C2004A05138 — Income Tax Assessment Act 1997

1 ‑ 1 Short title This Act may be cited as the Income Tax Assessment Act 1997 . 1 ‑ 2 Commencement This Act commences on 1 July 1997. 1 ‑ 3 Differences in style not to affect meaning (1) This Act contains provisions of the Income Tax Assessment Act 1936 in a rewritten form. (2) If: (a) that Act expressed an idea in a particular form of words; and (b) this Act appears to have expressed the same idea in a different form of words in order to use a clearer or simpler style; the ideas are not to be taken to be different just because different forms of words were used. Note: A public or private ruling about a provision of the Income Tax Assessment Act 1936 is taken also to be a ruling about the corresponding provision of this Act, so far as the 2 provisions express the same ideas: see section 357 ‑ 85 in Schedule 1 to the Taxation Administration Act 1953 . 1 ‑ 4 Application This Act extends to every external Territory referred to in the definition of Australia . 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 . 2 ‑ 1 The design This Act is designed to help you identify accurately and quickly the provisions that are relevant to your purpose in reading the income tax law. The Act contains tables, diagrams and signposts to help you navigate your way. You can start at Division 3 (What this Act is about) and follow the signposts as far into the Act as you need to go. You may also encounter signposts to several areas of the law that are relevant to you. Each one should be followed. Sometimes they will lead down through several levels of detail. At each successive level, the rules are structured in a similar way. They will often be preceded by a Guide to the rules at that level. The rules themselves will usually deal first with the general or most common case and then with the more particular or special cases. 2 ‑ 5 The pyramid This Act is arranged in a way that reflects the principle of moving from the general case to the particular. In this respect, the conceptual structure of the Act is something like a pyramid. The pyramid shape illustrates the way the income tax law is organised, moving down from the central or core provisions at the top of the pyramid, to general rules of wide application and then to the more specialised topics. Note: The Taxation Administration Act 1953 contains the provisions on collection and recovery of tax and provisions on administration. 2 ‑ 10 When defined terms are identified (1) Many of the terms used in the income tax law are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * business”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions starting at section 995 ‑ 1. 2 ‑ 15 When terms are not identified (1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Subdivision 2 ‑ E. (3) The following basic terms used throughout the Act are not identified with an asterisk. They fall into 2 groups: Key participants in the income tax system Item This term: is defined in: 1. Australian resident section 995 ‑ 1 2. Commissioner section 995 ‑ 1 3. company section 995 ‑ 1 4. entity section 960 ‑ 100 4A. foreign resident section 995 ‑ 1 5. individual section 995 ‑ 1 6. partnership section 995 ‑ 1 7. person section 995 ‑ 1 8. trustee section 995 ‑ 1 9. you section 4 ‑ 5 Core concepts Item This term: is defined in: 1. amount section 995 ‑ 1 2. assessable income Division 6 3. assessment section 995 ‑ 1 3A. Australia Subdivision 960 ‑ T 4. deduct, deduction Division 8 5. income tax section 995 ‑ 1 6. income year section 995 ‑ 1 7. taxable income section 4 ‑ 15 8. this Act section 995 ‑ 1 2 ‑ 20 Identifying the defined term in a definition Within a definition, the defined term is identified by bold italics . 2 ‑ 25 Purposes Two main purposes of the numbering system in this Act are: To indicate the relationship between units at different levels. For example, the number of Part 2 ‑ 15 indicates that the Part is in Chapter 2. Similarly, the number of section 165 ‑ 70 indicates that the section is in Division 165. To allow for future expansion of the Act. The main technique here is leaving gaps between numbers. 2 ‑ 30 Gaps in the numbering There are gaps in the numbering system to allow for the insertion of new Divisions and sections. 2 ‑ 35 Non ‑ operative material In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories. 2 ‑ 40 Guides The first is the “Guides”. A Guide consists of sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc. Guides form part of this Act but are kept separate from the operative provisions. In interpreting an operative provision, a Guide may only be considered for limited purposes. These are set out in section 950 ‑ 150. 