting beneficial ownership of shares  
   165.185.Shares treated as not having carried rights  
   165.190.Shares treated as always having carried rights  
   165.200.Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units  
   165.202.Shares held by government entities and charities etc.  
   165.203.Companies where no shares have been issued  
   165.205.Death of share owner  
   165.207.Trustees of family trusts  
   165.208.Companies in liquidation etc.  
   165.209.Dual listed companies  

              Subdivision 165-E--Business continuity test

   165.210.The business continuity test--carrying on the same business  
   165.211.The business continuity test--carrying on a similar business  
   165.212D.Restructure of MDOs etc.  
   165.212E.Entry history rule does not apply for the purposes of sections 165 - 210 and 165 - 211  

              Subdivision 165-F--Special provisions relating to ownership by non-fixed trusts

   165.215.Special alternative to change of ownership test for Subdivision 165 - A  
   165.220.Special alternative to change of ownership test for Subdivision 165 - B  
   165.225.Special way of dividing the income year under Subdivision 165 - B  
   165.230.Special alternative to change of ownership test for Subdivision 165 - C  
   165.235.Information about non - fixed trusts with interests in company  
   165.240.Notices where requirements of section 165 - 235 are met  
   165.245.When an entity has a fixed entitlement to income or capital of a company  

              Subdivision 165-G--Other special provisions

   165.250.Control of companies in liquidation etc.  
   165.255.Incomplete periods  

           Division 166--Income tax consequences of changing ownership or control of a widely held or eligible Division 166 company
           --

   166.1.  What this Division is about  

              Subdivision 166-AA--The object of this Division

   166.3.  The object of this Division  

              Subdivision 166-A--Deducting tax losses of earlier income years

   166.5.  How Subdivision 165 - A applies to a widely held or eligible Division 166 company  
   166.15. Companies can choose that this Subdivision is not to apply to them  

              Subdivision 166-B--Working out the taxable income, tax loss, net capital gain and net capital loss for the income year of the change

   166.20. How Subdivisions 165 - B and 165 - CB apply to a widely held or eligible Division 166 company  
   166.25. How to work out the taxable income, tax loss, net capital gain and net capital loss  
   166.35. Companies can choose that this Subdivision is not to apply to them  

              Subdivision 166-C--Deducting bad debts

   166.40. How Subdivision 165 - C applies to a widely held or eligible Division 166 company  
   166.50. Companies can choose that this Subdivision is not to apply to them  

              Subdivision 166-CA--Changeover times and alteration times

   166.80. How Subdivision 165 - CC or 165 - CD applies to a widely held or eligible Division 166 company  
   166.90. Companies can choose that this Subdivision is not to apply to them  

              Subdivision 166-D--Tests for finding out whether the widely held or eligible Division 166 company has maintained the same owners
           --

   166.135.What this Subdivision is about  
           --
   166.145.The ownership tests: substantial continuity of ownership  
   166.165.Relationship with rules in Division 165  
           --
   166.175.Corporate change in a company  

              Subdivision 166-E--Concessional tracing rules
           --

   166.215.What this Subdivision is about  
           --
   166.220.Application of this Subdivision  
           --
   166.225.Direct stakes of less than 10% in the tested company  
   166.230.Indirect stakes of less than 10% in the tested company  
   166.235.Voting, dividend and capital stakes  
           --
   166.240.Stakes held directly and/or indirectly by widely held companies  
   166.245.Stakes held by other entities  
           --
   166.255.Bearer shares in foreign listed companies  
   166.260.Depository entities holding stakes in foreign listed companies  
           --
   166.265.Persons who actually control voting power or have rights are taken not to control power or have rights  
   166.270.Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights  
   166.272.Same shares or interests to be held  
           --
   166.275.Rules in this Subdivision intended to be concessional  
   166.280.Controlled test companies  

           Division 167--Companies whose shares carry unequal rights to dividends, capital distributions or voting power
           --

   167.1.  What this Division is about  

              Subdivision 167-A--Rights to dividends or capital distributions
           --

   167.5.  What this Subdivision is about  
   167.7.  Simplified outline of this Subdivision  
           --
   167.10. When this Subdivision applies  
   167.15. First way--disregard debt interests  
   167.20. Second way--also disregard secondary share classes  
   167.25. Third way--treat remaining shares as having fixed rights to dividends and capital distributions  
   167.30. Fixing rights if practicable to work out market values  
   167.35. Fixing rights if impracticable to work out market values etc.  
   167.40. The valuing times for conditions listed in subsection 167 - 10(1)  

              Subdivision 167-B--Voting power
           --

   167.75. What this Subdivision is about  
           --
   167.80. When this Subdivision applies  
   167.85. Different method for working out voting power  
   167.90. Dual listed companies  

           Division 170--Treatment of certain company groups for income tax purposes

              Subdivision 170-A--Transfer of tax losses within certain wholly-owned groups of companies
           --

   170.1.  What this Subdivision is about  
   170.5.  Basic principles for transferring tax losses  
           --
   170.10. When a company can transfer a tax loss  
   170.15. Income company is taken to have incurred transferred loss  
   170.20. Who can deduct transferred loss  
   170.25. Tax treatment of consideration for transferred tax loss  
           --
   170.30. Companies must be in existence and members of the same wholly - owned group etc.  
   170.32. Tax loss incurred by the loss company because of a transfer under Subdivision 707 - A  
   170.33. Alternative test of relations between the loss company and other companies  
   170.35. The loss company  
   170.40. The income company  
   170.42. If the income company has become the head company of a consolidated group or MEC group  
   170.45. Maximum amount that can be transferred  
   170.50. Transfer by written agreement  
   170.55. Losses must be transferred in order they are incurred  
   170.60. Income company cannot transfer transferred tax loss  
           --
   170.65. Agreement transfers as much as can be transferred  
   170.70. Amendment of assessments  
           --
   170.75. Treatment like Australian branches of foreign banks  

              Subdivision 170-B--Transfer of net capital losses within certain wholly-owned groups of companies
           --

   170.101.What this Subdivision is about  
   170.105.Basic principles for transferring a net capital loss  
           --
   170.110.When a company can transfer a net capital loss  
   170.115.Who can apply transferred loss  
   170.120.Gain company is taken to have made transferred loss  
   170.125.Tax treatment of consideration for transferred tax loss  
           --
   170.130.Companies must be in existence and members of the same wholly - owned group etc.  
   170.132.Net capital loss made by the loss company because of a transfer under Subdivision 707 - A  
   170.133.Alternative test of relations between the loss company and other companies  
   170.135.The loss company  
   170.140.The gain company  
   170.142.If the gain company has become the head company of a consolidated group or MEC group  
   170.145.Maximum amount that can be transferred  
   170.150.Transfer by written agreement  
   170.155.Losses must be transferred in order they are made  
   170.160.Gain company cannot transfer transferred net capital loss  
           --
   170.165.Agreement transfers as much as can be transferred  
   170.170.Amendment of assessments  
           --
   170.174.Treatment like Australian branches of foreign banks  

              Subdivision 170-C--Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies
           --

   170.201.What this Subdivision is about  
           --
   170.205.Object of Subdivision  
   170.210.Transfer of tax loss: direct and indirect interests in the loss company  
   170.215.Transfer of tax loss: direct and indirect interests in the income company  
   170.220.Transfer of net capital loss: direct and indirect interests in the loss company  
   170.225.Transfer of net capital loss: direct and indirect interests in the gain company  

              Subdivision 170-D--Transactions by a company that is a member of a linked group
           --

   170.250.What this Subdivision is about  
           --
   170.255.Application of Subdivision  
   170.260.Linked group  
   170.265.Connected entity  
   170.270.Immediate consequences for originating company  
   170.275.Subsequent consequences for originating company  
   170.280.What happens if certain events happen in respect of the asset  

           Division 175--Use of a company's tax losses or deductions to avoid income tax
           --

   175.1.  What this Division is about  

              Subdivision 175-A--Tax benefits from unused tax losses

   175.5.  When Commissioner can disallow deduction for tax loss  
   175.10. First case: income or capital gain injected into company because of available tax loss  
   175.15. Second case: someone else obtains a tax benefit because of tax loss available to company  

              Subdivision 175-B--Tax benefits from unused deductions

   175.20. Income or capital gain injected into company because of available deductions  
   175.25. Deduction injected into company because of available income or capital gain  
   175.30. Someone else obtains a tax benefit because of a deduction, income or capital gain available to company  
   175.35. Tax loss resulting from disallowed deductions  

              Subdivision 175-CA--Tax benefits from unused net capital losses of earlier income years

   175.40. When Commissioner can disallow net capital loss of earlier income year  
   175.45. First case: capital gain injected into company because of available net capital loss  
   175.50. Second case: someone else obtains a tax benefit because of net capital loss available to company  

              Subdivision 175-CB--Tax benefits from unused capital losses of the current year

   175.55. When Commissioner can disallow capital loss of current year  
   175.60. Capital gain injected into company because of available capital loss  
   175.65. Capital loss injected into company because of available capital gain  
   175.70. Someone else obtains a tax benefit because of capital loss or gain available to company  
   175.75. Net capital loss resulting from disallowed capital losses  

              Subdivision 175-C--Tax benefits from unused bad debt deductions

   175.80. When Commissioner can disallow deduction for bad debt  
   175.85. First case: income or capital gain injected into company because of available bad debt  
   175.90. Second case: someone else obtains a tax benefit because of bad debt deduction available to company  

              Subdivision 175-D--Common rules

   175.95.  When a person has a shareholding interest in the company  
   175.100.Commissioner may disallow excluded losses etc. of insolvent companies  

           Division 180--Information about family trusts with interests in companies
           --

   180.1.  What this Division is about  

              Subdivision 180-A--Information relevant to Division 165

   180.5.  Information about family trusts with interests in companies  
   180.10. Notice where requirements of section 180 - 5 are met  

              Subdivision 180-B--Information relevant to Division 175

   180.15. Information about family trusts with interests in companies  
   180.20. Notice where requirements of section 180 - 15 are met  

           Division 195--Special types of company

              Subdivision 195-A--Pooled development funds (PDFs)
           --

   195.1.  What this Subdivision is about  
           --
   195.5.  Deductibility of PDF tax losses  
   195.10. PDF cannot transfer tax loss  
   195.15. Tax loss for year in which company becomes a PDF  
           --
   195.25. Applying a PDF's net capital losses  
   195.30. PDF cannot transfer net capital loss  
   195.35. Net capital loss for year in which company becomes a PDF  
           --
   195.37. PDF cannot carry back tax loss  

              Subdivision 195-B--Limited partnerships
           --

   195.60. What this Subdivision is about  
           --
   195.65. Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP  
   195.70. Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP  
   195.72. Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP  
   195.75. Determinations to take account of income years of less than 12 months  

              Subdivision 195-C--Corporate collective investment vehicles
           --

   195.100.What this Subdivision is about  
           --
   195.105.Effect of this Subdivision  
   195.110.Each sub - fund of a CCIV is taken to be a separate trust  
   195.115.A CCIV sub - fund trust is a unit trust  
   195.120.Beneficiary of a CCIV sub - fund trust has fixed entitlements to shares of income and capital of the trust  
   195.123.How to work out the income of the trust estate of a CCIV sub - fund trust for an income year  
   195.125.When a beneficiary of a CCIV sub - fund trust is presently entitled to trust income  
   195.127.When a beneficiary of a CCIV sub - fund trust has an individual interest in exempt income and non - assessable non - exempt income of the trust estate  
   195.130.Application of Division 275 (managed investment trusts) to a CCIV sub - fund trust  
   195.135.Application of Division 276 (AMITs) to a CCIV sub - fund trust  
   195.140.Entry on Australian Business Register  

           Division 197--Tainted share capital accounts
           --

   197.1.  What this Division is about  

              Subdivision 197-A--What transfers into a company's share capital account does this Division apply to?

   197.5.  Division generally applies to an amount transferred to share capital account from another account  
   197.10. Exclusion for amounts that could be identified as share capital  
   197.15. Exclusion for amounts transferred under debt/equity swaps  
   197.20. Exclusion for amounts transferred leading to there being no shares with a par value--non - Corporations Act companies  
   197.25. Exclusion for transfers from option premium reserves  
   197.30. Exclusion for transfers made in connection with demutualisations of non - insurance etc. companies  
   197.35. Exclusion for transfers made in connection with demutualisations of insurance etc. companies  
   197.37. Exclusion for transfers made in connection with demutualisations of private health insurers  
   197.38. Exclusion for transfers connected with demutualisations of friendly society health or life insurers  
   197.40. Exclusion for post - demutualisation transfers relating to life insurance companies  
   197.42. Exclusion for exploration credits  

              Subdivision 197-B--Consequence of transfer: franking debit arises

   197.45. A franking debit arises in relation to the transfer  

              Subdivision 197-C--Consequence of transfer: tainting of share capital account

   197.50. The share capital account becomes tainted (if it is not already tainted)  
   197.55. Choosing to untaint a tainted share capital account  
   197.60. Choosing to untaint--liability to untainting tax  
   197.65. Choosing to untaint--further franking debits may arise  
   197.70. Due date for payment of untainting tax  
   197.75. General interest charge for late payment of untainting tax  
   197.80. Notice of liability to pay untainting tax  
   197.85. Evidentiary effect of notice of liability to pay untainting tax  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-6--THE IMPUTATION SYSTEM

           Division 200--Guide to Part 3-6
           --

   200.1.  What this Division is about  
   200.5.  The imputation system  
   200.10. Franking a distribution  
   200.15. The franking account  
   200.20. How a distribution is franked  
   200.25. A corporate tax entity must not give its members credit for more tax than the entity has paid  
   200.30. Benchmark rule  
   200.35.  Effect of receiving a franked distribution  
   200.40. An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members  
   200.45. Special rules for franking by some entities  

           Division 201--Objects and application of Part 3-6

   201.1.  Objects  
   201.5.  Application of this Part  

           Division 202--Franking a distribution

              Subdivision 202-A--Franking a distribution
           --

   202.1.  What this Subdivision is about  
           --
   202.5.  Franking a distribution  

              Subdivision 202-B--Who can frank a distribution?
           --

   202.10. What this Subdivision is about  
           --
   202.15. Franking entities  
   202.20. Residency requirement when making a distribution  

              Subdivision 202-C--Which distributions can be franked?
           --

   202.25. What this Subdivision is about  
   202.30. Frankable distributions  
           --
   202.35. Object  
   202.40. Frankable distributions  
   202.45. Unfrankable distributions  
   202.47. Distributions of certain ADI profits following restructure  

              Subdivision 202-D--Amount of the franking credit on a distribution
           --

   202.50. What this Subdivision is about  
   202.55. What is the maximum franking credit for a frankable distribution?  
           --
   202.60. Amount of the franking credit on a distribution  
   202.65. Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution  

              Subdivision 202-E--Distribution statements
           --

   202.70. What this Subdivision is about  
           --
   202.75. Obligation to give a distribution statement  
   202.80. Distribution statement  
   202.85. Changing the franking credit on a distribution by amending the distribution statement  

           Division 203--Benchmark rule
           --

   203.1.  What this Division is about  
   203.5.  Benchmark rule  
   203.10.  Benchmark franking percentage  
           --
   203.15. Object  
   203.20. Application of the benchmark rule  
   203.25.  Benchmark rule  
   203.30.  Setting a benchmark franking percentage  
   203.35. Franking percentage  
   203.40. Franking periods--where the entity is not a private company  
   203.45. Franking period--private companies  
   203.50. Consequences of breaching the benchmark rule  
   203.55.  Commissioner's powers to permit a departure from the benchmark rule  

           Division 204--Anti-streaming rules

              Subdivision 204-A--Objects and application

   204.1.  Objects  
   204.5.  Application  

              Subdivision 204-B--Linked distributions
           --

   204.10. What this Subdivision is about  
           --
   204.15. Linked distributions  

              Subdivision 204-C--Substituting tax-exempt bonus share for franked distributions
           --

   204.20. What this Subdivision is about  
           --
   204.25. Substituting tax - exempt bonus shares for franked distributions  

              Subdivision 204-D--Streaming distributions
           --

   204.26. What this Subdivision is about  
           --
   204.30. Streaming distributions  
   204.35. When does a franking debit arise if the Commissioner makes a determination under paragraph 204 - 30(3)(a)  
   204.40. Amount of the franking debit  
   204.41. Amount of the exempting debit  
   204.45. Effect of a determination about distributions to favoured members  
   204.50. Assessment and notice of determination  
   204.55. Right to review where a determination made  

              Subdivision 204-E--Disclosure requirements
           --

   204.65. What this Subdivision is about  
           --
   204.70. Application of this Subdivision  
   204.75. Notice to the Commissioner  
   204.80. Commissioner may require information where the Commissioner suspects streaming  

           Division 205--Franking accounts, franking deficit tax liabilities and the related tax offset
           --

   205.1.  What this Division is about  
   205.5.  Franking accounts, franking deficit tax liabilities and the related tax offset  
           --
   205.10. Each entity that is or has been a corporate tax entity has a franking account  
   205.15. Franking credits  
   205.20. Paying a PAYG instalment, income tax or diverted profits tax  
   205.25. Residency requirement for an event giving rise to a franking credit or franking debit  
   205.30. Franking debits  
   205.35. Refund of income tax or diverted profits tax  
   205.40. Franking surplus and deficit  
   205.45. Franking deficit tax  
   205.50. Deferring franking deficit  
   205.70. Tax offset arising from franking deficit tax liabilities  

           Division 207--Effect of receiving a franked distribution
           --

   207.5.  Overview  

              Subdivision 207-A--Effect of receiving a franked distribution generally
           --

   207.10. What this Subdivision is about  
           --
   207.15. Applying the general rule  
   207.20.  General rule--gross - up and tax offset  

              Subdivision 207-B--Franked distribution received through certain partnerships and trustees
           --

   207.25. What this Subdivision is about  
           --
   207.30. Applying this Subdivision  
   207.35. Gross - up--distribution made to, or flows indirectly through, a partnership or trustee  
   207.37. Attributable franked distribution--trusts  
   207.45. Tax offset--distribution flows indirectly to an entity  
           --
   207.50. When a franked distribution flows indirectly to or through an entity  
   207.55. Share of a franked distribution  
   207.57. Share of the franking credit on a franked distribution  
   207.58. Specifically entitled to an amount of a franked distribution  
   207.59. Franked distributions within class treated as single franked distribution  

              Subdivision 207-C--Residency requirements for the general rule
           --

   207.60. What this Subdivision is about  
   207.65. Satisfying the residency requirement  
           --
   207.70. Gross - up and tax offset under section 207 - 20  
   207.75. Residency requirement  

              Subdivision 207-D--No gross-up or tax offset where distribution would not be taxed
           --

   207.80. What this Subdivision is about  
           --
   207.85. Applying this Subdivision  
   207.90. Distribution that is made to an entity  
   207.95. Distribution that flows indirectly to an entity  

              Subdivision 207-E--Exceptions to the rules in Subdivision 207-D
           --

   207.105.What this Subdivision is about  
           --
   207.110.Effect of non - assessable income on gross up and tax offset  
           --
   207.115.Which exempt institutions are eligible for a refund?  
   207.117.Residency requirement  
   207.119.Entity not treated as exempt institution eligible for refund in certain circumstances  
   207.120.Entity may be ineligible because of a distribution event  
   207.122.Entity may be ineligible if distribution is in the form of property other than money  
   207.124.Entity may be ineligible if other money or property also acquired  
   207.126.Entity may be ineligible if distributions do not match trust share amounts  
   207.128.Reinvestment choice  
   207.130.Controller's liability  
   207.132.Treatment of benefits provided by an entity to a controller  
   207.134.Entity's present entitlement disregarded in certain circumstances  
   207.136.Review of certain decisions  

              Subdivision 207-F--No gross-up or tax offset where the imputation system has been manipulated
           --

   207.140.What this Subdivision is about  
           --
   207.145.Distribution that is made to an entity  
   207.150.Distribution that flows indirectly to an entity  
   207.155.When is a distribution made as part of a dividend stripping operation?  
   207.157.Distribution washing  
   207.158.Distributions entitled to a foreign income tax deduction  
   207.159.Distributions funded by capital raising  
   207.160.Distribution that is treated as an interest payment  

           Division 208--Exempting entities and former exempting entities
           --

   208.5.  What is an exempting entity?  
   208.10. Former exempting entities  
   208.15. Distributions by exempting entities and former exempting entities  

              Subdivision 208-A--What are exempting entities and former exempting entities?

   208.20. Exempting entities  
   208.25. Effective ownership of entity by prescribed persons  
   208.30. Accountable membership interests  
   208.35. Accountable partial interests  
   208.40. Prescribed persons  
   208.45. Persons who are taken to be prescribed persons  
   208.50. Former exempting companies  

              Subdivision 208-B--Franking with an exempting credit
           --

   208.55. What this Subdivision is about  
           --
   208.60. Franking with an exempting credit  

              Subdivision 208-C--Amount of the exempting credit on a distribution
           --

   208.65. What this Subdivision is about  
           --
   208.70. Amount of the exempting credit on a distribution  

              Subdivision 208-D--Distribution statements
           --

   208.75. Guide to Subdivision 208 - D  
           --
   208.80. Additional information to be included by a former exempting entity or exempting entity  

              Subdivision 208-E--Distributions to be franked with exempting credits to the same extent
           --

   208.85. What this Subdivision is about  
           --
   208.90. All frankable distributions made within a franking period must be franked to the same extent with an exempting credit  
   208.95. Exempting percentage  
   208.100.Consequences of breaching the rule in section 208 - 90  

              Subdivision 208-F--Exempting accounts and franking accounts of exempting entities and former exempting entities
           --

   208.105.What this Subdivision is about  
           --
   208.110.Exempting account  
   208.115.Exempting credits  
   208.120.Exempting debits  
   208.125.Exempting surplus and deficit  
   208.130.Franking credits arising because of status as exempting entity or former exempting entity  
   208.135.Relationships that will give rise to a franking credit under item 5 of the table in section 208 - 130  
   208.140.Membership of the same effectively wholly - owned group  
   208.145.Franking debits arising because of status as exempting entity or former exempting entity  
   208.150.Residency requirement  
   208.155.Eligible continuing substantial member  
   208.160.Distributions that are affected by a manipulation of the imputation system  
   208.165.Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit  
   208.170.Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution  
   208.175.When does a distribution franked with an exempting credit flow indirectly to an entity?  
   208.180.What is an entity's share of the exempting credit on a distribution?  
   208.185.Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth  

              Subdivision 208-G--Tax effects of distributions by exempting entities
           --

   208.190.What this Subdivision is about  
           --
   208.195.Division 207 does not generally apply  
   208.200.Distributions to exempting entities  
   208.205.Distributions to employees acquiring shares under eligible employee share schemes  
   208.215.Eligible employee share schemes  

              Subdivision 208-H--Tax effect of a distribution franked with an exempting credit
           --

   208.220.What this Subdivision is about  
           --
   208.225.Division 207 does not generally apply  
   208.230.Distributions to exempting entities and former exempting entities  
   208.235.Distributions to employees acquiring shares under eligible employee share schemes  
   208.240.Distributions to certain individuals  

           Division 210--Venture capital franking
           --

   210.1.  Purpose of venture capital franking  
   210.5.  How is this achieved?  
   210.10. What is a venture capital credit?  
   210.15. What does the PDF have to do to distribute the credits?  
   210.20. Limits on venture capital franking  

              Subdivision 210-A--Franking a distribution with a venture capital credit
           --

   210.25. What this Subdivision is about  
           --
   210.30. Franking a distribution with a venture capital credit  

              Subdivision 210-B--Participating PDFs
           --

   210.35. What this Subdivision is about  
           --
   210.40. What is a participating PDF  

              Subdivision 210-C--Distributions that are frankable with a venture capital credit
           --

   210.45. What this Subdivision is about  
           --
   210.50. Which distributions can be franked with a venture capital credit?  

