Tax Laws Amendment (2006 Measures No. 2) Act 2006 No. 58, 2006 An Act to amend the law relating to taxation, and for related purposes
Contents 1............ Short title............................................................................................ 1 2............ Commencement.................................................................................. 2 3............ Schedule(s).......................................................................................... 4 4............ Amendment of assessments............................................................... 4 Schedule 1—F-111 Deseal/Reseal Ex-gratia Lump Sum Payments 5 Income Tax Assessment Act 1997 5 Schedule 2—Specific gift recipients 6 Income Tax Assessment Act 1997 6 Schedule 3—CGT treatment of options 7 Income Tax Assessment Act 1997 7 Income Tax (Transitional Provisions) Act 1997 9 Schedule 4—Compulsory acquisition 10 Income Tax Assessment Act 1997 10 Schedule 5—Franking deficit tax 14 Income Tax Assessment Act 1997 14 Income Tax (Transitional Provisions) Act 1997 15 Schedule 6—Choice of superannuation fund 17 Superannuation Guarantee (Administration) Act 1992 17 Schedule 7—Technical corrections and improvements 18 Part 1—Amendments commencing on Royal Assent 18 A New Tax System (Commonwealth-State Financial Arrangements) Act 1999 18 A New Tax System (Goods and Services Tax) Act 1999 18 A New Tax System (Goods and Services Tax Transition) Act 1999 19 A New Tax System (Luxury Car Tax) Act 1999 20 A New Tax System (Wine Equalisation Tax) Act 1999 20 Commonwealth Places (Mirror Taxes) Act 1998 21 Fringe Benefits Tax Assessment Act 1986 21 Income Tax Assessment Act 1936 22 Income Tax Assessment Act 1997 24 Income Tax Rates Act 1986 36 Income Tax (Transitional Provisions) Act 1997 36 Sales Tax Legislation Amendment Act (No. 1) 1999 38 Superannuation Guarantee (Administration) Act 1992 38 Taxation Administration Act 1953 38 Taxation Laws Amendment Act (No. 2) 2000 44 Part 2—Amendments commencing at other times 45 A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 45 Fuel Tax Act 2006 45 Income Tax Assessment Act 1936 45 Income Tax Assessment Act 1997 46 Taxation (Interest on Overpayments and Early Payments) Act 1983 49 Tax Laws Amendment (2004 Measures No. 1) Act 2004 52 Tax Laws Amendment (2004 Measures No. 2) Act 2004 52 Part 3—Amendments relating to asterisking 54 Division 1—Asterisking of “partnership” 54 Income Tax Assessment Act 1997 54 Division 2—Asterisking of “derived” 54 Income Tax Assessment Act 1997 54 Division 3—Asterisking of “market value” 57 Income Tax Assessment Act 1997 57 Division 4—Other asterisking amendments 66 Income Tax Assessment Act 1997 66 Taxation Administration Act 1953 67 Part 4—Technical amendments relating to legislative instruments 68 A New Tax System (Goods and Services Tax) Act 1999 68 Commonwealth Places (Mirror Taxes) Act 1998 68 Energy Grants (Credits) Scheme Act 2003 69 Excise Act 1901 69 Excise Tariff Act 1921 69 Fringe Benefits Tax Assessment Act 1986 70 Income Tax Assessment Act 1936 70 Income Tax Assessment Act 1997 71 Superannuation Contributions Tax (Assessment and Collection) Act 1997 72 Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 72 Superannuation (Government Co-contribution for Low Income Earners) Act 2003 72 Taxation Laws Amendment Act (No. 5) 2001 73
Tax Laws Amendment (2006 Measures No. 2) Act 2006 No. 58, 2006
An Act to amend the law relating to taxation, and for related purposes Assented to 22 June 2006 The Parliament of Australia enacts: 1 Short title This Act may be cited as the Tax Laws Amendment (2006 Measures No. 2) Act 2006. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table
The day on which this Act receives the Royal Assent.
22 June 2006
2. Schedules 1 to 4
The day on which this Act receives the Royal Assent.
22 June 2006
3. Schedule 5, items 1 to 3
The day on which this Act receives the Royal Assent.
22 June 2006
4. Schedule 5, items 4 and 5
1 July 2002.
1 July 2002
5. Schedule 6
The day on which this Act receives the Royal Assent.
22 June 2006
6. Schedule 7, Part 1
The day on which this Act receives the Royal Assent.
22 June 2006
7. Schedule 7, item 171
Immediately after the commencement of item 20 of Schedule 10 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999.
1 July 2000
8. Schedule 7, item 172
Immediately after the commencement of the Fuel Tax Act 2006.
1 July 2006
9. Schedule 7, item 173
Immediately after the commencement of item 82 of Schedule 2 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000.
30 June 2000
10. Schedule 7, item 174
24 October 2002.
24 October 2002
11. Schedule 7, item 175
Immediately after the commencement of item 82 of Schedule 2 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000.
30 June 2000
12. Schedule 7, item 176
30 June 2004.
30 June 2004
13. Schedule 7, item 177
24 December 1992.
24 December 1992
14. Schedule 7, item 178
30 June 2004.
30 June 2004
15. Schedule 7, items 179 to 188
Immediately after the commencement of Schedule 7 to the Tax Laws Amendment (2004 Measures No. 1) Act 2004.
1 July 2004
16. Schedule 7, item 189
Immediately after the commencement of Schedule 5 to the Taxation Laws Amendment Act (No. 6) 1999.
5 July 1999
17. Schedule 7, item 190
Immediately after the commencement of item 82 of Schedule 2 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000.
30 June 2000
18. Schedule 7, item 191
Immediately after the commencement of the New Business Tax System (Consolidation) Act (No. 1) 2002.
24 October 2002
19. Schedule 7, item 192
30 June 2004.
30 June 2004
20. Schedule 7, item 193
Immediately after the A New Tax System (Pay As You Go) Act 1999 received the Royal Assent.
22 December 1999
21. Schedule 7, items 194 to 209
Immediately after the commencement of the Fuel Tax Act 2006.
1 July 2006
22. Schedule 7, item 210
Immediately before the commencement of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 1) Act 2004.
1 July 2005
23. Schedule 7, items 211 and 212
Immediately after the commencement of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 1) Act 2004.
1 July 2005
24. Schedule 7, Parts 3 and 4
The day on which this Act receives the Royal Assent.
22 June 2006
Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. 4 Amendment of assessments Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if: (a) the assessment was made before the commencement of this section; and (b) the amendment is made within 4 years after that commencement; and (c) the amendment is made for the purpose of giving effect to Schedule 4.
Schedule 1—F-111 Deseal/Reseal Ex-gratia Lump Sum Payments Income Tax Assessment Act 1997 1 Section 11-15 (table item headed “defence”) After:
Defence Force member, compensation payments for loss of deployment allowance for warlike service................
51-5
insert:
F-111 Deseal/Reseal Ex-gratia Lump Sum Payments.........
51-5
2 Section 51-5 (at the end of the table) Add:
1.6
a recipient of an ex-gratia payment from the Commonwealth known as the F-111 Deseal/Reseal Ex-gratia Lump Sum Payment
the ex-gratia payment
none
3 Application The amendments made by this Schedule apply in relation to the 2005-2006 income year and later income years.
Schedule 2—Specific gift recipients Income Tax Assessment Act 1997 1 Subsection 30-70(2) (at the end of the table) Add:
8.2.10
Playgroup Victoria Inc.
the gift must be made after 23 February 2006
2 Section 30-105 (at the end of the table) Add:
13.2.11
St Michael’s Church Restoration Fund
the gift must be made after 23 February 2006 and before 24 February 2007
3 Section 30-315 (after table item 86D) Insert:
86DA
Playgroup Victoria Inc.
item 8.2.10
4 Section 30-315 (after table item 112AF) Insert:
112AG
St Michael’s Church Restoration Fund
item 13.2.11
Schedule 3—CGT treatment of options Income Tax Assessment Act 1997 1 Section 116-65 Repeal the section, substitute: 116-65 Disposal etc. of a CGT asset the subject of an option (1) This section applies if: (a) you granted, renewed or extended an option to create (including grant or issue) or *dispose of a *CGT asset; and (b) another entity exercises the option; and (c) because of the exercise of the option, you create (including grant or issue) or dispose of the CGT asset. (2) The *capital proceeds from the creation (including grant or issue) or disposal include any payment you received for granting, renewing or extending the option. (3) The payment can include giving property: see section 103-5. 2 Section 116-70 Repeal the section, substitute: 116-70 Option requiring both acquisition and disposal etc. (1) This section applies if: (a) you granted, renewed or extended an option; and (b) the option requires you both to *acquire, and to create (including grant or issue) or *dispose of, a *CGT asset. (2) The option is treated as 2 separate options and half of the *capital proceeds from the grant, renewal or extension is attributed to each option. 3 Subsection 134-1(1) Repeal the subsection, substitute: (1) This table sets out the effects of the exercise of an option (including an option that has been renewed or extended) on the *cost bases and *reduced cost bases of the grantor and the entity that exercises the option (the grantee).
Exercise of options
Item
In this situation:
Effect on cost base and reduced cost base:
1
Option binds grantor to: (a) *dispose of a *CGT asset; or (b) create (including grant or issue) a CGT asset (call option)
For the grantee The first element of the grantee’s *cost base and *reduced cost base for the CGT asset is what the grantee paid for the option (or to renew or extend it) plus any amount the grantee paid to exercise it For the grantor See section 116-65
2
Option binds grantor to *acquire a *CGT asset (put option)
For the grantor The first element of the grantor’s *cost base and *reduced cost base for the asset acquired is any amount paid to exercise the option reduced by any payment received by the grantor for the option (or to renew or extend it) For the grantee The second element of the grantee’s cost base and reduced cost base for the asset acquired by the grantor includes any payment the grantee made to acquire the option (or to renew or extend it)
Note 1: If you granted, renewed or extended an option, CGT event C3 or D2 may happen. Note 2: Item 1 in the table is modified for certain options granted before 20 September 1985: see section 134-1 of the Income Tax (Transitional Provisions) Act 1997. Note 3: Item 1 in the table is modified for shares or rights acquired at a discount (within the meaning of Subdivision C of Division 13A of Part III of the Income Tax Assessment Act 1936) under an employee share scheme—in certain circumstances you can be taken to have paid the market value for an option: see Subdivision 130-D and section 112-15. Income Tax (Transitional Provisions) Act 1997 4 Section 134-1 Before “The modification in item 1”, insert “(1)”. 5 Section 134-1 Omit “dispose of a CGT asset”, substitute “create (including grant or issue) or dispose of a CGT asset”. 6 At the end of section 134-1 Add: (2) This section does not apply to an option if: (a) it has been renewed or extended; and (b) the last renewal or extension occurred on or after 20 September 1985. 7 Application The amendments made by this Schedule apply in relation to options exercised on or after 27 May 2005.