2 ‑ 45 Other material The other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions, but are not kept separate from them. 3 ‑ 5 Annual income tax (1) Income tax is payable for each year by each individual and company, and by some other entities. Note 1: Individuals who are Australian residents, and some trustees, are also liable to pay Medicare levy for each year. See the Medicare Levy Act 1986 and Part VIIB of the Income Tax Assessment Act 1936 . Note 2: Income tax is imposed by the Income Tax Act 1986 and the other Acts referred to in the definition of income tax in section 995 ‑ 1. (2) Most entities have to pay instalments of income tax before the income tax they actually have to pay can be worked out. (3) This Act answers these questions: 1. What instalments of income tax do you have to pay? When and how do you pay them? See Schedule 1 to the Taxation Administration Act 1953 . 2. How do you work out how much income tax you must pay? See Division 4, starting at section 4 ‑ 1. 3. What happens if your income tax is more than the instalments you have paid? When and how must you pay the rest? See Division 5 of this Act and Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . 4. What happens if your income tax is less than the instalments you have paid? How do you get a refund? See Division 3A of Part IIB of the Taxation Administration Act 1953 . 5. What are your other obligations as a taxpayer, besides paying instalments and the rest of your income tax? See section 3 ‑ 10. 6. Do you have any other obligations under the income tax law? See section 3 ‑ 15. 7. If a dispute between you and the Commissioner of Taxation cannot be settled by agreement, what procedures for objection, review and appeal are available? See Part IVC (sections 14ZL to 14ZZS) of the Taxation Administration Act 1953 . 3 ‑ 10 Your other obligations as a taxpayer (1) Besides paying instalments and the rest of your income tax, your main obligations as a taxpayer are: (a) to keep records and provide information as required by: the Income Tax Assessment Act 1936 ; and Division 900 (which sets out substantiation rules) of this Act; and (b) to lodge income tax returns as required by: the Income Tax Assessment Act 1936 . Tax file numbers (2) Under Part VA of the Income Tax Assessment Act 1936 , a tax file number can be issued to you. You are not obliged to apply for a tax file number. However, if you do not quote one in certain situations: you may become liable for instalments of income tax that would not otherwise have been payable; the amount of certain of your instalments of income tax may be increased. 3 ‑ 15 Your obligations other than as a taxpayer Your main obligations under the income tax law, other than as a taxpayer are: in certain situations, to deduct from money you owe to another person, and to remit to the Commissioner, instalments of income tax payable by that person. See Part 4 ‑ 5 (Collection of income tax instalments), starting at section 750 ‑ 1. 4 ‑ 1 Who must pay income tax Income tax is payable by each individual and company, and by some other entities. Note: The actual amount of income tax payable may be nil. For a list of the entities that must pay income tax, see Division 9, starting at section 9 ‑ 1. 4 ‑ 5 Meaning of you If a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note 1: The expression you is not used in provisions that apply only to entities that are not individuals. Note 2: For circumstances in which the identity of an entity that is a managed investment scheme for the purposes of the Corporations Act 2001 is not affected by changes to the scheme, see Subdivision 960 ‑ E of the Income Tax (Transitional Provisions) Act 1997 . 4 ‑ 10 How to work out how much income tax you must pay (1) You must pay income tax for each * financial year. (2) Your income tax is worked out by reference to your taxable income for the income year . The income year is the same as the * financial year, except in these cases: (a) for a company, the income year is the previous financial year; (b) if you have an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year. Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 . Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 . (3) Work out your income tax for the * financial year as follows: Method statement Step 1. Work out your taxable income for the income year. To do this, see section 4 ‑ 15. Step 2. Work out your basic income tax liability on your taxable income using: (a) the income tax rate or rates that apply to you for the income year; and (b) any special provisions that apply to working out that liability. See the Income Tax Rates Act 1986 and section 4 ‑ 25. Step 3. Work out your tax offsets for the income year. A tax offset reduces the amount of income tax you have to pay. For the list of tax offsets, see section 13 ‑ 1. Step 4. Subtract your * tax offsets from your basic income tax liability. The result is how much income tax you owe for the * financial year. Note 1: Division 63 explains what happens if your tax offsets exceed your basic income tax liability. How the excess is treated depends on the type of tax offset. Note 2: Section 4 ‑ 11 of the Income Tax (Transitional Provisions) Act 1997 (which is about the temporary budget repair levy) may increase the amount of income tax worked out under this section. Income tax worked out on another basis (4) For some entities, some or all of their income tax for the * financial year is worked out by reference to something other than taxable income for the income year. See section 9 ‑ 5. 