              Subdivision 210-D--Amount of the venture capital credit on a distribution
           --

   210.55. What this Subdivision is about  
           --
   210.60. Amount of the venture capital credit on a distribution  

              Subdivision 210-E--Distribution statements
           --

   210.65. What this Subdivision is about  
           --
   210.70. Additional information to be included when a distribution is franked with a venture capital credit  

              Subdivision 210-F--Rules affecting the allocation of venture capital credits
           --

   210.75. What this Subdivision is about  
           --
   210.80. Draining the venture capital surplus when a distribution frankable with venture capital credits is made  
   210.81. Distributions to be franked with venture capital credits to the same extent  
   210.82. Consequences of breaching the rule in section 210 - 81  

              Subdivision 210-G--Venture capital sub-account
           --

   210.85. What this Subdivision is about  
   210.90. The venture capital sub - account  
   210.95. Venture capital deficit tax  
           --
   210.100.Venture capital sub - account  
   210.105.Venture capital credits  
   210.110.Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax  
   210.115.Participating PDF may elect to have venture capital credits arise on its assessment day  
   210.120.Venture capital debits  
   210.125.Venture capital debit where CGT limit is exceeded  
   210.130.Venture capital surplus and deficit  
   210.135.Venture capital deficit tax  
   210.140.Effect of a liability to pay venture capital deficit tax on franking deficit tax  
   210.145.Effect of a liability to pay venture capital deficit tax on the franking account  
   210.150.Deferring venture capital deficit  

              Subdivision 210-H--Effect of receiving a distribution franked with a venture capital credit
           --

   210.155.What this Subdivision is about  
   210.160.The significance of a venture capital credit  
   210.165.Recipients for whom the venture capital credit is not significant  
           --
   210.170.Tax offset for certain recipients of distributions franked with venture capital credits  
   210.175.Amount of the tax offset  
   210.180.Application of Division 207 where the recipient is entitled to a tax offset under section 210 - 170  

           Division 214--Administering the imputation system
           --

   214.1.  Purpose of the system  
   214.5.  Key features  

              Subdivision 214-A--Franking returns
           --

   214.10. What this Subdivision is about  
           --
   214.15. Requirement to give franking return--general  
   214.20. Notice to a specific corporate tax entity  
   214.25. Content and form of a franking return  
   214.30. Franking account balance  
   214.35. Venture capital sub - account balance  
   214.40. Meaning of franking tax  
   214.45. Effect of a refund on franking returns  

              Subdivision 214-B--Franking assessments
           --

   214.55. What this Subdivision is about  
           --
   214.60. Commissioner may make a franking assessment  
   214.65. Commissioner taken to have made a franking assessment on first return  
   214.70. Part - year assessment  
   214.75. Validity of assessment  
   214.80. Objections  

              Subdivision 214-C--Amending franking assessments
           --

   214.90. What this Subdivision is about  
           --
   214.95. Amendments within 3 years of the original assessment  
   214.100.Amended assessments are treated as franking assessments  
   214.105.Further return as a result of a refund affecting a franking deficit tax liability  
   214.110.Later amendments--on request  
   214.115.Later amendments--failure to make proper disclosure  
   214.120.Later amendments--fraud or evasion  
   214.125.Further amendment of an amended particular  
   214.135.Amendment on review etc.  
   214.140.Notice of amendments  

              Subdivision 214-D--Collection and recovery
           --

   214.145.What this Subdivision is about  
           --
   214.150.Due date for payment of franking tax  
   214.155.General interest charge  
   214.160.Refunds of amounts overpaid  

              Subdivision 214-E--Records
           --

   214.170.What this Subdivision is about  
           --
   214.175.Record keeping  

           Division 215--Consequences of the debt/equity rules

              Subdivision 215-A--Application of the imputation system to non-share equity interests

   215.1.  Application of the imputation system to non - share equity interests  

              Subdivision 215-B--Non-share dividends that are unfrankable to some extent
           --

   215.5.  What this Subdivision is about  
   215.10. Certain non - share dividends by ADIs unfrankable  
   215.15. Non - share dividends are unfrankable if profits are unavailable  
   215.20. Working out the available frankable profits  
   215.25. Anticipating available frankable profits  

           Division 216--Cum dividend sales and securities lending arrangements

              Subdivision 216-A--Circumstances where a distribution to a member of a corporate tax entity is treated as having been made to someone else

   216.1.  When a distribution made to a member of a corporate tax entity is treated as having been made to someone else  
   216.5.  First situation (cum dividend sales)  
   216.10. Second situation (securities lending arrangements)  
   216.15. Distribution closing time  

              Subdivision 216-B--Statements to be made where there is a cum dividend sale or securities lending arrangement

   216.20. Cum dividend sale--statement by securities dealer  
   216.25. Cum dividend sale--statement by party  
   216.30. Securities lending arrangements--statement by borrower  

           Division 218--Application of imputation rules to co-operative companies

   218.5.  Application of imputation rules to co - operative companies  

           Division 219--Imputation for life insurance companies
           --

   219.1.  What this Division is about  

              Subdivision 219-A--Application of imputation rules to life insurance companies

   219.10. Application of imputation rules to life insurance companies  

              Subdivision 219-B--Franking accounts of life insurance companies

   219.15. Franking credits  
   219.30. Franking debits  
   219.40. Residency requirement  
   219.45. Assessment day  
   219.50. Amount attributable to shareholders' share of income tax liability  
   219.55. Adjustment resulting from an amended assessment  
   219.70. Tax offset under section 205 - 70  
   219.75. Working out franking credits and franking debits where a tax offset under section 205 - 70 is applied  

           Division 220--Imputation for NZ resident companies and related companies
           --

   220.1.  What this Division is about  

              Subdivision 220-A--Objects of this Division

   220.15. Objects  
   220.20. What is an NZ resident ?  

              Subdivision 220-B--NZ company treated as Australian resident for imputation system if company chooses

   220.25. Application of provisions of Part 3 - 6 outside this Division  
   220.30. What is an NZ franking company ?  
   220.35. Making an NZ franking choice  
   220.40. When is an NZ franking choice in force?  
   220.45. Revoking an NZ franking choice  
   220.50. Cancelling an NZ franking choice  

              Subdivision 220-C--Modifications of other Divisions of this Part
           --

   220.100.Residency requirement for franking  
   220.105.Unfrankable distributions by NZ franking companies  
   220.110.Maximum franking credit under section 202 - 60  
           --
   220.205.Franking credit for payment of NZ franking company's withholding tax liability  
   220.210.Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company  
   220.215.Effect on franking account if NZ franking choice ceases to be in force  
           --
   220.300.NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries  
           --
   220.350.Providing for a franking credit to arise  
           --
   220.400.Gross - up and tax offset for distribution from NZ franking company reduced by supplementary dividend  
   220.405.Franked distribution and supplementary dividend flowing indirectly  
   220.410.Franking credit reduced if tax offset reduced  
           --
   220.500.Publicly listed post - choice NZ franking company and its 100% subsidiaries are not exempting entities  
   220.505.Post - choice NZ franking company is not automatically prescribed person  
   220.510.Parent company's status as prescribed person sets status of all other members of same wholly - owned group  
           --
   220.605.Effect on exempting account if NZ franking choice ceases to be in force  
           --
   220.700.Tax effect of distribution franked by NZ franking company with an exempting credit  
           --
   220.800.Joint and several liability for NZ resident company's franking tax etc.  

   PART 3-10----FINANCIAL TRANSACTIONS

           Division 230--Taxation of financial arrangements
           --

   230.1.  What this Division is about  
   230.5.  Scope of this Division  

              Subdivision 230-A--Core rules
           --

   230.10. Objects of this Division  
           --
   230.15. Gains are assessable and losses deductible  
   230.20. Gain or loss to be taken into account only once under this Act  
   230.25. Associated financial benefits to be taken into account only once under this Act  
   230.30. Treatment of gains and losses related to exempt income and non - assessable non - exempt income  
   230.35. Treatment of gains and losses of private or domestic nature  
           --
   230.40. Methods for taking gain or loss into account  
           --
   230.45. Financial arrangement  
   230.50. Financial arrangement (equity interest or right or obligation in relation to equity interest)  
   230.55. Rights, obligations and arrangements (grouping and disaggregation rules)  
           --
   230.60. When financial benefit provided or received under financial arrangement  
   230.65. Amount of financial benefit relating to more than one financial arrangement etc.  
   230.70. Apportionment when financial benefit received or right ceases  
   230.75. Apportionment when financial benefit provided or obligation ceases  
   230.80. Consistency in working out gains or losses (integrity measure)  
   230.85. Rights and obligations include contingent rights and obligations  

              Subdivision 230-B--The accruals/realisation methods
           --

   230.90. What this Subdivision is about  
           --
   230.95. Objects of this Subdivision  
           --
   230.100.When accruals method or realisation method applies  
   230.105.Sufficiently certain overall gain or loss  
   230.110.Sufficiently certain gain or loss from particular event  
   230.115.Sufficiently certain financial benefits  
   230.120.Financial arrangements with notional principal  
           --
   230.125.Overview of the accruals method  
   230.130.Applying accruals method to work out period over which gain or loss is to be spread  
   230.135.How gain or loss is spread  
   230.140.Method of spreading gain or loss--effective interest method  
   230.145.Application of effective interest method where differing income and accounting years  
   230.150.Election for portfolio treatment of fees  
   230.155.Election for portfolio treatment of fees where differing income and accounting years  
   230.160.Portfolio treatment of fees  
   230.165.Portfolio treatment of premiums and discounts for acquiring portfolio  
   230.170.Allocating gain or loss to income years  
   230.172.Applying accruals method to loss resulting from impairment  
   230.175.Running balancing adjustments  
           --
   230.180.Realisation method  
           --
   230.185.Reassessment  
   230.190.Re - estimation  
   230.192.Re - estimation--impairments and reversals  
   230.195.Balancing adjustment if rate of return maintained on re - estimation  
   230.200.Re - estimation if balancing adjustment on partial disposal  

              Subdivision 230-C--Fair value method

   230.205.Objects of this Subdivision  
   230.210.Fair value election  
   230.215.Fair value election where differing income and accounting years  
   230.220.Financial arrangements to which fair value election applies  
   230.225.Financial arrangements to which election does not apply  
   230.230.Applying fair value method to gains and losses  
   230.235.Splitting financial arrangements into 2 financial arrangements  
   230.240.When election ceases to apply  
   230.245.Balancing adjustment if election ceases to apply  

              Subdivision 230-D--Foreign exchange retranslation method

   230.250.Objects of this Subdivision  
   230.255.Foreign exchange retranslation election  
   230.260.Foreign exchange retranslation election where differing income and accounting years  
   230.265.Financial arrangements to which general election applies  
   230.270.Financial arrangements to which general election does not apply  
   230.275.Balancing adjustment for election in relation to qualifying forex accounts  
   230.280.Applying foreign exchange retranslation method to gains and losses  
   230.285.When election ceases to apply  
   230.290.Balancing adjustment if election ceases to apply  

              Subdivision 230-E--Hedging financial arrangements method

   230.295.Objects of this Subdivision  
   230.300.Applying hedging financial arrangement method to gains and losses  
   230.305.Table of events and allocation rules  
   230.310. Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item  
   230.315.Hedging financial arrangement election  
   230.320.Hedging financial arrangement election where differing income and accounting years  
   230.325.Hedging financial arrangements to which election applies  
   230.330.Hedging financial arrangements to which election does not apply  
   230.335.Hedging financial arrangement and hedged item  
   230.340.Generally whole arrangement must be hedging financial arrangement  
   230.345.Requirements not satisfied because of honest mistake or inadvertence  
   230.350.Derivative financial arrangement and foreign currency hedge  
   230.355.Recording requirements  
   230.360.Determining basis for allocating gain or loss  
   230.365.Effectiveness of the hedge  
   230.370.When election ceases to apply  
   230.375.Balancing adjustment if election ceases to apply  
   230.380.Commissioner may determine that requirement met  
   230.385.Consequences of failure to meet requirements  

              Subdivision 230-F--Reliance on financial reports

   230.390.Objects of this Subdivision  
   230.395.Election to rely on financial reports  
   230.400.Financial reports election where differing income and accounting years  
   230.405.Commissioner discretion to waive requirements in paragraphs 230 - 395(2)(c) and (e)  
   230.410.Financial arrangements to which the election applies  
   230.415.Financial arrangements not covered by election  
   230.420.Effect of election to rely on financial reports  
   230.425.When election ceases to apply  
   230.430.Balancing adjustment if election ceases to apply  

              Subdivision 230-G--Balancing adjustment on ceasing to have a financial arrangement

   230.435.When balancing adjustment made  
   230.440.Exceptions  
   230.445.Balancing adjustment  

              Subdivision 230-H--Exceptions

   230.450.Short - term arrangements where non - money amount involved  
   230.455.Certain taxpayers where no significant deferral  
   230.460.Various rights and/or obligations  
   230.465.Ceasing to have a financial arrangement in certain circumstances  
   230.470.Forgiveness of commercial debts  
   230.475.Clarifying exceptions  
   230.480.Treatment of gains in form of franked distribution etc.  
   230.481.Registered emissions units  

              Subdivision 230-I--Other provisions

   230.485.Effect of change of residence--rules for particular methods  
   230.490.Effect of change of residence--disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement  
   230.495.Effect of change of accounting principles or standards  
   230.500.Comparable foreign accounting and auditing standards  
   230.505.Financial arrangement as consideration for provision or acquisition of a thing  
   230.510.Non - arm's length dealings in relation to financial arrangement  
   230.515.Arm's length dealings in relation to financial arrangement--adjustment to gain or loss in certain situations  
   230.520.Disregard gains or losses covered by value shifting regime  
   230.522.Adjusting a gain or loss that gives rise to a hybrid mismatch  
   230.525.Consolidated financial reports  
   230.527.Elections--reporting documents of foreign ADIs  

              Subdivision 230-J--Additional operation of Division

   230.530.Additional operation of Division  

           Division 235--Particular financial transactions
           --

   235.1.  What this Division is about  

              Subdivision 235-I--Instalment trusts
           --

   235.805.What this Subdivision is about  
           --
   235.810.Object of this Subdivision  
   235.815.Application of Subdivision  
   235.820.Look - through treatment for instalment trusts  
   235.825.Meaning of instalment trust and instalment trust asset  
   235.830.What trusts are covered--instalment trust arrangements  
   235.835.Requirement for underlying investments to be listed or widely held  
   235.840.What trusts are covered--limited recourse borrowings by regulated superannuation funds  
   235.845.Interactions with other provisions  

           Division 240--Arrangements treated as a sale and loan
           --

   240.1.  What this Division is about  
   240.3.  How the recharacterisation affects the notional seller  
   240.7.  How the recharacterisation affects the notional buyer  

              Subdivision 240-A--Application and scope of Division
           --

   240.10. Application of this Division  
   240.15. Scope of Division  

              Subdivision 240-B--The notional sale and notional loan
           --

   240.17. Who is the notional seller and the notional buyer?  
   240.20. Notional sale of property by notional seller and notional acquisition of property by notional buyer  
   240.25. Notional loan by notional seller to notional buyer  

              Subdivision 240-C--Amounts to be included in notional seller's assessable income
           --

   240.30. What this Subdivision is about  
           --
   240.35. Amounts to be included in notional seller's assessable income  
   240.40. Arrangement payments not to be included in notional seller's assessable income  

              Subdivision 240-D--Deductions allowable to notional buyer
           --

   240.45. What this Subdivision is about  
           --
   240.50. Extent to which deductions are allowable to notional buyer  
   240.55. Arrangement payments not to be deductions  

              Subdivision 240-E--Notional interest and arrangement payments
           --

   240.60. Notional interest  
   240.65. Arrangement payments  
   240.70. Arrangement payment periods  

              Subdivision 240-F--The end of the arrangement
           --

   240.75. When is the end of the arrangement?  
   240.80. What happens if the arrangement is extended or renewed  
   240.85. What happens if an amount is paid by or on behalf of the notional buyer to acquire the property  
   240.90. What happens if the notional buyer ceases to have the right to use the property  

              Subdivision 240-G--Adjustments if total amount assessed to notional seller differs from amount of interest
           --

   240.100.What this Subdivision is about  
           --
   240.105.Adjustments for notional seller  
   240.110.Adjustments for notional buyer  

              Subdivision 240-H--Application of Division 16E to certain arrangements

   240.112.Division 16E applies to certain arrangements  

              Subdivision 240-I--Provisions applying to hire purchase agreements
           --

   240.115.Another person, or no person taken to own property in certain cases  

           Division 242--Leases of luxury cars
           --

   242.1.  What this Division is about  

              Subdivision 242-A--Notional sale and loan
           --

   242.5.  What this Subdivision is about  
           --
   242.10. Application  
   242.15. Notional sale and acquisition  
   242.20. Consideration for notional sale, and cost, of car  
   242.25. Notional loan by lessor to lessee  

              Subdivision 242-B--Amount to be included in lessor's assessable income
           --

   242.30. What this Subdivision is about  
           --
   242.35. Amount to be included in lessor's assessable income  
   242.40. Treatment of lease payments  

              Subdivision 242-C--Deductions allowable to lessee
           --

   242.45. What this Subdivision is about  
           --
   242.50. Extent to which deductions are allowable to lessee  
   242.55. Lease payments not deductible  

              Subdivision 242-D--Adjustments if total amount assessed to lessor differs from amount of interest
           --

   242.60. What this Subdivision is about  
           --
   242.65. Adjustments for lessor  
   242.70. Adjustments for lessee  

              Subdivision 242-E--Extension, renewal and final ending of the lease
           --

   242.75. What this Subdivision is about  
           --
   242.80. What happens if the term of the lease is extended or the lease is renewed  
   242.85. What happens if an amount is paid by the lessee to acquire the car  
   242.90. What happens if the lessee stops having the right to use the car  

           Division 243--Limited recourse debt
           --

   243.10. What this Division is about  

              Subdivision 243-A--Circumstances in which Division operates
           --

   243.15. When does this Division apply?  
   243.20. What is limited recourse debt?  
   243.25. When is a debt arrangement terminated?  
   243.30. What is the financed property and the debt property?  

              Subdivision 243-B--Working out the excessive deductions
           --

   243.35. Working out the excessive deductions  

              Subdivision 243-C--Amounts included in assessable income and deductions
           --

   243.40. Amount included in debtor's assessable income  
   243.45. Deduction for later payments in respect of debt  
   243.50. Deduction for payments for replacement debt  
   243.55. Effect of Division on later capital allowance deductions  
   243.57. Effect of Division on later capital allowance balancing adjustments  
   243.58. Adjustment where debt only partially used for expenditure  

              Subdivision 243-D--Special provisions
           --

   243.60. Application of Division to partnerships  
   243.65. Application where partner reduces liability  
   243.70. Application of Division to companies ceasing to be 100% subsidiary  
   243.75. Application of Division where debt forgiveness rules also apply  

           Division 245--Forgiveness of commercial debts
           --

   245.1.  What this Division is about  
   245.2.  Simplified outline of this Division  

              Subdivision 245-A--Debts to which operative rules apply
           --

   245.5.  What this Subdivision is about  
           --
   245.10. Commercial debts  
   245.15. Non - equity shares  
   245.20. Parts of debts  

              Subdivision 245-B--What constitutes forgiveness of a debt
           --

   245.30. What this Subdivision is about  
           --
   245.35. What constitutes forgiveness of a debt  
   245.36. What constitutes forgiveness of a debt if the debt is assigned  
   245.37. What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt  
   245.40. Forgivenesses to which operative rules do not apply  
   245.45. Application of operative rules if forgiveness involves an arrangement  

              Subdivision 245-C--Calculation of gross forgiven amount of a debt
           --

   245.48. What this Subdivision is about  
           --
   245.50. Extent of forgiveness if consideration is given  
   245.55. General rule for working out the value of a debt  
   245.60. Special rule for working out the value of a non - recourse debt  
   245.61. Special rule for working out the value of a previously assigned debt  
           --
   245.65. Amount offset against amount of debt  
           --
   245.75. Gross forgiven amount of a debt  
   245.77. Gross forgiven amount shared between debtors  

              Subdivision 245-D--Calculation of net forgiven amount of a debt
           --

   245.80. What this Subdivision is about  
           --
   245.85. Reduction of gross forgiven amount  
   245.90. Agreement between companies under common ownership for creditor to forgo capital loss or deduction  

              Subdivision 245-E--Application of net forgiven amounts
           --

   245.95. What this Subdivision is about  
           --
   245.100.Subdivision not to apply to calculation of attributable income  
   245.105.How total net forgiven amount is applied  
           --
   245.115.Total net forgiven amount is applied in reduction of tax losses  
   245.120.Allocation of total net forgiven amount in respect of tax losses  
           --
   245.130.Remaining total net forgiven amount is applied in reduction of net capital losses  
   245.135.Allocation of remaining total net forgiven amount in respect of net capital losses  
           --
   245.145.Remaining total net forgiven amount is applied in reduction of expenditure  
   245.150.Allocation of remaining total net forgiven amount in respect of expenditures  
   245.155.How expenditure is reduced--straight line deductions  
   245.157.How expenditure is reduced--diminishing balance deductions  
   245.160.Amount applied in reduction of expenditure included in assessable income in certain circumstances  
           --
   245.175.Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets  
   245.180.Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets  
   245.185.Relevant cost bases of investments in associated entities are reduced last  
   245.190.Reduction of the relevant cost bases of a CGT asset  
           --
   245.195.No further consequences if there is any remaining unapplied total net forgiven amount  

              Subdivision 245-F--Special rules relating to partnerships
           --

   245.200.What this Subdivision is about  
           --
   245.215.Unapplied total net forgiven amount of a partnership is transferred to partners  

              Subdivision 245-G--Record keeping

   245.265.Keeping and retaining records  

           Division 247--Capital protected borrowings
           --

   247.1.  What this Division is about  
           --
   247.5.  Object of Division  
   247.10. What capital protected borrowing and capital protection are  
   247.15. Application of this Division  
   247.20. Treating capital protection as a put option  
   247.25. Number of put options  
   247.30. Exercise or expiry of option  

           Division 250--Assets put to tax preferred use
           --

   250.1.  What this Division is about  

              Subdivision 250-A--Objects

   250.5.  Main objects  

              Subdivision 250-B--When this Division applies to you and an asset
           --

   250.10. When this Division applies to you and an asset  
   250.15. General test  
   250.20. First exclusion--small business entities  
   250.25. Second exclusion--financial benefits under minimum value limit  
   250.30. Third exclusion--certain short term or low value arrangements  
   250.35. Exceptions to section 250 - 30  
   250.40. Fourth exclusion--sum of present values of financial benefits less than amount otherwise assessable  
   250.45. Fifth exclusion--Commissioner determination  
           --
   250.50. End user of an asset  
   250.55. Tax preferred end user  
   250.60. Tax preferred use of an asset  
   250.65. Arrangement period for tax preferred use  
   250.70. New tax preferred use at end of arrangement period if tax preferred use continues  
   250.75. What constitutes a separate asset for the purposes of this Division  
   250.80. Treatment of particular arrangements in the same way as leases  
           --
   250.85. Financial benefits in relation to tax preferred use of an asset  
   250.90. Financial benefit provided directly or indirectly  
   250.95. Expected financial benefits in relation to an asset put to tax preferred use  
   250.100.Present value of financial benefit that has already been provided  
           --
   250.105.Discount rate to be used in working out present values  
           --
   250.110.Predominant economic interest  
   250.115.Limited recourse debt test  
   250.120.Right to acquire asset test  
   250.125.Effectively non - cancellable, long term arrangement test  
   250.130.Meaning of effectively non - cancellable arrangement  
   250.135.Level of expected financial benefits test  
   250.140.When to retest predominant economic interest under section 250 - 135  

              Subdivision 250-C--Denial of, or reduction in, capital allowance deductions

   250.145.Denial of capital allowance deductions  
   250.150.Apportionment rule  

              Subdivision 250-D--Deemed loan treatment of financial benefits provided for tax preferred use

   250.155.Arrangement treated as loan  
   250.160.Financial benefits that are subject to deemed loan treatment  
   250.180.End value of asset  
   250.185.Financial benefits subject to deemed loan treatment not assessed  

              Subdivision 250-E--Taxation of deemed loan
           --

   250.190.What this Subdivision is about  
           --
   250.195.Application of Subdivision  
   250.200.Objects of this Subdivision  
           --
   250.205.Gains are assessable and losses deductible  
   250.210.Gain or loss to be taken into account only once under this Act  
           --
   250.215.Methods for taking gain or loss into account  
           --
   250.220.Consistency in working out gains or losses (integrity measure)  
   250.225.Rights and obligations include contingent rights and obligations  
           --
   250.230.Application of accruals method  
   250.235.Overview of the accruals method  
   250.240.Applying accruals method to work out period over which gain or loss is to be spread  
   250.245.How gain or loss is spread  
   250.250.Allocating gain or loss to income years  
   250.255.When to re - estimate  
   250.260.Re - estimation if balancing adjustment on partial disposal  
           --
   250.265.When balancing adjustment made  
   250.270.Exception for subsidiary member leaving consolidated group  
   250.275.Balancing adjustment  
           --
   250.280.Financial arrangement received or provided as consideration  

