Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 121AQ — Other definitions
In this Division: annuity has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993. first trading day price, in relation to a listed share, means the price on the…
Section 121AR — List of definitions
The following table lists the expressions defined in this Division and shows the provisions in which they are defined: Definition Provision annuity 121AQ applicable accounting day 121AM(3) and…
Section 121AS — CGT consequences of demutualisation
The table below sets out modifications of the application of Parts 3-1 and 3-3 (about CGT) of the Income Tax Assessment Act 1997 in respect of events that are described in, or relate to events that…
Section 121AT — Other tax consequences of demutualisation
The table below sets out modifications of the application of this Act (except Parts 3-1 and 3-3 (about CGT) of the Income Tax Assessment Act 1997) in respect of events that are described in, or…
Section 121AU — This Subdivision does not apply to demutualisation of friendly society health or life insurers
This Subdivision does not apply in relation to the demutualisation of a company in relation to whose demutualisation Division 316 (Demutualisation of friendly society health or life insurers) of the…
Section 124ZTA — Taxable income in first year as PDF if PDF component is nil
(1) This section applies if: (a) a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and (b) the PDF component for the year of income is a nil amount;…
Section 124ZZA — Allocation of gain amounts and loss amounts to classes of assessable income
Disposals of SME investments (1) If: (a) there is an ordinary capital gain amount, or an ordinary capital loss amount, in respect of a disposal of an SME investment of the company; and (b) the…
Section 124ZZB — Assessable income etc. in relation to capital gains
(1) The assessable income of each class includes the amount (if any) that is left over after the overall capital gain for that class has been reduced in accordance with this section. (2) If there is…
Section 124ZZD — No net capital loss
The company does not make a net capital loss for the year of income, despite section 102-10 of the Income Tax Assessment Act 1997.
Section 124ZM — Treatment distributions to shareholders in PDF
Unfranked part of distribution exempt from income tax (1) If a company makes a distribution to a shareholder at a time when the company is a PDF, the unfranked part of the distribution is exempt from…
Section 124ZN — Exemption of income from sale of shares in a PDF
Income derived by a taxpayer from selling shares in a company is exempt from income tax if the company is a PDF at the time of the sale. Note: Any capital gain or capital loss from a disposal of…
Section 124ZO — Shares in a PDF are not trading stock
Shares in a PDF are not trading stock for the purposes of this Act.
Section 124ZQ — Effect of company becoming a PDF
(1) This section applies to shares in a company that a taxpayer holds when the company becomes a PDF. (2) In determining for the purposes of this Act whether an amount is or was allowable as a…
Section 124ZR — Effect of company ceasing to be a PDF
(1) This section applies to shares in a company that a taxpayer holds when the company ceases to be a PDF. (2) For the purposes of this Act (except Parts 3-1 and 3-3 (about CGT) of the Income Tax…
Section 124ZS — Definitions
In this Subdivision: non-CGT assessable income means an amount included in assessable income otherwise than under Part 3-1 or 3-3 (about CGT) of the Income Tax Assessment Act 1997 or Subdivision C of…
Section 124ZT — SME assessable income
SME assessable income (1) A company’s SME assessable income of a year of income is the sum of: (a) so much of the company’s non-CGT assessable income of the year of income as was derived: (i) from,…
Section 124ZU — SME income component
Full-year PDFs (1) The SME income component of a year of income of a company that is a PDF throughout the year of income is so much of the company’s taxable income of the year of income as does not…
Section 124ZV — Unregulated investment component
Full-year PDFs (1) The unregulated investment component of a year of income of a company that is a PDF throughout the year of income is the amount (if any) remaining after deducting from the…
Section 124ZW — Definitions
In this Subdivision: accumulated net capital loss for a year of income (the loss year) means the amount (if any) by which the total of: (a) the total of the overall capital losses for all classes of…
Section 124ZX — Companies to which this Subdivision applies
This Subdivision applies to a company in relation to a year of income if: (a) the company is a PDF throughout the year of income; or (b) the company becomes a PDF during the year of income and is…
Section 124ZY — Classes of assessable income
Classes (1) The classes of assessable income of the company are as follows: (a) SME assessable income (see section 124ZT); (b) other assessable income (see subsection(2)). Other assessable income (2)…
Section 124ZZ — Treatment of capital gains
Nothing is to be included in the company’s assessable income of the year of income under section 102-5 of the Income Tax Assessment Act 1997 (about net capital gains).
