INCOME TAX ASSESSMENT AMENDMENT ACT 1983 No. 14, 1983
Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - TABLE OF PROVISIONS
TABLE OF PROVISIONS Section 1. Short title, &c. 2. Commencement 3. Exemption of certain film income 4. Certain items of assessable income 5. Certain film proceeds included in assessable income 6. Interpretation 7. Calculation of taxable income 8. Divisible amounts of assessable income 9. Divisible deductions 10. Special depreciation on property used for storage of grain, hay or fodder 11. Limit on cost price for depreciation of motor vehicle 12. Special depreciation on plant 13. Special depreciation on property used for primary production 14. Special depreciation on property used for basic iron or steel production 15. Insertion of new section- 57AL. Special depreciation on property acquired or constructed after 19 July 1982 16. Film losses 17. Beneficiary not under any legal disability 18. Liability of trustee 19. Insertion of new section- 98A. Non-resident beneficiaries assessable in respect of certain income 20. Purchase of mining or prospecting right or information 21. Deduction of residual previous capital expenditure 22. Deduction of residual capital expenditure 23. Residual (1 May 1981 to 18 August 1981) capital expenditure 24. Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure 25. Residual (19 August 1981 to 19 July 1982) capital expenditure 26. Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure 27. Insertion of new section- 122DG. Deduction of allowable (post 19 July 1982) capital expenditure 28. Deductions not allowable under other provisions 29. Election in relation to expenditure incurred after 17 August 1976 30. Purchase of prospecting or mining rights or information 31. Deduction of residual previous capital expenditure 32. Deduction of residual capital expenditure 33. Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure 34. Residual (19 August 1981 to 19 July 1982) capital expenditure 35. Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure 36. Insertion of new section- 124ADG. Deduction of allowable (post 19 July 1982) capital expenditure 37. Deduction of unrecouped previous capital expenditure 38. Exploration and prospecting expenditure 39. Double deductions 40. Reduction of allowable deductions where certain declarations lodged 41. Definitions 42. Application of Division where deduction allowable under section 124ZAFor 124ZAFA 43. Disposal of unit of industrial property where deduction allowable under section 124ZAF or 124ZAFA 44. Interpretation 45. Insertion of new sections- 124ZADA. Declarations 124ZADB. Notification regarding non-completion of film 46. Election that Division not apply 47. Deductions for capital expenditure under pre 13 January 1983 contracts 48. Insertion of new section- 124ZAFA. Deductions for capital expenditure under post 12 January 1983 contracts 49. Expenditure of contributions 50. Insertion of new section- 124ZAGA. Satisfaction of Commissioner as to the future
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application of certain provisions 51. Allocation of contributions expended 52. Variation of contracts 53. Limitation of deductibility of revenue expenses 54. Insertion of new Division- Division 10D-Deductions for Capital Expenditure on certain Income-Producing Buildings 124ZF. Interpretation 124ZG. Qualifying expenditure 124ZH. Deductions in respect of qualifying expenditure 124ZJ. Reduction of deductions 124ZK. Deduction in respect of destruction of building 55. Rebate of tax for certain primary producers 56. Amount of instalment of tax 57. Estimated income tax 58. Interpretation 59. Employer not accounting for deductions 60. Interpretation 61. Amount of provisional tax 62. Provisional tax on estimated income 63. Additional tax where income underestimated 64. Reduction of provisional tax 65. Insertion of new Division- Division 3A-Collection of tax in respect of certain payments for work 221YHA. Interpretation 221YHB. Provision of information to Commissioner 221YHC. Duties of payees 221YHD. Duties of eligible paying authorities 221YHE. Deduction forms to be forwarded to Commissioner 221YHF. Credits in respect of deductions from prescribed payments 221YHG. Application of credits 221YHH. Failure to make deductions from prescribed payments 221YHJ. Failure to pay amounts deducted to Commissioner 221YHK. Failure to furnish deduction form, &c. 221YHL. Remission of certain amounts 221YHM. Persons discharged from liability in respect of deductions 221YHN. Recovery of amounts by Commissioner 221YHO. Payments into and out of Consolidated Revenue Fund 221YHP. Deduction variation certificates 221YHQ. Deduction exemption certificates 221YHR. Reporting exemption certificates 221YHS. Revocation of certificates 221YHT. Notification and review of decisions 221YHU. Offences 221YHV. Time for prosecutions 221YHW. Joinder of charges under this Division 221YHX. Power of Commissioner to obtain information 221YHY. Declarations 221YHZ. Special provisions relating to partnerships 66. Insertion of new Division- Division 6-Deductions from certain withdrawals from Australian Film Industry Trust Fund accounts 221ZM. Interpretation 221ZN. Deductions from certain withdrawals from film accounts 221ZO. Liability of person who fails to make deduction 221ZP. Liability of person who fails to remit deduction 221ZQ. Remission of certain amounts 221ZR. Recovery of amounts by Commissioner 221ZS. Entitlement to credits in respect of deductions 221ZT. Application of credits 221ZU. Persons discharged from liability in respect of deductions from refunds 221ZV. Payments into and out of Consolidated Revenue Fund 221ZW. Time for prosecutions 221ZX. Joinder of charges under this Division 67. Application of trust amendments 68. Amendment of assessments Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 1. Short title.