Schedule 4—Compulsory acquisition Income Tax Assessment Act 1997 1 Paragraph 40-365(2)(c) Repeal the paragraph, substitute: (c) the original asset is acquired by an entity (other than an Australian government agency or a *foreign government agency) under a power of compulsory acquisition conferred by a law covered under subsection (2A); or (d) you dispose of the original asset to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the disposal takes place after a notice was served on you by or on behalf of the entity; (ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the asset by agreement; (iii) the notice informed you that if the negotiations were unsuccessful, the asset would be compulsorily acquired by the entity; (iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by a law covered under subsection (2A); or (e) you dispose of land onto which the original asset was fixed to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) a mining lease was compulsorily granted over the land; (ii) the lease significantly affected your use of the land; (iii) the lease was in force just before the disposal; (iv) the entity to which you dispose of the land was the lessee under the lease; or (f) you dispose of land onto which the original asset was fixed to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) a mining lease would have been compulsorily granted over the land if you had not disposed of it; (ii) that lease would have significantly affected your use of the land; (iii) the entity to which you dispose of the land would have been the lessee under the lease. 2 After subsection 40-365(2) Insert: (2A) A law is covered under this subsection if it is: (a) an *Australian law (other than Chapter 6A of the Corporations Act 2001); or (b) a *foreign law (other than a foreign law corresponding to Chapter 6A of the Corporations Act 2001). 3 After paragraph 124-70(1)(a) Insert: (aa) it is compulsorily acquired by an entity (other than an Australian government agency or a *foreign government agency) under a power of compulsory acquisition conferred by a law covered under subsection (1A); 4 Paragraph 124-70(1)(c) Repeal the paragraph, substitute: (c) you *dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the disposal takes place after a notice was served on you by or on behalf of the entity; (ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the asset by agreement; (iii) the notice informed you that if the negotiations were unsuccessful, the asset would be compulsorily acquired by the entity; (iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by a law covered under subsection (1A); (ca) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the asset is land over which a mining lease was compulsorily granted; (ii) the lease significantly affected your use of the land; (iii) the lease was in force just before the disposal; (iv) the entity to which you dispose of the land was the lessee under the lease; (cb) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the asset is land over which a mining lease would have been compulsorily granted if you had not disposed of it; (ii) that lease would have significantly affected your use of the land; (iii) the entity to which you dispose of the land would have been the lessee under the lease. 5 After subsection 124-70(1) Insert: (1A) A law is covered under this subsection if it is: (a) an *Australian law (other than Chapter 6A of the Corporations Act 2001); or (b) a *foreign law (other than a foreign law corresponding to Chapter 6A of the Corporations Act 2001). 6 Application (1) The amendments made by this Schedule apply in relation to CGT events that happen after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999. (2) The amendments made by this Schedule apply in relation to balancing adjustment events that occur after 30 June 2001. (3) Former section 42-293 of the Income Tax Assessment Act 1997 applies in relation to balancing adjustment events that occurred during the period: (a) starting just after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; and (b) ending just before 1 July 2001; as if the amendments made by this Schedule to section 40-365 of that Act were made (with any necessary changes) to former section 42-293. (4) To avoid doubt: (a) those necessary changes to those amendments include the following: (i) item 1 applies in relation to former paragraph 42-293(2)(c); (ii) references in item 1 to the original asset are taken to be references to the original plant; (iii) item 2 applies in relation to former section 42-293; and (b) a choice under former subsection 42-293(1) may be made after the commencement of this item in relation to those amendments; and (c) the Commissioner may allow, after the commencement of this item, a further period under former subsection 42-293(3) in relation to those amendments.
Schedule 5—Franking deficit tax Income Tax Assessment Act 1997 1 Subsection 205-70(2) (method statement, steps 1 and 2) Repeal the steps, substitute: Step 1. Work out the total amount of *franking deficit tax that is covered by paragraph (1)(a). Then, subject to subsections (5) and (6), reduce so much of it as is attributable to *franking debits to which subsection (8) applies by 30% if that part exceeds 10% of the total amount of *franking credits that arose in the entity’s *franking account for the relevant year. Step 2. Work out the total amount of *franking deficit tax that is covered by paragraph (1)(b) for a previous income year. Then, subject to subsections (5) and (6), reduce so much of it as is attributable to *franking debits to which subsection (8) applies by 30% if that part exceeds 10% of the total amount of *franking credits that arose in the entity’s *franking account for that previous income year.
2 At the end of section 205-70 Add: Commissioner’s discretion (6) The 30% reductions in steps 1 and 2 of the method statement in subsection (2) do not apply in working out the amount of the *tax offset to which the entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the *approved form, that the excess referred to in those steps was due to events outside the control of the entity. (7) A determination under subsection (6) is not a legislative instrument. Applicable franking debits (8) This subsection applies to *franking debits in the *franking account of an entity: (a) that arise under table item 1, 3, 5 or 6 in section 205-30 for an income year; and (b) if the entity has franking debits covered by paragraph (a) for that income year—that arise under table item 2 in that section for that income year. 3 Application The amendments made by items 1 and 2 apply to assessments for the 2004-05 income year and later income years. Income Tax (Transitional Provisions) Act 1997 4 At the end of section 205-70 Add: (6) The 30% reductions for an entity in steps 2 and 3 of the method statement in subsection (3), and in steps 1, 2, 3 and 4 of the method statement in subsection (4), apply only to franking deficit tax that is attributable to franking debits of the entity: (a) that arose under table item 1, 3, 5 or 6 in section 205-30 of the Income Tax Assessment Act 1997 for the relevant income year; and (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year. (7) The 30% reductions in those steps do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity. (8) A determination under subsection (7) is not a legislative instrument. 5 After section 205-70 Insert: 205-71 Modification of franking deficit tax offset rules (1) This section applies to events that occur on or after 1 July 2002 and before the start of the 2004-05 income year. (2) The 30% reductions for an entity in steps 1 and 2 of the method statement in subsection 205-70(2) of the Income Tax Assessment Act 1997 apply only to franking deficit tax that is attributable to franking debits of the entity: (a) that arose under table item 1, 3, 5 or 6 in section 205-30 of the Income Tax Assessment Act 1997 for the relevant income year; and (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year. (3) The 30% reductions in steps 1 and 2 of the method statement in subsection 205-70(2) of the Income Tax Assessment Act 1997 do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity. (4) A determination under subsection (3) is not a legislative instrument.
Schedule 6—Choice of superannuation fund Superannuation Guarantee (Administration) Act 1992 1 After section 32Z Insert: 32ZAA Contributions satisfy State or Territory law requirements (1) This section applies to an employer that is a corporation to which paragraph 51(xx) of the Constitution applies. (2) A requirement in a law of a State or Territory that the employer make contributions to a superannuation fund on behalf of an employee is not enforceable to the extent that the employer instead makes the contributions on behalf of the employee, in compliance with this Part, to another superannuation fund that is a chosen fund. 2 Application The amendment made by this Schedule applies to contributions made on or after 1 July 2006.
