10‑5 List of provisions about assessable10‑5 List of provisions about assessable income

#### 10‑5 List of provisions about assessable income The provisions set out in the table: include in your assessable income amounts that are not \*ordinary income; and vary or replace the rules that would otherwise apply for certain kinds of \*ordinary income. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold, are provisions of the Income Tax Assessment Act 1936. | Accrued leave transfer payments | | | ------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | | .................................... | 15‑5 | | alienated personal services income | | | .................................... | 86‑15 | | allowances | | | see employment | | | annual leave | | | see leave payments | | | annuities | | | .................................... | 27H | | approved deposit fund (ADFs) | | | see superannuation | | | attributable income | | | see controlled foreign corporations | | | avoidance of tax | | | general ................................. | 177F | | diversion of income ......................... | 121H | | see also transfers of income | | | bad debts | | | see recoupment | | | balancing adjustment | | | see capital allowances, investments, R&D, scientific research and tax exempt entities | | | banking | | | offshore banking unit, deemed interest on payments to by owner | 121EK | | barter transactions | | | ............................................ | 21, 21A, 15‑2 | | beneficiaries | | | see trusts | | | benefits | | | business, non‑cash ................... | 21A | | consideration, non‑cash ................ | 21 | | meals you provide in an in‑house dining facility | 32‑70 | | see also employment and superannuation | | | bonus shares | | | see shares | | | bounties | | | ............................................ | 15‑10 | | capital allowances | | | excess of termination value over adjustable value | | | generally......................... | 40‑285 | | for some cars...................... | 40‑370 | | depreciating asset in low‑value pool........ | 40‑445(2) | | expenditure in software development pool.......... | 40‑460 | | recovery of petroleum resource rent tax............ | 40‑750(3) | | capital gains | | | .................................... | 102‑5 | | see also insurance | | | car expenses | | | cents per kilometres reimbursement of ............ | 15‑70 | | carried interests | | | carried interests, not ordinary income............. | 118‑21 | | CFCs | | | see controlled foreign corporations | | | charters | | | see shipping | | | child | | | non‑trust income of, unearned ............ | 102AE | | trust income of, unearned ..................... | 102AG | | collecting societies | | | payments of royalties by copyright collecting societies.. | 15‑22 | | payments of royalties by resale royalty collecting society | 15‑23 | | company | | | see controlled foreign corporations, co‑operative company, directors, dividends, liquidation, shareholders and shares | | | compensation | | | live stock or trees, recoveries for loss of ........... | 385‑130 | | profits or income, insurance or indemnity for loss of.... | 15‑30 | | received by lessor for lessee’s non‑compliance with lease obligation to repair | 15‑25 | | trading stock, insurance or indemnity for loss of ...... | 70‑115 | | see also insurance, live stock, recoupment and scientific research | | | consideration | | | see benefits | | | consolidated groups and MEC groups | | | Assets in relation to Division 230 financial arrangement. | 701‑61(3) | | controlled foreign corporations (CFCs) | | | attributable income of ....................... | 456 to 459A | | see also dividends and taxes | | | co‑operative company | | | receipts of ............................... | 119 | | credit union | | | see co‑operative company | | | currency gains | | | see foreign exchange | | | currency losses | | | see recoupment | | | death | | | see trusts | | | debt/equity swap | | | see shares and units | | | defence forces | | | allowances and benefits for service as a member of .... | 15‑2 | | depreciation | | | see capital allowances | | | directors | | | excessive remuneration or retirement payment from company | 109 | | distributions | | | see dividends | | | dividends | | | benefit of LIC capital gain through a trust or partnership . | 115‑280 | | general ................................. | 44(1) | | distribution from a controlled foreign corporation ..... | 47A(1) | | franked dividends, credits on................... | 207‑20(1), 207‑35(1), 