              Subdivision 250-F--Treatment of asset when Division ceases to apply to the asset

   250.285.Treatment of asset after Division ceases to apply to the asset  
   250.290.Balancing adjustment under Subdivision 40 - D in some circumstances  

              Subdivision 250-G--Objections against determinations and decisions by the Commissioner

   250.295.Objections against determinations and decisions by the Commissioner  

           Division 253--Financial claims scheme for account-holders with insolvent ADIs

              Subdivision 253-A--Tax treatment of entitlements under financial claims scheme
           --

   253.1.  What this Subdivision is about  
           --
   253.5.  Payment of entitlement under financial claims scheme treated as payment from ADI  
   253.10. Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects  
   253.15. Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-25----PARTICULAR KINDS OF TRUSTS

           Division 275--Australian managed investment trusts: general
           --

   275.1.  What this Division is about  

              Subdivision 275-A--Meaning of managed investment trust
           --

   275.5.  What this Subdivision is about  
           --
   275.10. Meaning of managed investment trust  
   275.15. Trusts with wholesale membership  
   275.20. Widely - held requirements--ordinary case  
   275.25. Widely - held requirements for registered MIT--special case for entities covered by subsection 275 - 20(4)  
   275.30. Closely - held restrictions  
   275.35. Licensing requirements for unregistered MIS  
   275.40. MIT participation interest  
   275.45. Meaning of managed investment trust --every member of trust is a managed investment trust etc.  
   275.50. Extended definition of managed investment trust --no fund payment made in relation to the income year  
   275.55. Extended definition of managed investment trust --temporary circumstances outside the control of the trustee  

              Subdivision 275-B--Choice for capital treatment of managed investment trust gains and losses

   275.100.Consequences of making choice--CGT to be primary code for calculating MIT gains or losses  
   275.105.Covered assets  
   275.110.MIT not to be trading trust  
   275.115.MIT CGT choices  
   275.120.Consequences of not making choice--revenue account treatment  

              Subdivision 275-C--Carried interests in managed investment trusts

   275.200.Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction  

              Subdivision 275-L--Modification for non-arm's length income
           --

   275.600.What this Subdivision is about  
           --
   275.605.Trustee taxed on amount of non - arm's length income of managed investment trust  
   275.610.Non - arm's length income  
   275.615.Commissioner's determination in relation to amount of non - arm's length income  

           Division 276--Australian managed investment trusts: attribution managed investment trusts
           --

   276.1.  What this Division is about  

              Subdivision 276-A--What is an attribution managed investment trust?
           --

   276.5.  What this Subdivision is about  
           --
   276.10. Meaning of attribution managed investment trust (or AMIT )  
   276.15. Clearly defined interests  
   276.20. Trust with classes of membership interests--each class treated as separate AMIT  

              Subdivision 276-B--Member's vested and indefeasible interest in share of income and capital of AMIT
           --

   276.50. What this Subdivision is about  
           --
   276.55. AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital  

              Subdivision 276-C--Taxation etc. of member components
           --

   276.75. What this Subdivision is about  
           --
   276.80. Member's assessable income or tax offsets for determined member components--general rules  
   276.85.  Member's assessable income or tax offsets for determined member components--specific rules  
   276.90.  Commissioner's determination as to status of member as qualified person  
   276.95. Relationship between section 276 - 80 and withholding rules  
   276.100. Relationship between section 276 - 80 and other charging provisions in this Act  
           Foreign resident members--taxation of trustee and corresponding tax offset for members
   276.105.Trustee taxed on foreign resident's determined member components  
   276.110.Refundable tax offset for foreign resident member--member that is not a trustee  
           --
   276.115.Custodian interposed between AMIT and member  

              Subdivision 276-D--Member components
           --

   276.200.What this Subdivision is about  
           --
   276.205.Meaning of determined member component  
   276.210.Meaning of member component  

              Subdivision 276-E--Trust components
           --

   276.250.What this Subdivision is about  
           --
   276.255.Meaning of determined trust component  
   276.260.Meaning of trust component  
   276.265.Rules for working out trust components--general rules  
   276.270. Rules for working out trust components--allocation of deductions  

              Subdivision 276-F--Unders and overs
           --

   276.300.What this Subdivision is about  
           --
   276.305.Adjustment of trust component for unders and overs  
   276.310.Rounding adjustment deficit increases trust component  
   276.315.Rounding adjustment surplus decreases trust component  
   276.320.Meaning of trust component deficit  
   276.325.Trust component of character relating to assessable income--adjustment for cross - character allocation amount, carry - forward trust component deficit and FITO allocation amount  
   276.330.Meaning of cross - character allocation amount and carry - forward trust component deficit  
   276.335.Meaning of FITO allocation amount  
   276.340.Trust component character relating to tax offset--taxation of trust component deficit  
           --
   276.345.Meaning of under and over of a character  
   276.350.Limited discovery period for unders and overs  

              Subdivision 276-G--Shortfall and excess taxation
           --

   276.400.What this Subdivision is about  
           --
   276.405.Trustee taxed on shortfall in determined member component (character relating to assessable income)  
   276.410.Trustee taxed on excess in determined member component (character relating to tax offset)  
   276.415.Trustee taxed on amounts of determined trust component that are not reflected in determined member components  
           --
   276.420.Trustee taxed on amounts of under of character relating to assessable income not properly carried forward  
   276.425.Trustee taxed on amounts of over of character relating to tax offset not properly carried forward  
           --
   276.430.Commissioner may remit tax under this Subdivision  

              Subdivision 276-H--AMMA statements
           --

   276.450.What this Subdivision is about  
           --
   276.455.Obligation to give an AMMA statement  
   276.460.AMIT member annual statement (or AMMA statement )  
           --
           --
   276.500.What this Subdivision is about  
           --
   276.505.Meaning of debt - like trust instrument  
   276.510.Debt - like trust instruments treated as debt interests etc.  
   276.515.Distribution on debt - like trust instrument could be deductible in working out trust components  
           --
           --
   276.800.What this Subdivision is about  
           --
   276.805.Application of Subdivision to former AMIT  
   276.810.Continue to work out trust components, unders, overs etc.  
   276.815.Effect of increase  
   276.820.Effect of decrease  

   PART 3-30----SUPERANNUATION

           Division 280--Guide to the superannuation provisions

   280.1.  Effect of this Division  
   280.5.  Overview  
           --
   280.10. Contributions phase--deductibility  
   280.15. Contributions phase--limits on superannuation tax concessions  
           --
   280.20. Investment phase  
           --
   280.25. Benefits phase--different types of superannuation benefit  
   280.30. Benefits phase--taxation varies with age of recipient and type of benefit  
   280.35. Benefits phase--roll - overs  
           --
   280.40. Other relevant legislative schemes  

           Division 285--General concepts relating to superannuation

   285.5.  Transfers of property  

           Division 290--Contributions to superannuation funds
           --

   290.1.  What this Division is about  

              Subdivision 290-A--General rules

   290.5.   Non - application to roll - over superannuation benefits etc.  
   290.10. No deductions other than under this Division  

              Subdivision 290-B--Deduction of employer contributions and other employment-connected contributions
           --

   290.60. Employer contributions deductible  
   290.65. Application to employees etc.  
           --
   290.70. Employment activity conditions  
   290.75. Complying fund conditions  
   290.80. Age related conditions  
           --
   290.85. Contributions for former employees etc.  
   290.90. Controlling interest deductions  
   290.95. Amounts offset against superannuation guarantee charge  
           --
   290.100.Returned contributions assessable  

              Subdivision 290-C--Deducting personal contributions

   290.150.Personal contributions deductible  
           --
   290.155.Complying superannuation fund condition  
   290.165.Age - related conditions  
   290.167.Contribution must not be a downsizer contribution  
   290.168.Contribution must not be a re - contribution under the first home super saver scheme  
   290.169.Contribution must not be a COVID - 19 re - contribution  
   290.170.Notice of intent to deduct conditions  
   290.175.Deduction limited by amount specified in notice  
   290.180.Notice may be varied but not revoked or withdrawn  

              Subdivision 290-D--Tax offsets for spouse contributions

   290.230.Offset for spouse contribution  
   290.235.Limit on amount of tax offsets  
   290.240.Tax file number  

           Division 291--Excess concessional contributions
           --

   291.1.  What this Division is about  

              Subdivision 291-A--Object of this Division

   291.5.  Object of this Division  

              Subdivision 291-B--Excess concessional contributions
           --

   291.10. What this Subdivision is about  
           --
   291.15. Excess concessional contributions--assessable income, 15% tax offset  
   291.20. Your excess concessional contributions for a financial year  
   291.25. Your concessional contributions for a financial year  

              Subdivision 291-C--Modifications for defined benefit interests
           --

   291.155.What this Subdivision is about  
           --
   291.160.Application  
   291.165.Concessional contributions--special rules for defined benefit interests  
   291.170.Notional taxed contributions  
   291.175.Defined benefit interest  

              Subdivision 291-CA--Contributions that do not result in excess contributions
           --

   291.365.What this Subdivision is about  
           --
   291.370.Contributions that do not result in excess contributions  

              Subdivision 291-D--Other provisions
           --

   291.460.What this Subdivision is about  
           --
   291.465.Commissioner's discretion to disregard contributions etc. in relation to a financial year  

           Division 292--Excess non-concessional contributions
           --

   292.1.  What this Division is about  

              Subdivision 292-A--Object of this Division

   292.5.  Object of this Division  

              Subdivision 292-B--Assessable income and tax offset

   292.15. What this Subdivision is about  
   292.20. Amount in assessable income, and tax offset, relating to your non - concessional contributions  
   292.25. Amount included in assessable income  
   292.30. Amount of the tax offset  

              Subdivision 292-C--Excess non-concessional contributions tax

   292.75. What this Subdivision is about  
           --
   292.80. Liability for excess non - concessional contributions tax  
   292.85. Your excess non - concessional contributions for a financial year  
   292.90. Your non - concessional contributions for a financial year  
   292.95. Contributions arising from structured settlements or orders for personal injuries  
   292.100.Contribution relating to some CGT small business concessions  
   292.102.Downsizer contributions  
   292.103.COVID - 19 re - contributions  
   292.105.CGT cap amount  

              Subdivision 292-E--Excess non-concessional contributions tax assessments
           --

   292.225.What this Subdivision is about  
           --
   292.230.Commissioner must make an excess non - concessional contributions tax assessment  
   292.240.Validity of assessment  
   292.245.Objections  

              Subdivision 292-F--Amending excess non-concessional contributions tax assessments
           --

   292.300.What this Subdivision is about  
           --
   292.305.Amendments within 4 years of the original assessment  
   292.310.Amended assessments are treated as excess non - concessional contributions tax assessments  
   292.315.Later amendments--on request  
   292.320.Later amendments--fraud or evasion  
   292.325.Further amendment of an amended particular  
   292.330.Amendment on review etc.  

              Subdivision 292-G--Collection and recovery
           --

   292.380.What this Subdivision is about  
           --
   292.385.Due date for payment of excess non - concessional contributions tax  
   292.390.General interest charge  
   292.395.Refunds of amounts overpaid  

              Subdivision 292-H--Other provisions

   292.465.Commissioner's discretion to disregard contributions etc. in relation to a financial year  
   292.467.Direction that the value of superannuation interests is nil  

           Division 293--Sustaining the superannuation contribution concession
           --

   293.1.  What this Division is about  

              Subdivision 293-A--Object of this Division
           --

   293.5.  Object of this Division  

              Subdivision 293-B--Sustaining the superannuation contribution concession
           --

   293.10. What this Subdivision is about  
           --
   293.15. Liability for tax  
   293.20. Your taxable contributions  
           --
   293.25. Your low tax contributions  
   293.30. Low tax contributed amounts  

              Subdivision 293-C--When tax is payable
           --

   293.60. What this Subdivision is about  
           --
   293.65. When tax is payable--original assessments  
   293.70. When tax is payable--amended assessments  
   293.75. General interest charge  

              Subdivision 293-D--Modifications for defined benefit interests
           --

   293.100.What this Subdivision is about  
           --
   293.105.Low tax contributions-- modification for defined benefit interests  
   293.115.Defined benefit contributions  

              Subdivision 293-E--Modifications for constitutionally protected State higher level office holders
           --

   293.140.What this Subdivision is about  
           --
   293.145.Who this Subdivision applies to  
   293.150.Low tax contributions -- modification for CPFs  
   293.155.High income threshold--effect of modification  
   293.160.Salary packaged contributions  

              Subdivision 293-F--Modifications for Commonwealth justices
           --

   293.185.What this Subdivision is about  
           --
   293.190.Who this Subdivision applies to  
   293.195.Defined benefit contributions-- modified treatment of contributions under the Judges' Pensions Act 1968  
   293.200.High income threshold--effect of modification  

              Subdivision 293-G--Modifications for temporary residents who depart Australia
           --

   293.225.What this Subdivision is about  
           --
   293.230.Who is entitled to a refund  
   293.235.Amount of the refund  
   293.240.Entitlement to refund stops all Division 293 tax liabilities  

           Division 294--Transfer balance cap
           --

   294.1.  What this Division is about  

              Subdivision 294-A--Object of this Division
           --

   294.5.  Object of this Division  

              Subdivision 294-B--Transfer balance account
           --

   294.10. What this Subdivision is about  
           --
   294.15. When you have a transfer balance account  
   294.20. Meaning of retirement phase recipient  
   294.25. Transfer balance credits  
   294.30. Excess transfer balance  
   294.35. Your transfer balance cap  
   294.40. Proportionally indexed transfer balance cap  
   294.45. Transfer balance account ends  
   294.50. Assumptions about income streams  
   294.55. Repayment of limited recourse borrowing arrangement  

              Subdivision 294-C--Transfer balance debits
           --

   294.75. What this Subdivision is about  
           --
   294.80. Transfer balance debits  
   294.85. Certain events that result in reduced superannuation  
   294.90. Payment splits  
   294.95. Payment splits--no double debiting  

              Subdivision 294-D--Modifications for certain defined benefit income streams
           --

   294.120.What this Subdivision is about  
           --
   294.125.When this Subdivision applies  
   294.130.Meaning of capped defined benefit income stream  
   294.135.Transfer balance credit--special rule for capped defined benefit income streams  
   294.140.Excess transfer balance--special rule for capped defined benefit income streams  
   294.145.Transfer balance debits--special rules for capped defined benefit income streams  

              Subdivision 294-E--Modifications for death benefits dependants who are children
           --

   294.170.What this Subdivision is about  
           --
   294.175.When this Subdivision applies  
   294.180.Transfer balance account ends  
   294.185.Transfer balance cap--special rule for child recipient  
   294.190.Cap increment--child recipient just before 1 July 2017  
   294.195.Cap increment--child recipient on or after 1 July 2017, deceased had no transfer balance account  
   294.200.Cap increment--child recipient on or after 1 July 2017, deceased had transfer balance account  

              Subdivision 294-F--Excess transfer balance tax
           --

   294.225.What this Subdivision is about  
           --
   294.230.Excess transfer balance tax  
   294.235.Your excess transfer balance earnings  
   294.240.When tax is payable--original assessments  
   294.245.When tax is payable--amended assessments  
   294.250.General interest charge  

           Division 295--Taxation of superannuation entities
           --

   295.1.  What this Division is about  

              Subdivision 295-A--Provisions of general operation

   295.5.  Entities to which Division applies  
   295.10. How to work out the tax payable by superannuation entities  
   295.15. Division does not impose a tax on property of a State  
   295.20. Exempting laws ineffective  
   295.25. Assessments on basis of anticipated SIS Act notice  
   295.30. Effect of revocation etc. of SIS Act notices  
   295.35. Acronyms used in tables  

              Subdivision 295-B--Modifications of provisions of this Act

   295.85. CGT to be primary code for calculating gains or losses  
   295.90. CGT rules for pre - 30 June 1988 assets  
   295.95. Deductions related to contributions  
   295.100.Deductions for investing in PSTs and life policies  
   295.105.Distributions to PST unitholders  

              Subdivision 295-C--Contributions included
           --

   295.155.What this Subdivision is about  
           --
   295.160.Contributions and payments  
   295.165.Exception--spouse contributions  
   295.170.Exception--Government co - contributions and contributions for a child  
   295.173.Exception--trustee contributions  
   295.175.Exception--payments by a member spouse  
   295.180.Exception--choice to exclude certain contributions  
   295.185.Exception--temporary residents  
           --
   295.190.Personal contributions and roll - over amounts  
   295.195.Exclusion of personal contributions--contributions  
   295.197.Exclusion of personal contributions--successor funds  
           --
   295.200.Transfers from foreign superannuation funds  
           --
   295.205.Application of tables to RSA providers  
           --
   295.210.Former constitutionally protected funds  

              Subdivision 295-D--Contributions excluded

   295.260.Transfer of liability to investment vehicle  
   295.265.Application of pre - 1 July 88 funding credits  
   295.270.Anticipated funding credits  

              Subdivision 295-E--Other income amounts
           --

   295.320.Other amounts included in assessable income  
   295.325.Previously complying funds  
   295.330.Previously foreign funds  
           --
   295.335.Amounts excluded from assessable income  

              Subdivision 295-F--Exempt income

   295.385.Income from assets set aside to meet current pension liabilities  
   295.387.Disregarded small fund assets  
   295.390.Income from other assets used to meet current pension liabilities  
   295.395.Meaning of segregated non - current assets  
   295.400.Income of a PST attributable to current pension liabilities  
   295.405.Other exempt income  
   295.407.Covered superannuation income streams--RSAs  
   295.410.Amount credited to RSA  

              Subdivision 295-G--Deductions
           --

   295.460.Benefits for which deductions are available  
   295.465.Complying funds--deductions for insurance premiums  
   295.470.Complying funds--deductions for future liability to pay benefits  
   295.475.RSA providers--deductions for insurance premiums  
   295.480.Meaning of whole of life policy and endowment policy  
           --
   295.490.Other deductions  
           --
   295.495.Amounts that cannot be deducted  

              Subdivision 295-H--Components of taxable income

   295.545.Components of taxable income--complying superannuation funds, complying ADFs and PSTs  
   295.550.Meaning of non - arm's length income  
   295.555.Components of taxable income--RSA providers  

              Subdivision 295-I--No-TFN contributions

   295.605.Liability for tax on no - TFN contributions income  
   295.610.No - TFN contributions income  
   295.615.Meaning of quoted (for superannuation purposes)  
   295.620.No reduction under Subdivision 295 - D  
   295.625.Assessments  

              Subdivision 295-J--Tax offset for no-TFN contributions income (TFN quoted within 5 years)

   295.675.Entitlement to a tax offset  
   295.680.Amount of the tax offset  

           Division 301--Superannuation member benefits paid from complying plans etc.
           --

   301.1.  What this Division is about  

              Subdivision 301-A--Application

   301.5.  Division applies to superannuation member benefits paid from complying plans etc.  

              Subdivision 301-B--Member benefits: general rules
           Member benefits--recipient aged 60 or above

   301.10. All superannuation benefits are tax free  
           Member benefits--recipient aged over preservation age and under 60
   301.15. Tax free status of tax free component  
   301.20. Superannuation lump sum--taxable component taxed at 0% up to low rate cap amount, 15% on remainder  
   301.25. Superannuation income stream--taxable component attracts 15% offset  
           Member benefits--recipient aged under preservation age
   301.30. Tax free status of tax free component  
   301.35. Superannuation lump sum--taxable component taxed at 20%  
   301.40. Superannuation income stream--taxable component is assessable income, 15% offset for disability benefit  

              Subdivision 301-C--Member benefits: elements untaxed in fund

   301.90. Tax free component and element taxed in fund dealt with under Subdivision 301 - B, but element untaxed in the fund dealt with under this Subdivision  
           Member benefits (element untaxed in fund)--recipient aged 60 or above
   301.95. Superannuation lump sum--element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder  
   301.100.Superannuation income stream--element untaxed in fund attracts 10% offset  
           Member benefits (element untaxed in fund)--recipient aged over preservation age and under 60
   301.105.Superannuation lump sum--element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder  
   301.110.Superannuation income stream--element untaxed in fund is assessable income  
           Member benefits (element untaxed in fund)--recipient aged under preservation age
   301.115.Superannuation lump sum--element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder  
   301.120.Superannuation income stream--element untaxed in fund is assessable income  
           --
   301.125.Unclaimed money payments by the Commissioner  

              Subdivision 301-D--Departing Australia superannuation payments

   301.170.Departing Australia superannuation payments  
   301.175.Treatment of departing Australia superannuation benefits  

              Subdivision 301-E--Superannuation lump sum member benefits less than $200

   301.225.Superannuation lump sum member benefits less than $200 are tax free  

              Subdivision 301-F--Veterans' superannuation (invalidity pension) tax offset

   301.275.Veterans' superannuation (invalidity pension) tax offset  

           Division 302--Superannuation death benefits paid from complying plans etc.
           --

   302.1.  What this Division is about  

              Subdivision 302-A--Application

   302.5.  Division applies to superannuation death benefits paid from complying plans etc.  
   302.10. Superannuation death benefits paid to trustee of deceased estate  

              Subdivision 302-B--Death benefits to dependant
           --

   302.60. All of superannuation lump sum is tax free  
           Superannuation income stream--either deceased died aged 60 or above or dependant aged 60 or above
   302.65. Superannuation income stream benefits are tax free  
           Superannuation income stream--deceased died aged under 60 and dependant aged under 60
   302.70. Superannuation income stream--tax free status of tax free component  
   302.75. Superannuation income stream--taxable component attracts 15% offset  
           Death benefits to dependant--elements untaxed in fund
   302.80. Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant  
   302.85. Deceased died aged 60 or above or dependant aged 60 years or above--superannuation income stream: element untaxed in fund attracts 10% offset  
   302.90. Deceased died aged under 60 and dependant aged under 60--superannuation income stream: element untaxed in fund is assessable income  

              Subdivision 302-C--Death benefits to non-dependant
           --

   302.140.Superannuation lump sum--tax free status of tax free component  
   302.145.Superannuation lump sum--element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%  

              Subdivision 302-D--Definitions relating to dependants

   302.195.Meaning of death benefits dependant  
   302.200.What is an interdependency relationship ?  

