TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990
TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1 - PRELIMINARY Section 1. Short title 2. Commencement PART 2 - AMENDMENT OF THE CRIMES (TAXATION OFFENCES) ACT 1980 3. Principal Act 4. Interpretation PART 3 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 5. Principal Act 6. Interpretation 7. Exemption of certain pensions 8. Repeal of section and substitution of new section: 69. Tax-related expenses 9. Gifts, pensions etc. 10. Interpretation 11. Insertion of new section: 111AA. Deductions to be allowable for expenditure incurred in gaining the investment component of certain premiums 12. Deductions not allowable for expenditure incurred in gaining certain premium income 13. Insertion of new sections: 160AIA. Self-determination of credits by taxpayers 160AIB. Reliance by Commissioner on claim for credit 14. Insertion of new section: 160AJA. Deemed determination of credit by Commissioner 15. Amendment of determinations 16. Information for credit to be furnished within 4 years 17. Interpretation 18. Residence requirement for credit to arise in relation to year of income 19. Insertion of new sections: 160APMA. Initial payment of tax 160APMB. Subsequent payments of tax before determination of taxable income 20. Insertion of new section: 160APNA. Notional receipt of company tax assessment 21. Residence requirement for debit to arise in relation to year of income 22. Insertion of new sections: 160APYA. Crediting of initial payment of tax by a company 160APYB. Refunds in respect of initial payment of tax by a company 23. Determination of estimated debit 24. Liability to franking deficit tax 25. Insertion of new sections: 160AQKA. Self-determination of offsets by companies 160AQKB. Reliance by Commissioner on claim for offset 26. Residence requirement for credit or debit to arise 27. Company to keep records 28. Cost base etc. 29. Annual returns 30. Insertion of new section: 166A. Deemed assessment 31. Amendment of assessments 32. Payment of interest by taxpayer where assessment or determination is amended 33. Commissioner may collect tax from person owing money to taxpayer 34. Heading to Division 1a of Part VI 35. Insertion of new section: 221AAA. Application 36. Insertion of new Division: Division 1B - Collection of Tax on Companies and Trustees of certain Funds 221AK. General interpretative provisions 221AL. Net capital gains to be disregarded in making certain calculations 221AM. When income tax becomes due and payable 221AN. Modified application of Division for certain entities with substituted accounting periods 221AO. Liability to make payments under this Division 221AP. When initial payment to be made 221AQ. Amount of initial payment 221AR. Power of relevant entity to revise estimate in certain circumstances 221AS. Statement as to basis of estimate 221AT. Circumstances in which initial payment not required
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221AU. Election to make single payment 221AV. Power of Commissioner to reduce amount of initial payment or waive initial payment 221AW. Power of Commissioner to vary estimate of income tax 221AX. Initial payment avoidance arrangements 221AY. Additional tax if income or deduction transferred under avoidance scheme 221AZ. Additional payments to form part of initial payment 221AZA. Refund to reduce initial payment of tax 221AZB. Notional tax 221AZC. Modification of notional tax for certain entities with substituted early accounting periods 221AZD. Final tax liability 221AZE. Additional tax if estimate incorrect 221AZF. Crediting of payments 37. Liability to provisional tax 38. Interpretation 39. Deductions from certain withdrawals from film accounts 40. Penalty for failure to keep or furnish documents or information 41. Penalty for false or misleading statements 42. Repeal of section and substitution of new section: 262A. Keeping of records 43. Taxable contributions 44. Fixed interest complying ADFs - exemption of income attributable to certain 25 May 1988 deposits 45. Rebates 46. Application of certain amendments 47. Transitional - section 69 of the amended Act 48. Transitional - subsection 113 (2) of the amended Act 49. Transitional - section 274 of the amended Act 50. Amendment of assessments PART 4 - AMENDMENT OF THE TAXATION ADMINISTRATION ACT 1953 51. Principal Act 52. Interpretation 53. Penalty taxes to be alternative to prosecution for certain offences TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - LONG TITLE
An Act to amend the law relating to taxation TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - PART 1 PART 1 - PRELIMINARY
TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 1 Short title
(Assented to 17 January 1990) 1. This Act may be cited as the Taxation Laws Amendment Act (No. 5) 1989. (Minister's second reading speech made in- House of Representatives on 22 November 1989 Senate on 6 December 1989) TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 2 Commencement
2. (1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent. (2) Subparagraph 78 (1) (a) (xcvi) of the Income Tax Assessment Act 1936 inserted by section 9 of this Act is to be taken to have come into effect on 10 November 1989. TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - PART 2 PART 2 - AMENDMENT OF THE CRIMES (TAXATION OFFENCES) ACT 1980
TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 3 Principal Act
3. In this Part, "Principal Act" means the Crimes (Taxation Offences) Act 1980.*1* *1* No. 156, 1980, as amended. for previous amendments, see No. 123, 1984; No. 47, 1985; Nos. 41, 48, 76 and 154, 1986; Nos. 58, 61, 140 and 145, 1987; and 97, 1988. TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 4 Interpretation
4. Section 3 of the Principal Act is amended: (a) by inserting "221ay, 221aze" in paragraph (b) of the definition of "income tax" after "221ag"; (b) by inserting after paragraph (c) of that definition the following paragraph: "(ca) any initial payment of income tax that is required to be made under Division 1b of Part VI of the Income Tax Assessment Act;". TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - PART 3 PART 3 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 5 Principal Act
5. In this Part, "Principal Act" means the Income Tax Assessment Act 1936.*2* *2* No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No.