4 ‑ 15 How to work out your taxable income (1) Work out your taxable income for the income year like this: Method statement Step 1. Add up all your assessable income for the income year. To find out about your assessable income, see Division 6. Step 2. Add up your deductions for the income year. To find out what you can deduct, see Division 8. Step 3. Subtract your deductions from your assessable income (unless they exceed it). The result is your taxable income. (If the deductions equal or exceed the assessable income, you don’t have a taxable income.) Note: If the deductions exceed the assessable income, you may have a tax loss which you may be able to utilise in that or a later income year: see Division 36. (2) There are cases where taxable income is worked out in a special way: Item For this case ... See: 1. A company does not maintain continuity of ownership and control during the income year and does not satisfy the business continuity test Subdivision 165 ‑ B 1B. An entity is a * member of a * consolidated group at any time in the income year Part 3 ‑ 90 2. A company becomes a PDF (pooled development fund) during the income year, and the PDF component for the income year is a nil amount section 124ZTA of the Income Tax Assessment Act 1936 3. A shipowner or charterer:  has its principal place of business outside Australia; and  carries passengers, freight or mail shipped in Australia section 129 of the Income Tax Assessment Act 1936 4. An insurer who is a foreign resident enters into insurance contracts connected with Australia sections 142 and 143 of the Income Tax Assessment Act 1936 5. The Commissioner makes a default or special assessment of taxable income sections 167 and 168 of the Income Tax Assessment Act 1936 6. The Commissioner makes a determination of the amount of taxable income to prevent double taxation in certain treaty cases section 24 of the International Tax Agreements Act 1953 Note: A life insurance company can have a taxable income of the complying superannuation class and/or a taxable income of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision 320 ‑ D. 4 ‑ 25 Special provisions for working out your basic income tax liability Subsection 119 ‑ 10(1) or 392 ‑ 35(3) may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income. Note 1: Subsection 119 ‑ 10(1) increases some individuals’ tax liability by requiring them to pay extra income tax in relation to certain capital gains. Note 2: Subsection 392 ‑ 35(3) increases some primary producers’ tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392 ‑ C. 5 ‑ 1 What this Division is about If your assessed income tax liability exceeds the credits available to you under the PAYG system, this Division explains when you must pay the excess to the Commissioner. If your assessment is amended so that you must pay income tax, or pay more income tax than under the previous assessment, this Division explains: (a) when you must pay the additional tax; and (b) when any associated interest charges must be paid. Note: For provisions about the collection and recovery of income tax and other tax ‑ related liabilities, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . 5 ‑ 5 When income tax is payable Scope (1) This section tells you when income tax you must pay for a * financial year is due and payable. Note: The Commissioner may defer the time at which the income tax is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . (2) The income tax is only due and payable if the Commissioner makes an * assessment of your income tax for the year. (3) However, if the Commissioner does make an * assessment of your income tax for the year, the tax may be taken to have been due and payable at a time before your assessment was made. Note: This is to ensure that general interest charge begins to accrue from the same date for all like entities. General interest charge on unpaid income tax is calculated from when the tax is due and payable, not from when the assessment is made: see section 5 ‑ 15. Original assessments—self ‑ assessment entities (4) If you are a * self ‑ assessment entity, the income tax is due and payable on the first day of the sixth month after the end of the income year. Example: If your income year is the same as the financial year, your income tax would be due and payable on 1 December. Original assessments—other entities (5) If you are not a * self ‑ assessment entity, the income tax is due and payable 21 days after the day (the return day ) on or before which you are required to lodge your * income tax return with the Commissioner. Note: For rules about income tax returns and when they are due, see Part IV of the Income Tax Assessment Act 1936 . (6) However, if you lodge your return on or before the return day and the Commissioner gives you a notice of * assessment (other than an amended assessment) after the return day, the income tax is due and payable 21 days after the Commissioner gives you the notice. Amended assessments (7) If the Commissioner amends your * assessment, any extra income tax resulting from the amendment is due and payable 21 days after the day on which the Commissioner gives you notice of the amended assessment. Note: Shortfall interest charge may be payable, on any amount of extra income tax payable as a result of the amended assessment, for each day in the period that: (a) starts at the time income tax was due and payable on your original assessment; and (b) ends the day before the day on which the Commissioner gives you notice of the amended assessment. 