Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 95AAC — Adjustments under Subdivision 115-C or 207-B of the Income Tax Assessment Act 1997—references in this Act to liabilities under section 98, 99 or 99A
(1) Subsection (2) applies if an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section 98 in respect of the beneficiary is increased because of…
Section 95AAD — Division does not apply in relation to AMIT
This Division does not apply in relation to a trust estate that is an AMIT.
Section 96 — Trustees
Except as provided in this Act, a trustee shall not be liable as trustee to pay income tax upon the income of the trust estate.
Section 97 — Beneficiary not under any legal disability
(1) Subject to Division 6D, where a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate: (a) the assessable income…
Section 97A — Beneficiaries who are owners of farm management deposits
(1) Where a beneficiary who is under a legal disability: (a) is presently entitled to a share of the income of a trust estate derived during a year of income of the beneficiary; and (b) is the owner…
Section 98 — Liability of trustee
(1) Where a beneficiary of a trust estate who is under a legal disability is presently entitled to a share of the income of the trust estate, the trustee of the trust estate shall be assessed and…
Section 98A — Non-resident beneficiaries assessable in respect of certain income
(1) Where the trustee of a trust estate is assessed and is liable to pay tax in respect of the whole or a part of a share of the net income of a trust estate of a year of income in pursuance of…
Section 98B — Deduction from beneficiary’s tax
(1) This section applies to a beneficiary of a trust estate for a year of income if the assessable income of the beneficiary of the year of income includes an amount covered by subsection (2). (2)…
Section 99 — Certain trust income to be taxed as income of an individual
(1) This section applies in relation to a trust estate in relation to a year of income only if section 99A does not apply in relation to that trust estate in relation to that year of income. (2)…
Section 99A — Certain trust income to be taxed at special rate
(2) This section does not apply in relation to a trust estate in relation to a year of income, being a trust estate: (a) that resulted from: (i) a will, a codicil or an order of a court that varied…
Section 99GA — Amounts covered by sovereign immunity exemption
Subsection 98(3) does not apply to so much of the net income of a trust estate as represents income to which a beneficiary is presently entitled and gives rise to an amount that is non-assessable…
Section 99B — Receipt of trust income not previously subject to tax
(1) Where, at any time during a year of income, an amount, being property of a trust estate, is paid to, or applied for the benefit of, a beneficiary of the trust estate who was a resident at any…
Section 99C — Determining whether property is applied for benefit of beneficiary
(1) In determining for the purposes of section 99B whether any amount has been applied for the benefit of a beneficiary of a trust estate, regard shall be had to all benefits that have accrued at any…
Section 99D — Refund of tax to non-resident beneficiary
(1) Where: (a) a trustee of a trust estate has been assessed and was liable to pay tax in pursuance of subsection 99(2) or (3) or subsection 99A(4) or (4A) in respect of the net income or a part of…
Section 99E — Later trust not taxed on income already taxed under subsection 98(4)
Sections 98, 99 and 99A do not apply to so much of the net income of a trust estate of a year of income as is reasonably attributable to a part of the net income of another trust estate in respect of…
Section 99G — Amounts covered by withholding requirement
Subsection 98(4) does not apply to so much of the net income of a trust estate as represents income to which a beneficiary is presently entitled and gives rise to an amount from which an entity is…
Section 99H — Late payments
(1) This section applies if: (a) a beneficiary of a trust estate that is a managed investment trust is presently entitled to a share of the income of the trust estate of a year of income; and (b) the…
Section 100 — Beneficiary assessable in respect of certain trust income
(1) The assessable income of any beneficiary who: (a) is under a legal disability or is deemed to be presently entitled to any of the income of a trust estate by virtue of the operation of subsection…
Section 100A — Present entitlement arising from reimbursement agreement
(1) Where: (a) apart from this section, a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate; and (b) the present…
Section 100AA — Failure to pay or notify present entitlement of exempt entity
(1) Subsection (3) applies if: (a) an exempt entity is presently entitled to an amount of the income of a trust estate; and (b) the exempt entity is not an exempt Australian government agency (within…
Section 100AB — Adjusted Division 6 percentage exceeding benchmark percentage: present entitlement of exempt entity
(1) Subsection (2) applies if: (a) an exempt entity is presently entitled to an amount of the income of a trust estate; and (b) the exempt entity is not an exempt Australian government agency (within…
Section 101 — Discretionary trusts
For the purposes of this Act, where a trustee has a discretion to pay or apply income of a trust estate to or for the benefit of specified beneficiaries, a beneficiary in whose favour the trustee…
Section 101A — Income of deceased received after death
(1) Where in the year of income, the trustee of the estate of a deceased person receives any amount which would have been assessable income in the hands of the deceased person if it had been received…
Section 102 — Revocable trusts
(1) Where a person has created a trust in respect of any income or property (including money) and: (a) the person has power, whenever exercisable, to revoke or alter the trusts so as to acquire a…
Section 102A — Interpretation
(1) In this Division: associate, in relation to a person, means any person who is an associate, within the meaning of section 318, in relation to the person. interest, in relation to property, means…
Section 102AA — Interpretation
