Document ID: chunk:federal_register_of_legislation:C2024C00381:section:3:p1
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 3 (pt 1/5)
Character Range: 5316–8010

3  Interpretation
 (1) In this Act, unless the contrary intention appears:
abnormal income amount, in relation to the taxable income of a taxpayer of a year of income, means any above‑average special professional income included in the taxpayer's taxable income for the year of income under section 405‑15 of the Income Tax Assessment Act 1997.
ADI has the same meaning as in the Income Tax Assessment Act 1997.
AMIT (short for attribution managed investment trust) has the same meaning as in the Income Tax Assessment Act 1997.
Assessment Act means the Income Tax Assessment Act 1936.
attribution managed investment trust: see AMIT.
base rate entity has the meaning given by section 23AA.
base rate entity passive income has the meaning given by section 23AB.
complying ADF means a complying approved deposit fund as defined in the Income Tax Assessment Act 1997.
complying superannuation class of the taxable income of a life insurance company has the same meaning as in the Income Tax Assessment Act 1997.
complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.
determined member component has the same meaning as in the Income Tax Assessment Act 1997.
eligible ADF means a fund that is a complying approved deposit fund or a non‑complying approved deposit fund, as defined in the Income Tax Assessment Act 1997.
eligible part, in relation to the special income component of the taxable income of a taxpayer, means so much of the special income component as is eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act.
eligible superannuation fund means a fund that is a complying superannuation fund or a non‑complying superannuation fund, as defined in the Income Tax Assessment Act 1997.
employment termination remainder of taxable income means so much of the taxable income as:
 (a) is included in assessable income under a maximum tax rate provision in Division 82 of the Income Tax Assessment Act 1997 or Division 82 of the Income Tax (Transitional Provisions) Act 1997; and
 (b) does not give rise to an entitlement to a tax offset under that maximum tax rate provision.
friendly society has the same meaning as in the Income Tax Assessment Act 1997.
life insurance company has the same meaning as in the Life Insurance Act 1995.
low tax component has the same meaning as in the Income Tax Assessment Act 1997.
managed investment trust has the same meaning as in the Income Tax Assessment Act 1997.
maximum tax rate provision means any of the following provisions:
 (a) section 82‑10 of the Income Tax Assessment Act 1997;
 (b) section 82‑65 of the Income Tax Assessment Act 1997;
 (c) section 82‑70 of the Income