Schedule 7—Technical corrections and improvements Part 1—Amendments commencing on Royal Assent A New Tax System (Commonwealth-State Financial Arrangements) Act 1999 1 Subsection 5(6) (definition of Commonwealth entity) Repeal the definition. A New Tax System (Goods and Services Tax) Act 1999 2 Paragraph 75-11(2A)(e) Omit “value of interest”, substitute “value of the interest”. 3 Subsection 126-10(3) Omit “Subdivision 38-H”, substitute “section 38-270”. 4 Application The amendment made by item 3 applies to supplies made on or after 14 December 2004. 5 Subdivision 165-C (heading) Repeal the heading. 6 Subsection 177-1(1) Omit “*Commonwealth entities”, substitute “*untaxable Commonwealth entities”. 7 Subsection 177-1(1) Omit “Commonwealth entities should”, substitute “untaxable Commonwealth entities should”. 8 Subsection 177-1(2) Omit “a *Commonwealth entity”, substitute “an *untaxable Commonwealth entity”. 9 Subsection 177-1(4) Omit “a *Commonwealth entity” (first occurring), substitute “an *untaxable Commonwealth entity”. 10 Subsection 177-1(4) Omit “a *Commonwealth entity” (second and third occurring), substitute “an untaxable Commonwealth entity”. 11 Subsection 177-1(5) Repeal the subsection, substitute: (5) Untaxable Commonwealth entity means: (a) an Agency (within the meaning of the Financial Management and Accountability Act 1997); or (b) a Commonwealth authority (within the meaning of the Commonwealth Authorities and Companies Act 1997); that cannot be made liable to taxation by a Commonwealth law. 12 Paragraph 177-3(a) Omit “a *Commonwealth entity”, substitute “an *untaxable Commonwealth entity”. 13 Section 195-1 (definition of Commonwealth entity) Repeal the definition. 14 Section 195-1 (definition of reduced credit land transport) Repeal the definition. 15 Section 195-1 Insert: untaxable Commonwealth entity has the meaning given by section 177-1. A New Tax System (Goods and Services Tax Transition) Act 1999 16 Subsection 13(4A) Omit “a Commonwealth entity” (wherever occurring), substitute “an untaxable Commonwealth entity”. 17 Subsection 14(5) Omit “a Commonwealth entity” (wherever occurring), substitute “an untaxable Commonwealth entity”. A New Tax System (Luxury Car Tax) Act 1999 18 Subsection 21-1(1) Omit “*Commonwealth entities”, substitute “*untaxable Commonwealth entities”. 19 Subsection 21-1(1) Omit “Commonwealth entities” (last occurring), substitute “untaxable Commonwealth entities”. 20 Subsection 21-1(2) Omit “a *Commonwealth entity”, substitute “an *untaxable Commonwealth entity”. 21 Subsection 21-1(4) Repeal the subsection. 22 Section 27-1 (definition of Commonwealth entity) Repeal the definition. 23 Section 27-1 Insert: untaxable Commonwealth entity has the meaning given by section 177-1 of the *GST Act. A New Tax System (Wine Equalisation Tax) Act 1999 24 Subsection 27-20(1) Omit “*Commonwealth entities”, substitute “*untaxable Commonwealth entities”. 25 Subsection 27-20(1) Omit “Commonwealth entities” (last occurring), substitute “untaxable Commonwealth entities”. 26 Subsection 27-20(2) Omit “a *Commonwealth entity”, substitute “an *untaxable Commonwealth entity”. 27 Subsection 27-20(4) Repeal the subsection. 28 Section 33-1 (definition of Commonwealth entity) Repeal the definition. 29 Section 33-1 Insert: untaxable Commonwealth entity has the meaning given by section 177-1 of the *GST Act. Commonwealth Places (Mirror Taxes) Act 1998 30 Clause 4 of Schedule 1 Repeal the clause, substitute: 4 Western Australia The Stamp Act 1921 of Western Australia is a scheduled law. 31 Clause 6 of Schedule 1 Repeal the clause, substitute: 6 Tasmania The Pay-roll Tax Act 1971 of Tasmania is a scheduled law. Fringe Benefits Tax Assessment Act 1986 32 Subsection 136(1) (paragraph (e) of the definition of entertainment facility leasing expenses) After “1936”, insert “or the Income Tax Assessment Act 1997”. 33 Subsection 136(1) (definition of entity) (the definition of entity inserted by item 3 of Schedule 7 to the Taxation Laws Amendment Act (No. 4) 2003) Repeal the definition. 34 Section 162B Omit “Income Tax Assessment Act 1936”, substitute “Income Tax Assessment Act 1997”. Income Tax Assessment Act 1936 35 Subsection 6(1) Insert: international tax sharing treaty: (a) means an agreement between Australia and another country under which Australia and the other country share tax revenues from activities undertaken in an area identified by or under the agreement; and (b) does not include an agreement within the meaning of the International Tax Agreements Act 1953. 36 Subsection 6(1) (definition of non-equity share) Repeal the definition (including the note), substitute: non-equity share has the same meaning as in the Income Tax Assessment Act 1997. 37 Subsection 23AK(3) (definition of trust) Omit “605(9)”, substitute “605(11)”. 38 Application The amendment made by item 37 applies to assessments for the 2001-02 income year and later income years. 39 Subparagraph 46AC(1)(b)(i) Omit “income year”, substitute “year of income”. 40 Paragraph 82AM(3)(c) Omit “income year”, substitute “year of income”. 41 Subsection 92(2A) Omit “income year”, substitute “year of income”. 42 Section 102AAB (definition of listed country trust estate) Omit “same meaning as in Part X”, substitute “meaning given by section 102AAE”. 43 Paragraph 102AAM(10)(b) Omit “Column 2 of”. 44 Section 121AS (note 6) Omit “Subdivision 126-D”, substitute “Subdivision 126-E”. 45 Subsection 136AA(1) (definition of international tax sharing treaty) Repeal the definition. 46 Subsection 160AF(8) (definition of relevant debt deduction) Omit “an income year”, substitute “a year of income”. 47 Subsection 170(14) (definition of international tax sharing treaty) Repeal the definition. 48 Subsection 177EA(19) Omit “income year”, substitute “year of income”. 49 Subsection 372(2) Omit “Subject to subsections (3) and (4)”, substitute “Subject to subsection (4)”. 50 Paragraph 544(1)(b) Omit “from a group”, substitute “form a group”. Income Tax Assessment Act 1997 51 Section 2-5 (pyramid) Repeal the pyramid, substitute: 52 At the end of section 2-5 Add: Note: The Taxation Administration Act 1953 contains the provisions on collection and recovery of tax and provisions on administration. 53 At the end of subsection 4-10(3) Add: Note: Division 63 explains what happens if your tax offsets exceed your basic income tax liability. How the excess is treated depends on the type of tax offset. 54 Subsection 4-10(3A) Repeal the subsection. 55 Application The amendment made by item 54 applies to assessments for the 2006-07 income year and later income years. 56 Subsection 6-10(2) (note) Repeal the note, substitute: Note 1: Although an amount is statutory income because it has been included in assessable income under a provision of this Act, it may be made exempt income or non-assessable non-exempt income under another provision: see sections 6-20 and 6-23. Note 2: Many provisions in the summary list in section 10-5 contain rules about ordinary income. These rules do not change its character as ordinary income. 57 Section 11-15 (table item headed “foreign aspects of income taxation”) Omit:
Commonwealth sporting club or association, income of .
23(c)(ii)
58 Section 11-15 (table item headed “foreign aspects of income taxation”) Omit:
sporting club, British Commonwealth, income of .............
23(c)(ii)
sports person, non-resident, income of ..............................
23(c)(i)
59 Section 13-1 (table item headed “research and development”) Omit “731”, substitute “73I”. 60 Subsection 26-5(2) (note) Repeal the note, substitute: Note: See paragraph 25-5(1)(ca) for the deductibility of penalties that arise under Subdivision 162-D of the GST Act. 61 Subsection 30-315(2) (table item 28A) (the table item 28A inserted by item 19 of Schedule 1 to the Taxation Laws Amendment Act (No. 4) 1999) Renumber the item as 28AB. 62 Section 61-496 Repeal the section, substitute: 61-496 Entitlement to transfer (1) You may transfer your entitlement to so much of your *tax offset as is equal to the excess to the individual who was your *spouse as at the last day of the child care offset year. Note: The excess part of a tax offset is worked out under Division 63. (2) If you make a transfer: (a) the transferee is entitled to the transferred part of the *tax offset for the child care offset year; and (b) you are no longer entitled to the transferred part of the tax offset. (3) A transfer cannot be revoked. (4) If you die during the child care offset year, the reference to your *spouse in subsection (1) is taken to be a reference to your spouse just before your death. 63 Subsection 61-497(1) Omit “it is”, substitute “you have applied for it”. 64 After Division 61 Insert: Division 63—Common rules for tax offsets Guide to Division 63 63-1 What this Division is about This Division sets out some rules that are common to all tax offsets.
Table of sections 63-10 Priority rules 63-10 Priority rules (1) If you have one or more *tax offsets for an income year, apply them against your basic income tax liability in the order shown in the table. To the extent that an amount of a tax offset remains, the table tells you what happens to it.
Order of applying tax offsets
Item
Tax offset
What happens to any excess
5
*Tax offset under section 160AAAA of the Income Tax Assessment Act 1936 (tax offset for low income aged persons)
Your entitlement to it is transferred in accordance with regulations made under that Act
10
*Tax offset under section 160AAAB of the Income Tax Assessment Act 1936 (tax offset for low income aged persons—trustee assessed under section 98)
Your entitlement to it is transferred in accordance with regulations made under that Act
15
*Tax offset under section 160AAA of the Income Tax Assessment Act 1936 (tax offset in respect of certain pensions)
Your entitlement to it is transferred in accordance with regulations made under that Act
20
Any *tax offset not covered by another item in this table
You cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year
25
Child care *tax offset under Subdivision 61-IA
You may transfer your entitlement to it to your *spouse (under sections 61-496 and 61-497)
30
Landcare and water facility *tax offset under the former Subdivision 388-A
You may carry it forward to a later income year (under Division 65)
35
Foreign tax credit under Division 18 of Part III of the Income Tax Assessment Act 1936
You may carry it forward to a later income year (under section 160AFE of that Act)
40
*Tax offset that is subject to the refundable tax offset rules in Division 67
You can get a refund of the remaining amount
45
*Tax offset arising from payment of *franking deficit tax (see section 205-70)
You may carry it forward to a later income year (under section 205-70)
Note 1: Section 13-1 lists tax offsets. Note 2: Former Division 388 was repealed by the New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001. Note 3: Section 160AFE of the Income Tax Assessment Act 1936 also affects how much of a foreign tax credit can be applied against your basic income tax liability. Note 4: The remaining amount of a carry forward tax offset may be reduced by section 65-30 or 65-35 to take account of net exempt income. Note 5: Tax offsets mentioned in items 5 and 10 are more commonly referred to as the Senior Australians Tax Offset. (2) Within each item, apply the tax offsets in the order in which they arose. Note: This would be relevant if you have carry forward tax offsets of the same category for different income years. 65 Sections 65-20 and 65-25 Repeal the sections. 66 Section 65-30 Omit “subsection 65-25(1)”, substitute “Division 63”. 67 Subsection 65-35(2) Repeal the subsection, substitute: (2) You apply a *tax offset that is carried forward to a later year in accordance with the priorities set out in Division 63 as if it were a tax offset for that later year. 68 Sections 67-30 and 67-35 Repeal the sections. 69 Application The amendments made by items 62 to 68 apply to assessments for the 2006-07 income year and later income years. 70 Subsections 70-105(2) and (6) Omit “person on whom”, substitute “entity on which”. 71 After subsection 87-40(1) Insert: Agent rules do not apply (1A) The rules in section 960-105 (Certain entities treated as agents) do not apply to this section. 72 Section 109-60 (table item 4A) After “Division 326”, insert “of Schedule 2H”. 73 Section 112-97 (table item 5A) After “Division 326”, insert “of Schedule 2H”. 74 Section 112-150 (table item 7) (the table item 7 inserted by item 2 of Schedule 11 to the Taxation Laws Amendment Act (No. 2) 2002) Repeal the item. 75 Section 112-150 (before table item 9) Insert:
8
Beneficiary becomes absolutely entitled to a share following a roll-over under Subdivision 124-M
Subdivision 126-E
76 Subsection 115-45(2) (note) Repeal the note, substitute: Note: This section does not prevent a capital gain from being a discount capital gain if there are at least 300 members or beneficiaries of the company or trust and control of the company or trust is not and cannot be concentrated (see section 115-50). 77 Subsection 124-520(2) After “Division 326”, insert “in Schedule 2H”. 78 Subsection 124-780(1) (note 3) Omit “Subdivision 126-D”, substitute “Subdivision 126-E”. 79 Subsection 124-870(4) (note) Omit “ut before”, substitute “but before”. 80 Subdivision 126-D (the Subdivision 126-D inserted by item 4 of Schedule 11 to the Taxation Laws Amendment Act (No. 2) 2002) Reletter as Subdivision 126-E. 81 Subdivision 126-E (as relettered) Relocate to after Subdivision 126-D (the Subdivision 126-D inserted by item 19 of Schedule 1 to the Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001). 82 Group heading before section 126-185 Repeal the heading, substitute: Guide to Subdivision 126-E 83 Section 152-200 Repeal the section, substitute: 152-200 What this Subdivision is about This Subdivision tells you how to apply the small business CGT concessions mentioned in step 4 of the method statement in subsection 102-5(1). A capital gain is reduced by 50% if the basic conditions in Subdivision 152-A are satisfied. If the capital gain has already been reduced by the discount percentage, the 50% reduction under this Subdivision applies to that reduced gain. The capital gain may be further reduced by the small business retirement exemption or a small business rollover, or both. Alternatively, you may choose not to apply the 50% reduction and instead apply the small business retirement exemption or small business rollover. None of these rules apply if the 15-year exemption already applies to the capital gain, since such a gain is disregarded anyway.