5 ‑ 10 When shortfall interest charge is payable An amount of * shortfall interest charge that you are liable to pay is due and payable 21 days after the day on which the Commissioner gives you notice of the charge. Note: Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953 . 5 ‑ 15 General interest charge payable on unpaid income tax or shortfall interest charge If an amount of income tax or * shortfall interest charge that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the amount was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the income tax or shortfall interest charge; (ii) general interest charge on any of the income tax or shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. 6 ‑ 1 Diagram showing relationships among concepts in this Division (1) Assessable income consists of ordinary income and statutory income. (2) Some ordinary income, and some statutory income, is exempt income. (3) Exempt income is not assessable income. (4) Some ordinary income, and some statutory income, is neither assessable income nor exempt income. For the effect of the GST in working out assessable income, see Division 17. (5) An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non ‑ assessable non ‑ exempt income) in the hands of a particular entity. 6 ‑ 5 Income according to ordinary concepts ( ordinary income ) (1) Your assessable income includes income according to ordinary concepts, which is called ordinary income . Note: Some of the provisions about assessable income listed in section 10 ‑ 5 may affect the treatment of ordinary income. (2) If you are an Australian resident, your assessable income includes the * ordinary income you * derived directly or indirectly from all sources, whether in or out of Australia, during the income year. (3) If you are a foreign resident, your assessable income includes: (a) the * ordinary income you * derived directly or indirectly from all * Australian sources during the income year; and (b) other * ordinary income that a provision includes in your assessable income for the income year on some basis other than having an * Australian source. (4) In working out whether you have derived an amount of * ordinary income, and (if so) when you derived it, you are taken to have received the amount as soon as it is applied or dealt with in any way on your behalf or as you direct. 6 ‑ 10 Other assessable income ( statutory income ) (1) Your assessable income also includes some amounts that are not * ordinary income. Note: These are included by provisions about assessable income. For a summary list of these provisions, see section 10 ‑ 5. (2) Amounts that are not * ordinary income, but are included in your assessable income by provisions about assessable income, are called statutory income . Note 1: Although an amount is statutory income because it has been included in assessable income under a provision of this Act, it may be made exempt income or non ‑ assessable non ‑ exempt income under another provision: see sections 6 ‑ 20 and 6 ‑ 23. Note 2: Many provisions in the summary list in section 10 ‑ 5 contain rules about ordinary income. These rules do not change its character as ordinary income. (3) If an amount would be * statutory income apart from the fact that you have not received it, it becomes statutory income as soon as it is applied or dealt with in any way on your behalf or as you direct. (4) If you are an Australian resident, your assessable income includes your * statutory income from all sources, whether in or out of Australia. (5) If you are a foreign resident, your assessable income includes: (a) your * statutory income from all * Australian sources; and (b) other * statutory income that a provision includes in your assessable income on some basis other than having an * Australian source. 6 ‑ 15 What is not assessable income (1) If an amount is not * ordinary income, and is not * statutory income, it is not assessable income (so you do not have to pay income tax on it). (2) If an amount is * exempt income, it is not assessable income . Note: If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example: the amount may be taken into account in working out the amount of a tax loss (see section 36 ‑ 10); you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division 8); capital gains and losses on assets used solely to produce exempt income are disregarded (see section 118 ‑ 12). (3) If an amount is * non ‑ assessable non ‑ exempt income, it is not assessable income . Note 1: You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non ‑ assessable non ‑ exempt income (see Division 8). Note 2: Capital gains and losses on assets used to produce some types of non ‑ assessable non ‑ exempt income are disregarded (see section 118 ‑ 12). 