           Division 303--Superannuation benefits paid in special circumstances
           --

   303.1.  What this Division is about  

              Subdivision 303-A--Modifications for defined benefit income
           --

   303.2.  Effect of exceeding defined benefit income cap on assessable income  
   303.3.  Effect of exceeding defined benefit income cap on tax offsets  
   303.4.  Meaning of defined benefit income cap  

              Subdivision 303-B--Other special circumstances

   303.5.  Commutation of income stream if you are under 25 etc.  
   303.10. Superannuation lump sum member benefit paid to member having a terminal medical condition  
   303.15. Payments from release authorities--general  
   303.20. Payments from release authorities--paying debt account discharge liability for a superannuation interest  

           Division 304--Superannuation benefits in breach of legislative requirements etc.
           --

   304.1.  What this Division is about  
           --
   304.5.  Application  
   304.10. Superannuation benefits in breach of legislative requirements etc.  
   304.20. Excess payments from release authorities--paying debt account discharge liability for a superannuation interest  

           Division 305--Superannuation benefits paid from non-complying superannuation plans
           --

   305.1.  What this Division is about  

              Subdivision 305-A--Superannuation benefits from Australian non-complying superannuation funds

   305.5.  Tax treatment of superannuation benefits from certain Australian non - complying superannuation funds  

              Subdivision 305-B--Superannuation benefits from foreign superannuation funds
           --

   305.55. Restriction to lump sums received from certain foreign superannuation funds  
           --
   305.60. Lump sums tax free--foreign resident period  
   305.65. Lump sums tax free--Australian resident period  
           --
   305.70. Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.  
   305.75. Lump sums-- applicable fund earnings  
   305.80. Lump sums paid into complying superannuation plans--choice  

           Division 306--Roll-overs etc.
           --

   306.1.  What this Division is about  
           --
   306.5.  Effect of a roll - over superannuation benefit  
   306.10. Roll - over superannuation benefit  
   306.12. Involuntary roll - over superannuation benefit  
   306.15. Tax on excess untaxed roll - over amounts  
   306.20. Effect of payment to government of unclaimed superannuation money  
   306.25. Payments connected with financial claims scheme to RSAs  

           Division 307--Key concepts relating to superannuation benefits
           --

   307.1.  What this Division is about  

              Subdivision 307-A--Superannuation benefits generally

   307.5.  What is a superannuation benefit ?  
   307.10. Payments that are not superannuation benefits  
   307.15. Payments for your benefit or at your direction or request  

              Subdivision 307-B--Superannuation lump sums and superannuation income stream benefits

   307.65. Meaning of superannuation lump sum  
   307.70. Meaning of superannuation income stream and superannuation income stream benefit  
   307.75. Meaning of retirement phase superannuation income stream benefit  
   307.80. When a superannuation income stream is in the retirement phase  

              Subdivision 307-C--Components of a superannuation benefit

   307.120.Components of superannuation benefit  
   307.125.Proportioning rule  
   307.130. Superannuation guarantee payment consists entirely of taxable component  
   307.133.PPL superannuation contribution payment  
   307.135.Superannuation co - contribution benefit payment consists entirely of tax free component  
   307.140.Contributions - splitting superannuation benefit consists entirely of taxable component  
   307.142.Components of certain unclaimed money payments  
   307.143.Components of a superannuation benefit that is a repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination  
   307.145.Modification for disability benefits  
   307.150.Modification in respect of superannuation lump sum with element untaxed in fund  

              Subdivision 307-D--Superannuation interests

   307.200.Regulations relating to meaning of superannuation interests  
   307.205.Value of superannuation interest  
   307.210.Tax free component of superannuation interest  
   307.215.Taxable component of superannuation interest  
   307.220.What is the contributions segment ?  
   307.225.What is the crystallised segment ?  
   307.230.Total superannuation balance  
   307.231.Limited recourse borrowing arrangements  

              Subdivision 307-E--Elements taxed and untaxed in the fund of the taxable component of superannuation benefit

   307.275.Element taxed in the fund and element untaxed in the fund of superannuation benefits  
   307.280.Superannuation benefits from constitutionally protected funds etc.  
   307.285.Trustee can choose to convert element taxed in the fund to element untaxed in the fund  
   307.290.Taxed and untaxed elements of death benefit superannuation lump sums  
   307.295.Superannuation benefits from public sector superannuation schemes may include untaxed element  
   307.297.Public sector superannuation schemes--elements set by regulations  
   307.300. Certain unclaimed money payments  

              Subdivision 307-F--Low rate cap and untaxed plan cap amounts

   307.345.Low rate cap amount  
   307.350.Untaxed plan cap amount  

              Subdivision 307-G--Other concepts

   307.400.Meaning of service period for a superannuation lump sum  

           Division 310--Loss relief for merging superannuation funds
           --

   310.1.  What this Division is about  
           --

              Subdivision 310-A--Object of this Division

   310.5.  Object  

              Subdivision 310-B--Choice to transfer losses

   310.10. Original fund's assets extend beyond life insurance policies and units in pooled superannuation trusts  
   310.15. Original fund's assets include a complying superannuation life insurance policy  
   310.20. Original fund's assets include units in a pooled superannuation trust  

              Subdivision 310-C--Consequences of choosing to transfer losses

   310.25. Who losses can be transferred to  
   310.30. Losses that can be transferred  
   310.35. Effect of transferring a net capital loss  
   310.40. Effect of transferring a tax loss  

              Subdivision 310-D--Choice for assets roll-over

   310.45. Choosing the assets roll - over  
   310.50. Choosing the form of the assets roll - over  

              Subdivision 310-E--Consequences of choosing assets roll-over

   310.55. CGT assets--if global asset approach chosen  
   310.60. CGT assets--individual asset approach  
   310.65. Revenue assets--if global asset approach chosen  
   310.70. Revenue assets--individual asset approach  
   310.75. Further consequences for roll - overs involving life insurance companies  

              Subdivision 310-F--Choices

   310.85. Choices  

           Division 312--Trans-Tasman portability of retirement savings
           --

   312.1.  What this Division is about  

              Subdivision 312-A--Preliminary

   312.5.  Division implements Arrangement with New Zealand  

              Subdivision 312-B--Amounts contributed to complying superannuation funds from KiwiSaver schemes

   312.10. Amounts contributed to complying superannuation funds from KiwiSaver schemes  

              Subdivision 312-C--Superannuation benefits paid to KiwiSaver scheme providers

   312.15. Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes  
   312.20. Superannuation benefits paid by Commissioner to KiwiSaver schemes  

           Division 313--First home super saver scheme
           --

   313.1.  What this Division is about  

              Subdivision 313-A--Preliminary
           --

   313.5.  Object of this Division  
   313.10. Application of this Division  

              Subdivision 313-B--Assessable income and tax offset
           --

   313.15. What this Subdivision is about  
           --
   313.20. Amount included in assessable income  
   313.25. Amount of the tax offset  

              Subdivision 313-C--Purchasing or constructing a residential premises
           --

   313.30. What this Subdivision is about  
           --
   313.35. Purchasing or constructing a residential premises  
   313.40. Notifying Commissioner  

              Subdivision 313-D--Contributing amounts to superannuation
           --

   313.45. What this Subdivision is about  
           --
   313.50. Contributing amounts to superannuation  

              Subdivision 313-E--First home super saver tax
           --

   313.55. What this Subdivision is about  
           --
   313.60. First home super saver tax  
   313.65. When tax is payable--original assessments  
   313.70. When tax is payable--amended assessments  
   313.75. General interest charge  

              Subdivision 313-F--Review of decisions
           --

   313.80. What this Subdivision is about  
           --
   313.85. Review rights for decisions made under this Division  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-32----CO-OPERATIVES AND MUTUAL ENTITIES

           Division 315--Demutualisation of private health insurers
           --

   315.1.  What this Division is about  

              Subdivision 315-A--Capital gains and losses connected with a demutualisation of a private health insurer to be disregarded
           --

   315.5.  Policy holders to disregard capital gains and losses related to demutualisation of private health insurer  
   315.10. Effect on the legal personal representative or beneficiary  
   315.15. Demutualisations to which this Division applies  
   315.20. What assets are covered  
           --
   315.25. Demutualising health insurers to disregard capital gains and losses related to demutualisation  
           --
   315.30. Other entities to disregard capital gains and losses related to demutualisation  

              Subdivision 315-B--Cost base of certain shares and rights in private health insurers

   315.80. Cost base and acquisition time of demutualisation assets  
   315.85. Demutualisation asset  
   315.90. Participating policy holders  

              Subdivision 315-C--Lost policy holders trust

   315.140.Lost policy holders trust  
   315.145.CGT treatment of demutualisation assets in lost policy holders trust  
   315.150.Roll - over where assets transferred to lost policy holder  
   315.155.Trustee assessed if assets dealt with not for benefit of lost policy holder  
   315.160.Subdivision 126 - E does not apply to lost policy holders trust  

              Subdivision 315-D--Special cost base rules for certain shares and rights in holding companies

   315.210.Cost base for shares and rights in certain holding companies  

              Subdivision 315-E--Special CGT rule for legal personal representatives and beneficiaries

   315.260.Special CGT rule for legal personal representatives and beneficiaries  

              Subdivision 315-F--Non-CGT consequences of demutualisation

   315.310.General taxation consequences of issue of demutualisation assets etc.  

           Division 316--Demutualisation of friendly society health or life insurers
           --

   316.1.  What this Division is about  

              Subdivision 316-A--Application

   316.5.  Application of this Division  

              Subdivision 316-B--Capital gains and losses connected with the demutualisation
           --

   316.50. What this Subdivision is about  
           --
   316.55. Disregarding capital gains and losses, except some involving receipt of money  
   316.60. Taking account of some capital gains and losses involving receipt of money  
   316.65. Valuation factor for sections 316 - 60, 316 - 105 and 316 - 165  
   316.70. Value of the friendly society  
           --
   316.75. Disregarding friendly society's capital gains and losses  
           --
   316.80. Disregarding other entities' capital gains and losses  

              Subdivision 316-C--Cost base of shares and rights issued under the demutualisation
           --

   316.100.What this Subdivision is about  
   316.105.Cost base and time of acquisition of shares and certain rights issued under demutualisation  
   316.110.Demutualisation assets  
   316.115.Entities to which section 316 - 105 applies  

              Subdivision 316-D--Lost policy holders trust
           --

   316.150.What this Subdivision is about  
           --
   316.155.Lost policy holders trust  
           --
   316.160.Disregarding beneficiaries' capital gains and losses, except some involving receipt of money  
   316.165.Taking account of some capital gains and losses involving receipt of money by beneficiaries  
   316.170.Roll - over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust  
   316.175.Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust  
   316.180.Subdivision 126 - E does not apply  

              Subdivision 316-E--Special CGT rules for legal personal representatives and beneficiaries

   316.200.Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate  
   316.205.Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate  

              Subdivision 316-F--Non-CGT consequences of the demutualisation
           --

   316.250.What this Subdivision is about  
   316.255.General taxation consequences of issue of demutualisation assets etc.  
   316.260.Franking debits to stop the friendly society and its subsidiaries having franking surpluses  
   316.265.Franking debits to negate franking credits from some distributions to friendly society and subsidiaries  
   316.270.Franking debits to negate franking credits from post - demutualisation payments of pre - demutualisation tax  
   316.275.Franking credits to negate franking debits from refunds of tax paid before demutualisation  

   PART 3-35----INSURANCE BUSINESS

           Division 320--Life insurance companies
           --

   320.1.  What this Division is about  
           --

              Subdivision 320-A--Preliminary

   320.5.  Object of Division  

              Subdivision 320-B--What is included in a life insurance company's assessable income
           --

   320.10. What this Subdivision is about  
           --
   320.15. Assessable income--various amounts  
   320.30. Assessable income--special provision for certain income years  
   320.35. Exempt income  
   320.37. Non - assessable non - exempt income  
   320.45. Tax treatment of gains or losses from CGT events in relation to complying superannuation assets  

              Subdivision 320-C--Deductions and capital losses
           --

   320.50. What this Subdivision is about  
           --
   320.55. Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets  
   320.60. Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets  
   320.65. Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits  
   320.70. No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability  
   320.75. Deduction for ordinary investment policies  
   320.80. Deduction for certain claims paid under life insurance policies  
   320.85. Deduction for increase in value of liabilities under net risk components of life insurance policies  
   320.87. Deduction for assets transferred from or to complying superannuation asset pool  
   320.100.Deduction for life insurance premiums paid under certain contracts of reinsurance  
   320.105.Deduction for assets transferred to segregated exempt assets  
   320.110.Deduction for interest credited to income bonds  
   320.111.Deduction for funeral policy payout  
   320.112.Deduction for scholarship plan payout  
   320.115.No deduction for amounts credited to RSAs  
   320.120.Capital losses from assets other than complying superannuation assets or segregated exempt assets  
   320.125.Capital losses from complying superannuation assets  

              Subdivision 320-D--Income tax, taxable income and tax loss of life insurance companies
           --

   320.130.What this Subdivision is about  
   320.131.Overview of Subdivision  
           --
   320.133.Object of Subdivision  
   320.134.Income tax of a life insurance company  
   320.135.Taxable income and tax loss of each of the 2 classes  
           --
   320.137.Taxable income--complying superannuation class  
   320.139.Taxable income--ordinary class  
   320.141.Tax loss--complying superannuation class  
   320.143.Tax loss--ordinary class  
   320.149.Provisions that apply only in relation to the ordinary class  

              Subdivision 320-E--No-TFN contributions of life insurance companies that are RSA providers
           --

   320.150.What this Subdivision is about  
           --
   320.155.Subdivisions 295 - I and 295 - J apply to companies that are RSA providers  

              Subdivision 320-F--Complying superannuation asset pool
           --

   320.165.What this Subdivision is about  
           --
   320.170.Establishment of complying superannuation asset pool  
   320.175.Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time  
   320.180.Consequences of a valuation under section 320 - 175  
   320.185.Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320 - 175  
   320.190.Complying superannuation liabilities  
   320.195.Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320 - 175  
   320.200.Consequences of transfer of assets to or from complying superannuation asset pool  

              Subdivision 320-H--Segregation of assets to discharge exempt life insurance policy liabilities
           --

   320.220.What this Subdivision is about  
           --
   320.225.Segregation of assets for purpose of discharging exempt life insurance policy liabilities  
   320.230.Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time  
   320.235.Consequences of a valuation under section 320 - 230  
   320.240.Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320 - 230  
   320.245.Exempt life insurance policy liabilities  
   320.246.Exempt life insurance policy  
   320.247.Policy split into an exempt life insurance policy and another life insurance policy  
   320.250.Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320 - 230  
   320.255.Consequences of transfer of assets to or from segregated exempt assets  

              Subdivision 320-I--Transfers of business
           --

   320.300.What this Subdivision is about  
           --
   320.305.When this Subdivision applies  
   320.310.Special deductions and amounts of assessable income  
   320.315.Complying superannuation asset pool and segregated exempt assets  
   320.320.Certain amounts treated as life insurance premiums  
   320.325.Friendly societies  
   320.330.Immediate annuities  
   320.335.Parts of assets treated as separate assets  
   320.340.Continuous disability policies  
   320.345.Exemption of management fees  

           Division 321--General insurance companies and companies that self-insure in respect of workers' compensation liabilities

              Subdivision 321-A--Provision for, and payment of, claims by general insurance companies

   321.10. Assessable income to include amount for reduction in adjusted liability for incurred claims  
   321.15. Deduction for increase in adjusted liability for incurred claims  
   321.20. How the value of adjusted liability for incurred claims is worked out  
   321.25. Deduction for claims paid during current year  

              Subdivision 321-B--Premium income of general insurance companies

   321.45. Assessable income to include gross premiums  
   321.50. Assessable income to include amount for reduction in adjusted liability for remaining coverage  
   321.55. Deduction for increase in adjusted liability for remaining coverage  
   321.60. How the value of adjusted liability for remaining coverage is worked out  

              Subdivision 321-C--Companies that self-insure in respect of workers' compensation liabilities

   321.80. Assessable income to include amount for reduction in outstanding claims liability  
   321.85. Deduction for outstanding claims liability  
   321.90. How value of outstanding claims liability is worked out  
   321.95. Deductions for claims paid during current year  

           Division 322--Assistance for policyholders with insolvent general insurers
           --

   322.1.  What this Division is about  

              Subdivision 322-A--HIH rescue package

   322.5.  Rescue payments treated as insurance payments by HIH  
   322.10. HIH Trust exempt from tax  
   322.15. Certain capital gains and capital losses disregarded  

              Subdivision 322-B--Tax treatment of entitlements under financial claims scheme
           --

   322.20. What this Subdivision is about  
           --
   322.25. Payment of entitlement under financial claims scheme treated as payment from insurer  
   322.30. Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects  

   PART 3-45----RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS

           Division 328--Small business entities
           --

   328.5.  What this Division is about  
   328.10. Concessions available to small business entities  

              Subdivision 328-B--Objects of this Division

   328.50. Objects of this Division  

              Subdivision 328-C--What is a small business entity
           --

   328.105.What this Subdivision is about  
           --
   328.110.Meaning of small business entity  
   328.115.Meaning of aggregated turnover  
   328.120.Meaning of annual turnover  
   328.125.Meaning of connected with an entity  
   328.130.Meaning of affiliate  

              Subdivision 328-D--Capital allowances for small business entities
           --

   328.170.What this Subdivision is about  
           --
   328.175.Calculations for depreciating assets  
   328.180.Assets costing less than $1,000  
   328.185.Pooling  
   328.190.Calculation  
   328.195.Opening pool balance  
   328.200.Closing pool balance  
   328.205.Estimate of taxable use  
   328.210.Low pool value  
   328.215.Disposal etc. of depreciating assets  
   328.220.What happens if you are not a small business entity or do not choose to use this Subdivision for an income year  
   328.225.Change in business use  
   328.230.Estimate where deduction denied  
   328.235.Interaction with Divisions 85 and 86  
           --
   328.243.Roll - over relief  
   328.245.Consequences of roll - over  
   328.247.Pool deductions  
   328.250.Deductions for assets first used in BAE year  
   328.253.Deductions for cost addition amounts  
   328.255.Closing pool balance etc. below zero  
   328.257.Taxable use  

              Subdivision 328-E--Trading stock for
           --

   328.280.What this Subdivision is about  
           --
   328.285.Trading stock for small and medium business entities  
   328.295.Value of trading stock on hand  

              Subdivision 328-F--Small business income tax offset
           --

   328.350.What this Subdivision is about  
           --
   328.355.Entitlement to the small business income tax offset  
   328.357.Special meaning of small business entity for the purposes of this Subdivision--$5 million turnover threshold  
   328.360.Amount of your tax offset  
   328.365.Net small business income  
   328.370.Relevant attributable deductions  
   328.375.Modification if you are under 18 years old  

              Subdivision 328-G--Restructures of small businesses
           --

   328.420.What this Subdivision is about  
           --
   328.425.Object of this Subdivision  
           --
   328.430.When a roll - over is available  
   328.435.Genuine restructures--safe harbour rule  
   328.440. Ultimate economic ownership--discretionary trusts  
   328.445.Residency requirement  
           --
   328.450.Small business transfers not to affect income tax positions  
   328.455.Effect of small business restructures on transferred cost of assets  
   328.460.Effect of small business restructures on acquisition times of pre - CGT assets  
   328.465.New membership interests as consideration for transfer of assets  
   328.470.Membership interests affected by transfers of assets  
   328.475.Small business restructures involving assets already subject to small business roll - over  

           Division 355--Research and Development
           --

   355.1.  What this Division is about  

              Subdivision 355-A--Object

   355.5.  Object  

              Subdivision 355-B--Meaning of R&D activities and other terms

   355.20. R&D activities  
   355.25. Core R&D activities  
   355.30. Supporting R&D activities  
   355.35. R&D entities  

              Subdivision 355-C--Entitlement to tax offset

   355.100.Entitlement to tax offset  
   355.105.Deductions under this Division are notional only  
   355.110.Notional deductions include prepaid expenditure  
   355.115.Working out an R&D entity's total expenses  

              Subdivision 355-D--Notional deductions for R&D expenditure

   355.200.What this Subdivision is about  
   355.205.When notional deductions for R&D expenditure arise  
   355.210.Conditions for R&D activities  
   355.215.R&D activities conducted by a permanent establishment for other parts of the body corporate  
   355.220.R&D activities conducted for a foreign entity  
   355.225.Expenditure that cannot be notionally deducted  

              Subdivision 355-E--Notional deductions etc. for decline in value of depreciating assets used for R&D activities

   355.300.What this Subdivision is about  
   355.305.When notional deductions for decline in value arise  
   355.310.Notional application of Division 40  
   355.315.Balancing adjustments--assets only used for R&D activities  

              Subdivision 355-F--Integrity Rules

   355.400.Expenditure incurred while not at arm's length  
   355.405.Expenditure not at risk  
   355.410.Disposal of R&D results  
   355.415.Reducing deductions to reflect mark - ups within groups  

              Subdivision 355-G--Clawback of R&D recoupments, feedstock adjustments and balancing adjustments
           --

   355.430.What this Subdivision is about  
           --
   355.435.When this Subdivision applies  
   355.440.R&D recoupments  
   355.445.Feedstock adjustments  
   355.446.Balancing adjustments for assets only used for R&D activities  
   355.447.Balancing adjustments for assets partially used for R&D activities  
   355.448.Balancing adjustments for R&D partnership assets only used for R&D activities  
   355.449.Balancing adjustments for R&D partnership assets partially used for R&D activities  
   355.450.Amount to be included in assessable income  

              Subdivision 355-H--Catch up deductions for balancing adjustment events for assets used for R&D activities
           --

   355.455.What this Subdivision is about  
           --
   355.460.When this Subdivision applies  
   355.465.Assets only used for R&D activities  
   355.466.Assets partially used for R&D activities  
   355.467.R&D partnership assets only used for R&D activities  
   355.468.R&D partnership assets partially used for R&D activities  
   355.475.Amount that can be deducted  

              Subdivision 355-I--Application to earlier income year R&D expenditure incurred to associates

   355.480.Notional deductions for expenditure incurred to associate in earlier income years  

              Subdivision 355-J--Application to R&D partnerships

   355.500.What this Subdivision is about  
   355.505.Meaning of R&D partnership and partner's proportion  
   355.510.R&D partnership expenditure on R&D activities  
   355.515.R&D activities conducted by or for an R&D partnership  
   355.520.When notional deductions arise for decline in value of depreciating assets of R&D partnerships  
   355.525.Balancing adjustments for R&D partnership assets only used for R&D activities  
   355.530.Implications for partner's aggregated turnover  
   355.535.Disposal of R&D results for R&D partnerships  
   355.540.Application of recoupment rules  
   355.545. Relevance for net income, and losses, of the R&D partnership  

              Subdivision 355-K--Application to Cooperative Research Centres

   355.580.When notional deductions for CRC contributions arise  

              Subdivision 355-W--Other matters

   355.705.Effect of findings by Industry Innovation and Science Australia  
   355.710.Amendment of assessments  
   355.715.Implications for other deductions and tax offsets  

           Division 360--Early stage investors in innovation companies

              Subdivision 360-A--Tax incentives for early stage investors in innovation companies
           --

   360.5.  What this Subdivision is about  
           --
   360.10. Object of this Subdivision  
   360.15. Entitlement to the tax offset  
   360.20. Limited entitlement for certain kinds of investors  
   360.25. Amount of the tax offset--general case  
   360.30. Amount of the tax offset--members of trusts or partnerships  
   360.35. Amount of the tax offset--trustees  
   360.40. Early stage innovation companies  
   360.45. 100 point innovation test  
   360.50. Modified CGT treatment  
   360.55. Modified CGT treatment--partnerships  
   360.60. Modified CGT treatment--not affected by certain roll - overs  
   360.65. Separate modified CGT treatment for roll - overs about wholly - owned companies or scrip for scrip roll - overs  

           Division 376--Films generally (tax offsets for Australian production expenditure)

              Subdivision 376-A--Guide to Division 376

   376.1.  What this Division is about  
   376.2.  Key features of the tax offsets for Australian production expenditure on films  
   376.5.  Structure of this Division  

              Subdivision 376-B--Tax offsets for Australian expenditure in making a film
           --

   376.10. Film production company entitled to refundable tax offset for Australian expenditure in making a film (location offset)  
   376.15. Amount of the location offset  
   376.20. Minister must issue certificate for a film for the location offset  
   376.25. Meaning of documentary  
   376.27. Minimum training expenditure requirement  
   376.28. Minimum training expenditure exemption--permanent film infrastructure  
   376.29. Minimum training expenditure exemption--training programs  
   376.30. Minister to determine a company's qualifying Australian production expenditure for the location offset  
   376.32. Minister may require information  
           --
   376.35. Film production company entitled to refundable tax offset for post, digital and visual effects production for a film (PDV offset)  
   376.40. Amount of the PDV offset  
   376.45. Minister must issue certificate for a film for the PDV offset  
   376.50. Minister to determine a company's qualifying Australian production expenditure for the PDV offset  
           --
   376.55. Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)  
   376.60. Amount of the producer offset  
   376.65. Film authority must issue certificate for an Australian film for the producer offset  
   376.70. Determination of content of film  
   376.75. Film authority to determine a company's qualifying Australian production expenditure for the producer offset  

              Subdivision 376-C--Production expenditure and qualifying Australian production expenditure
           Production expenditure--common rules

   376.125. Production expenditure--general test  
   376.130.Production expenditure--special qualifying Australian production expenditure  
   376.135.Production expenditure--specific exclusions  
           Production expenditure--special rules for the location offset
   376.140.Production expenditure--special rules for the location offset  
           Qualifying Australian production expenditure--common rules
   376.145. Qualifying Australian production expenditure--general test  
   376.150.Qualifying Australian production expenditure--specific inclusions  
   376.155.Qualifying Australian production expenditure--specific exclusions  
   376.160.Qualifying Australian production expenditure--treatment of services embodied in goods  
           Qualifying Australian production expenditure--special rules for the location offset and the PDV offset
   376.165.Qualifying Australian production expenditure--special rules for the location offset and the PDV offset  
           Qualifying Australian production expenditure--special rules for the producer offset
   376.170.Qualifying Australian production expenditure--special rules for the producer offset  
           Expenditure generally--common rules
   376.175. Expenditure to be worked out on an arm's length basis  
   376.180.Expenditure incurred by prior production companies  
   376.185.Expenditure to be worked out excluding GST  

              Subdivision 376-D--Certificates for films and other matters

   376.230.Production company may apply for certificate  
   376.235.Notice of refusal to issue certificate  
   376.240.Issue of certificate  
   376.245.Revocation of certificate  
   376.247.Delegation by Arts Minister  
   376.250.Notice of decision or determination  
   376.255.Review of decisions by the Administrative Review Tribunal  
   376.260.Minister may make rules about the location offset and the PDV offset  
   376.265.Film authority may make rules about the producer offset  
   376.270.Amendment of assessments  
   376.275.Review in relation to certain production levels  

           Division 378--Digital games (tax offset for Australian expenditure on digital games)
           --

   378.1.  What this Division is about  

              Subdivision 378-A--Tax offset for Australian expenditure in developing digital games

   378.10. Company entitled to refundable tax offset for Australian expenditure incurred in developing digital games  
   378.15. Amount of digital games tax offset  
   378.20. Meaning of digital game  
   378.25. Arts Minister must issue certificate for the digital games tax offset  
   378.30. Arts Minister to determine a company's qualifying Australian development expenditure for the digital games tax offset  

              Subdivision 378-B--Qualifying Australian development expenditure

   378.35. Development expenditure  
   378.40. Qualifying Australian development expenditure  
   378.45. Expenditure incurred by prior companies in completing or porting a digital game  
   378.50. Expenditure to be worked out excluding GST  

              Subdivision 378-C--Certificates for digital games tax offset

   378.55. Single company or head company may apply for certificate  
   378.60. Notice of refusal to issue certificate  
   378.65. Issue of certificate  
   378.70. Revocation of certificate  
   378.75. Amendment of certificate  
   378.80. Amendment of assessments  

              Subdivision 378-D--Review and other matters

   378.85. Notice of decision or determination  
   378.90. Review of decisions by the Administrative Review Tribunal  
   378.95. Copy of digital game to be made available to the National Film and Sound Archive of Australia  
   378.100.Arts Minister may make rules about the digital games tax offset  
   378.105.Arts Minister may make rules establishing a Digital Games Tax Offset Advisory Board  
   378.110.Delegation by Arts Minister  
   378.115.Review of operation of this Division  

           Division 380--National Rental Affordability Scheme
           --

   380.1.  What this Division is about  

              Subdivision 380-A--National Rental Affordability Scheme Tax Offset
           --

   380.5.  Claims by individuals, corporate tax entities and superannuation funds  
           --
   380.10. Members of NRAS consortiums--individuals, corporate tax entities and superannuation funds  
   380.11. Elections by NRAS approved participants  
   380.12. Elections by NRAS approved participants--tax offsets  
   380.13. Elections by NRAS approved participants--special rule for partnerships and trustees  
   380.14. Members of NRAS consortiums--partnerships and trustees  
           --
   380.15. Entities to whom NRAS rent flows indirectly  
   380.16. Elections by NRAS approved participants that are partnerships or trustees  
   380.17. Elections by NRAS approved participants that are partnerships or trustees--tax offsets  
   380.18. Elections by NRAS approved participants that are partnerships or trustees--special rule for partnerships and trustees  
   380.20. Trustee of a trust that does not have net income for an income year  
   380.25. When NRAS rent flows indirectly to or through an entity  
   380.30. Share of NRAS rent  
           --
   380.32. Amended certificates  

              Subdivision 380-B--Payments made in relation to the National Rental Affordability Scheme etc.

