Document ID: chunk:federal_register_of_legislation:C2025C00014:section:21a:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 21A (pt 2/2)
Character Range: 83033–85343

income derived by a taxpayer in carrying on a business for the purpose of gaining or producing assessable income.
non‑cash business benefit means property or services provided after 31 August 1988:
 (a) wholly or partly in respect of a business relationship; or
 (b) wholly or partly for or in relation directly or indirectly to a business relationship.
non‑deductible entertainment expenditure means expenditure to the extent to which:
 (a) section 32‑5 of the Income Tax Assessment Act 1997 applies to the expenditure; and
 (b) but for that section, the expenditure would be deductible under section 8‑1 of the Income Tax Assessment Act 1997.
provide:
 (a) in relation to property—includes dispose of (whether by assignment, declaration of trust or otherwise); and
 (b) in relation to services—includes allow, confer, give, grant or perform.
recipient's contribution, in relation to a non‑cash business benefit, means the amount of any consideration paid to the provider by the recipient in respect of the provision of the benefit, reduced by the amount of any reimbursement paid to the recipient in respect of that consideration.
services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be, provided under:
 (a) an arrangement for or in relation to:
 (i) the performance of work (including work of a professional nature), whether with or without the provision of property;
 (ii) the provision of, or of the use of facilities for, entertainment, recreation or instruction; or
 (iii) the conferring of rights, benefits or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction;
 (b) a contract of insurance; or
 (c) an arrangement for or in relation to the lending of money.
 (6) Notwithstanding section 21, the consideration referred to in the definition of recipient's contribution in subsection (5) of this section is consideration in money.
 (7) This section does not apply to an ESS interest (within the meaning of the Income Tax Assessment Act 1997) to which Subdivision 83A‑B or 83A‑C of that Act (about employee share schemes) applies.