Document ID: chunk:federal_register_of_legislation:C2025C00120:section:136:p26
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 136 (pt 26/34)
Character Range: 498507–501103

income; and
 (b) apart from that section, it would be deductible under section 8‑1 of that Act, or would be if it were incurred in producing assessable income;
(on the assumption that section 32‑20 of the Income Tax Assessment Act 1997 had not been enacted).
non‑deductible exempt entertainment expenditure means non‑deductible entertainment expenditure to the extent to which it is not incurred in producing assessable income.
non‑profit company means a company that is not carried on for the purposes of profit or gain to its individual members and is, by the terms of the company's constituent document, prohibited from making any distribution, whether in money, property or otherwise, to its members.
normal residence, in relation to an employee, means:
 (a) if the employee's usual place of residence is in Australia—the employee's usual place of residence; or
 (b) otherwise—either:
 (i) the employee's usual place of residence; or
 (ii) the place in Australia where the employee usually resides when in Australia.
notional amount of interest, in relation to a loan in relation to a year of tax, means the amount of interest that would have accrued on the loan in respect of the year of tax if the interest were calculated on the daily balance of the loan at:
 (a) where the loan is an eligible pre‑commencement loan:
 (i) the statutory interest rate in relation to the time when the loan was made; or
 (ii) the statutory interest rate in relation to the year of tax;
  whichever is the less;
 (b) where the loan is not an eligible pre‑commencement loan, was made before 3 April 1986 and is a housing loan relating to a dwelling:
 (i) the statutory interest rate in relation to the year of tax; or
 (ii) 13.5% per annum;
  whichever is the less; or
 (c) in any other case—the statutory interest rate in relation to the year of tax.
notional taxable value, in relation to a benefit provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer, means the amount that, if it were assumed that:
 (a) in the case of a car benefit—the car benefit was a residual benefit; and
 (b) in all cases—the benefit was a fringe benefit in relation to the employer in relation to the year of tax;
would be the taxable value of the fringe benefit in relation to the year of tax.
notional tax amount has the meaning given by section 110.
notional value, in relation to the provision of property or another benefit to a person, means the amount that the person could reasonably be expected to have been required to pay to obtain the property or other benefit from the