This Act is a bridging law that manages the move from Australia’s Income Tax Assessment Act 1936 to the 1997 Act, ensuring taxpayers aren’t double‑taxed or left without entitlements during the switch. It determines when old rules stop and new ones start, carries forward existing approvals and registrations, and preserves pre‑1997 tax losses.
It also implemented the temporary Budget Repair Levy (2014–15 to 2016–17) on high earners and contains transitional rules for items like leased cars and non‑commercial loss treatment.
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Current sections
Direct links to the current provisions in Income Tax (Transitional Provisions) Act 1997.
18
Div 25
(Some amounts you can deduct) of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years, except as provided by this Division.
Division 25 (Some amounts you can deduct) of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years, except as provided by this Division.
Section 25‑40 (Loss from profit‑making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a loss arising in the 1997‑98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997‑98 income year.
Section 25‑45 (which is about deductions for losses by theft etc.) of the Income Tax Assessment Act 1997 applies to a loss discovered in the 1997‑98 income year or a later income year.
Section 25‑90 (which is about deductions relating to foreign exempt income) of the Income Tax Assessment Act 1997 applies to an amount incurred in an income year that begins on or after 1 July 2001.
Section 25‑65 of the Income Tax Assessment Act 1997 applies to the 2006‑07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005‑06 income year or an earlier income year, it applies as if:
(b) an allowable deduction for the expenditure under section 74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section 25‑65 of the Income Tax Assessment Act 1997.
Note: This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections 74A(4) and (5) of the Income Tax Assessment Act 1936, the expenditure will be disregarded in applying the $1,000 per election deduction limit: see subsection 25‑65(2) of the Income Tax Assessment Act 1997.
Div 26
of the Income Tax Assessment Act 1997 (which prevents or limits deductions) applies to assessments for the 1997‑98 income year and later income years, except as provided by this Division.
Division 26 of the Income Tax Assessment Act 1997 (which prevents or limits deductions) applies to assessments for the 1997‑98 income year and later income years, except as provided by this Division.
Section 26‑30 (which denies a deduction for relative’s travel expenses) of the Income Tax Assessment Act 1997 applies to travel on or after 1 July 1997.
Div 30
of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
Division 30 of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
(1) This section applies to a declaration or other instrument (described in column 2 of an item in the table in this section) that is in force at the end of 30 June 1997 for the purposes of the provision of the Income Tax Assessment Act 1936 referred to in that column of the item.
(2) On and after 1 July 1997 the declaration or other instrument also has effect as if it were an approval or declaration (described in column 3 of the same item) made for the purposes of the provision of the Income Tax Assessment Act 1997 referred to in that column of the item.
Anything done on or after 1 July 1997 in relation to an approval or declaration described in column 3 of an item in the table also has effect as if it had been done in relation to the declaration or other instrument described in column 2 of that item.
<table cellspacing="0" cellpadding="0" style="width:365.7pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:354.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>On and after 1</span><span> </span><span>July 1997</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">Item</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">This approval, declaration or other instrument:</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">also has effect as if it were:</span></p></td></tr></thead><tbody><tr><td style="width:18.6pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>1</span></p></td><td style="width:183.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>An instrument certifying an institution to be a technical and further education institution for the purposes of item</span><span> </span><span>2.1.7 of table 2 in subsection</span><span> </span><span>78(4)</span></p></td><td style="width:130.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>A declaration that the institution is a technical and further education institution for the purposes of item</span><span> </span><span>2.1.7 of the table in subsection</span><span> </span><span>30</span><span>‑</span><span>25(1)</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An instrument certifying that purposes of an institution covered by item</span><span> </span><span>2.1.7 of table 2 in subsection</span><span> </span><span>78(4), or of the college covered by item</span><span> </span><span>2.2.14 of that table, relate exclusively to tertiary education</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration (for the purposes of section</span><span> </span><span>30</span><span>‑</span><span>30) that those purposes of the institution, or of the college, relate solely to tertiary education</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An instrument approving an organisation, or a branch or section of an organisation, to be a marriage guidance organisation for the purposes of item</span><span> </span><span>8.1.1 of table 8 in subsection</span><span> </span><span>78(4)</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration that the organisation, or branch or section of the organisation, is a marriage guidance organisation for the purposes of item</span><span> </span><span>8.1.1 of the table