Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121f:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121F (pt 1/2)
Character Range: 1153175–1155844

121F  Interpretation
 (1) In this Division, unless the contrary intention appears:
agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings.
consideration includes a benefit of any kind.
diverted income, in relation to a taxpayer, means all the amounts that are included under this Division in the diverted income of the taxpayer.
diverted trust income, in relation to a trustee of a trust estate, means all the amounts that are included under this Division in the diverted trust income of the trust estate.
income includes all amounts that, apart from the operation of the relevant exempting provisions, would be assessable income.
property includes:
 (a) a chose in action;
 (b) any estate, interest, right or power, whether at law or in equity, in or over property; and
 (c) any right to receive income.
public company rate means the rate of tax payable in respect of the taxable income of a company that is not a private company.
relevant exempting provision means any of the following provisions:
 (aa) section 50‑5, 50‑10, 50‑15, 50‑25, 50‑30, 50‑40 or 50‑45 of the Income Tax Assessment Act 1997;
 (b) paragraph 23(ja) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987;
 (baa) paragraph 23(x) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1988;
 (ba) section 23F, 23FA or 23FB, as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987;
 (bb) paragraph 23(jaa) or section 23FC or 23FD, as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1989;
 (bc) section 24AM;
 (c) paragraph 320‑37(1)(a) of the Income Tax Assessment Act 1997;
 (cb) regulations under the International Organisations (Privileges and Immunities) Act 1963, insofar as those regulations provide that an organisation is not liable to income tax;
 (d) any provision of an Act other than this Act to the effect that income of a particular person or body is not subject to taxation under any law of the Commonwealth or to the effect that a particular person or body is not subject to taxation under any law of the Commonwealth.
right to receive income, in relation to a person, means a right of the person to have income that will or may be derived (whether from property or otherwise) paid to, or applied or accumulated for the benefit of, the person.
tax avoidance agreement means an agreement that was entered into after 24 June 1980