Definitions
272-140 Definitions
In this Schedule:
abnormal trading has the meaning given by Subdivision 269‑B.
arrangement means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.
associate has the same meaning as in section 318.
benefit, in Division 270, has the meaning given by section 270‑20.
breakdown in the marriage or relationship of an individual: this occurs if the individual is living with another individual on a genuine domestic basis in a relationship as a couple (whether the individuals are the same sex or different sexes and whether legally married or not) and ceases to do so.
complying approved deposit fund means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993.
complying superannuation fund means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993.
control a non‑fixed trust has the meaning given by Subdivision 269‑E.
designated infrastructure project entity has the meaning given by the Income Tax Assessment Act 1997.
directly or indirectly has a meaning affected by sections 272‑25 and 272‑30.
distribute income or capital has a meaning affected by sections 272‑45, 272‑50, 272‑55 and 272‑60.
excepted trust has the meaning given by section 272‑100.
family has the meaning given by section 272‑95.
family group has the meaning given by section 272‑90.
family trust has the meaning given by section 272‑75.
family trust distribution tax has the meaning given by section 271‑10.
family trust election has the meaning given by section 272‑80.
fixed entitlement has the meaning given by Subdivision 272‑A.
fixed trust has the meaning given by section 272‑65.
government body means:
the Commonwealth, a State or a Territory; or
a municipal corporation or other local governing body; or
a foreign state.
group has the meaning given by subsection 269‑95(5).
income year includes a year of income.
indirectly has a meaning affected by sections 272‑20 and 272‑63.
interposed entity election has the meaning given by section 272‑85.
listed public company has the meaning given by section 272‑135.
listed widely held trust has the meaning given by section 272‑115.
loss year means the income year in which a tax loss was incurred.
member of a company includes a shareholder, stockholder or holder of a life insurance policy of the company.
more than a 50% stake has the meaning given by section 269‑50.
mutual affiliate company has the meaning given by section 121AC.
mutual insurance company has the meaning given by section 121AB.
non‑fixed trust has the meaning given by section 272‑70.
pass the 50% stake test has the meaning given by section 269‑55.
pass the business continuity test has the meaning given by Subdivision 269‑F.
pass the family control test has the meaning given by section 272‑87.
pass the pattern of distributions test has the meaning given by section 269‑60.
pooled superannuation trust means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993.
scheme has the same meaning as in subsection 177A(1).
special company means:
a mutual affiliate company; or
a mutual insurance company; or
a company whose constituent document prevents it from distributing both income and capital (within the meaning of section 272‑50) to any member of the company; or
a credit union, within the meaning of section 3 of the Financial Institutions Codes (as defined in section 111AZC of the Corporations Act 2001), whose constituent documents prevent it from paying dividends to its members; or
a company that is prescribed by the regulations.
specified individual in relation to a family trust election has the meaning given by subsection (2).
tax loss means:
a loss within the meaning of former section 79E, 80 or 80AA; or
a film loss within the meaning of former section 79F or 80AAA; or
a tax loss worked out under section 36‑10 of the Income Tax Assessment Act 1997 (including such a tax loss as increased under section 415‑15 of that Act).
trading in units in a unit trust has the meaning given by section 269‑10.
unlisted very widely held trust has the meaning given by section 272‑120.
unlisted widely held trust has the meaning given by section 272‑110.
wholesale widely held trust has the meaning given by section 272‑125.
widely held unit trust has the meaning given by section 272‑105.
A reference in this Schedule to a person specified in a family trust election is a reference to:
if the family trust election has not been varied—the person specified for the purposes of subsection 272‑80(3); or
if the family trust election has been varied—the person most recently specified under subsection 272‑80(5A) or (5C).
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Notice of Requirement for Parents with a Child Support Assessment to Lodge a Return for the Income Year Ended 30 June 2019 · Legislative Instrument · under s 161
- Notice of Requirement for Parents with a Child Support Assessment to Lodge a Return for the Income Year Ended 30 June 2020 · Legislative Instrument · under s 161
- Notice of Requirement for Parents with a Child Support Assessment to Lodge a Return for the Income Year Ended 30 June 2021 · Legislative Instrument · under s 161
5 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.