6 ‑ 20 Exempt income (1) An amount of * ordinary income or * statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another * Commonwealth law. For summary lists of provisions about exempt income, see sections 11 ‑ 5 and 11 ‑ 15. (2) * Ordinary income is also exempt income to the extent that this Act excludes it (expressly or by implication) from being assessable income. (3) By contrast, an amount of * statutory income is exempt income only if it is made exempt from income tax by a provision of this Act outside this Division or another * Commonwealth law. (4) If an amount of * ordinary income or * statutory income is * non ‑ assessable non ‑ exempt income, it is not exempt income . Note: An amount of non ‑ assessable non ‑ exempt income is not taken into account in working out the amount of a tax loss. 6 ‑ 23 Non ‑ assessable non ‑ exempt income An amount of * ordinary income or * statutory income is non ‑ assessable non ‑ exempt income if a provision of this Act or of another * Commonwealth law states that it is not assessable income and is not * exempt income. Note: Capital gains and losses on assets used to produce some types of non ‑ assessable non ‑ exempt income are disregarded (see section 118 ‑ 12). For a summary list of provisions about non ‑ assessable non ‑ exempt income, see Subdivision 11 ‑ B. 6 ‑ 25 Relationships among various rules about ordinary income (1) Sometimes more than one rule includes an amount in your assessable income: the same amount may be * ordinary income and may also be included in your assessable income by one or more provisions about assessable income; or the same amount may be included in your assessable income by more than one provision about assessable income. For a summary list of the provisions about assessable income, see section 10 ‑ 5. However, the amount is included only once in your assessable income for an income year, and is then not included in your assessable income for any other income year. (2) Unless the contrary intention appears, the provisions of this Act (outside this Part) prevail over the rules about * ordinary income. Note: This Act contains some specific provisions about how far the rules about ordinary income prevail over the other provisions of this Act. 8 ‑ 1 General deductions (1) You can deduct from your assessable income any loss or outgoing to the extent that: (a) it is incurred in gaining or producing your assessable income; or (b) it is necessarily incurred in carrying on a * business for the purpose of gaining or producing your assessable income. Note: Division 35 prevents losses from non ‑ commercial business activities that may contribute to a tax loss being offset against other assessable income. (2) However, you cannot deduct a loss or outgoing under this section to the extent that: (a) it is a loss or outgoing of capital, or of a capital nature; or (b) it is a loss or outgoing of a private or domestic nature; or (c) it is incurred in relation to gaining or producing your * exempt income or your * non ‑ assessable non ‑ exempt income; or (d) a provision of this Act prevents you from deducting it. For a summary list of provisions about deductions, see section 12 ‑ 5. (3) A loss or outgoing that you can deduct under this section is called a general deduction . For the effect of the GST in working out deductions, see Division 27. Note If you receive an amount as insurance, indemnity or other recoupment of a loss or outgoing that you can deduct under this section, the amount may be included in your assessable income: see Subdivision 20 ‑ A. 8 ‑ 5 Specific deductions (1) You can also deduct from your assessable income an amount that a provision of this Act (outside this Division) allows you to deduct. (2) Some provisions of this Act prevent you from deducting an amount that you could otherwise deduct, or limit the amount you can deduct. (3) An amount that you can deduct under a provision of this Act (outside this Division) is called a specific deduction . Note: If you receive an amount as insurance, indemnity or other recoupment of a deductible expense, the amount may be included in your assessable income: see Subdivision 20 ‑ A. For a summary list of provisions about deductions, see section 12 ‑ 5. 8 ‑ 10 No double deductions If 2 or more provisions of this Act allow you deductions in respect of the same amount (whether for the same income year or different income years), you can deduct only under the provision that is most appropriate. 9 ‑ 1A Effect of this Division This Division is a * Guide. 9 ‑ 1 List of entities Income tax is payable by the entities listed in the table. 