in subsection</span><span> </span><span>30</span><span>‑</span><span>70(1)</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration that a public fund is an eligible fund for the purposes of item</span><span> </span><span>9.1.1 of table 9 in subsection</span><span> </span><span>78(4)</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration that the public fund is a relief fund for the purposes of item</span><span> </span><span>9.1.1 of the table in subsection</span><span> </span><span>30</span><span>‑</span><span>80(1)</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An instrument approving a person as a valuer under subsection</span><span> </span><span>78(18)</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An approval of the person as a valuer under section</span><span> </span><span>30</span><span>‑</span><span>210</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>6</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An instrument approving an organisation as an approved organisation for the purposes of subsection</span><span> </span><span>78(21)</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration that the organisation is an approved organisation for the purposes of section</span><span> </span><span>30</span><span>‑</span><span>85</span></p></td></tr><tr><td style="width:18.6pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7</span></p></td><td style="width:183.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An instrument certifying a country to be a developing country for the purposes of subsection</span><span> </span><span>78(21)</span></p></td><td style="width:130.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A declaration that the country is a developing country for the purposes of section</span><span> </span><span>30</span><span>‑</span><span>85</span></p></td></tr></tbody></table>
```
(1) On and after 1 July 1997, the register described in column 2 of an item in the table in this section (as the register existed at the end of 30 June 1997) also has effect as if it were the register described in column 3 of that item.
Column 2 refers to provisions of the Income Tax Assessment Act 1936. Column 3 refers to provisions of the Income Tax Assessment Act 1997.
(2) Anything done on or after 1 July 1997 in relation to the register described in column 3 of an item in the table also has effect as if it had been done in relation to the register described in column 2 of that item.
<table cellspacing="0" cellpadding="0" style="width:363.25pt; border-collapse:collapse"><tbody><tr><td colspan="3" style="width:352.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>On and after 1</span><span> </span><span>July 1997</span></p></td></tr><tr><td style="width:20pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">Item</span></p></td><td style="width:159.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">This register:</span></p></td><td style="width:151.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:9pt; font-weight:bold">also has effect as if it were:</span></p></td></tr><tr><td style="width:20pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:159.3pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The register of cultural organisations kept under section</span><span> </span><span>78AA</span></p></td><td style="width:151.55pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The register of cultural organisations kept under Subdivision</span><span> </span><span>30</span><span>‑</span><span>F</span></p></td></tr><tr><td style="width:20pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:159.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The register of environmental organisations kept under section</span><span> </span><span>78AB</span></p></td><td style="width:151.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The register of environmental organisations kept under Subdivision</span><span> </span><span>30</span><span>‑</span><span>E</span></p></td></tr></tbody></table>
```
(1) The authorities and institutions listed in this table are taken to have been endorsed by the Commissioner of Taxation for the purposes of item 12A.1.1 of the table in section 30‑102 of the Income Tax Assessment Act 1997 under paragraph 30‑120(a) of that Act.
Item
Fund, authority or institution
Established under legislation of the following State or Territory
1
State Emergency Service
New South Wales
2
Country Fire Authority
Victoria
3
Victoria State Emergency Service
Victoria
4
Queensland Fire and Rescue Service
Queensland
5
State Emergency Service
Queensland
6
Fire and Emergency Services Authority of Western Australia
Western Australia
7
State Emergency Service South Australia
South Australia
8
Tasmania Fire Service
Tasmania
9
State Emergency Service
Tasmania
10
ACT Rural Fire Service
Australian Capital Territory
11
ACT State Emergency Service
Australian Capital Territory
(2) The fund listed in this table is taken to have been endorsed by the Commissioner of Taxation for the purposes of item 12A.1.2 of section 30‑102 of the Income Tax Assessment Act 1997 under paragraph 30‑120(b) of that Act.
(3) The funds, authorities and institutions referred to in subsections (1) and (2) are taken to have been endorsed on the day on which Schedule 7 to the Tax Laws Amendment (2010 Measures No. 4) Act 2010 commences.
Div 32
of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
Division 32 of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
More sections below
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Part 1 ‑1—Preliminary
An Act setting out application and transitional provisions for the Income Tax Assessment Act 1997
Chapter 1—Introduction and core provisions
Part 1‑1—Preliminary
Division 1—Preliminary
Table of sections
1‑1 Short title
1‑5 Commencement
1‑7 Administration of this Act
1‑10 Definitions and rules for interpreting this Act
1‑1 Short title
This Act may be cited as the Income Tax (Transitional Provisions) Act 1997.
