demerging entity has the meaning given by section 125‑70 of the Income Tax Assessment Act 1997.
depreciating asset has the same meaning as in the Income Tax Assessment Act 1997.
Deputy Commissioner means a Deputy Commissioner of Taxation.
distribution, when used in a franking context, has the same meaning as in the Income Tax Assessment Act 1997.
diverted profits tax has the meaning given by the Income Tax Assessment Act 1997.
dividend includes:
(a) any distribution made by a company to any of its shareholders, whether in money or other property; and
(b) any amount credited by a company to any of its shareholders as shareholders;
but does not include:
(d) moneys paid or credited by a company to a shareholder or any other property distributed by a company to shareholders (not being moneys or other property to which this paragraph, by reason of subsection (4), does not apply or moneys paid or credited, or property distributed for the redemption or cancellation of a redeemable preference share), where the amount of the moneys paid or credited, or the amount of the value of the property, is debited against an amount standing to the credit of the share capital account of the company; or
(e) moneys paid or credited, or property distributed, by a company for the redemption or cancellation of a redeemable preference share if:
(i) the company gives the holder of the share a notice when it redeems or cancels the share; and
(ii) the notice specifies the amount paid‑up on the share immediately before the cancellation or redemption; and
(iii) the amount is debited to the company’s share capital account;
except to the extent that the amount of those moneys or the value of that property, as the case may be, is greater than the amount specified in the notice as the amount paid‑up on the share; or
(f) a reversionary bonus on a life assurance policy.
Note: Subsection (4) sets out when paragraph (d) of this definition does not apply.
Division 230 financial arrangement has the same meaning as in the Income Tax Assessment Act 1997.
dual resident investment company has the meaning given by section 6F.
dwelling has the meaning given by the Income Tax Assessment Act 1997.
eligible taxable income has the meaning given by section 102AD.
Employment Secretary has the meaning given by the Income Tax Assessment Act 1997.
employment termination payment has the same meaning as in the Income Tax Assessment Act 1997.
equity holder has the same meaning as in the Income Tax Assessment Act 1997.
equity interest has the same meaning as in the Income Tax Assessment Act 1997.
ESVCLP means an early stage venture capital limited partnership within the meaning of subsection 118‑407(4) of the Income Tax Assessment Act 1997.
exempt entity has the same meaning as in the Income Tax Assessment Act 1997.
exempt income has the meaning given by section 6‑20 of the Income Tax Assessment Act 1997.
exploration credit has the same meaning as in the Income Tax Assessment Act 1997.
Families Secretary has the meaning given by the Income Tax Assessment Act 1997.
farm management deposit has the meaning given by the Income Tax Assessment Act 1997.
FMD provider has the meaning given by the Income Tax Assessment Act 1997.
foreign superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
foreign tax has the meaning given by section 6AB.
frankable distribution has the same meaning as in the Income Tax Assessment Act 1997.
franked part of a distribution has the same meaning as in the Income Tax Assessment Act 1997.
franking credit has the same meaning as in the Income Tax Assessment Act 1997.
franking debit has the same meaning as in the Income Tax Assessment Act 1997.
franking deficit tax has the same meaning as in the Income Tax Assessment Act 1997.
franking surplus has the same meaning as in the Income Tax Assessment Act 1997.
franks with an exempting credit has the same meaning as in the Income Tax Assessment Act 1997.
friendly society has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
friendly society dispensary has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
fringe benefit has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
full self‑assessment taxpayer, for a year of income (the current year), means any of the following:
(a) a company;
(c) the trustee of a trust that is a public trading trust in relation to the current year for the purposes of Division 6C of Part III;
(d) the trustee of a complying approved deposit fund or a non‑complying approved deposit fund in relation to the current year;
(e) the trustee of a complying superannuation fund or a non‑complying superannuation fund in relation to the current year;
(f) the trustee of a pooled superannuation trust in relation to the current year.
Note: A corporate limited partnership is taken to be a company under section 94J, so it will fall within paragraph (a) of this definition.
fund payment has the same meaning as in the Income Tax Assessment Act 1997.
general insurance company has the same meaning as in the Income Tax Assessment Act 1997.
general insurance policy has the same meaning as in the Income Tax Assessment Act 1997.
general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.
general partner has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
GST Act means the A New Tax System (Goods and Services Tax) Act 1999.
head company of a consolidated group or a MEC group has the same meaning as in the Income Tax Assessment Act 1997.
head entity of a demerger group has the meaning given by section 125‑65 of the Income Tax Assessment Act 1997.