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 . Item Income tax is payable by this kind of entity: because of this provision: 1 An individual section 4 ‑ 1 2 A company, that is:  a body corporate; or  an unincorporated body (except a partnership) section 4 ‑ 1 3 A company that was a member of a wholly ‑ owned group if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment section 45 ‑ 25 3A A company that is a corporate collective investment vehicle (CCIV) Subdivision 195 C 3B The trustee of an attribution managed investment trust (AMIT) sections 276 405 to 276 425 4 A superannuation provider in relation to a complying superannuation fund sections 295 ‑ 5 and 295 ‑ 605 5 A superannuation provider in relation to a non ‑ complying superannuation fund sections 295 ‑ 5 and 295 ‑ 605 6 A superannuation provider in relation to a complying approved deposit fund section 295 ‑ 5 7 A superannuation provider in relation to a non ‑ complying approved deposit fund section 295 ‑ 5 8 The trustee of a pooled superannuation trust section 295 ‑ 5 8A A sovereign entity section 880 ‑ 55 9 A corporate limited partnership section 94J 10 A mutual insurance association (as described in section 121) section 121 11 A trustee (except one covered by another item in this table), but only in respect of some kinds of income of the trust sections 98, 99, 99A and 102 13 The trustee of a public trading trust section 102S 9 ‑ 5 Entities that work out their income tax by reference to something other than taxable income (1) For some entities, some or all of their income tax for the * financial year is worked out as described in the table. 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. Item This kind of entity is liable to pay income tax worked out by reference to: See: 1 A company that was a member of a wholly ‑ owned group is jointly and severally liable to pay an amount of income tax if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment. section 45 ‑ 25 1A The trustee of an attribution managed investment trust (AMIT) is liable to pay income tax on certain amounts reflecting under attribution of income or over attribution of tax offsets sections 276 405 to 276 425 2 A superannuation provider in relation to a complying superannuation fund is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5 and 295 ‑ 605 3 A superannuation provider in relation to a non ‑ complying superannuation fund is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5 and 295 ‑ 605 4 An RSA provider is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5, 295 ‑ 605 and 320 ‑ 155 5 An Australian resident individual with:  eligible foreign remuneration under section 23AF; or  foreign earnings under section 23AG; (from working in a foreign country) is liable to pay income tax worked out by reference to his or her assessable income less some of his or her deductions. section 23AF or 23AG 6 A trustee covered by item 11 in the table in section 9 ‑ 1 is liable to pay income tax worked out by reference to the net income of the trust for the income year. sections 98, 99 and 99A 8 The trustee of a public trading trust is liable to pay income tax worked out by reference to the net income of the trust for the income year. section 102S 9 An entity that is liable to pay income tax (worked out by reference to taxable income or otherwise) is also liable to pay income tax worked out by reference to diverted income or diverted trust income for the income year. section 121H 10 An Australian insurer that re ‑ insures overseas can elect to pay, as agent for the re ‑ insurer, income tax worked out by reference to the amount of the re ‑ insurance premiums. section 148 (2) For entities covered by an item in the table in subsection (1), the income year is the same as the * financial year, except in these cases: (a) for a company, or an entity covered by item 2 or 3 in the table, the income year is the previous financial year; (b) if an entity has an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year. Note 1: The Commissioner can allow an entity to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 . Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 . 10 ‑ 1 Effect of this Division This Division is a * Guide. 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 ‑ 10 82 ‑ 65 82 ‑ 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 ‑ 45 321 ‑ 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 respect of 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 or outgoings ............................. 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 ..................... Subdivisions 83A ‑ 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 ............ Subdivisions 295 ‑ C and 295 ‑ D death benefits ............................. 302 ‑ 75 302 ‑ 85 302 ‑ 90 302 ‑ 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 ‑ 20 301 ‑ 25 301 ‑ 35 301 ‑ 40 Subdivision 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 11 ‑ 1A Effect of this Subdivision This Subdivision is a * Guide. 