   380.35. Payments made and non - cash benefits provided in relation to the National Rental Affordability Scheme  

           Division 385--Primary production
           --

   385.1.  What this Division is about  
   385.5.  Where to find some other rules relevant to primary producers  

              Subdivision 385-E--Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock
           --

   385.90. What this Subdivision is about  
   385.95. Basic principles for elections under this Subdivision  
           --
   385.100.Cases where you can make an election  
   385.105.Election to spread tax profit over 5 years  
   385.110.Alternative election to defer tax profit and reduce cost of replacement live stock  
   385.115.Your assessable income includes an amount for replacement live stock you breed  
   385.120.Purchase price of replacement live stock is reduced  
   385.125.Alternative election because of bovine tuberculosis has effect over 10 years not 5  

              Subdivision 385-F--Insurance for loss of live stock or trees

   385.130.Insurance for loss of live stock or trees  

              Subdivision 385-G--Double wool clips

   385.135.Election to defer including profit on second wool clip  

              Subdivision 385-H--Rules that apply to all elections made under Subdivisions 385-E, 385-F and 385-G

   385.145.Partnerships and trusts  
   385.150.Time for making election  
   385.155.Amounts are assessable income from carrying on the primary production business  
   385.160.Effect of certain events on election  
   385.163.Disentitling events  
   385.165.New partnership can elect to be treated as same entity as old partnership  
   385.170.New partnership can elect to take advantage of election made by former owner of the business  

           Division 392--Long-term averaging of primary producers' tax liability
           --

   392.1.  What this Division is about  
   392.5.  Overview of averaging process  

              Subdivision 392-A--Is your income tax affected by averaging?

   392.10. Individuals who carry on a primary production business  
   392.15. Meaning of basic taxable income  
   392.20. Trust beneficiaries taken to be carrying on primary production business  
   392.22. Trustee may choose that a beneficiary is a chosen beneficiary of the trust  
   392.25. Choosing not to have your income tax averaged  

              Subdivision 392-B--What kind of averaging adjustment must you make?
           --

   392.30. What this Subdivision is about  
           --
   392.35. Will you get a tax offset or have to pay extra income tax?  
           --
   392.40. Identify income years for averaging your basic taxable income  
   392.45. Work out your average income for those years  
   392.50. Work out the income tax on your average income at basic rates  
   392.55. Work out the comparison rate  

              Subdivision 392-C--How big is your averaging adjustment?
           --

   392.60. What this Subdivision is about  
   392.65. What your averaging adjustment reflects  
           --
   392.70. Working out your gross averaging amount  
           --
   392.75. Working out your averaging adjustment  
           --
   392.80. Work out your taxable primary production income  
   392.85. Work out your taxable non - primary production income  
   392.90. Work out your averaging component  

              Subdivision 392-D--Effect of permanent reduction of your basic taxable income

   392.95. You are treated as if you had not carried on business before  

           Division 393--Farm management deposits
           --

   393.1.  What this Division is about  

              Subdivision 393-A--Tax consequences of farm management deposits

   393.5.  Deduction for making farm management deposit  
   393.10. Assessability on repayment of deposit  
   393.15. Transactions to which the deduction, assessment and 12 month rules have modified application  
   393.16. Consolidation of farm management deposits  
   393.17. Tax consequences of liabilities reducing because of farm management deposits  

              Subdivision 393-B--Meaning of farm management deposit and owner

   393.20. Farm management deposits  
   393.25. Owners of farm management deposits  
   393.27. Trustee may choose that a beneficiary is a chosen beneficiary of the trust  
   393.28. Application of Division to beneficiary no longer under legal disability  
   393.30. Effect of contravening requirements  
   393.35. Requirements of agreement for a farm management deposit  
   393.37. Agreements for a farm management deposit may allow for some offsets of a depositor's liabilities  
   393.40. Repayment of deposit within first 12 months  
   393.45. Partly repaid farm management deposits  

              Subdivision 393-C--Special rules relating to financial claims scheme for account-holders with insolvent ADIs
           --

   393.50. What this Subdivision is about  
           --
   393.55. Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme  
   393.60. Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer  

           Division 394--Forestry managed investment schemes
           --

   394.1.  What this Division is about  
   394.5.  Object of this Division  
   394.10. Deduction for amounts paid under forestry managed investment schemes  
   394.15. Forestry managed investment schemes and related concepts  
   394.20. Payments on behalf of participant in forestry managed investment scheme  
   394.25. CGT event in relation to forestry interest in forestry managed investment scheme--initial participant  
   394.30. CGT event in relation to forestry interest in forestry managed investment scheme--subsequent participant  
   394.35. 70% DFE rule  
   394.40.  Payments under forestry managed investment scheme  
   394.45. Direct forestry expenditure  

           Division 405--Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons
           --

   405.1.  What this Division is about  
   405.5.  Special rate of income tax on your above - average special professional income  
   405.10. Overview of the Division  

              Subdivision 405-A--Above-average special professional income

   405.15. When do you have above - average special professional income?  

              Subdivision 405-B--Assessable professional income

   405.20. What you count as assessable professional income  
   405.25. Meaning of special professional , performing artist , production associate , sportsperson and sporting competition  
   405.30. What you cannot count as assessable professional income  
   405.35. Limits on counting amounts as assessable professional income  
   405.40. Joint author or inventor treated as sole author or inventor  

              Subdivision 405-C--Taxable professional income and average taxable professional income

   405.45. Working out your taxable professional income  
   405.50. Working out your average taxable professional income  

           Division 410--Copyright and resale royalty collecting societies
           --

   410.1.  What this Division is about  

              Subdivision 410-A--Notice of payments

   410.5.  Copyright collecting society must give notice to member of society  
   410.50. Resale royalty collecting society must give notice to holder of resale royalty right  

           Division 415--Designated infrastructure projects
           --

   415.1.  What this Division is about  

              Subdivision 415-A--Object of this Division

   415.5.  Object of this Division  

              Subdivision 415-B--Tax losses and bad debts
           --

   415.10. What this Subdivision is about  
           --
   415.15. Uplift of tax losses of designated infrastructure project entities  
   415.20. Designated infrastructure project entity  
           --
   415.25. Tax losses of trusts  
   415.30. Bad debts written off etc. by trusts  
   415.35. Tax losses of companies  
   415.40. Bad debts written off by companies  
           --
   415.45. Losses transferred to head companies of consolidated groups  

              Subdivision 415-C--Designating infrastructure projects
           --

   415.50. What this Subdivision is about  
           --
   415.55. Applications for designation  
   415.60. Dealing with applications  
   415.65. Provisional designation  
   415.70. Designation  
           --
   415.75. Infrastructure project capital expenditure cap  
   415.80. Acceptance of estimates of infrastructure project capital expenditure  
           --
   415.85. Review of decisions  
   415.90. Information to be made public  
   415.95. Delegation  
   415.100.Infrastructure project designation rules  

           Division 417--Timor Sea petroleum
           --

   417.1.  What this Division is about  

              Subdivision 417-A--Introduction

   417.5.  Object  
   417.10. Meaning of transitioned petroleum activities  

              Subdivision 417-B--Capital allowances

   417.25. Deducting amounts for depreciating assets  
   417.30. Balancing adjustments  
   417.35. Allocating assets to a project pool  
   417.40. Deduction for expenditure on mining site rehabilitation  
   417.45. Capital expenditure  
   417.50. Transferring entitlement to deductions relating to a project pool  

              Subdivision 417-C--Capital gains tax

   417.65. CGT events not created by Timor Sea Maritime Boundaries Treaty entering into force  
   417.70. Tax treatment of consideration for transferred entitlement to deductions or tax loss  
   417.75. Membership interests affected by transfer of entitlement to deductions or tax loss  

              Subdivision 417-D--Transferring or applying tax losses

   417.90. Tax losses from transitioned petroleum activities  
   417.95. How choices are made  
   417.100.The effect of choosing to transfer losses  
   417.105.The effect of choosing to apply losses to earlier income years  
   417.110.Continuity of ownership and business continuity tests  

              Subdivision 417-E--Foreign income tax offset

   417.125.Foreign income tax offset  

              Subdivision 417-F--Transfer pricing

   417.140.Transfer pricing benefits relating to transitioned petroleum activities  

           Division 418--Exploration for minerals
           --

   418.1.  What this Division is about  

              Subdivision 418-A--Object of this Division

   418.5.  Object of this Division  

              Subdivision 418-B--Junior minerals exploration incentive tax offset
           --

   418.10. Who is entitled to the tax offset--ordinary case  
   418.15. Who is entitled to the tax offset--life insurance company  
   418.20. Entitlement of member of a trust or partnership to a share of exploration credits  
           --
   418.25. The amount of the tax offset  
   418.30. Reduced amount of the tax offset for certain trusts  

              Subdivision 418-C--Junior minerals exploration incentive franking credit

   418.50. Junior minerals exploration incentive franking credit--ordinary case  
   418.55. Junior minerals exploration incentive franking credit--life insurance company  

              Subdivision 418-D--Creating exploration credits

   418.70. Entities that may create exploration credits  
   418.75. Meaning of greenfields minerals explorer  
   418.80. Meaning of greenfields minerals expenditure  
   418.81. Meaning of exploration credits allocation for an income year  
   418.82. When does an entity have an unused allocation of exploration credits from an income year  
   418.85. Exploration credits must not exceed maximum exploration credit amount  
   418.95. Effect on tax losses of creating exploration credits  

              Subdivision 418-DA--Exploration credits allocation

   418.100.Applying for an exploration credits allocation  
   418.101.Determination by the Commissioner  
   418.102.General allocation rules  
   418.103. Meaning of annual exploration cap  
   418.104.Failure to comply with this Subdivision does not affect allocation  

              Subdivision 418-E--Issuing exploration credits

   418.110.Issuing exploration credits  
   418.111.Working out whether an exploration investment has been made in an income year  
   418.115.Who may receive an exploration credit and what is the pool from which the credit may be issued  
   418.116.Exploration credits issued must be in proportion to exploration investment  
   418.120.The total of all exploration credits issued in relation to exploration investment  
   418.125.Expiry of exploration credits  
   418.130.Notifying the Commissioner of issuing or expiry of exploration credits  
   418.135.Notifying the Commissioner if no exploration investment in income year for which credits allocated  

              Subdivision 418-F--Excess exploration credits

   418.150.Excess exploration credit tax  
   418.151.Complying exploration credit amount  
   418.155.Due date for payment of excess exploration credit tax  
   418.160.Returns  
   418.165.When shortfall interest charge is payable  
   418.170.General interest charge  
   418.175.Refunds of amounts overpaid  
   418.180.Record keeping  
   418.185.Determining an entity not to be a greenfields minerals explorer  

              Subdivision 418-G--Other matters

   418.190.Annual impact assessments of this Division  

   PART 3-50----CLIMATE CHANGE

           Division 420--Registered emissions units
           --

   420.1.  What this Division is about  
   420.5.  The 4 key features of tax accounting for registered emissions units  

              Subdivision 420-A--Registered emissions units

   420.10. Meaning of registered emissions unit  
   420.12. Meaning of hold a registered emissions unit  
   420.13. Meaning of primary producer registered emissions unit  

              Subdivision 420-B--Acquiring registered emissions units

   420.15. What you can deduct  
   420.20. Non - arm's length transactions and transactions with associates  
   420.21. Incoming international transfers of emissions units  
   420.22. Becoming taxable in Australia on the proceeds of sale of registered emissions units  

              Subdivision 420-C--Disposing of registered emissions units etc.

   420.25. Assessable income on disposal of registered emissions units  
   420.30. Non - arm's length transactions and transactions with associates  
   420.35. Outgoing international transfers of emissions units  
   420.40. Disposal of registered emissions units for a purpose other than gaining assessable income  
   420.41. Ceasing to be taxable in Australia on the proceeds of sale of registered emissions units  
   420.42. Deduction for expenses incurred in ceasing to hold a registered emissions unit  

              Subdivision 420-D--Accounting for registered emissions units you hold at the start or end of the income year

   420.45. You include the value of your registered emissions units in working out your assessable income and deductions  
   420.50. Value of registered emissions units at start of income year  
   420.51. Valuation methods  
   420.52. FIFO cost method of working out the value of units  
   420.53. Actual cost method of working out the value of units  
   420.54. Market value method of working out the value of units  
   420.55. Valuation method for first income year at the end of which you held registered emissions units  
   420.57. Valuation method for later income years at the end of which you held registered emissions units  
   420.60. Cost of registered emissions units  
   420.62. Primary producer registered emissions units  

              Subdivision 420-E--Exclusivity of Division

   420.65. Exclusivity of deductions etc.  
   420.70. Exclusivity of assessable income etc.  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-80----ROLL-OVERS APPLYING TO ASSETS GENERALLY

           Division 615--Roll-overs for business restructures
           --

   615.1.  What this Division is about  

              Subdivision 615-A--Choosing to obtain roll-overs

   615.5.  Disposing of interests in one entity for shares in a company  
   615.10. Redeeming or cancelling interests in one entity for shares in a company  

              Subdivision 615-B--Further requirements for choosing to obtain roll-overs

   615.15. Interposed company must own all the original interests  
   615.20. Requirements relating to your interests in the original entity  
   615.25. Requirements relating to the interposed company  
   615.30. Interposed company must make a particular choice  
   615.35. ADI restructures--disregard certain preference shares  

              Subdivision 615-C--Consequences of roll-overs

   615.40. CGT consequences  
   615.45. Additional consequences--deferral of profit or loss  
   615.50. Trading stock  
   615.55. Revenue assets  
   615.60. Disregard CGT exemption for trading stock  

              Subdivision 615-D--Consequences for the interposed company

   615.65. Consequences for the interposed company  

           Division 620--Assets of wound-up corporation passing to corporation with not significantly different ownership

              Subdivision 620-A--Corporations covered by Subdivision 124-I
           --

   620.5.  What this Subdivision is about  
           --
   620.10. Application  
   620.15. Object  
           --
   620.20. Disregard body's capital gains and losses from CGT assets  
   620.25. Cost base and pre - CGT status of CGT asset for company  
           --
   620.30. Roll - over relief for balancing adjustment events  
           --
   620.40. Body taken to have sold trading stock to company  
           --
   620.50. Body taken to have sold revenue assets to company  

   PART 3-90----CONSOLIDATED GROUPS

           Division 700--Guide and objects
           --

   700.1.  What this Part is about  
   700.5.  Overview of this Part  
           --
   700.10. Objects of this Part  

           Division 701--Core rules
           --

   701.1.  Single entity rule  
           --
   701.5.  Entry history rule  
   701.10.  Cost to head company of assets of joining entity  
   701.15. Cost to head company of membership interests in entity that leaves group  
   701.20. Cost to head company of assets consisting of certain liabilities owed by entity that leaves group  
   701.25. Tax - neutral consequence for head company of ceasing to hold assets when entity leaves group  
           --
   701.30. Where entity not subsidiary member for whole of income year  
   701.35. Tax - neutral consequence for entity of ceasing to hold assets when it joins group  
   701.40. Exit history rule  
   701.45.  Cost of assets consisting of liabilities owed to entity by members of the group  
   701.50. Cost of certain membership interests of which entity becomes holder on leaving group  
           --
   701.55. Setting the tax cost of an asset  
   701.56. Application of subsection 701 - 55(6)  
   701.58. Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule  
   701.60.  Tax cost setting amount  
   701.60A.Tax cost setting amount for asset emerging when entity leaves group  
   701.61. Assets in relation to Division 230 financial arrangement--head company's assessable income or deduction  
   701.63. Right to future income and WIP amount asset  
   701.65. Net income and losses for trusts and partnerships  
   701.67. Assets in this Part are CGT assets, etc.  
           --
   701.70. Adjustments to taxable income where identities of parties to arrangement merge on joining group  
   701.75. Adjustments to taxable income where identities of parties to arrangement re - emerge on leaving group  
   701.80. Accelerated depreciation  
   701.85. Other exceptions etc. to the rules  

           Division 703--Consolidated groups and their members
           --

   703.1.  What this Division is about  
           --
   703.5.  What is a consolidated group ?  
   703.10. What is a consolidatable group ?  
   703.15. Members of a consolidated group or consolidatable group  
   703.20. Certain entities that cannot be members of a consolidated group or consolidatable group  
   703.25. Australian residence requirements for trusts  
   703.30. When is one entity a wholly - owned subsidiary of another?  
   703.33. Transfer time for sale of shares in company  
   703.35. Treating entities as wholly - owned subsidiaries by disregarding employee shares  
   703.37. Disregarding certain preference shares following an ADI restructure  
   703.40. Treating entities held through non - fixed trusts as wholly - owned subsidiaries  
   703.45. Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group  
           --
   703.50. Choice to consolidate a consolidatable group  
           --
   703.55. Creating consolidated groups from certain MEC groups  
           --
   703.58. Notice of choice to consolidate  
   703.60. Notice of events affecting consolidated group  
           --
   703.65. Application  
   703.70. Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member  
   703.75. Interposed company treated as substituted for original entity at all times before the completion time  
   703.80. Effects on the original entity's tax position  

           Division 705--Tax cost setting amount for assets where entities become subsidiary members of consolidated groups
           --

   705.1.  What this Division is about  

              Subdivision 705-A--Basic case: a single entity joining an existing consolidated group
           --

   705.5.  What this Subdivision is about  
           --
   705.10. Application and object of this Subdivision  
   705.15. Cases where this Subdivision does not have effect  
           --
   705.20. Tax cost setting amount worked out under this Subdivision  
   705.25. Tax cost setting amount for retained cost base assets  
   705.27. Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets  
   705.30. What is the joining entity's terminating value for an asset?  
   705.35. Tax cost setting amount for reset cost base assets  
   705.40. Tax cost setting amount for reset cost base assets held on revenue account etc.  
   705.45. Reduction in tax cost setting amount for accelerated depreciation assets  
   705.47. Reduction in tax cost setting amount for some privatised assets  
   705.55. Order of application of sections 705 - 40, 705 - 45 and 705 - 47  
   705.56. Modification for tax cost setting in relation to leases  
   705.57. Adjustment to tax cost setting amount where loss of pre - CGT status of membership interests in joining entity  
   705.58. Assets and liabilities not set off against each other  
   705.59. Exception: treatment of linked assets and liabilities  
           --
   705.60. What is the joined group's allocable cost amount for the joining entity?  
   705.62. No double counting of amounts in allocable cost amount  
   705.65. Cost of membership interests in the joining entity--step 1 in working out allocable cost amount  
   705.70. Liabilities of the joining entity--step 2 in working out allocable cost amount  
   705.75. Liabilities of the joining entity--reductions for purposes of step 2 in working out allocable cost amount  
   705.76. Liability arising from transfer or assignment of securitised assets  
   705.80. Liabilities of the joining entity--reductions/increases for purposes of step 2 in working out allocable cost amount  
   705.85. Liabilities of the joining entity--increases for purposes of step 2 in working out allocable cost amount  
   705.90. Undistributed, taxed profits accruing to joined group before joining time--step 3 in working out allocable cost amount  
   705.93. If pre - joining time roll - over from foreign resident company or head company--step 3A in working out allocable cost amount  
   705.95. Pre - joining time distributions out of certain profits--step 4 in working out allocable cost amount  
   705.100.Losses accruing to joined group before joining time--step 5 in working out allocable cost amount  
   705.102.FRT disallowed amounts accruing to joined group before joining time--step 5A in working out allocable cost amount  
   705.105.Continuity of holding membership interests--steps 3 to 5A in working out allocable cost amount  
   705.110.If joining entity transfers a loss to the head company--step 6 in working out allocable cost amount  
   705.112.If joining entity transfers a FRT disallowed amount to the head company--step 6A in working out allocable cost amount  
   705.115.If head company becomes entitled to certain deductions--step 7 in working out allocable cost amount  
           --
   705.125.Pre - CGT proportion for joining entity  

              Subdivision 705-B--Case of group formation
           --

   705.130.What this Subdivision is about  
           --
   705.135.Application and object of this Subdivision  
           --
   705.140.Subdivision 705 - A has effect with modifications  
   705.145.Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members  
   705.147.Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by subsidiary members in other such members  
   705.155.Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests  
   705.160.Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members  
   705.163.Modified application of section 705 - 57  

              Subdivision 705-C--Case where a consolidated group is acquired by another
           --

   705.170.What this Subdivision is about  
           --
   705.175.Application and object of this Subdivision  
           --
   705.180.Modifications of Division 701  
           --
   705.185.Subdivision 705 - A has effect with modifications  
           --
   705.195.Modified application of subsection 705 - 65(6)  
   705.200.Modified application of section 705 - 85  

              Subdivision 705-D--Where multiple entities are linked by membership interests
           --

   705.210.What this Subdivision is about  
           --
   705.215.Application and object of this Subdivision  
           --
   705.220.Subdivision 705 - A has effect with modifications  
   705.225.Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities  
   705.227.Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by linked entities in other linked entities  
   705.230.Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests  
   705.235.Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities  
   705.240.Modified application of section 705 - 57  

              Subdivision 705-E--Adjustments for errors etc.
           --

   705.300.What this Subdivision is about  
           --
   705.305.Object of this Subdivision  
   705.310.Operation of Part IVA of the Income Tax Assessment Act 1936  
   705.315.Errors that attract special adjustment action  
   705.320.Tax cost setting amounts taken to be correct  

           Division 707--Losses for head companies when entities become members etc.

