Document ID: chunk:federal_register_of_legislation:C2025C00120:section:136:p2
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 136 (pt 2/34)
Character Range: 440167–442800

loan where the parties to the loan are dealing with each other at arm's length in relation to the loan.
arm's length transaction means a transaction where the parties to the transaction are dealing with each other at arm's length in relation to the transaction.
arrangement means:
 (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and
 (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.
assessable income has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
assessment means the ascertainment of the fringe benefits taxable amount of an employer of a year of tax and of the tax payable on that amount.
associate has the meaning given by section 318 of the Income Tax Assessment Act 1936.
Note: Section 159 of this Act affects the above definition.
associated premises, in relation to a person, means premises, or a part of premises:
 (a) owned by the person; or
 (b) leased by the person; or
 (c) otherwise under the control of the person;
but does not include:
 (d) business premises of the person; or
 (e) premises, or a part of premises, used as a place of residence of an employee of the person or an employee of an associate of the person.
Australia, when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997.
Australian workers' compensation law means a workers' compensation law that is a law of the Commonwealth or of a State or Territory.
basic car rate, for a car for a year of tax ending on 31 March in a year, means the rate determined under subsection 28‑25(4) of the Income Tax Assessment Act 1997 for the car for the year of income ending on 30 June in that year.
battery electric vehicle has the meaning given by subsection 8A(3).
benchmark interest rate:
 (a) in relation to a year of tax, means the rate of interest, known as the large bank housing lenders variable interest rate on loans for housing for owner occupation, last published by the Reserve Bank of Australia before the commencement of the year of tax; and
 (b) in relation to a time after 2 April 1986 and before 1 July 1986, means a rate of interest offered anywhere in Australia at that time in respect of a Commonwealth Bank housing loan.
benefit includes any right (including a right in relation to, and an interest in, real or personal property), privilege, service or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or