11 ‑ 1 Overview Ordinary income or statutory income which is exempt from income tax can be divided into 2 main classes: (a) ordinary or statutory income of entities that are exempt, no matter what kind of ordinary or statutory income they have (see table in section 11 ‑ 5); (b) ordinary or statutory income of a kind that is exempt (see table in section 11 ‑ 15). 11 ‑ 5 Entities that are exempt, no matter what kind of ordinary or statutory income they have 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. Note: Special rules apply to entities that cease to be exempt. See Schedule 2D to the Income Tax Assessment Act 1936 . charity, education or science educational institution, public ................... 50 ‑ 5 registered charity ........................... 50 ‑ 5 scientific institution ......................... 50 ‑ 5 scientific research fund ....................... 50 ‑ 5 scientific society etc. ........................ 50 ‑ 5 community service community service society etc. .................. 50 ‑ 10 employees and employers employee association ........................ 50 ‑ 15 employer association ........................ 50 ‑ 15 trade union ............................... 50 ‑ 15 government constitutionally protected fund .................. 50 ‑ 25 local governing body ........................ 50 ‑ 25 municipal corporation ........................ 50 ‑ 25 public authority ............................ 50 ‑ 25 state/territory bodies ......................... 24AK to 24AZ health health benefits organisation .................... 50 ‑ 30 hospital ................................. 50 ‑ 30 medical benefits organisation ................... 50 ‑ 30 HIH rescue package HIH Claims Support Trust .................. 322 ‑ 10 mining British Phosphate Commissioners Banaba Contingency Fund 50 ‑ 35 primary or secondary resources, and tourism agricultural society etc. ...................... 50 ‑ 40 aviation society etc. ......................... 50 ‑ 40 horticultural society etc. ...................... 50 ‑ 40 industrial society etc. ........................ 50 ‑ 40 manufacturing society etc. .................... 50 ‑ 40 pastoral society etc. ......................... 50 ‑ 40 tourism society etc. ......................... 50 ‑ 40 viticultural society etc. ....................... 50 ‑ 40 sports, culture or recreation animal racing society etc. ..................... 50 ‑ 45 art society etc. ............................ 50 ‑ 45 Fédération Internationale de Football Association ..... 50 ‑ 45 FWWC2023 Pty Ltd ........................ 50 ‑ 45 game society etc. .......................... 50 ‑ 45 ICC Business Corporation FZ ‑ LLC ......... 50 ‑ 45 literature society etc. ........................ 50 ‑ 45 music society etc. .......................... 50 ‑ 45 Rugby Australia Ltd ......................... 50 ‑ 45 Rugby World Cup (Australia) Pty Ltd ............. 50 ‑ 45 Rugbypass Limited ......................... 50 ‑ 45 RWC2003 Limited .......................... 50 ‑ 45 sport society etc. ........................... 50 ‑ 45 World Rugby ............................. 50 ‑ 45 World Rugby Events Designated Activity Company .... 50 ‑ 45 World Rugby Limited ........................ 50 ‑ 45 World Rugby Tournaments Limited .............. 50 ‑ 45 11 ‑ 15 Ordinary or statutory income which is exempt 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. acute support packages for veterans and their families acute support packages for veterans and their families ... 52 ‑ 185 agricultural industry exit grants tobacco industry exit grants .................... 53 ‑ 10 copyright collecting societies 51 ‑ 43 Coronavirus economic response payment certain payments in accordance with the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 53 ‑ 25 credit unions interest ................................. 23G defence Defence Force member, allowances ............... 51 ‑ 5 Defence Force member, compensation payments for loss of deployment allowance for warlike service 51 ‑ 5 Defence Force Ombudsman recommendation, reparation payments and additional payments in relation to 51 ‑ 5 F ‑ 111 Deseal/Reseal Ex ‑ gratia Lump Sum Payments 51 ‑ 5 Former Reserve Defence Force member, compensation payments for loss of pay and/or allowances 51 ‑ 5 Reserve Defence Force member, pay and allowances ... 51 ‑ 5 disasters 2018 storms—relief payments .................. 51 ‑ 125 dividends or shares pooled development fund company dividend ........ 124ZM pooled development fund company shares, income from sale of 124ZN education and training Apprenticeship Wage Top ‑ Up payment, recipient of 51 ‑ 10 bursary, educational allowance etc. ............... 51 ‑ 10 and 51 ‑ 35 Commonwealth Trade Learning Scholarship, recipient of 51 ‑ 10 CRAFT scheme, employer’s income from .......... 51 ‑ 10 early completion bonuses for apprentices ........... 51 ‑ 10 and 51 ‑ 42 Endeavour Awards, research fellowship under ........ 51 ‑ 10 Endeavour Executive Award ................... 51 ‑ 10 foreign student, scholarship and bursary to .......... 842 ‑ 105 full ‑ time student, income from a scholarship, bursary, other educational allowance or educational assistance 51 ‑ 10 and 51 ‑ 35 isolated child, income for the provision of education of .. 