84 Section 152-300 Omit “The concession in section 152-205 (small business 50% reduction) applies”, substitute “You may choose not to apply the concession in section 152-205 (small business 50% reduction)”. 85 Section 152-400 Omit “The concession in section 152-205 (small business 50% reduction) applies”, substitute “You may choose not to apply the concession in section 152-205 (small business 50% reduction)”. 86 Section 204-45 (heading) Repeal the heading, substitute: 204-45 Effect of a determination about distributions to favoured members 87 Section 204-45 After “paragraph 204-30(3)(c)”, insert “(about distributions to favoured members)”. 88 Paragraph 205-70(1)(c) Omit “that offset exceeded the amount that would have been its income tax liability for that year if it did not have that offset (but had all its other tax offsets)”, substitute “some of the offset remained after applying section 63-10 (tax offset priority rules)”. 89 Subsection 205-70(2) (method statement, step 4) Repeal the step, substitute: Step 4. Work out the remaining amount of a *tax offset covered by paragraph (1)(c).
90 At the end of subsection 205-70(2) (after the note) Add: Example: The following apply to a corporate tax entity that satisfies the residency requirement for an income year: · the entity’s income tax liability for that year would be $100,000 if its tax offsets were disregarded; · for that year, the entity has a tax offset of $60,000 under this section (the franking deficit offset) and a tax offset of $80,000 in respect of overseas tax paid by the entity (the foreign tax credit). Under section 63-10 (about tax offset priority rules), the foreign tax credit must be applied before the franking deficit offset is applied. As a result, that credit and $20,000 of the franking deficit offset combine to reduce the entity’s income tax liability to nil. The remaining $40,000 of the franking deficit offset will be included in a franking deficit offset for the next income year for which the entity satisfies the residency requirement. 91 Subsection 205-70(3) Repeal the subsection (including the note and the example). 92 Application The amendments made by items 86 to 91 apply to assessments for the 2006-07 income year and later income years. 93 Subsection 214-25(2) Repeal the subsection, substitute: (2) The return must be in the *approved form. 94 Subsection 320-134(3) (note) Omit “assumptions mentioned in section 67-30 (about getting a refund of a tax offset)”, substitute “tax offset priority rules in Division 63”. 95 Subsection 701-55(5) Omit “Part 3.1 or 3.3”, substitute “Part 3-1 or 3-3”. 96 Subparagraphs 701-70(3)(a)(i) and (ii) Omit “or”. 97 Subparagraph 701-75(3)(a)(i) Omit “or”. 98 Paragraphs 715-270(5)(c), (d) and (e) Reletter as paragraphs 715-270(5)(a), (b) and (c). 99 Subsection 723-110(3) Renumber as subsection 723-110(2). 100 Subparagraph 727-465(b)(ii) Omit “gaining entity.”, substitute “gaining entity;”. 101 Subsection 820-120(4) (table items 3 and 4) Renumber as table items 2 and 3. 102 Subsection 820-225(3) (table items 3 and 4) Renumber as table items 2 and 3. 103 Paragraph 900-30(7)(b) Omit “Income Tax Assessment Act 1997”, substitute “Income Tax Assessment Act 1936”. 104 At the end of Subdivision 960-E Add: 960-105 Certain entities treated as agents (1) This Act applies to an entity as if the entity were an agent of another entity (the principal) if: (a) the principal is outside Australia; and (b) the entity is in Australia and, on behalf of the principal, holds money of the principal or has control, receipt or disposal of money of the principal. (2) This Act, or a provision of this Act, applies to an entity as if the entity were an agent of another entity if the Commissioner determines in writing that the entity is the agent or sole agent of the other entity for the purposes of this Act or of that provision. (3) A determination under subsection (2) is not a legislative instrument. 105 At the end of Division 960 Add: Subdivision 960-S—Market value Guide to Subdivision 960-S 960-400 What this Subdivision is about The expression “market value” is often used in this Act with its ordinary meaning. However, in some cases that expression has a meaning affected by this Subdivision.
Table of sections Operative provisions 960-405 Effect of GST on market value of an asset 960-410 Market value of non-cash benefits Operative provisions 960-405 Effect of GST on market value of an asset (1) The market value of an asset at a particular time is reduced by the amount of the *input tax credit (if any) to which you would be entitled assuming that: (a) you had *acquired the asset at that time; and (b) the acquisition had been solely for a *creditable purpose. (2) Subsection (1) does not apply: (a) to an asset the *supply of which cannot be a *taxable supply; or (b) in working out the *market value of economic benefits, or of *equity or loan 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. 106 Subsection 995-1(1) (paragraph (a) of the definition of adopted child) Omit “the law of a State or Territory”, substitute “a *State law or *Territory law”. 107 Subsection 995-1(1) (paragraph (b) of the definition of adopted child) Omit “the law of a State or Territory”, substitute “a State law or Territory law”. 108 Subsection 995-1(1) (definition of agent) Repeal the subsection, substitute: agent: this Act applies to some entities that are not agents in the same way as it applies to agents: see section 960-105. 109 Subsection 995-1(1) (definition of dividend) Omit “subsections 6(1), (4) and (5)”, substitute “subsections 6(1) and (4)”. 110 Subsection 995-1(1) (paragraph (a) of the definition of firearms surrender arrangements) Repeal the paragraph, substitute: (a) an *Australian law; or 111 Subsection 995-1(1) (definition of foreign superannuation fund) (the definition of foreign superannuation fund inserted by item 18 of Schedule 10 to the Taxation Laws Amendment Act (No. 1) 1998) Repeal the definition. 112 Subsection 995-1(1) (definition of market value) Repeal the definition, substitute: market value has a meaning affected by Subdivision 960-S. 113 Subsection 995-1(1) (definition of non-equity share) Repeal the definition, substitute: non-equity share means a *share that is not an *equity interest in the company. Note: A share will not be an equity interest if it is characterised as, or forms part of a larger interest that is characterised as, a debt interest under Subdivision 974-B. Income Tax Rates Act 1986 114 Paragraph 14(2)(c) Omit “$630”, substitute “$594”. 115 Application The amendment made by item 114 applies to assessments for the 2005-06 income year and later income years. 116 Paragraph 1(b) of Part I of Schedule 7 Repeal the paragraph, substitute: (b) for each part of the ordinary taxable income specified in the table—the rate applicable under the table. 117 Paragraph 1(b) of Part II of Schedule 7 Repeal the paragraph, substitute: (b) for each part of the ordinary taxable income specified in the table—the rate applicable under the table. 118 Paragraph 2(b) of Part I of Schedule 10 Omit “column 1”, substitute “item 1”. 119 Application The amendment made by item 118 applies to assessments for the 2003-04 income year and later income years. Income Tax (Transitional Provisions) Act 1997 120 After section 40-12 Insert: 40-13 Accelerated depreciation for split or merged plant (1) This section applies to a depreciating asset that is plant if: (a) you entered into a contract to acquire the plant, you otherwise acquired it or you started to construct it before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; and (b) you held it at the end of 30 June 2001; and (c) on or after 1 July 2001: (i) the plant is split into 2 or more depreciating assets; or (ii) the plant is merged into another depreciating asset. (2) For a case where the plant is split into 2 or more depreciating assets, the new Act applies as if you had acquired the assets into which it is split before the time mentioned in paragraph (1)(a) while you continue to hold those assets. (3) For a case where the plant is merged into another depreciating asset, section 40-125 of the new Act does not apply to the asset, or to your interest in the asset, into which it is merged while you continue to hold it. 121 Paragraphs 40-75(1)(b) and (c) Reletter as paragraphs 40-75(1)(a) and (b). 122 Section 40-95 Repeal the section. 123 Part 3-35 Relocate to after Part 3-6. 124 At the end of Subdivision 960-E Add: 960-115 Certain entities treated as agents A declaration made by the Commissioner for the purposes of paragraph (b) of the definition of agent in subsection 995-1(1) of the Income Tax Assessment Act 1997 and in force immediately before the Tax Laws Amendment (2006 Measures No. 2) Act 2006 received the Royal Assent continues to have effect for the purposes of section 960-105 of the Income Tax Assessment Act 1997. Sales Tax Legislation Amendment Act (No. 1) 1999 125 Subsection 2(1) Omit “(1)”. 126 Subsection 2(2) Repeal the subsection. 127 Items 1 to 6, 9 and 10 of Schedule 2 Repeal the items. 128 Subitem 12(1) of Schedule 2 Repeal the subitem. Superannuation Guarantee (Administration) Act 1992 129 Subsection 31(1) Omit “(1)”. 130 Subsection 31(1) Omit “section 46”, substitute “this Act”. Taxation Administration Act 1953 131 Subsection 8AAB(5) (table item 17A) Repeal the item. 132 After subsection 14ZW(1BA) Insert: (1BB) If: (a) the taxation objection is against an assessment by the Commissioner of the amount of an administrative penalty under Division 284; and (b) that penalty relates to an assessment of the person; and (c) the person has longer than 60 days to lodge a taxation objection against the assessment referred to in paragraph (b); the person must lodge the taxation objection within that longer period. 133 Application The amendment made by item 132 applies to assessments of the amounts of administrative penalties made by the Commissioner after the day on which this Act receives the Royal Assent. 134 Section 18 Omit all the words after “in particular”, substitute “, prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.”. 135 Section 16-30 in Schedule 1 Repeal the section, substitute: 16-30 Failure to withhold: administrative penalty for entity other than exempt Australian government agency An entity (except an *exempt Australian government agency) that: (a) fails to withhold an amount as required by Division 12; or (b) fails to pay an amount to the Commissioner as required by Division 13 or 14; is liable to pay to the Commissioner a penalty equal to that amount. Note 1: An entity may become liable under this section in respect of a payment it made or received that is taken to have been subject to withholding tax as a result of a Commissioner’s determination under subsection 177F(2A) of the Income Tax Assessment Act 1936 (see also subsection 177F(2F) of that Act). Note 2: Division 298 in this Schedule contains machinery provisions for administrative penalties. 