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(Assented to 14 June 1983) Short title, &c. 1. (1) This Act may be cited as the Income Tax Assessment Amendment Act 1983. (2) The Income Tax Assessment Act 1936*1* is in this Act referred to as the Principal Act. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 2. Commencement
2. (1) Subject to sub-section (2), this Act shall come into operation on the day on which it receives the Royal Assent. (2) Section 4 shall be deemed to have come into operation on the date of commencement of the Taxation (Interest on Overpayments) Act 1983. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 3. Exemption of certain film income
3. Section 23H of the Principal Act is amended by inserting ''or 124ZAFA'' after ''section 124ZAF'' (wherever occurring). Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 4. Certain items of assessable income
4. Section 26 of the Principal Act is amended by inserting after paragraph (ja) the following paragraph: ''(jb) the amount of any interest payable to the taxpayer under the Taxation (Interest on Overpayments) Act 1983, being interest that has been paid to the taxpayer or applied by the Commissioner in discharge or partial discharge of a liability of the taxpayer to the Commonwealth;''. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 5. Certain film proceeds included in assessable income
5. Section 26AG of the Principal Act is amended by inserting in paragraph (1) (c) ''or 124ZAFA'' after ''124ZAF''. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 6. Interpretation
6. Section 50B of the Principal Act is amended by inserting ''or 98A'' after ''section 97'' in the definition of ''full-year amount'' in sub-section (1). Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 7. Calculation of taxable income
7. Section 50C of the Principal Act is amended by omitting from sub-paragraph (3) (d) (v) ''124AD, 124ADB, 124ADD, 124ADF'' and substituting ''122DG, 124AD, 124ADB, 124ADD, 124ADF, 124ADG''. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 8. Divisible amounts of assessable income
8. Section 50E of the Principal Act is amended by inserting in paragraph (1) (j) ''or 98A'' after ''section 97''. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 9. Divisible deductions
9. (1) Section 50G of the Principal Act is amended- (a) by omitting from paragraph (1) (a) ''or 57AK'' and substituting '', 57AK or 57AL''; (b) by inserting in paragraph (1) (a) ''or 124ZAFA'' after ''124ZAF''; (c) by omitting from paragraph (1) (a) ''or Division 10C (other than section 124ZE)'' and substituting '', Division 10C (other than section 124ZE) or Division 10D (other than section 124ZK)''; (d) by inserting in paragraph (2) (xa) ''or 124ZAFA'' after ''124ZAF''; and (e) by inserting in paragraph (2) (y) ''or 10D'' after ''10C''. (2) The amendments made by paragraphs (1) (c) and (e) apply to assessments in respect of income of the year of income in which 20 July 1982 occurred and in respect of income of all subsequent years of income. Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT. 10. Special depreciation on property used for storage of grain, hay or fodder
10. Section 57AE of the Principal Act is amended- (a) by omitting paragraph (2) (a) and substituting the following paragraph:
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''(a) the depreciation allowable to a taxpayer under this Act in relation to a year of income in respect of a unit of property to which this section applies in relation to the year of income is- (i) in the case of a unit of property to which sub-paragraph (ii) does not apply-20% of the cost of the unit; or (ii) in the case of a unit of property that- (A) was acquired by the taxpayer under a contract entered into after 19 July 1982; or (B) was constructed by the taxpayer and commenced to be constructed after 19 July 1982, 331/3% of the cost of the unit;''; (b) by omitting paragraph (2) (c) and substituting the following paragraph: ''(c) no depreciation is allowable to the taxpayer in respect of that unit in relation to any year of income after- (i) in the case of a unit of property to which sub-paragraph (a) (i) applies-the fourth year of income succeeding the relevant year of income; or (ii) in the case of a unit of property to which sub-paragraph (a) (ii) applies-the second year of income succeeding the relevant year of income.''; and (c) by adding at the end thereof the following sub-sections: ''(4) Where the Commissioner is satisfied that- (a) on or before 19 July 1982 a taxpayer- (i) owned a unit of property; (ii) entered into a contract or arrangement for the acquisition of a unit of property; or (iii) commenced the construction of a unit of property, (which unit of property is, in each case, referred to in this sub-section as the 'original unit'); (b) after 19 July 1982 and at a time when- (i) in a case to which sub-paragraph (a) (i) applies-the taxpayer was the owner of the original unit; (ii) in a case to which sub-paragraph (a) (ii) applies-the taxpayer was a party to the contract or arrangement or was, by reason of the original unit having been acquired in pursuance of that contract or arrangement, the owner of the original unit; or (iii) in a case to which sub-paragraph (a) (iii) applies-the taxpayer had yet to complete the construction of the original unit or was, by reason of the original unit having been constructed by the taxpayer, the owner of the original unit, the taxpayer entered into a scheme in pursuance of which-