51 ‑ 10 and 51 ‑ 40 secondary student, income for the provision of education of 51 ‑ 10 and 51 ‑ 40 Skills for Sustainability for Australian Apprentices payment, recipient of 51 ‑ 10 Tools for Your Trade payment (under the program known as the Australian Apprenticeships Incentives Program), recipient of 51 ‑ 10 employment PNG Chiefs Limited employment ................ 51 ‑ 130 family assistance additional child care subsidy ................... 52 ‑ 150 additional economic support payment 2020 or additional economic support payment 2021 52 ‑ 150 back to school bonus or single income family bonus .... 52 ‑ 150 child care subsidy .......................... 52 ‑ 150 clean energy advance ........................ 52 ‑ 150 economic security strategy payment to families ....... 52 ‑ 150 economic support payment, first or second 2020 payment 52 ‑ 150 ETR payment ............................. 52 ‑ 150 ETR payment, payments under the scheme determined under Part 2 of Schedule 1 to the Family Assistance and Other Legislation Amendment (Schoolkids Bonus Budget Measures) Act 2012 52 ‑ 162 families, payments to, under the scheme determined under Schedule 4 to the Social Security and Other Legislation Amendment (Economic Security Strategy) Act 2008 52 ‑ 160 family tax benefit .......................... 52 ‑ 150 Household Stimulus Package Act (No. 2) 2009 , payments under scheme determined under Schedule 4 to the 52 ‑ 165 single income family supplement ................ 52 ‑ 150 stillborn baby payment ....................... 52 ‑ 150 financial arrangements gains related to exempt income .................. 230 ‑ 30 financial transactions pooled development fund company dividends ........ 124ZM pooled development fund company shares, income from sale of 124ZN foreign aspects of income taxation approved overseas project, income from ........... 23AF Australian ‑ American Education Foundation, grant from 51 ‑ 10 Commonwealth of Nations country officer, official salary and foreign income 768 ‑ 100 consul and official staff member, official salary and foreign income 768 ‑ 100 Defence Force member, foreign resident, pay and allowances of .......................... 842 ‑ 105 Defence Force member, pay and allowances from being on eligible duty 23AD defence of Australia, overseas person’s income from assisting in Australia’s defence 842 ‑ 105 diplomat and official staff member, official salary and foreign income 768 ‑ 100 educational, scientific, religious or philanthropic society, income of a visiting representative of 842 ‑ 105 expert, foreign resident, remuneration of ........... 842 ‑ 105 foreign society or association representative, income of . 842 ‑ 105 forex realisation gains, certain .................. 775 ‑ 20 government representative and members of the entourage, foreign resident, income of 842 ‑ 105 OBU investment trusts for overseas charitable institutions 121EL(2) OBU off ‑ shore investment trusts, income to which subsection 121D(6) applies 121EL overseas charitable institutions, income from OBUs .... 121ELA(1) overseas employment income, resident, income of ..... 23AG persecution victim, payments to ................. 768 ‑ 105 press representative, foreign, income of ............ 842 ‑ 105 resistance fighter and victim of wartime persecution, payments to 768 ‑ 105 United Nations, income from service with .......... 23AB United States projects, income from approved overseas projects 23AA health Continence Aids Payment Scheme, payments under .... 52 ‑ 175 interest judgement debt, personal injury ................. 51 ‑ 57 unclaimed money and property .................. 51 ‑ 120 life insurance companies Subdivision 320 ‑ B National Disability Insurance Scheme NDIS amounts ............................ 52 ‑ 180 non ‑ cash benefits business benefit ............................ 23L(2) exempt fringe benefit ........................ 23L(1A) prizes Prime Minister’s Literary Awards ............... 51 ‑ 60 Prime Minister’s Prize for Australian History ........ 51 ‑ 60 Prime Minister’s Prize for Science ............... 51 ‑ 60 resale royalty collecting societies 51 ‑ 45 shipping income from shipping activities ................. 51 ‑ 100 social security or like payments ABSTUDY scheme, payment under .............. Subdivision 52 ‑ E additional economic support payment 2020 or additional economic support payment 2021 under the Social Security Act 1991 52 ‑ 10 additional economic support payment 2020 or additional economic support payment 2021 under the Veterans’ Entitlements Act 1986 52 ‑ 65 Australian Victim of Terrorism Overseas Payment ..... 52 ‑ 10 Better Start for Children with Disability initiative, Outer Regional and Remote payment under 52 ‑ 172 carer adjustment payment ..................... 53 ‑ 10 carers, 2005 one ‑ off payment to, (carer payment related), 2005 one ‑ off payment to carers (carer service pension related) or 2005 one ‑ off payment to carers (carer allowance related) 52 ‑ 10 carers, 2006 one