Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 10/32)
Character Range: 1406328–1409313

and set out in the report.
 (6) The person must provide a reasonable opportunity for members of the public to make submissions to him or her about matters to which the review relates.
 (7) The Minister must cause a copy of the report to be laid before each House of the Parliament within 15 sitting days of that House after the Minister receives the report.

Division 55—Payments that are not exempt from income tax

Guide to Division 55

55‑1  What this Division is about

      A variety of payments are not exempt from income tax even though they are similar in nature to payments that are wholly or partly exempt under this Part.

Table of sections

Operative provisions
55‑5 Occupational superannuation payments
55‑10 Education entry payments

Operative provisions

55‑5  Occupational superannuation payments
 (1) This Part does not exempt from income tax any amount or pension paid under the following provisions or Acts, or under schemes established under any of them:
 (a) Defence Force Retirement and Death Benefits Act 1973;
 (b) Defence Forces Retirement Benefits Act 1948;
 (c) Military Superannuation and Benefits Act 1991;
 (ca) Australian Defence Force Superannuation Act 2015;
 (cb) Australian Defence Force Cover Act 2015;
 (d) Papua New Guinea (Staffing Assistance) Act 1973;
 (e) Parliamentary Contributory Superannuation Act 1948;
 (f) section 10 of the Superannuation (Pension Increases) Act 1971;
 (g) section 9 or 14 of the Superannuation Act (No. 2) 1956;
 (h) subsection 8(1) of the Superannuation Act 1948;
 (i) Superannuation Act 1922;
 (j) Superannuation Act 1976;
 (k) Superannuation Act 1990;
 (l) Superannuation Act 2005.
 (2) This section operates despite anything contained in any other provision of this Part.

55‑10  Education entry payments
  This Part does not exempt from income tax an education entry payment under Part 2.13A of the Social Security Act 1991.

Division 58—Capital allowances for depreciating assets previously owned by an exempt entity

Table of Subdivisions
 Guide to Division 58
58‑A Application
58‑B Calculating decline in value of privatised assets under Division 40

Guide to Division 58

58‑1  What this Division is about

      This Division sets out special rules that apply in calculating deductions for the decline in value of depreciating assets and balancing adjustments for assets previously owned by an exempt entity if the assets:
                        continue to be owned by that entity after the entity becomes taxable; or
                        are acquired from that entity, in connection with the acquisition of a business, by a purchaser that is a taxable entity.
      There is a choice of 2 methods for each depreciating asset:
                        the notional written down value method; and
                        the undeducted pre‑existing audited book value method.

Subdivision 58‑A—Application

Table of sections
58‑5 Application of Division
58‑10 When an asset is acquired in connection