Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 1/29)
Character Range: 61776–67237

10    An Australian insurer that re‑insures overseas can elect to pay, as agent for the re‑insurer, income tax worked out by reference to the amount of the re‑insurance premiums.                                                                                                section 148

 (2) For entities covered by an item in the table in subsection (1), the income year is the same as the *financial year, except in these cases:
 (a) for a company, or an entity covered by item 2 or 3 in the table, the income year is the previous financial year;
 (b) if an entity has an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year.
Note 1: The Commissioner can allow an entity to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936.
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936.

Division 10—Particular kinds of assessable income

10‑1  Effect of this Division
  This Division is a *Guide.

10‑5  List of provisions about assessable income
  The provisions set out in the table:
              * include in your assessable income amounts that are not *ordinary income; and
              * vary or replace the rules that would otherwise apply for certain kinds of *ordinary income.
Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Accrued leave transfer payments
 ....................................                                                                                                                    15‑5
alienated personal services income
 ....................................                                                                                                                    86‑15
allowances
see employment
annual leave
see leave payments
annuities
 ....................................                                                                                                                    27H
approved deposit fund (ADFs)
see superannuation
attributable income
see controlled foreign corporations
avoidance of tax
general .................................                                                                                                                177F
diversion of income .........................                                                                                                            121H
see also transfers of income
bad debts
see recoupment
balancing adjustment
see capital allowances, investments, R&D, scientific research and tax exempt entities
banking
offshore banking unit, deemed interest on payments to by owner
                                                                                                                                                         121EK
barter transactions
............................................                                                                                                             21, 21A, 15‑2
beneficiaries
see trusts
benefits
business, non‑cash ...................                                                                                                                   21A
consideration, non‑cash ................                                                                                                                 21
meals you provide in an in‑house dining facility                                                                                                         32‑70
see also employment and superannuation
bonus shares
see shares
bounties
............................................                                                                                                             15‑10
capital allowances
excess of termination value over adjustable value
         generally.........................                                                                                                              40‑285
         for some cars......................                                                                                                             40‑370
depreciating asset in low‑value pool........                                                                                                             40‑445(2)
expenditure in software development pool..........                                                                                                       40‑460
recovery of petroleum resource rent tax............                                                                                                      40‑750(3)
capital gains
 ....................................                                                                                                                    102‑5
see also insurance
car expenses
cents per kilometres reimbursement of ............                                                                                                       15‑70
carried interests
carried interests, not ordinary income.............                                                                                                      118‑21
CFCs
see