1‑5 Commencement
This Act commences on 1 July 1997.
1‑7 Administration of this Act
The Commissioner has the general administration of this Act.
Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.
1‑10 Definitions and rules for interpreting this Act
(1) In this Act, an expression has the same meaning as in the Income Tax Assessment Act 1997.
(2) Division 950 of the Income Tax Assessment Act 1997 (which contains rules for interpreting that Act) applies to this Act as if the provisions of this Act were provisions of that Act.
Part 1‑3—Core Provisions
Division 4—How to work out the income tax payable on your taxable income
Table of sections
4‑1 Application of the Income Tax Assessment Act 1997
4‑11 Temporary budget repair levy
4‑1 Application of the Income Tax Assessment Act 1997
The Income Tax Assessment Act 1997, as originally enacted, applies to assessments for the 1997‑98 income year and later income years.
Note: For the application of amendments of that Act (including new provisions inserted in it), see the Acts making the amendments.
4‑11 Temporary budget repair levy
Temporary budget repair levy
(1) You must pay extra income tax (temporary budget repair levy) for a financial year if:
(a) you are an individual; and
(b) your taxable income for the corresponding income year exceeds $180,000; and
(c) the financial year is a temporary budget repair levy year.
Note: This section will also affect the income tax payable by some trustees who are taxed as if certain trust income were income of individuals. See sections 98 and 99 of the Income Tax Assessment Act 1936.
Division Div 34(Non‑compulsory uniforms) of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
Amount of temporary budget repair levy
(2) Your temporary budget repair levy is worked out by reference to your taxable income for the corresponding income year using the rate or rates that apply to you.
Interaction with other provisions
(3) For the purpose of working out your income tax for the financial year:
(a) section 4‑10 of the Income Tax Assessment Act 1997 has effect as if it made you liable to pay the extra tax mentioned in subsection (1) of this section; and
(b) subsection 4‑10(3) of that Act has effect as if step 4 of the method statement in that subsection were omitted and the following were substituted:
Step 3A. Subtract your tax offsets from your basic income tax liability.
For the list of tax offsets, see section 13‑1.
Step 3B. Add the extra income tax you must pay as mentioned in subsection 4‑11(1) of the Income Tax (Transitional Provisions) Act 1997.
Step 4. If an amount of your tax offset for foreign income tax under Division 770 remains after applying section 63‑10, subtract the remaining amount from the result of step 3B. The result is how much income tax you owe for the financial year.
(4) To avoid doubt, temporary budget repair levy is not included in your basic income tax liability.
Note: As a result, you cannot apply any tax offsets against temporary budget repair levy under Part 2‑20 of the Income Tax Assessment Act 1997 (apart from the foreign income tax offset applied under step 4 of the method statement in subsection (3)).
Meaning of temporary budget repair levy year
(5) Each of the following is a temporary budget repair levy year:
(a) the 2014‑15 financial year;
(b) the 2015‑16 financial year;
(c) the 2016‑17 financial year.
Division 5—How to work out when to pay your income tax
Table of Subdivisions
5‑A How to work out when to pay your income tax
Subdivision 5‑A—How to work out when to pay your income tax
Table of sections
5‑5 Application of Division 5 of the Income Tax Assessment Act 1997
5‑7 References in tax sharing agreements to former section 204
5‑10 General interest charge liabilities under former subsection 204(3)
5‑15 Application of section 5‑15 of the Income Tax Assessment Act 1997
5‑5 Application of Division 5 of the Income Tax Assessment Act 1997
Subject to section 5‑15 of this Act, Division 5 of the Income Tax Assessment Act 1997, as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for:
(a) the 2010‑11 financial year; or
(b) a later financial year.
5‑7 References in tax sharing agreements to former section 204
(1) A reference in an agreement to section 204 of the Income Tax Assessment Act 1936 is taken, from the commencement of this section, to be a reference to section 5‑5 of the Income Tax Assessment Act 1997, if:
(a) paragraph 721‑25(1)(a) of the Income Tax Assessment Act 1997 applies to the agreement; and
(b) the agreement was in force just before the commencement of this section.
(2) This section applies in relation to tax to which Division 5 of the Income Tax Assessment Act 1997 applies.