136 Sections 16-40 and 16-43 in Schedule 1 Repeal the sections, substitute: 16-40 Failure to withhold: administrative penalty for exempt Australian government agency in relation to dividend, interest or royalty payment An *exempt Australian government agency that: (a) fails to withhold an amount as required by Division 12 from a *withholding payment covered by Subdivision 12-F (about dividend, interest or royalty payment); or (b) fails to pay to the Commissioner an amount as required by Division 14 in respect of a withholding payment covered by that Subdivision; is liable to pay to the Commissioner a penalty equal to that amount. Note 1: An exempt Australian government agency may become liable under this section in respect of a payment it made or received that is taken to have been subject to withholding tax as a result of a Commissioner’s determination under subsection 177F(2A) of the Income Tax Assessment Act 1936 (see also subsection 177F(2F) of that Act). Note 2: Division 298 in this Schedule contains machinery provisions for administrative penalties. 16-43 Failure to withhold: administrative penalty for exempt Australian government agency in relation to payment to foreign resident etc. An *exempt Australian government agency that: (a) fails to withhold an amount as required by Division 12 from a *withholding payment covered by Subdivision 12-FB (about payments to foreign residents); or (b) fails to pay to the Commissioner an amount as required by Division 14 in respect of a withholding payment covered by that Subdivision; is liable to pay to the Commissioner a penalty equal to that amount. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties. 137 Sections 16-45 and 16-50 in Schedule 1 Repeal the sections. 138 Application The amendments made by items 135 to 137 apply to administrative penalties imposed after the day on which this Act receives the Royal Assent. 139 Transitional (1) If, under section 16-45 in Schedule 1 to the Taxation Administration Act 1953 as in force immediately before the commencement of this item, the Commissioner has refused to any extent to remit to an entity an amount of penalty, the entity may, in the manner set out in Part IVC of that Act, object against the decision. (2) The objection must be made before the end of 60 days after the day on which this Act receives the Royal Assent (the assent day). (3) An objection that was purported to have been made against such a refusal before the assent day has effect as if it had been made under this item on the assent day. 140 Section 18-5 in Schedule 1 Omit “A person”, substitute “An entity”. 141 Subsection 18-15(1) in Schedule 1 Omit “A person”, substitute “An entity”. 142 Subsection 18-15(1) in Schedule 1 Omit “the person” (wherever occurring), substitute “the entity”. 143 Subsection 18-20(1) in Schedule 1 Omit “A person”, substitute “An entity”. 144 Subsection 18-20(1) in Schedule 1 Omit “the person” (wherever occurring), substitute “the entity”. 145 Subsection 18-25(1) in Schedule 1 Omit “A person”, substitute “An entity”. 146 Section 18-27 in Schedule 1 Omit “A person”, substitute “An entity”. 147 Section 18-27 in Schedule 1 Omit “the person’s”, substitute “the entity’s”. 148 Section 18-27 in Schedule 1 Omit “the person”, substitute “the entity”. 149 Subsection 18-30(1) in Schedule 1 Omit “A person”, substitute “An entity”. 150 Paragraph 18-30(1)(a) in Schedule 1 Omit “the person’s”, substitute “the entity’s”. 151 Paragraph 18-30(1)(b) in Schedule 1 Omit “the person”, substitute “the entity”. 152 Paragraph 18-35(1)(b) in Schedule 1 Omit “section 16-50”, substitute “section 298-25”. 153 Subsection 18-35(1) in Schedule 1 Omit “the person”, substitute “the entity”. 154 Paragraph 18-35(2)(b) in Schedule 1 Omit “section 16-45”, substitute “section 298-20”. 155 Subsection 18-40(1) in Schedule 1 Omit “the person”, substitute “the entity”. 156 Subsections 18-42(1) and (2) in Schedule 1 Omit “the person”, substitute “the entity”. 157 Subsection 18-42(3) in Schedule 1 Omit “section 16-45”, substitute “section 298-20”. 158 Paragraph 18-45(1)(a) in Schedule 1 Omit “the person”, substitute “the entity”. 159 Paragraph 18-45(1)(b) in Schedule 1 Omit “persons” (wherever occurring), substitute “entities”. 160 Paragraph 18-45(2)(a) in Schedule 1 Omit “the person”, substitute “the entity”. 161 Paragraph 18-45(2)(b) in Schedule 1 Omit “persons” (wherever occurring), substitute “entities”. 162 Subsection 18-45(3) in Schedule 1 Omit “section 16-45”, substitute “section 298-20”. 163 Subparagraph 18-75(1)(a)(ii) in Schedule 1 Omit “a person or persons”, substitute “an entity or entities”. 164 Subsection 250-10(2) in Schedule 1 (table item 5) Before “33-5”, insert “33-3,”. 165 Application The amendment made by item 164 applies to GST returns, and net amounts, for tax periods ending on or after 22 February 2001. 166 Subsection 250-10(2) in Schedule 1 (table item 100) Repeal the item. 167 Paragraph 284-225(3)(a) in Schedule 1 Omit “or the part of, it”, substitute “or the part of it,”. 168 At the end of section 298-5 in Schedule 1 Add: ; or (c) an administrative penalty is imposed on an entity by a provision of Division 16 in this Schedule. 169 Subsection 340-5(3) in Schedule 1 Repeal the subsection, substitute: (3) The Commissioner may release you, in whole or in part, from the liability if you are an entity specified in the column headed “Entity” of the following table and the condition specified in the column headed “Condition” of the table is satisfied.
Entity and condition
Item
Entity
Condition
1
an individual
you would suffer serious hardship if you were required to satisfy the liability
2
a trustee of the estate of a deceased individual
the dependants of the deceased individual would suffer serious hardship if you were required to satisfy the liability
Taxation Laws Amendment Act (No. 2) 2000 170 Items 14 to 17 of Schedule 6 Repeal the items.
Part 2—Amendments commencing at other times A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 171 Item 20 of Schedule 10 Repeal the item, substitute: 20 Subsection 159J(6) (paragraph (aad) of the definition of separate net income) Repeal the paragraph, substitute: (aad) does not include any part of benefit PP (partnered) paid under the Social Security Act 1991, as in force immediately before the commencement of item 1 of Schedule 10 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999, that is exempt under section 52-10 because of paragraph (e) of the item dealing with parenting payment (benefit PP (partnered)) in the table in section 52-15 of the Income Tax Assessment Act 1997; and Fuel Tax Act 2006 172 Section 110-5 (definition of untaxable Commonwealth entity) Omit “to Commonwealth entity”. Income Tax Assessment Act 1936 173 Paragraphs 70B(2A)(b) and (c) Repeal the paragraphs, substitute: (b) segregated current pension assets (as defined in Part IX) of a complying superannuation fund (as defined in that Part). 174 Subsection 73BAG(1) Omit “Subsections 73(23) and (24B)”, substitute “Subsections 73B(23) and (24B)”. 175 Paragraphs 92(2A)(b) and (c) Repeal the paragraphs, substitute: (b) a segregated current pension asset (as defined in Part IX) of a complying superannuation fund (as defined in that Part). 176 Section 94D (all the subsections after subsection 94D(3)) Repeal the subsections, substitute: (4) The place of residence of a VCMP is the place at which the partnership has its central management and control. (5) A limited partnership that is a foreign hybrid limited partnership in relation to a year of income because of subsection 830-10(1) of the Income Tax Assessment Act 1997 is not a corporate limited partnership in relation to the year of income. Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity. (6) If, for the purpose of applying this Act and the Income Tax Assessment Act 1997 in relation to a partner’s interest in a limited partnership, the partnership is a foreign hybrid limited partnership in relation to a year of income because of subsection 830-10(2) of that Act, the partnership is not a corporate limited partnership in relation to the partner’s interest in relation to the year of income. Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity, but only in relation to the partner’s interest. 177 Section 94F Omit “paragraph 94D(d)”, substitute “paragraph 94D(1)(d)”. 178 Paragraph 485AA(1)(a) Omit “subsection 94D(5)”, substitute “subsection 94D(6)”. Income Tax Assessment Act 1997 179 Subparagraph 30-125(1)(c)(i) Omit “subsections (4) and (5)”, substitute “section 30-130”. 180 Subparagraph 30-125(1)(c)(ii) Omit “subsections (4), (5) and (6)”, substitute “subsection (6) of this section and section 30-130”. 181 Subparagraph 30-125(2)(d)(i) Omit “subsections (4) and (5)”, substitute “section 30-130”. 182 Subparagraph 30-125(2)(d)(ii) Omit “subsections (4), (5) and (6)”, substitute “subsection (6) of this section and section 30-130”. 183 Subsections 30-125(4), (4A) and (5) Repeal the subsections. 184 Subsection 30-125(6) After “gift fund”, insert “(see section 30-130)”. 185 After section 30-125 Insert: 30-130 Maintaining a gift fund (1) The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund): (a) to which gifts of money or property for that purpose are to be made; and (b) to which contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose are to be made; and (c) to which any money received by the entity because of such gifts or contributions is to be credited; and (d) that does not receive any other money or property. (2) The entity must use the gift fund only for the principal purpose of the fund, authority or institution. 186 Subsections 30-265(2) and (3) Repeal the subsections, substitute: (2) It must maintain a public fund that meets the requirements of section 30-130, or would meet those requirements if the *environmental organisation were a fund, authority or institution. 187 Subsections 30-289(2) and (3) Repeal the subsections, substitute: (2) It must maintain a public fund that meets the requirements of section 30-130. 188 Subsections 30-300(3) and (4) Repeal the subsections, substitute: (3) It must maintain a public fund that meets the requirements of section 30-130, or would meet those requirements if the *cultural organisation were a fund, authority or institution. 