(1) In this Division, unless the contrary intention appears: agreement means any agreement, arrangement, understanding or scheme, whether formal or informal, whether express or implied and whether or…
Section 102AAA — Object of Division
The object of this Division is to set out rules relating to the following: (a) the payment of interest on distributions from certain non-resident trust estates (Subdivision B); (b) the winding-up of…
Section 102AGA — Transfer of property as the result of a family breakdown
(1) For the purposes of subparagraph 102AE(2)(b)(viii) or 102AG(2)(c)(viii), the transfer of property (the subject property) by a person (the transferor): (a) to the minor mentioned in subparagraph…
Section 102CA — Consideration in respect of transfer to be included in assessable income of transferor in certain cases
(1) Subject to this section, where: (a) a right to receive income from property is transferred, otherwise than by a will or codicil, by a person to another person; (b) consideration has been received…
Section 102MA — Arrangements not covered
(1) For the purposes of paragraph (c) of the definition of eligible investment business in section 102M, the excepted arrangements are those specified in this section. Note: This section does not…
Section 102NA — Certain interposed trusts not trading trusts
(1) A unit trust is not a trading trust for the purposes of this Division in relation to a year of income if: (a) the trust is an interposed trust in relation to a scheme for reorganising the affairs…
Section 102UA — What this Division is about
(1) The main purpose of this Division is to ensure that the trustee of a closely held trust with one or more trustee beneficiaries that are presently entitled to a share of the income or of a…
Section 102URA — Request for notice of liability
(1) A person or persons may make a written request to the Commissioner to be given a notice under subsection 102UR(1) in respect of specified circumstances in which trustee beneficiary non-disclosure…
Section 102USA — Recovery of trustee beneficiary non-disclosure tax from trustee beneficiaries providing incorrect information etc. to head trustee
(1) This section applies if the requirements in subsections (2) and (3) are satisfied. Requirement for payment of trustee beneficiary non-disclosure tax (2) A requirement for this section to apply is…
Section 102AAB — Interpretation
In this Division, unless the contrary intention appears: 1 July 1990 net worth, in relation to a trust estate, means the market value, as at the beginning of 1 July 1990, of the assets of the trust…
Section 102AAZB — General modifications—CGT
For the purposes of applying this Act in calculating the attributable income of a trust estate, Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about CGT) apply as if: (a) sections 118-12…
Section 102AB — Application of Division
This Division applies in relation to the year of income that commenced on 1 July 1979 and in relation to all subsequent years of income.
Section 102B — Certain income transferred for short periods to be included in assessable income of transferor
(1) Subject to this section, where a right to receive income from property is transferred, otherwise than by a will or codicil, by a person (in this subsection referred to as the transferor) to an…
Section 102MB — Investing in land
Moveable property (1) For the purposes of this Division, investments in moveable property, being property that is: (a) incidental to and relevant to the renting of land; and (b) customarily supplied…
Section 102UB — Definitions—general
In this Division: closely held trust has the meaning given by subsection 102UC(1). correct TB statement has the meaning given by section 102UG. present entitlement has a meaning affected by section…
Section 102AAC — Each listed country and unlisted country to be treated as a separate foreign country
For the purposes of the application of section 6AB to this Division, each listed country and each unlisted country is to be treated as a separate foreign country.
Section 102AAZC — Modified application of loss provisions—pre-1990-91 losses
In calculating the attributable income of a trust estate of a year of income, no deductions are allowable under Division 36 of the Income Tax Assessment Act 1997 in respect of tax losses of a year of…
Section 102AC — Persons to whom Division applies
(1) For the purposes of this Division, a person is a prescribed person in relation to a year of income if: (a) the person is less than 18 years of age on the last day of the year of income; and (b)…
Section 102C — Effect of certain transfers of rights to receive income from property
Where: (a) any income is paid to, or applied or accumulated for the benefit of, a person (in this section referred to as the transferee) by reason of the transfer to the person of a right to receive…
Section 102MC — When trading business not carried on
A trustee of a unit trust that would, apart from this section, carry on a trading business at a time during a year of income is taken for the purposes of this Division not to carry on a trading…
Section 102UC — Closely held trust
(1) A closely held trust is: (a) a trust where an individual has, or up to 20 individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to a 75% or greater…
Section 102AAD — Subject to tax—application of subsection 324(2)
Subsection 324(2) applies in relation to this Division in a corresponding way to the way in which it applies in relation to Part X.
Section 102AAZD — Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
(1) Subject to section 102AAZE and to this section, if: (a) an entity is an attributable taxpayer: (i) in relation to the year of income of the taxpayer commencing on 1 July 1990 (which year of…
Section 102AD — Taxable income to which Division applies
The eligible taxable income of a year of income of a person who is a prescribed person in relation to the year of income is the amount (if any) remaining after deducting from the eligible assessable…
Section 102MD — Exempt institution that is eligible for a refund not treated as exempt entity
For the purposes of this Division, treat an entity as not being an exempt entity if: (a) the entity is an exempt institution that is eligible for a refund (within the meaning of the Income Tax…