Health Minister has the meaning given by the Income Tax Assessment Act 1997.
hold, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.
holder, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.
income from personal exertion or income derived from personal exertion means income consisting of earnings, salaries, wages, commissions, fees, bonuses, pensions, superannuation allowances, retiring allowances and retiring gratuities, allowances and gratuities received in the capacity of employee or in relation to any services rendered, the proceeds of any business carried on by the taxpayer either alone or as a partner with any other person, any amount received as a bounty or subsidy in carrying on a business, any amount that is included in the assessable income of the taxpayer by reason of section 393‑10 of the Income Tax Assessment Act 1997, the income from any property where that income forms part of the emoluments of any office or employment of profit held by the taxpayer, and any profit arising from the sale by the taxpayer of any property acquired by the taxpayer for the purpose of profit‑making by sale or from the carrying on or carrying out of any profit‑making undertaking or scheme, but does not include:
(a) interest, unless the taxpayer’s principal business consists of the lending of money, or unless the interest is received in respect of a debt due to the taxpayer for goods supplied or services rendered by the taxpayer in the course of the taxpayer’s business; or
(b) rents, dividends or non‑share dividends.
income from property or income derived from property means all income not being income from personal exertion.
income tax means income tax imposed as such by any Act, as assessed under this Act, but, except in section 260, does not include mining withholding tax or withholding tax.
Indigenous land has the same meaning as in the Income Tax Assessment Act 1997.
Indigenous person has the same meaning as in the Income Tax Assessment Act 1997.
industrial, commercial or scientific equipment means industrial, commercial or scientific equipment to the extent that an amount paid or credited as consideration for the use of the equipment, or for the right to use the equipment, is not rent from land (including rent from an interest in land or rent from fixtures on land).
insurance business has the same meaning as in the Insurance Act 1973.
insurance funds, in relation to a company, means all the Australian statutory funds of the company and all other funds maintained by the company in respect of the life assurance business of the company.
interest income, in relation to a taxpayer, means income consisting of interest, or a payment in the nature of interest, in respect of:
(a) money lent, advanced or deposited; or
(b) credit given; or
(c) any other form of debt or liability;
whether security is given or not, other than:
(d) an amount to the extent to which it is a return on an equity interest in a company; or
(e) interest derived by the taxpayer from a transaction directly related to the active conduct of a trade or business; or
(f) interest derived by the taxpayer from carrying on a banking business or any other business whose income is principally derived from the lending of money; or
(g) interest received by the taxpayer during a year of income from a foreign company, where:
(i) at any time during the year of income, the taxpayer had (or would have had, if the taxpayer were a company and a resident), a voting interest, within the meaning of section 334A, amounting to at least 10% of the voting power, within the meaning of that section, in that company; and
(ii) during the year of income or the preceding year of income, the company has not derived an amount of interest income exceeding 10% of the total profits derived by the company during the same year.
junior minerals exploration incentive tax offset means a tax offset under Subdivision 418‑B of the Income Tax Assessment Act 1997.
life assurance company has the meaning given to life insurance company by the Income Tax Assessment Act 1997.
life assurance policy has the meaning given to life insurance policy by the Income Tax Assessment Act 1997.
life assurance premium has the meaning given to life insurance premium by the Income Tax Assessment Act 1997.
limited partner has the same meaning as in the Income Tax Assessment Act 1997.
limited partnership has the same meaning as in the Income Tax Assessment Act 1997.
liquidator means the person who, whether or not appointed as liquidator, is the person required by law to carry out the winding‑up of a company.
listed public company has the same meaning as in the Income Tax Assessment Act 1997.
Note: For the meaning of listed public company in Schedule 2F to this Act, see section 272‑135 in that Schedule.
loss carry back tax offset has the same meaning as in the Income Tax Assessment Act 1997.
loss year has the same meaning as in the Income Tax Assessment Act 1997.
managed investment trust has the same meaning as in the Income Tax Assessment Act 1997.
MEC group has the same meaning as in the Income Tax Assessment Act 1997.
Medicare levy means Medicare levy imposed as such by any Act as assessed under this Act.