189 Paragraphs 51-35(c) and (d) Repeal the paragraphs, substitute: (c) a payment by an entity or authority on the condition that the student will (or will if required) become, or continue to be, an employee of the entity or authority; (d) a payment by an entity or authority on the condition that the student will (or will if required) enter into, or continue to be a party to, a contract with the entity or authority that is wholly or principally for the labour of the student; 190 Section 118-355 Repeal the section. 191 Subsection 701-10(6) Omit “*tax cost is set by this subsection”, substitute “*tax cost is set by this section”. 192 Paragraph 830-10(1)(d) Omit “subsection 94D(4)”, substitute “subsection 94D(5)”. 193 Subsection 995-1(1) (definition of small withholder) After “section 16-105”, insert “in Schedule 1 to the Taxation Administration Act 1953”. Taxation (Interest on Overpayments and Early Payments) Act 1983 194 Subsection 3(1) (at the end of paragraphs (a), (b) and (c) of the definition of decision to which this Act applies) Add “or”. 195 Subsection 3(1) (paragraph (ca) of the definition of decision to which this Act applies) Repeal the paragraph, substitute: (ca) in a case where the expression is used in relation to relevant tax of a kind referred to in items 5 to 50 of the table in section 3C—a decision of the Commissioner to amend an assessment made in relation to a taxpayer reducing the liability of the taxpayer to tax; or 196 Subsection 3(1) (at the end of paragraph (cb) of the definition of decision to which this Act applies) Add “or”. 197 Subsection 3(1) (paragraph (d) of the definition of decision to which this Act applies) Omit “paragraph (ka) or (na) of the definition of relevant tax”, substitute “item 120 of the table in section 3C”. 198 Subsection 3(1) (paragraph (e) of the definition of decision to which this Act applies) Omit “paragraph (n) of the definition of relevant tax”, substitute “item 135 of the table in section 3C”. 199 Subsection 3(1) (at the end of paragraphs (a) and (b) of the definition of person) Add “and”. 200 Subsection 3(1) (definition of relevant tax) Repeal the definition, substitute: relevant tax has the meaning given by section 3C. 201 At the end of Part I Add: 3C Meaning of relevant tax In this Act: relevant tax means any of these:
Relevant taxes
Item
Type of tax
5
Tax as defined in subsection 6(1) of the Tax Act
10
Additional tax under Part VII of the Tax Act
15
General interest charge under section 170AA of the Tax Act
20
Shortfall interest charge under Division 280 in Schedule 1 to the Taxation Administration Act 1953
25
Interest under section 102AAM of the Tax Act
30
Provisional and additional tax under section 221YDB of the Tax Act
35
Instalments under section 221AZK of the Tax Act
40
Amounts that are treated under subsection 106U(1) of the Higher Education Funding Act 1988 as if they were income tax
45
Amounts that are treated under Subdivision 154-D of the Higher Education Support Act 2003 as if they were income tax
50
Amounts that are treated under subsection 12ZN(1) of the Student and Youth Assistance Act 1973 as if they were income tax
55
Withholding tax as defined in subsection 6(1) of the Tax Act
60
An amount payable to the Commissioner under subsection 220AS(1) of the Tax Act
65
An amount payable to the Commissioner under subsection 221EAA(1) of the Tax Act
70
An amount payable to the Commissioner under subsection 221YHH(1) of the Tax Act
75
An amount payable to the Commissioner under subsection 221YHZC(3) or 221YHZD(2) of the Tax Act
80
An amount payable to the Commissioner under section 16-80 in Schedule 1 to the Taxation Administration Act 1953
85
An amount payable to the Commissioner under subsection 222AJA(3) of the Tax Act
90
An amount payable to the Commissioner under Subdivision 16-A (other than section 16-50) in Schedule 1 to the Taxation Administration Act 1953
95
Trust recoupment tax, applied penalty tax or penalty tax, as defined in subsection 3(1) of the Trust Recoupment Tax Assessment Act 1985
100
Duty or tax within the meaning of subsection 81(1) of the Australian Capital Territory Taxation (Administration) Act 1969
105
Tax within the meaning of subsection 36(1) of the Debits Tax Administration Act 1982
110
Tax, or additional tax, referred to in subsection 93(1) of the Fringe Benefits Tax Assessment Act 1986
115
Tax within the meaning of subsection 27(1) of the Pay-roll Tax (Territories) Assessment Act 1971
120
Tax within the meaning of subsection 85(1) of the Petroleum Resource Rent Tax Assessment Act 1987
125
Tax within the meaning of subsection 29(1) of the Sales Tax Assessment Act (No. 1) 1930 (including that subsection as applied by any other Act providing for the assessment of sales tax)
130
Tax within the meaning of section 68 of the Sales Tax Assessment Act 1992
135
Charge within the meaning of subsection 18(1) of the Tobacco Charges Assessment Act 1955
140
Tax within the meaning of subsection 38(1) of the Wool Tax (Administration) Act 1964
145
Indirect tax within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997
150
A penalty or charge payable under Subdivision 105-D in Schedule 1 to the Taxation Administration Act 1953
155
GST assessed under the A New Tax System (Goods and Services Tax) Act 1999
202 Sub-subparagraph 10(1)(a)(iii)(A) Omit “paragraph (a), (b), (c), (d), (e) or (g) of the definition of relevant tax in subsection 3(1)”, substitute “items 5 to 85, or 105, of the table in section 3C”. 203 Sub-subparagraph 10(1)(a)(iii)(AA) Omit “paragraph (a) of the definition of relevant tax in subsection 3(1)”, substitute “items 5 to 50 of the table in section 3C”. 204 Sub-subparagraph 10(1)(a)(iii)(B) Omit “paragraph (ba) of the definition of relevant tax in subsection 3(1)”, substitute “item 65 of the table in section 3C”. 205 Sub-subparagraph 10(1)(a)(iii)(C) Omit “paragraph (bb) of the definition of relevant tax in subsection 3(1)”, substitute “item 70 of the table in section 3C”. 206 Paragraph 10(1)(aa) Omit “paragraph (a) of the definition of relevant tax in subsection 3(1)”, substitute “items 5 to 50 of the table in section 3C”. 207 Section 10A Omit “paragraph (f) or (m) of the definition of relevant tax in subsection 3(1)”, substitute “item 100 or 125 of the table in section 3C”. 208 Subparagraph 12(1)(a)(i) Omit “paragraph (a) of the definition of relevant tax in subsection 3(1)”, substitute “items 5 to 50 of the table in section 3C”. 209 Subparagraph 12(1)(a)(ii) Omit “paragraph (f), (k), (m), (n) or (p) of the definition of relevant tax in subsection 3(1)”, substitute “item 100, 115, 125, 135 or 140 of the table in section 3C”. Tax Laws Amendment (2004 Measures No. 1) Act 2004 210 Items 31 and 40 of Schedule 10 Repeal the items. 211 Item 41 of Schedule 10 (link note) Repeal the link note. Tax Laws Amendment (2004 Measures No. 2) Act 2004 212 Section 2 (table item 19) Repeal the item, substitute:
19. Schedule 8, item 4
Immediately after the commencement of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 1) Act 2004.
1 July 2005
Part 3—Amendments relating to asterisking Division 1—Asterisking of “partnership” Income Tax Assessment Act 1997 213 Asterisking of “partnership” The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.
Asterisking amendments
Item
Provision
Omit:
Substitute:
1
Subsection 165-115Y(7)
*partnership
partnership
2
Paragraph 205-15(2)(a)
*partnership
partnership
3
Subsection 208-40(3)
*partnership
partnership
4
Paragraph 208-45(1)(a)
*partnership
partnership
5
Subsection 208-45(8)
*partnership
partnership
6
Paragraph 208-155(3)(f)
*partnership
partnership
7
Paragraph 208-155(4)(b)
*partnership
partnership
8
Paragraph 208-155(5)(d)
*partnership
partnership
9
Paragraph 208-155(6)(b)
*partnerships
partnerships
10
Subsection 208-155(7)
*partnership
partnership
11
Subparagraph 210-170(1)(b)(i)
*partnership
partnership
12
Subsection 219-15(2) (table item 6)
*partnership
partnership
13
Paragraph 219-15(3)(a)
*partnership
partnership
14
Paragraph 768-550(2)(b)
*partnership
partnership
Division 2—Asterisking of “derived” Income Tax Assessment Act 1997 214 Asterisking of “derived” The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.
Asterisking amendments
Item
Provision
Omit:
Substitute:
1
Paragraph 26-80(3)(aa)
derived
*derived
2
Paragraph 35-25(b)
derived
*derived
3
Paragraph 40-335(2)(b)
derive
*derive
4
Subsection 40-460(1)
derive
*derive
5
Subsection 40-830(6)
derive
*derive
6
Section 50-45 (table item 9.4)
derived
*derived
7
Paragraph 50-80(1)(c)
derived
*derived
8
Subsection 58-10(3)
derive
*derive
9
Paragraph 110-55(7)(b)
derived
*derived
10
Paragraph 115-290(4)(c)
derive
*derive
11
Paragraph 152-40(4)(e)
derive
*derive
12
Subsection 165-115B(6)
derived
*derived
13
Paragraph 202-45(b)
derived
*derived
14
Paragraph 204-1(c)
derive
*derive
15
Paragraph 204-30(1)(b)
derive
*derive
16
Subsections 204-30(7), (8), (9) and (10)
derives
*derives
17
Paragraph 204-80(1)(d)
derived
*derived
18
Paragraph 207-55(1)(a)
derive
*derive
19
Paragraph 207-120(2)(b)
derived
*derived
20
Paragraph 207-128(1)(d)
derived
*derived
21
Paragraphs 208-155(6)(b) and (7)(b)
derives
*derives
22
Paragraph 220-205(1)(a)
derived
*derived
23
Subsection 320-5(1)
derive
*derive
24
Section 320-35
derived
*derived
25
Subsection 320-37(1)
derived (first occurring)
*derived
26
Subsection 320-37(1A)
derived
*derived
27
Paragraph 320-137(2)(a)
derived
*derived
28
Paragraphs 320-141(1)(c) and (2)(a)
derived
*derived
29
Paragraphs 320-143(1)(c) and (2)(a)
derived
*derived
30
Paragraph 320-246(5)(a)
derived
*derived
31
Subsection 375-872(1)
derived
*derived
32
Subsection 396-15(3) (definition of LTF interest covered by agreement)
derived
*derived
33
Subsection 396-25(2) (definition of tax offset entitlement)
derived
*derived
34
Subsection 396-35(1)
derived
*derived
35
Paragraph 701-70(1)(b)
deriving
*deriving
36
Subsection 701-70(5)
derived
*derived
37
Subsection 701-70(6) (definition of total arrangement assessable income)
derived
*derived
38
Paragraph 701-70(7)(b)
derived
*derived
39
Paragraph 701-75(1)(b)
deriving
*deriving
40
Subsection 701-75(5)
derived
*derived
41
Subsection 701-75(6) (definition of total arrangement assessable income)
derived
*derived
42
Paragraph 713-560(5)(b)
derived
*derived
43
Subsection 716-850(1)
derived
*derived
44
Paragraph 768-545(3)(c)
derived
*derived
45
Subsection 775-45(7) (table item 1)
derived
*derived
46
Subsection 960-50(6) (table item 6)
derived (first occurring)
*derived
47
Subsection 995-1(1) (definition of non-copyright income)
derived
*derived
Division 3—Asterisking of “market value” Income Tax Assessment Act 1997 215 Asterisking of “market value” The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.