207‑35(3) | | see also liquidation | | | elections | | | local government, reimbursement of expenses of...... | 25‑65 | | see also recoupment | | | electricity connections | | | see recoupment | | | employees | | | see shares | | | employment | | | allowances and benefits in relation to employment or rendering services | 15‑2 | | employment termination payment ............... | 82‑1082‑6582‑70 | | other payments for employment termination ......... | 83‑295 | | return to work payments ...................... | 15‑3 | | see accrued leave transfer payments, leave payments, superannuation and sections 82‑10A and 82‑10C of the Income Tax (Transitional Provisions) Act 1997 | | | environment | | | see recoupment | | | farm management deposits | | | repayments of ............................ | 393‑10 | | films | | | Australian, proceeds of investment in ............. | 26AG | | financial arrangements | | | gains from............................... | 230‑15(1) | | foreign exchange | | | gains .................................. | 775‑15 | | see also recoupment | | | foreign income tax deduction for franked distributions | | | Additional Tier 1 capital exception............... | 15‑80 | | forestry agreement | | | amount where section 82KZMG of the 1936 Act applies. | 15‑45 | | CGT event in relation to forestry interest in agreement.. | 82KZMGB | | forestry managed investment schemes | | | forestry manager’s receipts under scheme........... | 15‑46 | | CGT event in relation to forestry interest in scheme for initial participant | 394‑25(2) | | CGT event in relation to forestry interest in scheme for subsequent participant | 394‑30(2) | | franked dividends | | | see dividends | | | funeral policy | | | benefit under.............................. | 15‑55 | | general insurance companies and companies that self insure | | | gross premiums............................reduction in value of adjusted liability for incurred claims | 321‑45321‑10 | | reduction in value of adjusted liability for remaining coverage | 321‑50 | | reduction in value of outstanding claims liability...... | 321‑80 | | geothermal energy | | | providing geothermal exploration information ....... | 15‑40 | | grapevines | | | see recoupment | | | horticultural plants | | | see recoupment | | | improvements | | | see leases | | | imputation | | | see dividends | | | indemnity | | | see compensation and recoupment | | | insurance | | | bonuses ................................. | 26AH, 15‑75 | | company, demutualisation of ................... | 121AT | | life insurance, transfer of contributions by superannuation fund or approved deposit fund to | 295‑260 | | payments from a non‑resident reinsurer in respectof a loss .............................. | 148 | | premiums in respect of Australian business received by non‑resident insurers | 143 | | premiums paid to a non‑resident for reinsurance | 148 | | premiums paid to mutual insurance association ....... | 121 | | premiums payable to a non‑resident for insurance of property in Australia | 142(1) | | premiums payable to a non‑resident for insuring an event that can only happen in Australia | 142(1) | | premiums payable to a non‑resident under an insurance contract with a resident | 142(2) | | rebates and premiums refunded to a superannuation fund trustee | 295‑320 (table item 4) | | see also compensation, life insurance companies and recoupment | | | interest | | | overpaid tax, on ........................... | 15‑35 | | qualifying securities, on ...................... | 159GQ, 159GW(1) | | see also co‑operative companies and leases | | | investments | | | prizes from investment‑related lotteries ...... | 26AJ | | qualifying securities, payments to partial residents made under | 159GW(2) | | qualifying securities, amount assessable to issuer of .... | 159GT(1B) | | qualifying securities, balancing adjustment on the transfer of | 159GS | | securities, variation in terms of ................. | 159GV(2) | | securities lending arrangements ................. | 26BC | | traditional securities, gains on the disposal or redemption of | 26BB | | see also films and interest | | | landcare operations | | | see recoupment | | | leased plant .................................. | Division 45 | | leases | | | amounts received by lessor from lessee for non‑compliance with lease obligation to repair | 15‑25 | | interest component of payments under non‑leveraged finance leases | 159GK | | partnership leasing property under non‑leveraged finance lease, new partner or contribution of capital since 14 May 1985 | 159GO | | premiums relating to assignment of a lease granted before 20 September 1985 | 26AB | | profit on disposal of previously leased motor vehicles .. | Subdivision 20‑B | | leases of luxury cars | | | accrual amounts........................... | 242‑35 | | adjustment amounts (lessee) | 242‑70 | | adjustment amounts (lessor) | 242‑65 | | leave payments | | | accrued leave transfer payment ................. | 15‑5 | | unused annual leave payment ........................ | 83‑10 | | unused long service leave payment ............... | 83‑80 | | see employment | | | life insurance companies | Subdivision 320‑B | | limited recourse debt | | | excessive deduction amount (debtor) | 243‑40 | | excessive deduction amount (partner) | 243‑65 | | liquidation | | | distribution to a shareholder in winding up a company.. | 47(1) | | live stock | | | death or destruction of ....................... | Subdivision 385‑E | | departing Australia and ...................... | 385‑160, 385‑163 | | insolvency, and ........................... | 385‑160, 385‑163 | | profits on death or disposal of .................. | Subdivision 385‑E, 385‑160 | | see also compensation and trading stock | | | long service leave | | | see leave payments | | | losses | | | see compensation | | | lotteries | | | see investments | | | managed investment trusts | | | gains etc. from carried interests................. | 275‑200(2) | | meals | | | see benefits | | | Mining | | | providing mining, quarrying or prospecting information . | 15‑40 | | minors | | | see child | | | motor vehicles | | | see car expenses and leases | | | mutual insurance | | | see insurance | | | non‑cash benefits | | | see benefits and employment | | | notional sales and loans | | | adjustment amounts (lessee) | 240‑110(2) | | adjustment amounts (lessor) | 240‑105(2) | | notional interest............................ | 240‑35(1) | | profit on actual sale......................... | 240‑35(3) | | profit on notional sale........................ | 240‑35(2) | | offshore banking units | | | see banking | | | partnerships | | | net income of, partner’s interest in ............... | 92(1) | | uncontrolled partnership income, effect of .......... | 94 | | see also leases | | | petroleum | | | resource rent tax, recovery of .................. | 20‑30(1) | | see also capital allowances | | | premiums | | | see insurance, leases and superannuation | | | primary production | | | see recoupment | | | prizes | | | see investments | | | profits | | | cross‑border transfer pricing............. | 815‑30 | | profit‑making undertaking or plan.......... | 15‑15 | | sale of property acquired before 20 September 1985 for profit‑making by sale | 25A | | see also avoidance of tax | | | Project pools | | | An amount received for the abandonment, sale or other disposal of a project | 40‑830, 40‑832 | | property | | | see profits and trusts | | | quarrying | | | see mining and recoupment | | | R&D | | | balancing adjustment ........................ | 40‑292, 40‑293, 355‑315 and 355‑525 | | disposal of R&D results ...................... | 355‑410 | | recoupments and feedstock adjustments ........... | 355‑450 | | rates | | | see recoupment | | | recoupment | | | insurance or indemnity for deductible losses oroutgoings............................. | Subdivision 20‑A | | other recoupment for certain deductible losses or outgoings | Subdivision 20‑A | | see also car expenses, compensation, elections and petroleum | | | registered emissions units | | | disposal of............................... | 420‑25 | | disposal for a non‑commercial purpose............ | 420‑40 | | difference between opening and closing value of...... | 420‑45 | | reimbursements | | | see car expenses, dividends, elections, petroleum and recoupment | | | reinsurance | | | see insurance | | | retirement payments | | | see directors, leave payments and shareholders | | | rights to income | | | see transfers of income | | | roads | | | see timber | | | royalties | | | ............................................ | 15‑20 | | schemes | | | see avoidance of tax | | | scholarship plan | | | benefit under.............................. | 15‑60 | | scientific research | | | consideration for disposal or destruction of buildings acquired for scientific research | 73A(4) | | securities | | | see investments | | | services | | | see co‑operative companies, employment, loans and trusts | | | shareholders | | | excessive remuneration or retirement payment from company | 109 | | loans, payments and credits from company ......... | Division 7A of Part III | | see also dividends | | | shares | | | acquired in a debt/equity swap, profit on the disposal cancellation or redemption of | 63E(4) | | bonus shares, cost of ........................ | 6BA | | buy‑backs ......................... | 159GZZZJ to 159GZZZT | | employee share schemes ..................... | Subdivisions83A‑B and 83A‑C | | holding company shares held by a subsidiary, cancellation of | 159GZZZC to 159GZZZI | | see also dividends | | | shipping | | | goods shipped in Australia, amounts paid to foreign shipowners and charterers for | 129 | | subsidies | | | ............................................ | 15‑10 | | superannuation | | | associated earnings on non‑concessional contributions | Subdivision 292‑B | | benefits generally .......................... | Divisions 301 to 306 | | benefits in breach of legislative requirements ........ | Division 304 | | benefits received from older superannuation funds .... | 26AF, 26AFA | | complying fund becomes non‑complying, effect of | 295‑320 (table item 2) | | contributions to an approved deposit fund .......... | Subdivisions 295‑C and 295‑D | | contributions to an RSA ...................... | Subdivision 295‑C | | contributions to a superannuation fund ............ | Subdivisions295‑C and 295‑D | | death benefits ............................. | 302‑75302‑85302‑90302‑145 | | excess concessional contributions ................ | 291‑15(a) | | first home super saver scheme .................. | 313‑20 | | foreign superannuation funds and schemes, benefits from | 305‑70 | | member benefits ........................... | 301‑20301‑25301‑35301‑40Subdivision 301‑C | | foreign fund becoming Australian, effect of ......... | 295‑320 (table item 3) | | no‑TFN contributions income ............ | 295‑605 | | release authorities, payments from ............... | 304‑20 | | returned contributions ....................... | 290‑100 | | trustee’s liability to pay tax .................... | 295‑5(2) and (3) | | see insurance | | | tax avoidance | | | see avoidance of tax and transfers of income | | | tax exempt entities | | | treatment of income and gains on becoming taxable .... | Schedule 2D | | taxes | | | see dividends, foreign investment funds, interest and recoupment | | | termination of employment | | | see directors, eligible termination payments, leave payments and shareholders | | | theft | | | see recoupment | | | trading stock | | | change in interests in ........................ | 70‑100 | | death of trader and ......................... | 70‑105 | | difference between opening and closing value of ...... | 70‑35 | | disposal not at arm’s length.................... | 70‑20 | | disposal of outside ordinary course of business ....... | 70‑90, 70‑95 | | see also compensation and tax exempt entities | | | transfer pricing | | | arm’s length principle for cross‑border conditions between entities | Subdivision 815‑B | | arm’s length principle for permanent establishments.... | Subdivision 815‑C | | transfers of income | | | consideration for transfer of right to income ......... | 102CA | | payments for transfer or disposal of property ........ | 262 | | transferee, effect on of transfer of right to income ..... | 102C | | transferor, effect on of transfer of right to income ..... | 102B | | travel expenses | | | see car expenses | | | trusts | | | beneficiary under legal disability or with a vested and indefeasible interest in trust income | 100 | | deceased estates, income of .................... | 101A | | discretionary trusts ......................... | 101 | | net income of a trust estate, your present entitlement to | 97, 101 | | non‑resident beneficiaries, liability to tax of ... | 98A | | non‑resident trust estates to which you have transferred property or services, income of | 102AAZD | | property of applied for benefit of beneficiaries ....... | 99B | | trust estate includes income from another trust estate | 94(5) | | trustees’ liability to tax ....................... | 98, 99, 99A, 102, 102S | | see also avoidance of tax and superannuation | | | unearned income | | | see child | | | units | | | acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of | 63E(4) | | water conservation | | | see recoupment | | | winding‑up | | | see insurance and liquidation | | | wool clips | | | double wool clips, treatment of ................. | 385‑135, 385‑155 | | work in progress | | | receipt of a work in progress amount ............. | 15‑50 |