5‑10 General interest charge liabilities under former subsection 204(3)
(1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision) of the Income Tax Assessment Act 1936, to pay the general interest charge on an unpaid amount (the liability) of any tax or shortfall interest charge.
(2) On that commencement, the old provision ceases to apply to the liability.
(3) From that commencement, section 5‑15 (the new provision) of the Income Tax Assessment Act 1997, as originally enacted, applies to the liability as if:
(a) the liability remained unpaid at that time; and
(b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.
5‑15 Application of section 5‑15 of the Income Tax Assessment Act 1997
(1) Section 5‑15 of the Income Tax Assessment Act 1997 (General interest charge payable on unpaid income tax or shortfall interest charge), as originally enacted, applies to an amount of income tax or shortfall interest charge you must pay for a financial year, if the income tax or shortfall interest charge is due to be paid on or after the commencement of that section.
(2) For the purposes of subsection (1), it does not matter whether the financial year ended before, on or after the commencement of that section.
Division 6—Assessable income and exempt income
Table of sections
6‑2 Effect of this Division
6‑3 Assessable income for income years before 1997‑98
6‑20 Exempt income for income years before 1997‑98
6‑2 Effect of this Division
This Division has effect for the purposes of the Income Tax Assessment Act 1997 and of this Act.
6‑3 Assessable income for income years before 1997‑98
For the 1996‑97 income year or an earlier income year, assessable income means all the amounts that under the Income Tax Assessment Act 1936 are included in the assessable income.
6‑20 Exempt income for income years before 1997‑98
For the 1996‑97 income year or an earlier income year, exempt income means income which is exempt from tax and includes income which is not assessable income.
Division 8—Deductions
Table of sections
8‑2 Effect of this Division
8‑3 Deductions for income years before 1997‑98
8‑10 No double deductions for income year before 1997‑98 and income year after 1996‑97
8‑2 Effect of this Division
This Division has effect for the purposes of the Income Tax Assessment Act 1997 and of this Act.
8‑3 Deductions for income years before 1997‑98
For the 1996‑97 income year or an earlier income year, deduction means a deduction allowable under the Income Tax Assessment Act 1936.
8‑10 No double deductions for income year before 1997‑98 and income year after 1996‑97
If:
(a) a provision of the Income Tax Assessment Act 1936 allows you a deduction in respect of an amount for the 1996‑97 income year or an earlier income year; and
(b) a different provision of that Act, or a provision of the Income Tax Assessment Act 1997, allows you a deduction in respect of the same amount for the 1997‑98 income year or a later income year;
you can deduct only under the provision that is most appropriate.
Chapter 2—Liability rules of general application
Part 2‑1—Assessable income
Division 15—Some items of assessable income
Table of sections
15‑1 General application provision
15‑10 Application of section 15‑10 of the Income Tax Assessment Act 1997 to bounties and subsidies
15‑15 Application of section 15‑15 of the Income Tax Assessment Act 1997 to profit‑making undertaking or plan
15‑20 Application of section 15‑20 of the Income Tax Assessment Act 1997 to royalties
15‑30 Application of section 15‑30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments
15‑35 Application of section 15‑35 of the Income Tax Assessment Act 1997 to interest on overpayments and early payments of tax
15‑1 General application provision
(1) Division 15 of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.
(2) However, the sections of that Act listed in the table apply in accordance with the corresponding sections of this Act.
15‑10 Application of section 15‑10 of the Income Tax Assessment Act 1997 to bounties and subsidies
Section 15‑10 (Bounties and subsidies) of the Income Tax Assessment Act 1997 applies to a bounty or subsidy received in the 1997‑98 income year or a later income year.
15‑15 Application of section 15‑15 of the Income Tax Assessment Act 1997 to profit‑making undertaking or plan
Section 15‑15 (Profit‑making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a profit arising in the 1997‑98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997‑98 income year.
15‑20 Application of section 15‑20 of the Income Tax Assessment Act 1997 to royalties
Section 15‑20 (Royalties) of the Income Tax Assessment Act 1997 applies to an amount received as or by way of royalty in the 1997‑98 income year or a later income year.
15‑30 Application of section 15‑30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments
Section 15‑30 (Insurance or indemnity for loss of assessable income) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997‑98 income year or a later income year as insurance or indemnity for the loss at any time of an amount that would have been assessable income under the Income Tax Assessment Act 19
This is an opening excerpt, not the complete document.