Asterisking amendments
Item
Provision
Omit:
Substitute:
1
Subsection 30-15(2) (table items 1 and 2, column headed “How much you can deduct”)
market value (first occurring)
*market value
2
Subsection 30-15(2) (table item 7, column headed “Type of gift or contribution”)
market value
*market value
3
Subsection 30-215(3) (table item 4)
market value (first occurring)
*market value
4
Subsections 35-40(2) and (3)
market value
*market value
5
Section 35-50
market value
*market value
6
Subsection 40-350(2)
market value
*market value
7
Subparagraph 45-5(1)(e)(iii)
market value
*market value
8
Paragraph 45-5(4)(c)
market value
*market value
9
Subparagraph 45-10(1)(f)(iii)
market value
*market value
10
Paragraph 45-10(4)(c)
market value
*market value
11
Subsection 45-15(1)
market value (first occurring)
*market value
12
Subsection 45-20(1)
market value (first occurring)
*market value
13
Section 51-5 (table item 1.1)
market value
*market value
14
Subsection 70-70(2)
market value (first occurring)
*market value
15
Subsection 70-90(1A)
market value
*market value
16
Paragraph 70-120(2)(c)
market value
*market value
17
Paragraph 86-75(2)(a)
market value
*market value
18
Paragraphs 87-25(1)(b) and (2)(b)
market value
*market value
19
Subsection 104-190(5)
market values
*market values
20
Paragraph 104-220(1)(b)
market value
*market value
21
Subsection 104-225(6)
*market value
market value
22
Subsection104-225(6)
market value (first occurring)
*market value
23
Subsection 104-230(6)
market value
*market value
24
Subparagraph 104-530(3)(b)(ii)
market value
*market value
25
Paragraph 110-25(2)(b)
market value
*market value
26
Subsection 112-20(2)
market value (first occurring)
*market value
27
Paragraphs 115-45(6)(b) and (7)(b)
market value
*market value
28
Subparagraph 115-290(4)(c)(i)
market value
*market value
29
Subsection 116-20(2) (table item F2)
market value (first occurring)
*market value
30
Subsection 116-80(2)
market value (first occurring)
*market value
31
Subsections 118-60(3) and (4)
market value
*market value
32
Subsection 118-192(2)
market value
*market value
33
Subsection 122-20(3)
market value (first occurring)
*market value
34
Paragraph 122-20(3)(a)
*market value
market value
35
Subsection 122-20(4)
market value
*market value
36
Subsection 122-130(3)
market value (first occurring)
*market value
37
Paragraph 122-130(3)(a)
*market value
market value
38
Subsection 122-130(4)
market value
*market value
39
Subsection 122-140(2) (table item 3)
market values (first occurring)
*market values
40
Paragraph 124-240(d)
market value (first occurring)
*market value
41
Paragraph 124-245(d)
market value (first occurring)
*market value
42
Subsection 124-295(6)
market value (first occurring)
*market value
43
Subsection 124-300(6)
market value (first occurring)
*market value
44
Subsection 124-365(3)
market value (first occurring)
*market value
45
Subsection 124-375(3)
market value (first occurring)
*market value
46
Paragraph 124-380(3)(b)
market value (first occurring)
*market value
47
Subsection 124-450(3)
market value (first occurring)
*market value
48
Subsection 124-460(3)
market value (first occurring)
*market value
49
Paragraph 124-465(3)(b)
market value (first occurring)
*market value
50
Paragraph 124-780(5)(a)
market value (first occurring)
*market value
51
Paragraph 124-781(4)(a)
market value (first occurring)
*market value
52
Paragraph 124-782(3)(b)
market values
*market values
53
Subsection 124-782(4)
market value
*market value
54
Paragraph 124-784(2)(b)
market value
*market value
55
Subsection 124-784(3)
market value
*market value
56
Subsection 124-800(1)
market value
*market value
57
Paragraph 124-860(7)(b)
market value
*market value
58
Subsection 128-15(4) (table item 3)
market value (first occurring)
*market value
59
Subsection 128-15(4) (table item 4)
*market value (last occurring)
market value
60
Subsection 130-20(3) (table item 2)
market value
*market value
61
Subsections 130-80(2) and (3)
market value
*market value
62
Subsection 152-20(1)
market values
*market values
63
Subparagraph 152-40(3)(b)(i)
market values
*market values
64
Subparagraph 152-40(4)(e)(i)
market value
*market value
65
Subsection 152-310(3)
market value
*market value
66
Subsection 152-325(4)
market value
*market value
67
Subsections 164-15(1), (2) and (4) (definition of amount received)
market value
*market value
68
Subparagraph 164-20(1)(b)(i)
market value
*market value
69
Subsections 165-115AA(2) and (3)
market value
*market value
70
Paragraph 165-115A(1D)(b)
market value
*market value
71
Subsection 165-115E(2) (method statement, step 1)
market value
*market value
72
Paragraph 165-115E(3)(b)
market value
*market value
73
Subsection 165-115F(2)
market value
*market value
74
Paragraph 165-115F(4)(a)
market value
*market value
75
Subsections 165-115GC(5), (6) and (7)
market value
*market value
76
Subsection 165-115U(1B) (method statement, step 1)
market value
*market value
77
Paragraph 165-115U(1C)(b)
market value
*market value
78
Subsections 165-115V(3) and (6)
market value
*market value
79
Paragraph 165-115V(7)(c)
market value
*market value
80
Subsection 165-115W(1) (method statement, steps 1 and 2)
market value (first occurring)
*market value
81
Paragraphs 165-115ZA(5)(b) and (9)(b)
market value
*market value
82
Paragraph 165-115ZA(10)(d)
market value (first occurring)
*market value
83
Paragraph 165-115ZB(6)(e)
market values
*market values
84
Subsection 165-115ZB(7)
market value (first occurring)
*market value
85
Subsection 165-115ZD(5) (table item 6)
market value (first occurring)
*market value
86
Subsection 170-205(4)
market value (first occurring)
*market value
87
Paragraph 170-210(3)(c)
market value
*market value
88
Subsection 170-210(3A)
market value (first occurring)
*market value
89
Subsection 170-215(4)
market value (first occurring)
*market value
90
Subsection 170-215(6)
market value
*market value
91
Paragraph 170-220(3)(c)
market value
*market value
92
Subsection 170-220(3A)
market value (first occurring)
*market value
93
Subsection 170-225(4)
market value (first occurring)
*market value
94
Subsection 170-225(6)
market value
*market value
95
Subparagraph 207-128(3)(c)(ii)
market value
*market value
96
Subsection 240-90(3)
market value
*market value
97
Subsection 705-147(2) (formula)
Market value (wherever occurring)
*Market value
98
Subsection 705-147(2) (definition of market value of first level entity’s direct and indirect membership interests in subject entity)
market value (last occurring)
*market value
99
Subsection 705-150(4) (formula)
Market value (wherever occurring)
*Market value
100
Subsection 705-160(5) (formula)
Market value (first occurring)
*Market value
101
Subsection 705-227(2) (formula)
Market value (wherever occurring)
*Market value
102
Subsection 705-227(2) (definition of market value of first level entity’s direct and indirect membership interests in subject entity)
market value (last occurring)
*market value
103
Subsection 705-235(5) (formula)
Market value (first occurring)
*Market value
104
Subsection 707-305(5)
market value (first occurring)
*market value
105
Subsection 707-320(1) (definition of transferee’s adjusted market value at the initial transfer time)
market value
*market value
106
Subsection 707-320(2) (formula in table item 1)
Market value (wherever occurring)
*Market value
107
Subsection 707-320(2) (table item 4)
market value (first occurring)
*market value
108
Subsection 707-320(2) (formula in table item 4)
Market value (wherever occurring)
*Market value
109
Subsection 707-325(1)
market value (second occurring)
*market value
110
Paragraph 707-325(3)(b)
market value
*market value
111
Subsection 707-330(2)
market value (second occurring)
*market value
112
Subsection 719-310(2) (formula)
Market value (wherever occurring)
*Market value
113
Subsection 719-570(1) (formula)
Market value (wherever occurring)
*Market value
114
Subsection 719-570(1) (definition of market value of the reset interest)
market value (last occurring)
*market value
115
Paragraph 723-10(1)(d)
market value
*market value
116
Subparagraph 723-15(1)(c)(i)
market value (first occurring)
*market value
117
Subsection 723-25(2) (formula)
Market value (wherever occurring)
*Market value
118
Subsection 723-25(3) (definition of market value of part)
market value (last occurring)
*market value
119
Subsection 723-25(3) (definition of market value of underlying asset)
market value (last occurring)
*market value
120
Paragraph 725-45(2)(a)
market value
*market value
121
Paragraph 725-65(1)(e)
market value
*market value
122
Subsection 725-70(1)
market value
*market value
123
Paragraph 725-145(1)(a)
market value
*market value
124
Subsection 725-145(3)
market value
*market value
125
Subsections 725-150(1) and (2)
market value
*market value
126
Subsections 725-155(1) and (2)
market value
*market value
127
Paragraph 725-160(2)(a)
market value
*market value
128
Section 725-165
market value
*market value
129
Subsections 725-210(2) and (3)
market value
*market value
130
Subsections 725-220(1) and (2)
market value (first occurring)
*market value
131
Paragraph 725-230(1)(a)
market value (first occurring)
*market value
132
Subsection 725-240(5)
market value
*market value
133
Subsection 725-310(4)
market value
*market value
134
Subsection 725-320(4)
market value
*market value
135
Subsection 725-325(2)
market value
*market value
136
Section 725-365 (method statement, step 1)
market value (first occurring)
*market value
137 TD>
Section 725-370 (method statement, step 1)
market value (first occurring)
*market value
138
Section 725-375 (method statement, step 1)
market value (first occurring)
*market value
139
Section 725-375 (method statement, step 2, definition of sum of the group increases or discounts)
market value
*market value
140
Section 725-375 (method statement, step 2, definition of total value of the direct value shift)
market value (first occurring)
*market value
141
Section 725-380 (method statement, step 1, paragraph (b))
market value
*market value
142
Subsection 727-150(3)
market value (first occurring)
*market value
143
Subsection 727-150(4)
market value
*market value
144
Paragraph 727-155(1)(a)
market value
*market value
145
Paragraph 727-165(2)(a)
market value
*market value
146
Subsection 727-220(3)
market value (first occurring)
*market value
147
Paragraph 727-230(a)
market value
*market value
148
Paragraph 727-235(1)(a)
market value
*market value
149
Subsection 727-260(2)
market value
*market value
150
Subsection 727-315(1)
market value (first occurring)
*market value
151
Paragraph 727-315(2)(b)
market values
*market values
152
Paragraph 727-615(a)
market value
*market value
153
Paragraph 727-620(a)
market value
*market value
154
Subsection 727-700(2)
market value
*market value
155
Subsection 727-710(2)
market values
*market values
156
Subsection 727-710(3)
market value
*market value
157
Subsection 727-715(2)
market values
*market values
158
Subsection 727-715(3)
market value (first occurring)
*market value
159
Subsection 727-720(2)
market values
*market values
160
Subsection 727-720(3)
market value
*market value
161
Subsection 727-770(2)
market value
*market value
162
Subsection 727-775(1)
market value
*market value
163
Subsections 727-775(2), (3), (4) and (5)
market value (first occurring)
*market value
164
Subsection 727-780(2)
market value (first occurring)
*market value
165
Subsections 727-800(2) and (5)
market value
*market value
166
Subsection 727-805(1)
market value
*market value
167
Subsection 727-805(2)
market value (first occurring)
*market value
168
Subsection 727-805(3)
market value (second occurring)
*market value
169
Subsection 727-810(2) (paragraph (a) of the definition of total disaggregated attributable decreases)
market values
*market values
170
Subsection 727-830(3)
market value
*market value
171
Subsection 727-835(4)
market value
*market value
172
Paragraph 727-835(5)(b)
market value
*market value
173
Subsection 727-840(4)
market value
*market value
174
Paragraph 727-840(5)(b)
market value
*market value
175
Subsection 727-850(1)
market value
*market value
176
Subsection 727-855(1)
market value (first occurring)
*market value
177
Subsections 727-855(2) and (3)
market value
*market value
178
Subsections 727-910(1) and (2)
market value
*market value
179
Paragraph 727-910(5)(a)
market value
*market value
180
Subsection 995-1(1) (definition of disaggregated attributable decrease)
market value
*market value
181
Subsection 995-1(1) (definition of disaggregated attributable increase)
market value
*market value
Division 4—Other asterisking amendments Income Tax Assessment Act 1997 216 General asterisking amendments of the Income Tax Assessment Act 1997 The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.