              Subdivision 707-A--Transfer of losses to head company
           --

   707.100.What this Subdivision is about  
   707.105.Who can utilise the loss?  
           --
   707.110.Objects of this Subdivision  
           --
   707.115.What losses this Subdivision applies to  
           --
   707.120.Transfer of loss from joining entity to head company  
   707.125.Modified business continuity test for companies' post - 1999 losses  
   707.130.Modified pattern of distributions test  
   707.135.Transferring loss transferred to joining entity because business continuity test was satisfied  
           --
   707.140.Effect of transfer of loss  
           --
   707.145.Cancelling the transfer of the loss  
           --
   707.150.Loss cannot be utilised for income year ending after the joining time  

              Subdivision 707-B--Can a transferred loss be utilised?
           --

   707.200.What this Subdivision is about  
           --
   707.205.Modified period for test for maintaining same ownership  
   707.210.Utilisation of certain losses transferred from a company depends on company that made the losses earlier  

              Subdivision 707-C--Amount of transferred losses that can be utilised
           --

   707.300.What this Subdivision is about  
           --
   707.305.Object of this Subdivision  
           --
   707.310.How much of a transferred loss can be utilised?  
   707.315.What is a bundle of losses?  
   707.320.What is the available fraction for a bundle of losses?  
   707.325.Modified market value of an entity becoming a member of a consolidated group  
   707.330.Losses transferred from former head company  
   707.335.Limit on utilising transferred losses if circumstances change during income year  
   707.340.Utilising transferred losses while exempt income remains  
   707.345.Other provisions are subject to this Subdivision  

              Subdivision 707-D--Special rules about losses

   707.400.Head company's business before and after consolidation not compared  
   707.410.Exit history rule does not treat entity as having made a loss  
   707.415.Application of losses with nil available fraction for certain purposes  

           Division 709--Other rules applying when entities become subsidiary members etc.

              Subdivision 709-A--Franking accounts
           --

   709.50. What this Subdivision is about  
           --
   709.55. Object of this Subdivision  
           --
   709.60. Nil balance franking account for joining entity  
           --
   709.65. Subsidiary member's franking account does not operate  
           --
   709.70. Credits arising in head company's franking account  
   709.75. Debits arising in head company's franking account  
           --
   709.80. Subsidiary member's distributions on employee shares and certain preference shares taken to be distributions by the head company  
   709.85. Non - share distributions by subsidiary members taken to be distributions by head company  
   709.90. Subsidiary member's distributions to foreign resident taken to be distributions by head company  
           --
   709.95. Payment of group liability by former subsidiary member  
   709.100.Refund of income tax to former subsidiary member  

              Subdivision 709-B--Imputation issues
           --

   709.150.What this Subdivision is about  
           --
   709.155.Testing consolidated groups  
   709.160.Subsidiary member is exempting entity  
   709.165.Subsidiary member is former exempting entity  
   709.170.Head company and subsidiary are exempting entities  
   709.175.Head company is former exempting entity  

              Subdivision 709-C--Treatment of excess franking deficit tax offsets when entity becomes a subsidiary member of a consolidated group
           --

   709.180.What this Subdivision is about  
   709.185.Joining entity's excess franking deficit tax offsets transferred to head company  
   709.190.Exit history rule not to treat leaving entity as having a franking deficit tax offset excess  

              Subdivision 709-D--Deducting bad debts
           --

   709.200.What this Subdivision is about  
           --
   709.205.Application of this Subdivision  
   709.210.Object of this Subdivision  
           --
   709.215.Limit on deduction of bad debt  
           --
   709.220.Limit on deduction of swap loss  

           Division 711--Tax cost setting amount for membership interests where entities cease to be subsidiary members of consolidated groups
           --

   711.1.  What this Division is about  
           --
   711.5.  Application and object of this Division  
           --
   711.10. Tax cost setting amount worked out under this Division  
   711.15. Tax cost setting amount where no multiple exit  
   711.20. What is the old group's allocable cost amount for the leaving entity?  
   711.25. Terminating values of the leaving entity's assets--step 1 in working out allocable cost amount  
   711.30. What is the head company's terminating value for an asset?  
   711.35. If head company becomes entitled to certain deductions--step 2 in working out allocable cost amount  
   711.40. Liabilities owed to the leaving entity by members of the old group--step 3 in working out allocable cost amount  
   711.45. Liabilities etc. owed by the leaving entity--step 4 in working out allocable cost amount  
   711.46. Liability arising from transfer or assignment of securitised assets  
   711.55. Tax cost setting amount for membership interests where multiple exit  
   711.65. Membership interests treated as having been acquired before 20 September 1985  
   711.70. Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 - 65--application of Division 149 to head company  
   711.75. Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 - 65--application of CGT event K6  

           Division 713--Rules for particular kinds of entities

              Subdivision 713-A--Trusts
           --

   713.20. Increasing the step 1 amount for settled capital that could be distributed tax free in respect of discretionary interests  
   713.25. Undistributed, realised profits that accrue to joined group before joining time and could be distributed tax free--step 3 in working out allocable cost amount  
           --
   713.50. Factors to consider  

              Subdivision 713-C--Some unit trusts treated like head companies of consolidated groups
           --

   713.120.What this Subdivision is about  
           --
   713.125.Object of this Subdivision  
           --
   713.130.Choosing to form a consolidated group  
           --
   713.135.Effects of choice  
   713.140.Modifications of the applied law  

              Subdivision 713-E--Partnerships
           --

   713.200.What this Subdivision is about  
           --
   713.205.Objects of this Subdivision  
           --
   713.210.Partnership cost setting interests  
   713.215.Terminating value for partnership cost setting interest  
           --
   713.220.Set tax cost of partnership cost setting interests if partner joins consolidated group  
   713.225.Tax cost setting amount for partnership cost setting interest  
           --
   713.235.Partnership joins group--set tax cost of partnership assets  
   713.240.Partnership joins group--tax cost setting amount for partnership asset  
           --
   713.250.Partnership leaves group--standard provisions modified  
   713.255.Partnership leaves group--tax cost setting amount for partnership cost setting interests  
   713.260.Partnership leaves group--tax cost setting amount for assets consisting of being owed certain liabilities  
   713.265.Partnership leaves group--adjustments to allocable cost amount of partner who also leaves group  

              Subdivision 713-L--Life insurance companies
           --

   713.500.What this Subdivision is about  
           --
   713.505.Head company treated as a life insurance company  
   713.510.Certain subsidiaries of life insurance companies cannot be members of consolidated group  
   713.510A.Disregard single entity rule in working out certain amounts in respect of life insurance company  
           --
   713.511.Treatment of certain liabilities for income year when life insurance company joins consolidated group  
           --
   713.515.Certain assets taken to be retained cost base assets where life insurance company joins group  
   713.520.Valuing certain liabilities where life insurance company joins group  
   713.525.Obligation to value certain assets and liabilities at joining time  
           --
   713.530.Treatment of certain losses of life insurance company  
           --
   713.535.Losses of entities whose membership interests are complying superannuation assets of life insurance company  
   713.540.Losses of entities whose membership interests are segregated exempt assets of life insurance company  
           --
   713.545.Treatment of franking surplus in franking account of life insurance subsidiary joining group  
   713.550.Treatment of head company's franking account after joining  
           --
   713.565.Treatment of certain liabilities for income year when life insurance company leaves consolidated group  
           --
   713.570.Certain losses transferred to leaving company  
           --
   713.575.Terminating value of certain assets where life insurance company leaves group  
   713.580.Valuing certain liabilities where life insurance company leaves group  
   713.585.Obligation to value certain assets and liabilities at leaving time  

              Subdivision 713-M--General insurance companies
           --

   713.700.What this Subdivision is about  
           --
   713.705.Certain assets taken to be retained cost base assets where general insurance company joins group  
           --
   713.710.Treatment of liabilities and reserves for income year when general insurance company joins or leaves group  
   713.715.If general insurance company joins consolidated group  
   713.720.If general insurance company leaves consolidated group  
   713.725.Treatment of certain assets and liabilities of general insurance companies  

           Division 715--Interactions between this Part and other areas of the income tax law

              Subdivision 715-A--Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation
           --

   715.15. Object of this Subdivision  
           --
   715.25. Subdivision 165 - CC stops applying to earlier changeover time  
   715.30. Meaning of 165 - CC tagged asset  
   715.35. Meaning of final RUNL  
           --
   715.50. Step 1 amount is reduced if membership interest in subsidiary member is 165 - CC tagged asset and business continuity test is failed  
   715.55. Step 2 amount is affected if liability of subsidiary member is 165 - CC tagged asset of another group member and business continuity test is failed  
           --
   715.60. Assets that the head company already owns  
   715.70. Assets of subsidiary member that become those of head company  
           --
   715.75. Extension of single entity rule and entry history rule  
           --
   715.80. Application of sections 715 - 85 to 715 - 110  
   715.85. First changeover time for leaving company at or after leaving time  
   715.90. How business continuity test applies if leaving time is changeover time for leaving company  
   715.95. If ownership and control of leaving entity have not changed since head company's last changeover time  
   715.100.First choice: adjustable values of leaving assets reduced to nil  
   715.105.Second choice: head company's final RUNL applied in reducing adjustable values of leaving assets that are loss assets  
   715.110.Third choice: loss denial pool of leaving entity created  
           --
   715.120.What happens  
   715.125.First choice: adjustable values of leaving assets reduced to nil  
   715.130.Second choice: pool's loss denial balance applied in reducing adjustable values of leaving assets that are loss assets  
   715.135.Third choice: loss denial pool of leaving entity created  
           --
   715.145.Effect of choice on adjustable value of leaving asset  
           --
   715.155.When asset leaves pool  
   715.160.How loss denial balance is applied to losses realised on assets in pool  
   715.165.When pool ceases to exist  
           --
   715.175.When choice must be made  
   715.180.Head company to notify leaving entity of choice  
   715.185.Leaving entity may choose to cancel loss denial pool by reducing adjustable values of assets in the pool  

              Subdivision 715-B--How Subdivision 165-CD applies to consolidated groups and leaving entities
           --

   715.215.Extension of single entity rule and entry history rule  
   715.225. Working out adjusted unrealised loss using individual asset method  
   715.230.No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 - H  
           --
   715.240.Application of sections 715 - 245 to 715 - 260  
   715.245.If ownership or control of leaving entity has altered since head company's last alteration time or formation of group  
   715.250.If head company has had an alteration time but ownership and control of leaving entity have not altered since  
   715.255.Consequences if leaving entity is a loss company at the leaving time  
   715.260.If neither of sections 715 - 245 and 715 - 250 applies  
   715.265.Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest  
           --
   715.270.Subdivision 165 - CD applies  

              Subdivision 715-C--Common rules for the purposes of Subdivisions 715-A and 715-B

   715.290.Additional assumptions to be made when using reference time  

              Subdivision 715-D--Treatment of company's deferred losses under Subdivision 170-D on joining a consolidated group
           --

   715.310.What is a 170 - D deferred loss , and when it revives  
           --
   715.355.Head company's own deferred losses at formation time  
   715.360.Deferred losses brought in by subsidiary member  
   715.365.How loss denial balance is applied when 170 - D deferred loss revives  

              Subdivision 715-E--Interactions with Division 775 (Foreign currency gains and losses)

   715.370.Cost setting--reference time for determining currency exchange rate effect  

              Subdivision 715-F--Interactions with Division 230 (financial arrangements)

   715.375.Cost setting on joining--amount of liability that is Division 230 financial arrangement  
   715.378.Cost setting on joining--head company's right to receive or obligation to provide payment  
   715.379.Cost setting on leaving--amount of intragroup liability that is Division 230 financial arrangement  
   715.379A.Cost setting on leaving--head company's or leaving entity's right to receive or obligation to provide payment  
   715.380.Exit history rule not to affect certain matters related to Division 230 financial arrangements  
   715.385.Exit history rule and elective methods applying to Division 230 financial arrangements  

              Subdivision 715-G--How value shifting rules apply to a consolidated group

   715.410.Extension of single entity rule and entry history rule  
   715.450. No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 - H  

              Subdivision 715-H--Cancelling loss on realisation event for direct or indirect interest in a member of a consolidated group

   715.610.Cancellation of loss  
   715.615.Exception for interests in entity leaving consolidated group  
   715.620.Exception if loss attributable to certain matters  

              Subdivision 715-J--Entry history rule and choices
           --

   715.660.Head company's choice overriding entry history rule  
           --
   715.665.Head company's choice to override inconsistency  
           --
   715.670.Ongoing effect of choices made by entities before joining group  
   715.675.Head company adopting choice with ongoing effect  

              Subdivision 715-K--Exit history rule and choices
           --

   715.700.Choices leaving entity can make ignoring exit history rule  
           --
   715.705.Choices leaving entity can make ignoring exit history rule to overcome inconsistencies  

              Subdivision 715-U--Effect on conduit foreign income

   715.875.Extension of single entity rule and entry history rule  
   715.880. No CFI for leaving entity  

              Subdivision 715-V--Entity ceasing to be exempt from income tax on becoming subsidiary member of consolidated group

   715.900.Transition time taken to be just before joining time  

              Subdivision 715-W--Effect on arrangements where CGT roll-overs are obtained

   715.910.Effect on restructures--original entity becomes a subsidiary member  
   715.915.Effect on restructures--original entity is a head company  
   715.920.Effect on restructures--original entity is a head company that becomes a subsidiary member of another group  
   715.925.Effect on restructures--original entity ceases being a subsidiary member  

           Division 716--Miscellaneous special rules

              Subdivision 716-A--Assessable income and deductions spread over several membership or non-membership periods
           --

   716.1.  What this Division is about  
           --
   716.15. Assessable income spread over 2 or more income years  
   716.25. Deductions spread over 2 or more income years  
   716.70. Capital expenditure that is fully deductible in one income year  
           --
   716.75. Application  
   716.80. Head company's assessable income and deductions  
   716.85. Entity's assessable income and deductions for a non - membership period  
   716.90. Entity's share of assessable income or deductions of partnership or trust  
   716.95. Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount  
   716.100.Spreading period  

              Subdivision 716-E--Tax cost setting for exploration and prospecting assets

   716.300.Prime cost method of working out decline in value  

              Subdivision 716-G--Low-value and software development pools
           --

   716.330.Head company's deductions for decline in value of assets in joining entity's low - value pool  
           --
   716.335.Entity leaving group with asset allocated to head company's low - value pool  
           --
   716.340.Depreciating assets arising from expenditure in joining entity's software development pool  
           --
   716.345.Head company taken not to have incurred expenditure  

              Subdivision 716-S--Miscellaneous consequences of tax cost setting

   716.400.Tax cost setting and bad debts  
   716.440.Membership interests in joining entity not subject to CGT under Division 855--foreign entity ceasing to hold interests  

              Subdivision 716-V--Research and Development

   716.500.Head company bound by agreements binding on subsidiary members  
   716.505.History for entitlement to tax offset: joining entity  
   716.510.History for entitlement to tax offset: leaving entity  

              Subdivision 716-Z--Other

   716.800.Allocating amounts to periods if head company and subsidiary member have different income years  
   716.850.Grossing up threshold amounts for periods of less than 365 days  
   716.855.Working out the cost base or reduced cost base of a pre - CGT asset after certain roll - overs  
   716.860.CGT event straddling joining or leaving time  

           Division 717--International tax rules

              Subdivision 717-A--Foreign income tax offsets

   717.1.  What this Subdivision is about  
           --
   717.5.  Object of this Subdivision  
           --
   717.10. Head company taken to be liable for subsidiary member's foreign income tax  

              Subdivision 717-D--Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: entry rules
           --

   717.200.What this Subdivision is about  
           --
   717.205.Object of this Subdivision  
           --
   717.210.Attribution surpluses  
   717.220.FIF surpluses  
   717.227.Deferred attribution credits  

              Subdivision 717-E--Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: exit rules
           --

   717.235.What this Subdivision is about  
           --
   717.240.Object of this Subdivision  
           --
   717.245.Attribution surpluses  
   717.255.FIF surpluses  
   717.262.Deferred attribution credits  

              Subdivision 717-O--Offshore banking units
           --

   717.700.What this Subdivision is about  
   717.705.Object of this Subdivision  
   717.710.Head company treated as OBU  

           Division 719--MEC groups

              Subdivision 719-A--Modified application of Part 3-90 to MEC groups

   719.2.  Modified application of Part 3 - 90 to MEC groups  

              Subdivision 719-B--MEC groups and their members

   719.4.  What this Subdivision is about  
           --
   719.5.  What is a MEC group ?  
   719.10. What is a potential MEC group?  
   719.15. What is an eligible tier - 1 company ?  
   719.20. What is a top company and a tier - 1 company ?  
   719.25. Head company, subsidiary members and members of a MEC group  
   719.30. Treating entities as wholly - owned subsidiaries by disregarding employee shares  
   719.35. Treating entities held through non - fixed trusts as wholly - owned subsidiaries  
   719.40. Special conversion event--potential MEC group  
   719.45. Application of sections 703 - 20 and 703 - 25  
           --
   719.50. Eligible tier - 1 companies may choose to consolidate a potential MEC group  
   719.55. When choice starts to have effect  
           --
   719.60. Appointment of provisional head company  
   719.65. Qualifications for the provisional head company of a MEC group  
   719.70. Income year of new provisional head company to be the same as that of former provisional head company  
           --
   719.75. Head company  
           --
   719.76. Notice of choice to consolidate  
   719.77. Notice in relation to new eligible tier - 1 members etc.  
   719.78. Notice of special conversion event  
   719.79. Notice of appointment of provisional head company after formation of group  
   719.80. Notice of events affecting MEC group  
           --
   719.85. Application  
   719.90. New head company treated as substituted for old head company at all times before the transition time  
   719.95. No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group  

              Subdivision 719-BA--Group conversions involving MEC groups

   719.120.Application  
   719.125.Head company of new group retains history of head company of old group  
   719.130.Provisions of this Part not to apply to conversion  
   719.135.Provisions of this Part applying to conversion despite section 719 - 130  
   719.140.Other provisions of this Part not applying to conversion  

              Subdivision 719-C--MEC group cost setting rules: joining cases
           --

   719.150.What this Subdivision is about  
           --
   719.155.Object of this Subdivision  
           --
   719.160.Tax cost setting rules for joining have effect with modifications  
   719.165.Trading stock value and registered emissions unit value not set for assets of eligible tier - 1 companies  
   719.170.Modified effect of subsections 705 - 175(1) and 705 - 185(1)  

              Subdivision 719-F--Losses
           --

   719.250.What this Subdivision is about  
           --
   719.255.Special rules  
   719.260. Special test for utilising a loss because a company maintains the same owners  
   719.265.What is the test company?  
   719.270.Assumptions about the test company having made the loss for an income year  
   719.275.Assumptions about nothing happening to affect direct and indirect ownership of the test company  
   719.280.Assumptions about the test company failing to meet the conditions in section 165 - 12  
           --
   719.285.Business continuity test and change of head company  
           --
   719.300.Application  
   719.305.Subdivision 707 - C affects utilisation of losses made by ongoing head company while it was head company  
   719.310.Adjustment of available fractions for bundles of losses previously transferred to ongoing head company  
   719.315.Further adjustment of available fractions for all bundles  
   719.320.Limit on utilising losses other than the prior group losses  
   719.325.Cancellation of all losses in a bundle  

              Subdivision 719-H--Imputation issues

   719.425.Guide to Subdivision 719 - H  
           --
   719.430.Transfer of franking account balance on cessation event  
   719.435.Distributions by subsidiary members of MEC group taken to be distributions by head company  

              Subdivision 719-I--Bad debts
           --

   719.450.What this Subdivision is about  
           --
   719.455.Special test for deducting a bad debt because a company maintains the same owners  
   719.460.Assumptions about nothing happening to affect direct and indirect ownership of the test company  
   719.465.Assumptions about the test company failing to meet the conditions in section 165 - 123  

              Subdivision 719-J--MEC group cost setting rules: leaving cases
           --

   719.500.What this Subdivision is about  
   719.505.Application and object of this Subdivision  
   719.510.Modified operation of paragraphs 711 - 15(1)(b) and (c)  

              Subdivision 719-K--MEC group cost setting rules: pooling cases
           --

   719.550.What this Subdivision is about  
   719.555.Application and object of this Subdivision  
   719.560.Pooled interests  
   719.565.Setting cost of reset interests  
   719.570.Cost setting amount  

              Subdivision 719-T--Interactions between this Part and other areas of the income tax law: special rules for MEC groups
           --

   719.700.Changeover times under section 165 - 115C or 165 - 115D  
   719.705.Additional changeover times for head company of MEC group  
           --
   719.720.Alteration times under section 165 - 115L or 165 - 115M  
   719.725.Additional alteration times for head company of MEC group  
   719.730.Some alteration times only affect interests in top company  
   719.735.Some alteration times affect only pooled interests  
   719.740.Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest  
           --
   719.755.Effect on MEC group cost setting rules if head company is losing entity or gaining entity for indirect value shift  
           --
   719.775.Cancellation of loss  
   719.780.Exception for pooled interests in eligible tier - 1 companies  
   719.785.Exception for interests in top company  
   719.790.Exception for interests in entity leaving MEC group  
   719.795.Exception if loss attributable to certain matters  

           Division 721--Liability for payment of tax where head company fails to pay on time
           --

   721.1.  What this Division is about  
           --
   721.5.  Object of this Division  
           --
   721.10. When this Division operates  
           --
   721.15. Head company and contributing members jointly and severally liable to pay group liability  
   721.17. Notice of joint and several liability for general interest charge  
   721.20. Limit on liability where group first comes into existence  
           --
   721.25. When a group liability is covered by a tax sharing agreement  
   721.30. TSA contributing members liable for contribution amounts  
   721.32. Notice of general interest charge liability under TSA  
   721.35. When a TSA contributing member has left the group clear of the group liability  
   721.40. TSA liability and group liability are linked  
            

CHAPTER 3--Specialist liability rules
            

   PART 3-95----VALUE SHIFTING

           Division 723--Direct value shifting by creating right over non-depreciating asset

              Subdivision 723-A--Reduction in loss from realising non-depreciating asset

   723.1.  Object  
   723.10. Reduction in loss from realising non - depreciating asset over which right has been created  
   723.15. Reduction in loss from realising non - depreciating asset at the same time as right is created over it  
   723.20. Exceptions  
   723.25. Realisation event that is only a partial realisation  
   723.35. Multiple rights created to take advantage of the $50,000 threshold  
   723.40. Application to CGT asset that is also trading stock or revenue asset  
   723.50. Effects if right created over underlying asset is also trading stock or a revenue asset  

              Subdivision 723-B--Reducing reduced cost base of interests in entity that acquires non-depreciating asset under roll-over

   723.105.Reduced cost base of interest reduced when interest realised at a loss  
   723.110.Direct and indirect roll - over replacement for underlying asset  

           Division 725--Direct value shifting affecting interests in companies and trusts
           --

   725.1.  What this Division is about  

              Subdivision 725-A--Scope of the direct value shifting rules

   725.45.  Main object  
   725.50. When a direct value shift has consequences under this Division  
   725.55. Controlling entity test  
   725.65. Cause of the value shift  
   725.70. Consequences for down interest only if there is a material decrease in its market value  
   725.80. Who is an affected owner of a down interest?  
   725.85. Who is an affected owner of an up interest?  
   725.90. Direct value shift that will be reversed  
   725.95. Direct value shift resulting from reversal  

              Subdivision 725-B--What is a direct value shift

   725.145.When there is a direct value shift  
   725.150.Issue of equity or loan interests at a discount  
   725.155.Meaning of down interests , decrease time , up interests and increase time  
   725.160.What is the nature of a direct value shift?  
   725.165.If market value decrease or increase is only partly attributable to the scheme  

              Subdivision 725-C--Consequences of a direct value shift
           --

   725.205.Consequences depend on character of down interests and up interests  
   725.210.Consequences for down interests depend on pre - shift gains and losses  
           --
   725.220.Neutral direct value shifts  
   725.225.Issue of bonus shares or units  
   725.230.Off - market buy - backs  

              Subdivision 725-D--Consequences for down interest or up interest as CGT asset

   725.240.CGT consequences; meaning of adjustable value  
   725.245.Table of taxing events generating a gain for interests as CGT assets  
   725.250.Table of consequences for adjustable values of interests as CGT assets  
   725.255.Multiple CGT consequences for the same down interest or up interest  

              Subdivision 725-E--Consequences for down interest or up interest as trading stock or a revenue asset

   725.310.Consequences for down interest or up interest as trading stock  
   725.315.Adjustable value of trading stock  
   725.320.Consequences for down interest or up interest as a revenue asset  
   725.325.Adjustable value of revenue asset  
   725.335.How to work out those consequences  
   725.340.Multiple trading stock or revenue asset consequences for the same down interest or up interest  

              Subdivision 725-F--Value adjustments and taxed gains

   725.365.Decreases in adjustable values of down interests (with pre - shift gains), and taxing events generating a gain  
   725.370.Uplifts in adjustable values of up interests under certain table items  
   725.375.Uplifts in adjustable values of up interests under other table items  
   725.380.Decreases in adjustable value of down interests (with pre - shift losses)  

           Division 727--Indirect value shifting affecting interests in companies and trusts, and arising from non-arm's length dealings
           --

   727.1.  What this Division is about  
   727.5.  What is an indirect value shift?  
   727.10. How does this Division deal with indirect value shifts?  
   727.15. When does an indirect value shift have consequences under this Division?  
   727.25. Effect of this Division on realisations at a loss that occur before the nature or extent of an indirect value shift can be fully determined  

              Subdivision 727-A--Scope of the indirect value shifting rules

   727.95.  Main object  
   727.100.When an indirect value shift has consequences under this Division  
   727.105.Ultimate controller test  
   727.110.Common - ownership nexus test (if both losing and gaining entities are closely held)  
   727.125.No consequences if losing entity is a complying superannuation entity etc.  

