Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 2/22)
Character Range: 7731781–7734657

interests, for the purposes of Part 3‑95 (about value shifting).
Note: Some assets, such as shares, cannot be the subject of a taxable supply.

960‑410  Market value of non‑cash benefits
  In working out the market value of a *non‑cash benefit, disregard anything that would prevent or restrict conversion of the benefit to money.

960‑412  Working out market value using an approved method
 (1) The *market value of an asset or *non‑cash benefit that you work out using a method approved under subsection (2) for that kind of asset or benefit binds the Commissioner in relation to you.
Note: You do not have to use the method.
 (2) The Commissioner may, by legislative instrument, approve methods for working out the *market value of assets or *non‑cash benefits. A method may include conditions.
Note 1: Different methods may be approved for different kinds of assets or non‑cash benefits (see subsection 13(3) of the Legislation Act 2003).
Note 2: Any approved method would need to be consistent with the other rules about market value in this Subdivision.

960‑415  Amounts that depend on market value
  To avoid doubt, apply the rules in this Subdivision to the *market value component of any calculation that involves market value.

Subdivision 960‑T—Meaning of Australia

Guide to Subdivision 960‑T

960‑500  What this Subdivision is about

      This Subdivision includes rules about the meaning of Australia when used in a geographical sense.
      The ordinary meaning of Australia includes each State and internal Territory of Australia and their internal waters and any islands that are part of those State and Territories.
      This Subdivision extends the ordinary meaning of Australia to include each external Territory of Australia (other than the Australian Antarctic Territory) and certain offshore areas and certain offshore installations.

Table of sections

Operative provisions
960‑505 Meaning of Australia

Operative provisions

960‑505  Meaning of Australia

Territories
 (1) Australia, when used in a geographical sense, includes each of the following:
 (a) Norfolk Island;
 (b) the Coral Sea Islands Territory;
 (c) the Territory of Ashmore and Cartier Islands;
 (d) the Territory of Christmas Island;
 (e) the Territory of Cocos (Keeling) Islands;
 (f) the Territory of Heard Island and the McDonald Islands.
Note: Section 15B of the Acts Interpretation Act 1901 provides that an Act is taken to have effect in the coastal sea of Australia as if the coastal sea were part of Australia.

Offshore areas
 (2) Australia, when used in a geographical sense, includes an offshore area for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Note 1: The offshore area includes all things located in that area, including all installations and structures such as oil and gas rigs. The area also extends to the airspace over, and the