Asterisking amendments
Item
Provision
Omit:
Substitute:
1
Section 50-25 (table item 5.1)
local governing body
*local governing body
2
Subsection 87-40(1)
agent
*agent
3
Paragraph 87-40(2)(a)
agent
*agent
4
Subsections 87-40(3), (4) and (5)
agent (first occurring)
*agent
5
Section 106-60
agent
*agent
6
Section 109-10 (table item 1)
agent
*agent
7
Subsection 110-35(2)
agent
*agent
8
Subsections 118-30(1), (2) and (3)
a film
a *film
9
Paragraph 122-25(3)(c)
film
*film
10
Paragraph 165-55(2)(d)
film
*film
11
Paragraph 207-115(4)(c)
residency requirement
*residency requirement
12
Section 207-155
scheme
*scheme
13
Subsection 215-20(1) (paragraph (b) of the definition of undebited non-share dividends)
scheme
*scheme
14
Subsection 375-880(1)
film
*film
15
Subparagraph 376-110(2)(a)(i)
film
*film
16
Subsection 405-25(3)
film
*film
17
Paragraph 405-25(4)(b)
film
*film
18
Paragraph 960-100(1)(g)
superannuation fund
*superannuation fund
19
Subsection 960-100(2)
superannuation fund
*superannuation fund
20
Subsection 995-1(1) (definition of child)
adopted child
*adopted child
21
Subsection 995-1(1) (subparagraph (b)(v) of the definition of copyright collecting society)
agent
*agent
22
Subsection 995-1(1) (definition of feature film)
animated feature film
a *film that is an animated feature film
23
Subsection 995-1(1) (definition of public official)
local governing body
*local governing body
24
Subsection 995-1(1) (paragraph (b) of the definition of relative)
adopted child
*adopted child
25
Subsection 995-1(1) (note to the definition of tax loss)
*film
film
Taxation Administration Act 1953 217 Paragraph 288-20(a) in Schedule 1 Omit “*electronically”, substitute “electronically”. 218 Subsection 340-5(2) in Schedule 1 Omit “approved form”, substitute “*approved form”. 219 Paragraph 388-50(1)(d) in Schedule 1 Omit “*electronically”, substitute “electronically”.
Part 4—Technical amendments relating to legislative instruments A New Tax System (Goods and Services Tax) Act 1999 220 Subsection 81-5(2) Omit “in a written determination of the Treasurer”, substitute “, by legislative instrument, by the Treasurer”. 221 Subsection 81-5(3) Repeal the subsection. 222 Subsection 177-10(1) After “Minister may”, insert “, by legislative instrument,”. 223 Subsection 177-10(2) After “Minister may”, insert “, by legislative instrument,”. 224 Subsection 177-10(3) After “Minister may”, insert “, by legislative instrument,”. 225 Subsection 177-10(4) After “Minister may”, insert “, by legislative instrument,”. 226 Subsection 177-10(5) Repeal the subsection. Commonwealth Places (Mirror Taxes) Act 1998 227 Subsection 8(2) Omit “notice in writing”, substitute “legislative instrument”. 228 Subsection 8(3) Repeal the subsection. 229 Subsection 25(2) Omit “48(2) of the Acts Interpretation Act 1901”, substitute “12(2) of the Legislative Instruments Act 2003”. Energy Grants (Credits) Scheme Act 2003 230 Subsections 9(1) and (2) Omit “in writing”, substitute “by legislative instrument”. 231 Subsection 9(4) Repeal the subsection. Excise Act 1901 232 Subsection 15(4) Omit “determine in writing”, substitute “, by legislative instrument, determine”. 233 Subsection 15(5) Repeal the subsection. 234 At the end of paragraph 168(a) Add “and”. 235 Subparagraph 168(b)(ii) Omit “by-law; and”, substitute “by-law.”. 236 Paragraph 168(c) Repeal the paragraph. Excise Tariff Act 1921 237 Subsection 3A(1) Omit “signed instrument”, substitute “legislative instrument signed by the Minister”. 238 Subsection 3A(3) Repeal the subsection. Fringe Benefits Tax Assessment Act 1986 239 Subsection 58PB(3) Omit “in writing”, substitute, “by legislative instrument”. 240 Subsection 58PB(3) (second sentence) Repeal the sentence. Income Tax Assessment Act 1936 241 Subsection 6(2AB) After “The Commissioner may”, insert “, by legislative instrument,”. 242 Subsection 6(2AD) Repeal the subsection. 243 Subsection 23AC(2B) Omit “disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901”, substitute “legislative instrument”. 244 Subsection 23AD(6) Omit “disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901”, substitute “legislative instrument”. Note: The heading to subsection 23AD(6) is altered by omitting “disallowable instrument” and substituting “legislative instrument”. 245 Subsection 23ADA(5) Omit “disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901”, substitute “legislative instrument”. Note: The heading to subsection 23ADA(5) is altered by omitting “disallowable instrument” and substituting “legislative instrument”. 246 Subsection 24AV(2) Omit “section 48 of the Acts Interpretation Act 1901”, substitute “subsection 12(2) of the Legislative Instruments Act 2003”. 247 Subsection 82CE(1) Omit “make a written determination”, substitute “determine, by legislative instrument,”. 248 Subsection 82CE(4) Omit “ determine written guidelines”, substitute “, by legislative instrument, determine guidelines”. 249 Subsection 82CE(5) Repeal the subsection. 250 Subsection 128AE(2AD) Omit “determine written”, substitute “, by legislative instrument, determine”. 251 Subsection 128AE(2AE) Repeal the subsection. 252 Section 159UB (paragraph (b) of the definition of heritage conservation works) Omit “in writing”, substitute “, by legislative instrument,”. 253 Section 159UB (definition of recognised heritage body) Omit “in writing”, substitute “, by legislative instrument,”. 254 Subsection 159UD(1) Omit “written notice”, substitute “legislative instrument”. 255 Subsection 159UF(1) Omit “in writing”, substitute “by legislative instrument”. 256 Section 159UY Repeal the section. Income Tax Assessment Act 1997 257 Subsection 34-55(1) After “Treasurer must”, insert “, by legislative instrument,”. 258 Subsection 34-55(3) Repeal the subsection. 259 Subsection 195-75(1) After “The Commissioner may”, insert “, by legislative instrument,”. 260 Subsection 195-75(3) Repeal the subsection. 261 Subsections 376-105(1), (2) and (3) After “The *Arts Minister may”, insert “, by legislative instrument,”. 262 Subsections 376-105(5) and (6) Repeal the subsections. 263 Subsection 974-10(7) Omit “46(2) of the Acts Interpretation Act 1901”, substitute “13(3) of the Legislative Instruments Act 2003”. Superannuation Contributions Tax (Assessment and Collection) Act 1997 264 Subsection 14(5) Omit “writing”, substitute “legislative instrument”. 265 Subsection 14(7) Repeal the subsection. Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 266 Subsection 13(4) Omit “writing”, substitute “legislative instrument”. 267 Subsection 13(5) Repeal the subsection. Superannuation (Government Co-contribution for Low Income Earners) Act 2003 268 Subsection 29(4) Omit “writing”, substitute “legislative instrument”. 269 Subsection 29(5) Repeal the subsection. Taxation Laws Amendment Act (No. 5) 2001 270 Item 3 of Schedule 2 Omit “48(2) of the Acts Interpretation Act 1901”, substitute “12(2) of the Legislative Instrument Act 2003”.
Minister’s second reading speech made in— House of Representatives on 29 March 2006 Senate on 13 June 2006 (43/06)