Section 126 — Interest paid by a company on bearer debentures
(1) If: (a) a company pays or credits an amount of interest in respect of a debenture payable to bearer; and (b) the interest is not, to any extent, subject to withholding tax under Division 11A; and…
Section 127 — Credit for tax paid by company
(1) Where the company pays tax under this Division on any interest, and that interest is included in the assessment of the person to whom it was paid or credited, the proportionate amount of tax paid…
Section 128 — Assessments of tax
An assessment of tax payable in accordance with this Division by a company may be an assessment of the amount of tax so payable upon interest in respect of a number of debentures, whether held by the…
Section 128A — Interpretation
(1) In this Division, unless the contrary intention appears: ADI means a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959. dividend: (a)…
Section 128AA — Deemed interest in respect of transfers of certain securities
(1) Where: (a) a person transfers a qualifying security; and (b) the transfer price of the security exceeds the issue price or, where the security has been partially redeemed, the reduced issue price…
Section 128AAA — Application of Division to non-share dividends
(1) This Division: (a) applies to a non-share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c)…
Section 128FA — Division does not apply to interest on certain publicly offered unit trust debentures or debt interests
Interest to which this section applies (1) This section applies to interest paid by the trustee of an eligible unit trust in respect of a debenture or debt interest issued by the trustee if: (a) for…
Section 128NA — Special tax payable in respect of certain securities and agreements
(1) Where, but for subsection 128AA(2): (a) the transferor of a qualifying security who is not liable to pay withholding tax in relation to the transfer of the qualifying security would be liable to…
Section 128NBA — Credits in respect of amounts assessed in relation to certain financial arrangements
When section applies (1) This section applies if: (a) the amount of any withholding tax that has become payable by a taxpayer on a payment of interest under, or in relation to the transfer of, a…
Section 128AB — Certificates relating to issue price of certain securities
(1) Where: (a) a qualifying security is or was transferred either before or after the commencement of this section; and (b) at the time of transfer either: (i) the transferor is or was a resident; or…
Section 128B — Liability to withholding tax
(1A) In this section, a reference to a person to whom this section applies is a reference to the Commonwealth, a State, an authority of the Commonwealth or of a State or a person who is, or persons…
Section 128GB — Division not to apply to interest payments on offshore borrowings by offshore banking units
(1) This section applies to: (a) interest paid by a person in respect of an offshore borrowing of the person; or (b) interest consisting of gold paid by a person in respect of an offshore gold…
Section 128NB — Special tax payable in respect of certain dealings by current and former offshore banking units
(1) Where a person who is or has been an offshore banking unit transfers to another person an amount of tax exempt loan money or tax exempt gold, other than by way of: (a) payment in carrying on an…
Section 128AC — Deemed interest in respect of hire-purchase and certain other agreements
(1) In this section: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable,…
Section 128C — Payment of withholding tax
(1) Withholding tax is due and payable by the person liable to pay the tax at the expiration of 21 days after the end of the month in which the income to which the tax relates was derived by the…
Section 128AD — Indemnification etc. agreements in relation to bills of exchange and promissory notes
(1) Where: (a) the drawer of a bill of exchange issued after the day on which this section comes into operation pays an amount (in this subsection referred to as the indemnification amount) to the…
Section 128D — Certain income not assessable
Income other than income to which section 128B applies by virtue of subsection (2A), (2C) or (9C) of that section upon which withholding tax is payable, or upon which withholding tax would, but for…
Section 128AE — Interpretation provisions relating to offshore banking units
(1) In this Division, unless the contrary intention appears: borrow includes raise finance by the issue of a security. lend includes provide finance by the purchase of a security. OB activity has the…
Section 128AF — Payments through interposed entities
(1) This section applies if: (a) a payment received by a non-resident through one or more interposed companies, partnerships, trusts or other persons is attributable to an amount of dividends,…
Section 128F — Division does not apply to interest on certain publicly offered company debentures or debt interests
Interest to which this section applies (1) This section applies to interest paid by a company in respect of a debenture or debt interest in the company if: (a) the company was a resident of Australia…
Section 128P — Objections
If an applicant for a certificate under this Division is dissatisfied with a decision of the Commissioner: (a) in any case—to refuse to issue the certificate; or (b) in the case of a certificate…
Section 128R — Informal arrangements
For the purposes of this Division, the Commissioner may have regard to arrangements, understandings and practices not having legal force in the same manner as if they had legal force.
Section 128U — Interpretation
(1) In this Division, unless the contrary intention appears: Aboriginals Benefit Account means the Aboriginals Benefit Account continued in existence by section 62 of the Aboriginal Land Rights…
Section 128V — Liability to mining withholding tax
(1) Where a mining payment is made to, or applied for the benefit of, a person, that person is liable to pay income tax on the amount of the mining payment at the rate declared by the Parliament for…
Section 128W — Payment of mining withholding tax
(1) Mining withholding tax is due and payable by a person liable to pay the tax at the expiration of 21 days after the end of the month in which the payment of the amount to which the tax relates was…
Section 129 — Taxable income of ship-owner or charterer
Where a ship belonging to or chartered by a person whose principal place of business is out of Australia carries passengers, live-stock, mails or goods shipped in Australia, 5% of the amount paid or…
Section 130 — Commissioner may require master or agent to make return
(1) The Commissioner may, by writing, require: (a) the master of a particular ship to which section 129 applies, or the agent or other representative in Australia of the owner or charterer of the…
Section 131 — Determination by Commissioner
If such return is not made, or if the Commissioner is not satisfied with the return, the Commissioner may determine the amount so paid or payable.