Medicare levy (fringe benefits) surcharge has the meaning given by the Income Tax Assessment Act 1997.
member of a consolidated group or MEC group has the same meaning as in the Income Tax Assessment Act 1997.
member of a family tax benefit (Part B) family without shared care: a taxpayer is a member of a family tax benefit (Part B) family without shared care if:
(a) the taxpayer, or the taxpayer’s spouse while being the taxpayer’s partner (within the meaning of the A New Tax System (Family Assistance) Act 1999), is eligible for family tax benefit at the Part B rate (within the meaning of that Act); and
(b) clause 31 of Schedule 1 to that Act does not apply in respect of the Part B rate.
minerals has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
mining withholding tax means income tax payable in accordance with section 128V.
mortgage includes any charge, lien or encumbrance to secure the repayment of money.
mutual life assurance company means a life assurance company the profits of which are divisible only among the policy holders.
natural resource has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
net capital gain has the same meaning as in the Income Tax Assessment Act 1997.
net capital loss has the same meaning as in the Income Tax Assessment Act 1997.
net GST has the meaning given by section 995‑1 of the Income Tax Assessment Act 1997.
net input tax credit has the meaning given by section 995‑1 of the Income Tax Assessment Act 1997.
non‑assessable non‑exempt income has the meaning given by the Income Tax Assessment Act 1997.
non‑complying approved deposit fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
non‑complying superannuation fund has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
non‑entity joint venture has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
non‑equity share has the same meaning as in the Income Tax Assessment Act 1997.
non‑resident means a person who is not a resident of Australia.
non‑share capital account has the same meaning as in the Income Tax Assessment Act 1997.
non‑share capital return has the same meaning as in the Income Tax Assessment Act 1997.
non‑share distribution has the same meaning as in the Income Tax Assessment Act 1997.
non‑share dividend has the same meaning as in the Income Tax Assessment Act 1997.
non‑share equity interest has the same meaning as in the Income Tax Assessment Act 1997.
once‑only deduction: a deduction in a year of income in respect of a percentage of expenditure is a once‑only deduction, in relation to the expenditure, if no deduction is allowable in respect of a percentage of the expenditure in any other year of income.
ordinary class has the same meaning as in the Income Tax Assessment Act 1997.
ordinary income has the same meaning as in the Income Tax Assessment Act 1997.
over‑franking tax has the same meaning as in the Income Tax Assessment Act 1997.
owner of a farm management deposit has the meaning given by the Income Tax Assessment Act 1997.
ownership interest has the meaning given by section 125‑60 of the Income Tax Assessment Act 1997.
paid in relation to dividends or non‑share dividends includes credited or distributed.
paid‑up share capital has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
parent has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
partnership has the same meaning as in the Income Tax Assessment Act 1997.
part of a distribution that is franked with an exempting credit has the same meaning as in the Income Tax Assessment Act 1997.
part of a distribution that is franked with a venture capital credit has the same meaning as in the Income Tax Assessment Act 1997.
passive commodity gain, in relation to a taxpayer, in relation to a year of income, means a gain realised by the taxpayer in a year of income from disposing of a forward contract or a futures contract, or a right or option in respect of a forward contract or a futures contract, in respect of any thing (a commodity):
(a) that is capable of delivery under an agreement for its delivery; and
(b) that is not an instrument creating or evidencing a chose in action;
unless the contract, right or option relates to the carrying on by the taxpayer of a business:
(c) of producing or processing the commodity; or
(d) that involves the use of the commodity as a raw material in a production process.
passive income, in relation to a taxpayer, in relation to a year of income means:
(a) dividends (within the meaning of this section) and non‑share dividends paid to the taxpayer in the year of income; or
(b) unit trust dividends (within the meaning of Division 6C) paid to the taxpayer in the year of income; or
(c) a distribution made to the taxpayer in the year of income that is taken to be a dividend because of section 47; or
(d) an amount that is taken to be a dividend paid to the taxpayer in the year of income because of section 47A or 108 or Division 7A of Part III; or
(e) interest income derived by the taxpayer in the year of income; or
(f) annuities derived by the taxpayer in the year of income; or
(g) income derived by the taxpayer by way of rent (within the meaning of Part X) in the year of income; or
(h) royalties derived by the taxpayer in the year of income; or
(i) an amount derived by the taxpayer in the year of income as consideration for the assignment, in whole or in part, of any copyright, patent, design, trade mark or other like property or right; or
(j) profits of a capital nature that accrued to the taxpayer in the year of income; or
(k) passive commodity gains that accrued to the taxpayer in the year of income; or
(l) an amount included in the assessable income of the taxpayer of the year of income under section 102AAZD, 456, 457 or 459A;
but does not include:
(m) an amount that arose from an asset necessarily held by the taxpayer in connection with an insurance business actively carried on by the taxpayer; or
(n) an amount included in the taxpayer’s assessable income under Division 83A of the Income Tax Assessment Act 1997 (about employee share schemes).
PDF (pooled development fund) means a company that is a PDF within the meaning of the Pooled Development Funds Act 1992, but does not include such a company in the capacity of a trustee.
PDF component, in relation to a company that becomes a PDF during the year of income and is still a PDF at the end of the year of income, means:
(a) in a case where the amount that, if:
(i) the period beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company; and