Document ID: chunk:federal_register_of_legislation:C2016C00969:section:3:p1
Version: federal_register_of_legislation:C2016C00969
Segment Type: section
Provision Reference: s 3 (pt 1/4)
Character Range: 2799–5396

3  Interpretation
 (1) In this Act, unless the contrary intention appears:
applied penalty tax means a penalty under Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953 in relation to trust recoupment tax.
Assessment Act means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997.
associate has the same meaning in relation to a person as that expression has in relation to a person in section 318 of the Assessment Act.
company does not include a company in the capacity of trustee of a trust estate.
company taxable amount, in relation to a person, means an amount that is a company taxable amount in relation to the person under section 7.
distribution of income means:
 (a) in relation to a company in relation to a particular time—a distribution of income of the company of the year of income of the company in which that time occurred among the shareholders of the company at that time, being a distribution of income by payment of a dividend; and
 (b) in relation to a trust estate in relation to a particular time—a distribution of income of the trust estate of the year of income of the trustee in which that time occurred among the beneficiaries of the trust estate at that time and the persons who could have become beneficiaries of the trust estate at that time by the exercise of a power of appointment by the trustee of the trust estate or by another person, being a distribution of income that is paid to, or applied for the benefit of, those persons as beneficiaries of the trust estate.
elected taxable amount, in relation to a person, means an amount that is an elected taxable amount in relation to the person under subsection 7(7).
eligible beneficiaries class, in relation to a secondary taxable amount, means the eligible beneficiaries class ascertained under section 6 in relation to that secondary taxable amount.
late payment tax means general interest charge under Part IIA of the Taxation Administration Act 1953 in relation to trust recoupment tax, applied penalty tax or penalty tax.
penalty tax means additional tax payable under section 12.
person includes a company and a person in the capacity of trustee of a trust estate.
prescribed person, in relation to a taxable amount, means:
 (a) a natural person other than a person in the capacity of trustee of a trust estate;
 (b) a person (other than a person referred to in paragraph (c)) in respect of whom a relevant exempting provision applied in relation to the year of income to which the taxable amount relates;
 (c) a person in the capacity of trustee of a trust estate, being a