Document ID: chunk:federal_register_of_legislation:C2025C00014:section:6:p11
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 6 (pt 11/19)
Character Range: 32374–34819

1997.
part of a distribution that is franked with a venture capital credit has the same meaning as in the Income Tax Assessment Act 1997.
passive commodity gain, in relation to a taxpayer, in relation to a year of income, means a gain realised by the taxpayer in a year of income from disposing of a forward contract or a futures contract, or a right or option in respect of a forward contract or a futures contract, in respect of any thing (a commodity):
 (a) that is capable of delivery under an agreement for its delivery; and
 (b) that is not an instrument creating or evidencing a chose in action;
unless the contract, right or option relates to the carrying on by the taxpayer of a business:
 (c) of producing or processing the commodity; or
 (d) that involves the use of the commodity as a raw material in a production process.
passive income, in relation to a taxpayer, in relation to a year of income means:
 (a) dividends (within the meaning of this section) and non‑share dividends paid to the taxpayer in the year of income; or
 (b) unit trust dividends (within the meaning of Division 6C) paid to the taxpayer in the year of income; or
 (c) a distribution made to the taxpayer in the year of income that is taken to be a dividend because of section 47; or
 (d) an amount that is taken to be a dividend paid to the taxpayer in the year of income because of section 47A or 108 or Division 7A of Part III; or
 (e) interest income derived by the taxpayer in the year of income; or
 (f) annuities derived by the taxpayer in the year of income; or
 (g) income derived by the taxpayer by way of rent (within the meaning of Part X) in the year of income; or
 (h) royalties derived by the taxpayer in the year of income; or
 (i) an amount derived by the taxpayer in the year of income as consideration for the assignment, in whole or in part, of any copyright, patent, design, trade mark or other like property or right; or
 (j) profits of a capital nature that accrued to the taxpayer in the year of income; or
 (k) passive commodity gains that accrued to the taxpayer in the year of income; or
 (l) an amount included in the assessable income of the taxpayer of the year of income under section 102AAZD, 456, 457 or 459A;
but does not include:
 (m) an amount that arose from an asset necessarily held by the taxpayer in connection with an insurance business actively carried on by the taxpayer; or
 (n) an amount included in the taxpayer's