              Subdivision 727-B--What is an indirect value shift

   727.150.How to determine whether a scheme results in an indirect value shift  
   727.155.Providing economic benefits  
   727.160.When an economic benefit is provided in connection with a scheme  
   727.165.Preventing double - counting of economic benefits  

              Subdivision 727-C--Exclusions
           --

   727.200.What this Subdivision is about  
           --
   727.215.Amount does not exceed $50,000  
   727.220.Disposal of asset at cost, or at undervalue if full value is not reflected in adjustable values of equity or loan interests in the losing entity  
           --
   727.230.Services provided by losing entity to gaining entity for at least their direct cost  
   727.235.Services provided by gaining entity to losing entity for no more than a commercially realistic price  
   727.240.What services certain provisions apply to  
   727.245.How to work out certain amounts for the purposes of sections 727 - 230 and 727 - 235  
           --
   727.250.Distribution by an entity to a member or beneficiary  
           --
   727.260.Shift down a wholly - owned chain of entities  

              Subdivision 727-D--Working out the market value of economic benefits

   727.300.What the rules in this Subdivision are for  
   727.315.Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000  

              Subdivision 727-E--Key concepts
           --

   727.350.Ultimate controller  
   727.355.Control (for value shifting purposes) of a company  
   727.360.Control (for value shifting purposes) of a fixed trust  
   727.365.Control (for value shifting purposes) of a non - fixed trust  
   727.370.Preventing double counting for percentage stake tests  
   727.375.Tests in this Subdivision are exhaustive  
           --
   727.400.When 2 entities have a common - ownership nexus within a period  
   727.405.Ultimate stake of a particular percentage in a company  
   727.410.Ultimate stake of a particular percentage in a fixed trust  
   727.415.Rules for tracing  

              Subdivision 727-F--Consequences of an indirect value shift
           --

   727.450.What this Subdivision is about  
           --
   727.455.Consequences of the indirect value shift  
           --
   727.460.Affected interests in the losing entity  
   727.465.Affected interests in the gaining entity  
   727.470.Exceptions  
   727.520.Equity or loan interest and related terms  
   727.525.Indirect equity or loan interest  
           --
   727.530.Who are the affected owners  
           --
   727.550.Choosing the adjustable value method  
   727.555.Giving other affected owners information about the choice  

              Subdivision 727-G--The realisation time method

   727.600.What this Subdivision is about  
           --
   727.610.Consequences of indirect value shift  
   727.615.Reduction of loss on realisation event for affected interest in losing entity  
   727.620.Reduction of gain on realisation event for affected interest in gaining entity  
   727.625.Total gain reductions not to exceed total loss reductions  
   727.630.How cap in section 727 - 625 applies if affected interest is also trading stock or a revenue asset  
   727.635.Splitting an equity or loan interest  
   727.640.Merging equity or loan interests  
   727.645.Effect of CGT roll - over  
           --
   727.700.When 95% services indirect value shift is excluded  
           --
   727.705.Another provision of the income tax law affects amount related to services by at least $100,000  
   727.710.Ongoing or recent service arrangement reduces value of losing entity by at least $100,000  
   727.715.Service arrangements reduce value of losing entity that is a group service provider by at least $500,000  
   727.720.Abnormal service arrangement reduces value of losing entity that is not a group service provider by at least $500,000  
   727.725.Meaning of predominantly - services indirect value shift  

              Subdivision 727-H--The adjustable value method
           --

   727.750.What this Subdivision is about  
   727.755.Consequences of indirect value shift  
           --
   727.770.Reduction under the adjustable value method  
   727.775.Has there been a disaggregated attributable decrease?  
   727.780.Working out the reduction on a loss - focussed basis  
           --
   727.800.Uplift under the attributable increase method  
   727.805.Has there been a disaggregated attributable increase?  
   727.810.Scaling - down formula  
           --
   727.830.CGT assets  
   727.835.Trading stock  
   727.840.Revenue assets  

              Subdivision 727-K--Reduction of loss on equity or loan interests realised before the IVS time

   727.850.Consequences of scheme under this Subdivision  
   727.855.Presumed indirect value shift  
   727.860.Conditions about the prospective gaining entity  
   727.865.How other provisions of this Division apply to support this Subdivision  
   727.870.Effect of CGT roll - over  
   727.875.Application to CGT asset that is also trading stock or revenue asset  

              Subdivision 727-L--Indirect value shift resulting from a direct value shift

   727.905.How this Subdivision affects the rest of this Division  
   727.910.Treatment of value shifted under the direct value shift  
            

CHAPTER 4--International aspects of income tax
            

   PART 4-5--GENERAL

           Division 764--Source rules
           --

   764.1.  What this Division is about  

              Subdivision 764-A--Source rules

   764.5.   Source rule for international tax agreements  

           Division 768--Foreign non-assessable income and gains

              Subdivision 768-A--Returns on foreign investment
           --

   768.1.  What this Subdivision is about  
           --
   768.5.  Foreign equity distributions on participation interests  
   768.7.  Foreign equity distributions entitled to a foreign income tax deduction  
   768.10. Meaning of foreign equity distribution  
   768.15. Participation test--minimum 10% participation  

              Subdivision 768-B--Some items of income that are exempt from income tax

   768.100.Foreign government officials in Australia  
   768.105.Compensation arising out of Second World War  
   768.110.Foreign residents deriving income from certain activities in Australia's exclusive economic zone or on or above Australia's continental shelf  

              Subdivision 768-G--Reduction in capital gains and losses arising from CGT events in relation to certain voting interests in active foreign companies
           --

   768.500.What this Subdivision is about  
           --
   768.505.Reducing a capital gain or loss from certain CGT events in relation to certain voting interests  
           --
   768.510.Active foreign business asset percentage  
   768.515.Choices to apply market value method or book value method  
   768.520.Market value method--choice made under subsection 768 - 515(1)  
   768.525.Book value method--choice made under subsection 768 - 515(2)  
   768.530.Active foreign business asset percentage--modifications for foreign life insurance companies and foreign general insurance companies  
   768.533.Foreign company that is a FIF using CFC calculation method--treatment as AFI subsidiary under this Subdivision  
   768.535.Modified rules for foreign wholly - owned groups  
           --
   768.540.Active foreign business assets of a foreign company  
   768.545.Assets included in the total assets of a foreign company  
           --
   768.550.Direct voting percentage in a company  
   768.555.Indirect voting percentage in a company  
   768.560.Total voting percentage in a company  

              Subdivision 768-R--Temporary residents
           --

   768.900.What this Subdivision is about  
           --
   768.905.Objects  
   768.910.Income derived by temporary resident  
   768.915.Certain capital gains and capital losses of temporary resident to be disregarded  
   768.950.Individual becoming an Australian resident  
   768.955.Temporary resident who ceases to be temporary resident but remains an Australian resident  
   768.960.Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules  
   768.970. Modification of rules for accruals system of taxation of certain non - resident trust estates  
   768.980.Interest paid by temporary resident  

           Division 770--Foreign income tax offsets
           --

   770.1.  What this Division is about  
   770.5.  Object  

              Subdivision 770-A--Entitlement rules for foreign income tax offsets
           --

   770.10. Entitlement to foreign income tax offset  
   770.15. Meaning of foreign income tax , credit absorption tax and unitary tax  

              Subdivision 770-B--Amount of foreign income tax offset
           --

   770.65. What this Subdivision is about  
           --
   770.70. Amount of foreign income tax offset  
   770.75. Foreign income tax offset limit  
   770.80. Increase in offset limit for tax paid on amounts to which section 23AI or 23AK of the Income Tax Assessment Act 1936 apply  

              Subdivision 770-C--Rules about payment of foreign income tax
           --

   770.130.When foreign income tax is considered paid--taxes paid by someone else  
   770.135.Foreign income tax paid by CFCs on attributed amounts  
           --
   770.140.When foreign income tax is considered not paid--anti - avoidance rule  

              Subdivision 770-D--Administration

   770.190.Amendment of assessments  

           Division 775--Foreign currency gains and losses
           --

   775.5.  What this Division is about  

              Subdivision 775-A--Objects of this Division

   775.10. Objects of this Division  

              Subdivision 775-B--Realisation of forex gains or losses

   775.15. Forex realisation gains are assessable  
   775.20. Certain forex realisation gains are exempt income  
   775.25. Certain forex realisation gains are non - assessable non - exempt income  
   775.27. Certain forex realisation gains are non - assessable non - exempt income  
   775.30. Forex realisation losses are deductible  
   775.35. Certain forex realisation losses are disregarded  
   775.40. Disposal of foreign currency or right to receive foreign currency--forex realisation event 1  
   775.45. Ceasing to have a right to receive foreign currency--forex realisation event 2  
   775.50. Ceasing to have an obligation to receive foreign currency--forex realisation event 3  
   775.55. Ceasing to have an obligation to pay foreign currency--forex realisation event 4  
   775.60. Ceasing to have a right to pay foreign currency--forex realisation event 5  
   775.65. Only one forex realisation event to be counted  
   775.70. Tax consequences of certain short - term forex realisation gains  
   775.75. Tax consequences of certain short - term forex realisation losses  
   775.80. You may choose not to have sections 775 - 70 and 775 - 75 apply to you  
   775.85. Forex cost base of a right to receive foreign currency  
   775.90. Forex entitlement base of a right to pay foreign currency  
   775.95. Proceeds of assuming an obligation to pay foreign currency  
   775.100.Net costs of assuming an obligation to receive foreign currency  
   775.105.Currency exchange rate effect  
   775.110.Constructive receipts and payments  
   775.115.Economic set - off to be treated as legal set - off  
   775.120.Non - arm's length transactions  
   775.125.CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3  
   775.130.Certain deductions not allowable  
   775.135.Right to receive or pay foreign currency  
   775.140.Obligation to pay or receive foreign currency  
   775.145.Application of forex realisation events to currency and fungible rights and obligations  
   775.150.Transitional election  
   775.155.Applicable commencement date  
   775.160.Exception--event happens before the applicable commencement date  
   775.165.Exception--currency or right acquired, or obligation incurred, before the applicable commencement date  
   775.168.Exception--disposal or redemption of traditional securities  
   775.175.Application to things happening before commencement  

              Subdivision 775-C--Roll-over relief for facility agreements
           --

   775.180.What this Subdivision is about  
           --
   775.185.What is a facility agreement ?  
   775.190.What is an eligible security ?  
   775.195.You may choose roll - over relief for a facility agreement  
   775.200.Forex realisation event 4 does not apply  
   775.205.What is a roll - over ?  
   775.210.Notional loan  
   775.215.Discharge of obligation to pay the principal amount of a notional loan under a facility agreement--forex realisation event 6  
   775.220.Material variation of a facility agreement--forex realisation event 7  

              Subdivision 775-D--Qualifying forex accounts that pass the limited balance test
           --

   775.225.What this Subdivision is about  
           --
   775.230.Election to have this Subdivision apply to one or more qualifying forex accounts  
   775.235.Variation of election  
   775.240.Withdrawal of election  
   775.245.When does a qualifying forex account pass the limited balance test ?  
   775.250.Tax consequences of passing the limited balance test  
   775.255.Notional realisation when qualifying forex account starts to pass the limited balance test  
   775.260.Modification of tax recognition time  

              Subdivision 775-E--Retranslation for qualifying forex accounts
           --

   775.265.What this Subdivision is about  
           --
   775.270.You may choose retranslation for a qualifying forex account  
   775.275.Withdrawal of choice  
   775.280.Tax consequences of choosing retranslation for an account  
   775.285.Retranslation of gains and losses relating to a qualifying forex account--forex realisation event 8  

              Subdivision 775-F--Retranslation under foreign exchange retranslation election under Subdivision 230-D
           --

   775.290.What this Subdivision is about  
   775.295.When this Subdivision applies  
   775.300.Tax consequences of choosing retranslation for arrangement  
   775.305.Retranslation of gains and losses relating to arrangement to which foreign exchange retranslation election applies--forex realisation event 9  
   775.310.When election ceases to apply to arrangement  
   775.315.Balancing adjustment when election ceases to apply to arrangement  

           Division 802--Foreign residents' income with an underlying foreign source

              Subdivision 802-A--Conduit foreign income
           --

   802.5.  What this Subdivision is about  
           --
   802.10. Objects  
   802.15. Foreign residents--exempting CFI from Australian tax  
   802.17. Trust estates and foreign resident beneficiaries--exempting CFI from Australian tax  
   802.20. Distributions between Australian corporate tax entities--non - assessable non - exempt income  
   802.25. Conduit foreign income of an Australian corporate tax entity  
   802.30. Foreign source income amounts  
   802.35. Capital gains and losses  
   802.40. Effect of foreign income tax offset on conduit foreign income  
   802.45. Previous declarations of conduit foreign income  
   802.50. Receipt of an unfranked distribution from another Australian corporate tax entity  
   802.55. No double benefits  
   802.60. No streaming of distributions  

           Division 815--Cross-border transfer pricing

              Subdivision 815-A--Treaty-equivalent cross-border transfer pricing rules
           --

   815.1.  What this Subdivision is about  
           --
   815.5.  Object  
   815.10. Transfer pricing benefit may be negated  
   815.15. When an entity gets a transfer pricing benefit  
   815.20. Cross - border transfer pricing guidance  
   815.25. Modified transfer pricing benefit for thin capitalisation  
   815.30. Determinations negating transfer pricing benefit  
   815.35. Consequential adjustments  
   815.40. No double taxation  

              Subdivision 815-B--Arm's length principle for cross-border conditions between entities
           --

   815.101.What this Subdivision is about  
           --
   815.105.Object  
   815.110.Operation of Subdivision  
   815.115.Substitution of arm's length conditions  
   815.120.When an entity gets a transfer pricing benefit  
   815.125.Meaning of arm's length conditions  
   815.130.Relevance of actual commercial or financial relations  
   815.135.Guidance  
   815.140.Modification for thin capitalisation  
   815.145.Consequential adjustments  
   815.150.Amendment of assessments  

              Subdivision 815-C--Arm's length principle for permanent establishments
           --

   815.201.What this Subdivision is about  
           --
   815.205.Object  
   815.210.Operation of Subdivision  
   815.215.Substitution of arm's length profits  
   815.220.When an entity gets a transfer pricing benefit  
   815.225.Meaning of arm's length profits  
   815.230.Source rules for certain arm's length profits  
   815.235.Guidance  
   815.240.Amendment of assessments  

              Subdivision 815-D--Special rules for trusts and partnerships
           --

   815.301.What this Subdivision is about  
           --
   815.305.Special rule for trusts  
   815.310.Special rules for partnerships  

              Subdivision 815-E--Reporting obligations for country by country reporting entities
           --

   815.350.What this Subdivision is about  
           --
   815.355.Requirement to give statements  
   815.360.Replacement reporting periods  
   815.365.Exemptions  
   815.370.Meaning of country by country reporting entity (or CBC reporting entity )  
   815.375.Meaning of country by country reporting parent (or CBC reporting parent )  
   815.380.Meaning of country by country reporting group (or CBC reporting group )  

           Division 820--Thin capitalisation rules
           --

   820.1.  What this Division is about  
   820.10. Map of Division  

              Subdivision 820-A--Preliminary

   820.30. Object of Division  
   820.31. Order of application of Subdivisions  
   820.32. Exemption for private or domestic assets and non - debt liabilities  
   820.35. Application--$2 million threshold  
   820.37. Application--assets threshold  
   820.39. Exemption of certain special purpose entities  
   820.40. Meaning of debt deduction  

              Subdivision 820-AA--Thin capitalisation rules for general class investors
           --

   820.45. What this Subdivision is about  
           --
   820.46. Thin capitalisation rule for general class investors  
   820.47. Choices under subsection 820 - 46(3) or (4)  
   820.48. Where entity is taken to make third party debt test choice  
   820.49. Meaning of obligor group etc.  
   820.50. Amount of debt deduction disallowed  
   820.51. Meaning of fixed ratio earnings limit and group ratio earnings limit  
   820.52. Meaning of tax EBITDA  
   820.53. Meaning of group ratio , GR group , GR group parent and GR group member  
   820.54. Meaning of GR group net third party interest expense , financial statement net third party interest expense and adjusted net third party interest expense  
   820.55. Meaning of entity EBITDA and GR group EBITDA  
   820.56. Special deduction for previously FRT disallowed amounts--fixed ratio test  
   820.57. Meaning of FRT disallowed amount  
   820.58. FRT disallowed amount is treated as zero where subsequent choice means fixed ratio test does not apply  
   820.59. When FRT disallowed amount is treated as zero for companies and trusts  
   820.60. Excess tax EBITDA amount  

              Subdivision 820-B--Thin capitalisation rules for outward investing financial entities (non-ADI)
           --

   820.65. What this Subdivision is about  
           --
   820.85. Thin capitalisation rule for outward investing financial entities (non - ADI)  
   820.90. Maximum allowable debt  
   820.100.Safe harbour debt amount--outward investing financial entity (non - ADI)  
   820.110.Worldwide gearing debt amount--outward investor that is not also an inward investment vehicle  
   820.111.Worldwide gearing debt amount--outward investor that is also an inward investment vehicle  
   820.115.Amount of debt deduction disallowed  
   820.120.Application to part year periods  

              Subdivision 820-C--Thin capitalisation rules for inward investing financial entities (non-ADI)
           --

   820.180.What this Subdivision is about  
           --
   820.185.Thin capitalisation rule for inward investing financial entities (non - ADI)  
   820.190.Maximum allowable debt  
   820.200.Safe harbour debt amount--inward investment vehicle (financial)  
   820.210.Safe harbour debt amount--inward investor (financial)  
   820.217.Worldwide gearing debt amount--inward investment vehicle (financial)  
   820.219.Worldwide gearing debt amount--inward investor (financial)  
   820.220.Amount of debt deduction disallowed  
   820.225.Application to part year periods  

              Subdivision 820-D--Thin capitalisation rules for outward investing entities (ADI)
           --

   820.295.What this Subdivision is about  
           --
   820.300.Thin capitalisation rule for outward investing entities (ADI)  
   820.305.Minimum capital amount  
   820.310.Safe harbour capital amount  
   820.315.Arm's length capital amount  
   820.320.Worldwide capital amount  
   820.325.Amount of debt deduction disallowed  
   820.330.Application to part year periods  

              Subdivision 820-E--Thin capitalisation rules for inward investing entities (ADI)
           --

   820.390.What this Subdivision is about  
           --
   820.395.Thin capitalisation rule for inward investing entities (ADI)  
   820.400.Minimum capital amount  
   820.405.Safe harbour capital amount  
   820.410.Arm's length capital amount  
   820.415.Amount of debt deduction disallowed  
   820.420.Application to part year periods  

              Subdivision 820-EAA--Debt deduction limitation rules for debt deduction creation (all relevant entities)
           --

   820.423.What this Subdivision is about  
           --
   820.423A.Debt deduction limitation rule for debt deduction creation (all relevant entities)  
   820.423AA.Exceptions for acquisition of certain CGT assets  
   820.423B.Amount of debt deduction disallowed  
   820.423C.This Subdivision does not limit reduction of debt deductions under other provisions  
   820.423D.Schemes relating to this Subdivision  
   820.423E.Modified meaning of associate pair  
   820.423F.Modified meaning of Australian entity  

              Subdivision 820-EAB--Third party debt concepts
           --

   820.427.What this Subdivision is about  
           --
   820.427A.Meaning of third party earnings limit and third party debt conditions  
   820.427B.Modified third party debt conditions for conduit financing  
   820.427C.Conduit financing conditions  
   820.427D.Modified meaning of associate entity  
   820.427E.Modified meaning of Australian entity  

              Subdivision 820-EA--Some financial entities may choose to be treated as ADIs

   820.430.When choice can be made, and what effect it has  
   820.435.Conditions  
   820.440.Revocation of choice  
   820.445.How this Subdivision interacts with Subdivision 820 - FA  

              Subdivision 820-FA--How the thin capitalisation rules apply to consolidated groups and MEC groups
           --

   820.579.What this Subdivision is about  
           --
   820.581.How this Division applies to head company for income year in which group comes into existence or ceases to exist  
   820.583.Classification of head company  
   820.584.Exempt special purpose entities treated as not being member of group  
   820.585.Exemption for consolidated group headed by foreign - controlled Australian ADI or its holding company  
   820.587.Additional application of Subdivision 820 - D to MEC group that includes foreign - controlled Australian ADI  
   820.588.Choice to treat specialist credit card institutions as being financial entities and not ADIs  
   820.589.How Subdivision 820 - D applies to a MEC group  
   820.590.Treatment of FRT disallowed amounts--joining case  
   820.591.Effect of transfer of FRT disallowed amount  
   820.592.Cancelling the transfer of FRT disallowed amount  
   820.593.FRT disallowed amount cannot be applied for income year ending after the joining time  
   820.594.Treatment of FRT disallowed amounts--leaving case  

              Subdivision 820-FB--Grouping branches of foreign banks and foreign financial entities with a consolidated group, MEC group or single Australian resident company
           --

   820.595.What this Subdivision is about  
           --
   820.597.Choice by head company of consolidated group or MEC group  
   820.599.Choice by Australian resident company outside consolidatable group and MEC group  
           --
   820.601.Application  
   820.603.General  
   820.605.Effect on establishment entity if certain debt deductions disallowed  
   820.607.Effect on test periods under this Division  
   820.609.Effect on classification of head company or single company  
   820.610.Choice not to be outward investing entity (ADI) or inward investing entity (ADI)  
   820.611.Values to be based on what would be in consolidated accounts for group  
   820.613.How Subdivision 820 - D applies  
   820.615.How Subdivision 820 - E applies  

              Subdivision 820-G--Calculating the average values
           --

   820.625.What this Subdivision is about  
           --
   820.630.Methods of calculating average values  
   820.635.The opening and closing balances method  
   820.640.The 3 measurement days method  
   820.645.The frequent measurement method  
           --
   820.675.Amount to be expressed in Australian currency  
   820.680.Valuation of assets, liabilities and equity capital  
   820.682.Recognition of assets and liabilities--modifying application of accounting standards  
   820.685.Valuation of debt capital  
   820.690.Commissioner's power  

              Subdivision 820-H--Control of entities
           --

   820.740.What this Subdivision is about  
           --
   820.745.What is an Australian controlled foreign entity?  
   820.750.What is an Australian controller of a controlled foreign company?  
   820.755.What is an Australian controller of a controlled foreign trust?  
   820.760.What is an Australian controller of a controlled foreign corporate limited partnership?  
           --
   820.780.What is a foreign controlled Australian entity?  
   820.785.What is a foreign controlled Australian company?  
   820.790.What is a foreign controlled Australian trust?  
   820.795.What is a foreign controlled Australian partnership?  
           --
   820.815.General rule about thin capitalisation control interest in a company, trust or partnership  
   820.820.Special rules about calculating TC control interest held by an entity  
   820.825.Special rules about calculating TC control interests held by a group of entities  
   820.830.Special rules about determining percentage of TC control interest  
   820.835.Commissioner's power  
           --
   820.855.TC direct control interest in a company  
   820.860.TC direct control interest in a trust  
   820.865.TC direct control interest in a partnership  
   820.870.TC indirect control interest in a company, trust or partnership  
   820.875.TC control tracing interest in a company, trust or partnership  

              Subdivision 820-HA--Controlled foreign entity debt and controlled foreign entity equity
           --

   820.880.What this Subdivision is about  
   820.881.Application  
   820.885.What is controlled foreign entity debt ?  
   820.890.What is controlled foreign entity equity ?  

              Subdivision 820-I--Associate entities
           --

   820.900.What this Subdivision is about  
   820.905.Associate entity  
   820.910.Associate entity debt  
   820.915.Associate entity equity  
   820.920.Associate entity excess amount  

              Subdivision 820-J--Equity interest in a trust or partnership
           --

   820.925.What this Subdivision is about  
   820.930.Equity interest in a trust or partnership  

              Subdivision 820-JA--Worldwide debt and equity concepts
           --

   820.931.What this Subdivision is about  
           --
   820.932.Worldwide debt and worldwide equity  
   820.933.Statement worldwide debt, statement worldwide equity and statement worldwide assets  
   820.935.Meaning of audited consolidated financial statements  

              Subdivision 820-K--Zero-capital amount
           --

   820.940.What this Subdivision is about  
   820.942.How to work out the zero - capital amount  

              Subdivision 820-KA--Cost-free debt capital and excluded equity interests
           --

   820.945.What this Subdivision is about  
   820.946.Cost - free debt capital and excluded equity interest  

              Subdivision 820-L--Record keeping requirements
           --

   820.950.What this Subdivision is about  
           --
   820.960.Records about Australian permanent establishments  
   820.962.Records about Australian permanent establishments--exemptions from Australian accounting standards  
   820.965.Review of Commissioner's decision  
           --
   820.980.Records about arm's length capital amount  
   820.985.Records about group ratio  
           --
   820.990.Offences--treatment of partnerships  
   820.995.Offences--treatment of unincorporated companies  

           Division 830--Foreign hybrids
           --

   830.1.  What this Division is about  

              Subdivision 830-A--Meaning of "foreign hybrid"

   830.5.  Foreign hybrid  
   830.10. Foreign hybrid limited partnership  
   830.15. Foreign hybrid company  

              Subdivision 830-B--Extension of normal partnership provisions to foreign hybrid companies

   830.20. Treatment of company as a partnership  
   830.25. Partners are the shareholders in the company  
   830.30. Individual interest of a partner in net income etc. equals percentage of notional distribution of company's profits  
   830.35. Partner's interest in assets  
   830.40. Control and disposal of share in partnership income  

              Subdivision 830-C--Special rules applicable while an entity is a foreign hybrid

   830.45. Partner's revenue and net capital losses from foreign hybrid not to exceed partner's loss exposure amount  
   830.50. Deduction etc. where partner's foreign hybrid revenue loss amount and foreign hybrid net capital loss amount are less than partner's loss exposure amount  
   830.55. Meaning of foreign hybrid net capital loss amount  
   830.60. Meaning of loss exposure amount  
   830.65. Meaning of outstanding foreign hybrid revenue loss amount  
   830.70. Meaning of outstanding foreign hybrid net capital loss amount  
   830.75. Extended meaning of subject to foreign tax  

              Subdivision 830-D--Special rules applicable when an entity becomes or ceases to be a foreign hybrid

   830.80. Setting the tax cost of partners' interests in the assets of an entity that becomes a foreign hybrid  
   830.85. Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid  
   830.90. What the expression tax cost is set means  
   830.95. What the expression tax cost setting amount means  
   830.100.What the expression tax cost means  
   830.105.What the expression asset - based income tax regime means  
   830.110.No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid  
   830.115.Tax losses cannot be transferred to a foreign hybrid  
   830.120.End of CFC's last statutory accounting period  
   830.125.How long interest in asset, or asset, held  

           Division 832--Hybrid mismatch rules
           --

   832.1.  What this Division is about  

              Subdivision 832-A--Preliminary
           --

   832.5.  What this Subdivision is about  
           --
   832.10. Entitlement to receive payment  
   832.15. Entitlement to receive non - cash benefits  
   832.20. Losses that arise from payments or parts of payments  
   832.25. Recipients and payers of a payment  
   832.30. How this Division applies to entities  
   832.35. Single entity rule otherwise not disregarded  
   832.40. Schemes outside Australia  
   832.45. Relationship between this Division and other charging provisions in this Act  
   832.50. Relationship between this Division and Division 820  
   832.55. Division does not affect foreign residence rules  
   832.60.  Valuation of trading stock affected by hybrid mismatch rules  

              Subdivision 832-B--Concepts relating to mismatches
           --

   832.100.What this Subdivision is about  
           --
   832.105.When a payment gives rise to a deduction/non - inclusion mismatch  
   832.110.When a payment gives rise to a deduction/deduction mismatch  
   832.115.Disregard effect of Division in determining deductions  
   832.120.Meaning of foreign income tax deduction  
   832.125.Meaning of subject to Australian income tax  
   832.130.Meaning of subject to foreign income tax  
   832.135.Safe harbour for translation rates  

              Subdivision 832-C--Hybrid financial instrument mismatch
           --

   832.175.What this Subdivision is about  
           --
   832.180.Deduction not allowable--Australian primary response  
   832.185.Inclusion in assessable income--Australian secondary response  
   832.190.Exception where entity not a party to the structured arrangement  
   832.195.When a hybrid financial instrument mismatch is an offshore hybrid mismatch  
   832.200.When a payment gives rise to a hybrid financial instrument mismatch  
   832.205.Meaning of Division 832 control group  
   832.210.Meaning of structured arrangement  
   832.215.Hybrid mismatch  
   832.220.Hybrid requirement--payments under financial instruments  
   832.225.Hybrid requirement--payments under transfers of certain financial instruments  
   832.230.Hybrid mismatch--integrity rule for substitute payments  
   832.235.Extended operation of this Subdivision in relation to concessional foreign taxes  
   832.240.Adjustment if hybrid financial instrument payment is income in a later year  

              Subdivision 832-D--Hybrid payer mismatch
           --

   832.280.What this Subdivision is about  
           --
   832.285.Deduction not allowable--Australian primary response  
   832.290.Inclusion in assessable income--Australian secondary response  
   832.295.Exception where entity not a party to the structured arrangement  
   832.300.When a hybrid payer mismatch is an offshore hybrid mismatch  
   832.305.When a payment gives rise to a hybrid payer mismatch  
   832.310.Hybrid mismatch  
   832.315.Hybrid requirement--assume payment was made to same recipient but by an ungrouped payer  
   832.320.Hybrid payer  
   832.325.Meaning of liable entity  
   832.330.Neutralising amount  
   832.335.Adjustment if hybrid payer has dual inclusion income in a later year  

              Subdivision 832-E--Reverse hybrid mismatch
           --

   832.375.What this Subdivision is about  
           --
   832.380.Deduction not allowable--Australian primary response  
   832.385.Exception where entity not a party to the structured arrangement  
   832.390.When a reverse hybrid mismatch is an offshore hybrid mismatch  
   832.395.When a payment gives rise to a reverse hybrid mismatch  
   832.400.Hybrid mismatch  
   832.405.Hybrid requirement--assume payment was made to an investor  
   832.410.Reverse hybrid  

              Subdivision 832-F--Branch hybrid mismatch
           --

   832.450.What this Subdivision is about  
           --
   832.455.Deduction not allowable  
   832.460.Exception where entity not a party to the structured arrangement  
   832.465.When a branch hybrid mismatch is an offshore hybrid mismatch  
   832.470.Branch hybrid mismatch  
   832.475.Hybrid mismatch  
   832.480.Hybrid requirement--payment made directly or indirectly to a branch hybrid  
   832.485.Branch hybrid  

              Subdivision 832-G--Deducting hybrid mismatch
           --

   832.525.What this Subdivision is about  
           --
   832.530.Deduction not allowable  
   832.535.Additional requirements for secondary response  
   832.540.When a deducting hybrid mismatch is an offshore hybrid mismatch  
   832.545.When an amount gives rise to a deducting hybrid mismatch  
   832.550.Deducting hybrid  
   832.555.Identifying a secondary response country  
   832.560.Neutralising amount  
   832.565.Adjustment if deducting hybrid has dual inclusion income in a later year  

              Subdivision 832-H--Imported hybrid mismatch
           --

   832.605.What this Subdivision is about  
           --
   832.610.Deduction not allowable  
   832.615.When a payment gives rise to an imported hybrid mismatch  
   832.620.Hybrid mismatch  
   832.625.Meaning of importing payment  
   832.630.Working out the amount of the imported hybrid mismatch  
   832.635.Carry forward of residual offshore hybrid mismatches  

              Subdivision 832-I--Dual inclusion income
           --

   832.675.What this Subdivision is about  
           --
   832.680.Dual inclusion income, and when an entity is eligible to apply it  

              Subdivision 832-J--Integrity rule

   832.720. What this Subdivision is about  
           --
   832.725.Payments made to interposed foreign entity (integrity measure)--denial of deduction  
   832.730.Back to back arrangements, etc.  
   832.735.Determination may specify kinds of scheme and circumstances where no denial of deduction  

              Subdivision 832-K--Modifications for Division 230 (about taxation of financial arrangements)
           --

   832.775.What this Subdivision is about  
           --
   832.780.Section 832 - 20 applies to Division 230 losses  
   832.785.Adjusting Division 230 loss  
   832.790.Modifications relating to Division 230 gains and losses  

           Division 840--Withholding taxes
           --

   840.1.  What this Division is about  

              Subdivision 840-M--Managed investment trust withholding tax
           --

   840.800.What this Subdivision is about  
           --
   840.805.Liability for managed investment trust withholding tax  
   840.810.When managed investment trust withholding tax is payable  
   840.815.Certain income is non - assessable non - exempt income  
   840.820.Agency rules  

              Subdivision 840-S--Labour mobility program withholding tax
           --

   840.900.What this Subdivision is about  
           --
   840.905.Liability for labour mobility program withholding tax  
   840.906.C overed labour mobility programs  
   840.910.When labour mobility program withholding tax is payable  
   840.915.Certain income is non - assessable non - exempt income  
   840.920.Overpayment of labour mobility program withholding tax  

           Division 842--Exempt Australian source income and gains of foreign residents

              Subdivision 842-B--Some items of Australian source income of foreign residents that are exempt from income tax
           --

   842.100.What this Subdivision is about  
   842.105.Amounts of Australian source ordinary income and statutory income that are exempt  

              Subdivision 842-I--Investment manager regime
           --

   842.200.What this Subdivision is about  
           --
   842.205.Object of this Subdivision  
           --
   842.210.IMR concessions apply only to foreign residents etc.  
   842.215.IMR concessions  
   842.220.Meaning of IMR entity  
   842.225.Meaning of IMR financial arrangement  
           --
   842.230.Meaning of IMR widely held entity  
   842.235.Rules for determining total participation interests for the purposes of the widely held test  
   842.240.Extended meaning of IMR widely held entity --temporary circumstances outside entity's control  
           --
   842.245.Meaning of independent Australian fund manager  
   842.250.Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity's income  

           Division 855--Capital gains and foreign residents
           --

   855.1.  What this Division is about  

              Subdivision 855-A--Disregarding a capital gain or loss by foreign residents

   855.5.  Objects of this Subdivision  
   855.10. Disregarding a capital gain or loss from CGT events  
   855.15. When an asset is taxable Australian property  
   855.16. Meaning of permanent establishment article  
   855.20. Taxable Australian real property  
   855.25. Indirect Australian real property interests  
   855.30. Principal asset test  
   855.32. Disregard market value of duplicated non - TARP assets  
   855.35. Reducing a capital gain or loss from a business asset--Australian permanent establishments  
   855.40. Capital gains and losses of foreign residents through fixed trusts  

              Subdivision 855-B--Becoming an Australian resident

   855.45. Individual or company becomes an Australian resident  
   855.50. Trust becomes a resident trust  
   855.55. CFC becomes an Australian resident  

           Division 880--Sovereign entities and activities

              Subdivision 880-A--Basic concepts
           --

   880.10. What this Subdivision is about  
           --
   880.15. Meaning of sovereign entity  
   880.20. Meaning of sovereign entity group  

              Subdivision 880-B--Basic tax treatment of sovereign entities
           --

   880.50. What this Subdivision is about  
           --
   880.55. Sovereign entity liable to pay tax  
   880.60. Bodies politic of foreign countries and foreign government agencies treated as foreign residents  

              Subdivision 880-C--Sovereign immunity
           --

   880.100.What this Subdivision is about  
           --
   880.105.Sovereign entity's income from membership interest etc. in trust or company--non - assessable non - exempt income  
   880.110.Sovereign entity's deduction from membership interest etc.--loss not deductible  
   880.115.Sovereign entity's capital gain from membership interest etc.--gain disregarded  
   880.120.Sovereign entity's capital loss from membership interest etc. in trust or company--loss disregarded  
   880.125.Covered sovereign entities  
   880.130.Meaning of public non - financial entity and public financial entity  

              Subdivision 880-D--Consular activities
           --

   880.200.What this Subdivision is about  
           --
   880.205.Income from consular functions--non - assessable non - exempt income  
            

CHAPTER 5--Administration
            

   PART 5-30----RECORD-KEEPING AND OTHER OBLIGATIONS

           Division 900--Substantiation rules
           --

   900.1.  What this Division is about  

              Subdivision 900-A--Application of Division

   900.5.  Application of the requirements of Division 900  
   900.10. Substantiation requirement  
   900.12. Application to recipients and payers of certain withholding payments  

              Subdivision 900-B--Substantiating work expenses

   900.15. Getting written evidence  
   900.20. Keeping travel records  
   900.25. Retaining the written evidence and travel records  
   900.30. Meaning of work expense  
   900.35. Exception for small total of expenses  
   900.40. Exception for laundry expenses below a certain limit  
   900.45. Exception for work expense related to award transport payment  
   900.50. Exception for domestic travel allowance expenses  
   900.55. Exception for overseas travel allowance expenses  
   900.60. Exception for reasonable overtime meal allowance  
   900.65. Crew members on international flights need not keep travel records  

              Subdivision 900-C--Substantiating car expenses

   900.70. Getting written evidence  
   900.75. Retaining the written evidence and odometer records  

              Subdivision 900-D--Substantiating business travel expenses

   900.80. Getting written evidence  
   900.85. Keeping travel records  
   900.90. Retaining the written evidence and travel records  
   900.95. Meaning of business travel expense  

              Subdivision 900-E--Written evidence
           --

   900.100.What this Subdivision is about  
           --
   900.105.Ways of getting written evidence  
   900.110.Time limits  
   900.115.Written evidence from supplier  
   900.120.Written evidence of depreciating asset expense  
   900.125.Evidence of small expenses  
   900.130.Evidence of expenses considered otherwise too hard to substantiate  
   900.135.Evidence on a payment summary  

              Subdivision 900-F--Travel records
           --

   900.140.What this Subdivision is about  
   900.145.Purpose of a travel record  
           --
   900.150.Recording activities in travel records  
   900.155.Showing which of your activities were income - producing activities  

              Subdivision 900-G--Retaining and producing records
           --

   900.160.What this Subdivision is about  
   900.165.The retention period  
           --
   900.170.Extending the retention period if an expense is disputed  
   900.175.Commissioner may tell you to produce your records  
   900.180.How to comply with a notice  
   900.185.What happens if you don't comply  

              Subdivision 900-H--Relief from effects of failing to substantiate

   900.195.Commissioner's discretion to review failure to substantiate  
   900.200.Reasonable expectation that substantiation would not be required  
   900.205.What if your documents are lost or destroyed?  

              Subdivision 900-I--Award transport payments
           --

   900.210.What this Subdivision is about  
           --
   900.215.Deducting an expense related to an award transport payment  
   900.220.Definition of award transport payment  
   900.225.Substituted industrial instruments  
   900.230.Changes to industrial instruments applied for before 29 October 1986  
   900.235.Changes to industrial instruments solely referable to matters in the instrument  
   900.240.Deducting in anticipation of receiving award transport payment  
   900.245.Effect of exception in this Subdivision on exception for small total of expenses  
   900.250.Effect of exception in this Subdivision on methods of calculating car expense deductions  

   PART 5-35----MISCELLANEOUS

           Division 905--Offences

   905.5.  Application of the Criminal Code  

           Division 909--Regulations

   909.1.  Regulations  
            

CHAPTER 6--The Dictionary
            

   PART 6-1--CONCEPTS AND TOPICS

           Division 950--Rules for interpreting this Act

   950.100.What forms part of this Act  
   950.105.What does not form part of this Act  
   950.150.Guides, and their role in interpreting this Act  

           Division 960--General

              Subdivision 960-B--Utilisation of tax attributes

   960.20. Utilisation  

              Subdivision 960-C--Foreign currency

   960.49. Objects of this Subdivision  
   960.50. Translation of amounts into Australian currency  
   960.55. Application of translation rules  

              Subdivision 960-D--Functional currency
           --

   960.56. What this Subdivision is about  
           --
   960.59. Object of this Subdivision  
   960.60. You may choose a functional currency  
   960.61. Functional currency for calculating capital gains and losses on indirect Australian real property interests  
   960.65. Backdated startup choice  
   960.70. What is the applicable functional currency ?  
   960.75. What is a transferor trust ?  
   960.80. Translation rules  
   960.85.  Special rule about translation--events that happened before the current choice took effect  
   960.90. Withdrawal of choice  

              Subdivision 960-E--Entities

   960.100.Entities  
   960.105.Certain entities treated as agents  

              Subdivision 960-F--Distribution by corporate tax entities

   960.115.Meaning of corporate tax entity  
   960.120.Meaning of distribution  

              Subdivision 960-G--Membership of entities

   960.130.Members of entities  
   960.135.Membership interest in an entity  
   960.140.Ordinary membership interest  

              Subdivision 960-GP--Participation interests in entities

   960.180.Total participation interest  
   960.185.Indirect participation interest  
   960.190.Direct participation interest  
   960.195.Non - portfolio interest test  

              Subdivision 960-H--Abnormal trading in shares or units

   960.220.Meaning of trading  
   960.225.Abnormal trading  
   960.230.Abnormal trading--5% of shares or units in one transaction  
   960.235.Abnormal trading--suspected 5% of shares or units in a series of transactions  
   960.240.Abnormal trading--suspected acquisition or merger  
   960.245.Abnormal trading--20% of shares or units traded over 60 day period  

              Subdivision 960-J--Family relationships
           --

   960.250.What this Subdivision is about  
           --
   960.252.Object of this Subdivision  
   960.255.Family relationships  

              Subdivision 960-M--Indexation
           --

   960.260.What this Subdivision is about  
   960.265.The provisions for which indexation is relevant  
           --
   960.270.Indexing amounts  
   960.275.Indexation factor  
   960.280.Index number  
   960.285.Indexation--superannuation and employment termination  
   960.290.Indexation--levy threshold for the major bank levy  

              Subdivision 960-S--Market value
           --

   960.400.What this Subdivision is about  
           --
   960.405.Effect of GST on market value of an asset  
   960.410.Market value of non - cash benefits  
   960.412.Working out market value using an approved method  
   960.415.Amounts that depend on market value  

              Subdivision 960-T--Meaning of Australia
           --

   960.500.What this Subdivision is about  
           --
   960.505.Meaning of Australia  

              Subdivision 960-U--Significant global entities
           --

   960.550.What this Subdivision is about  
           --
   960.555.Meaning of significant global entity  
   960.560.Meaning of global parent entity  
   960.565.Meaning of annual global income  
   960.570.Meaning of global financial statements  
   960.575.Meaning of notional listed company group  

           Division 961--Notional tax offsets

              Subdivision 961-A--Dependant (non-student child under 21 or student) notional tax offset
           --

   961.1.  What this Subdivision is about  
           --
   961.5.  Who is entitled to the notional tax offset  
           --
   961.10. Amount of the dependant (non - student child under 21 or student) notional tax offset  
   961.15. Reduced amounts of the dependant (non - student child under 21 or student) notional tax offset  
   961.20. Reductions to take account of the dependant's income  

              Subdivision 961-B--Dependant (sole parent of a non-student child under 21 or student) notional tax offset
           --

   961.50. What this Subdivision is about  
           --
   961.55. Who is entitled to the notional tax offset  
   961.60. Amount of the dependant (sole parent of a non - student child under 21 or student) notional tax offset  
   961.65. Reductions to take account of change in circumstances  

           Division 974--Debt and equity interests

              Subdivision 974-A--General
           --

   974.1.  What this Division is about  
   974.5.  Overview of Division  
           --
   974.10. Object  

              Subdivision 974-B--Debt interests

   974.15. Meaning of debt interest  
   974.20. The test for a debt interest  
   974.25. Exceptions to the debt test  
   974.30. Providing a financial benefit  
   974.35. Valuation of financial benefits--general rules  
   974.40.  Valuation of financial benefits--rights and options to terminate early  
   974.45. Valuation of financial benefits--convertible interests  
   974.50. Valuation of financial benefits--value in present value terms  
   974.55. The debt interest and its issue  
   974.60. Debt interest arising out of obligations owed by a number of entities  
   974.65. Commissioner's power  

              Subdivision 974-C--Equity interests in companies

   974.70. Meaning of equity interest in a company  
   974.75. The test for an equity interest  
   974.80. Equity interest arising from arrangement funding return through connected entities  
   974.85. Right or return contingent on aspects of economic performance  
   974.90. Right or return at discretion of company or connected entity  
   974.95. The equity interest  

              Subdivision 974-D--Common provisions

   974.100.Treatment of convertible and converting interests  
   974.105.Effect of action taken in relation to interest arising from related schemes  
   974.110.Effect of material change  
   974.112.Determinations by Commissioner  

              Subdivision 974-E--Non-share distributions by a company

   974.115.Meaning of non - share distribution  
   974.120.Meaning of non - share dividend  
   974.125.Meaning of non - share capital return  

              Subdivision 974-F--Related concepts

   974.130.Financing arrangement  
   974.135.Effectively non - contingent obligation  
   974.140.Ordinary debt interest  
   974.145.Benchmark rate of return  
   974.150.Schemes  
   974.155.Related schemes  
   974.160.Financial benefit  
   974.165.Convertible and converting interests  

           Division 975--Concepts about companies

              Subdivision 975-A--General

   975.150.Position to affect rights in relation to a company  
   975.155.When is an entity a controller (for CGT purposes) of a company?  
   975.160.When an entity has an associate - inclusive control interest  

              Subdivision 975-G--What is a company's share capital account?

   975.300.Meaning of share capital account  

              Subdivision 975-W--Wholly-owned groups of companies

   975.500.Wholly - owned groups  
   975.505.What is a 100% subsidiary?  

           Division 976--Imputation

   976.1.  Franked part of a distribution  
   976.5.  Unfranked part of a distribution  
   976.10. The part of a distribution that is franked with an exempting credit  
   976.15. The part of a distribution that is franked with a venture capital credit  

           Division 977--Realisation events, and the gains and losses they realise for income tax purposes
           --

   977.5.  Realisation event  
   977.10. Loss realised for income tax purposes  
   977.15. Gain realised for income tax purposes  
           --
   977.20. Realisation event  
   977.25. Disposal of trading stock: loss realised for income tax purposes  
   977.30. Ending of an income year: loss realised for income tax purposes  
   977.35. Disposal of trading stock: gain realised for income tax purposes  
   977.40. Ending of an income year: gain realised for income tax purposes  
           --
   977.50. Meaning of revenue asset  
   977.55. Loss or gain realised for income tax purposes  

           Division 980--Affordable housing
           --

   980.1.  What this Division is about  

              Subdivision 980-A--Providing affordable housing
           --

   980.5.  Providing affordable housing  
   980.10. Eligible community housing providers  
   980.15. Affordable housing certificates  

   PART 6-5--DICTIONARY DEFINITIONS

           Division 995--Definitions

   995.1.  Definitions