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5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69, 1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37, 1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48, 1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No. 43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65, 1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960; Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 34 and 69, 1963; Nos. 46, 68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos. 19, 38, 76 and 85, 1967; Nos. 4, 70, 87 and 148, 1968; Nos. 18, 93 and 101, 1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972; Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20, 1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143, 165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 36, 57, 87, 90, 123, 171 and 172, 1978; Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24, 57, 58, 124, 133, 134 and 159, 1980; Nos. 61, 92, 108, 109, 110, 111, 154 and 175, 1981; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49, 51, 54 and 103, 1983; Nos. 14, 42, 47, 63, 76, 115, 124, 165 and 174, 1984; No. 123, 1984 (as amended by No. 65, 1985); Nos. 47, 49, 104, 123, 168 and 174, 1985; No. 173, 1985 (as amended by No. 49, 1986); Nos. 41, 46, 48, 51, 109, 112 and 154, 1986; No. 49, 1986 (as amended by No. 141, 1987); No. 52, 1986 (as amended by No. 141, 1987); No. 90, 1986 (as amended by No. 141, 1987); Nos. 23, 58, 61, 120, 145 and 163, 1987; No. 62, 1987 (as amended by No. 108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as amended by No. 11, 1988); No. 139, 1987 (as amended by Nos. 11 and 78, 1988); Nos. 8, 11, 59, 75, 78, 80, 87, 95, 97, 127 and 153, 1988; Nos. 2, 11, 56, 70, 73, 105, 107 and 000, 1989; and No. 97, 1989 (as amended by No. 105, 1989). TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 6 Interpretation
6. (1) Section 6 of the Principal Act is amended by omitting paragraph (a) of the definition of "assessment" in subsection (1) and substituting the following paragraph: "(a) the ascertainment of: (i) the amount of taxable income; or (ii) in the case of a taxpayer being the trustee of a unit trust that is a corporate unit trust within the meaning of section 102J - the net income of the trust as defined by section 102D; or (iii) in the case of a taxpayer being the trustee of a unit trust that is a public trading trust within the meaning of section 102R - the net income of the trust as defined by section 102M; or (iv) in the case of any other taxpayer that is the trustee of a trust estate but excluding a taxpayer that is the trustee of a fund or unit trust referred to in paragraph (a), (b) or (c) of the definition of 'eligible entity' in subsection 267 (1) - so much of the net income of the trust estate as is net income in respect of which the trustee is liable to pay tax; and of the tax payable on that taxable income or net income; or". (2) The amendment made by subsection (1) applies, and is to be taken to have applied, in respect of all years of income. TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 7 Exemption of certain pensions
7. Section 23AD of the Principal Act is amended: (a) by omitting "172" from paragraph (a) of the definition of "excepted pension" and substituting "237"; (b) by omitting from paragraph (3) (e) "172" and substituting "237". TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 8
8. Section 69 of the Principal Act is repealed and the following section is substituted: Tax-related expenses "69. (1) Subject to this section, expenditure (other than expenditure of a capital nature) incurred by the taxpayer on or after 1 July 1989, to the extent to which the expenditure is in respect of a tax-related matter, is an allowable deduction for the year of income in which the expenditure is incurred. "(2) For the purposes of the application of this section to a taxpayer, a reference in this section to a tax-related matter is a reference to: (a) the management or administration of the income tax affairs of the taxpayer; or (b) compliance with an obligation imposed on the taxpayer by a law of the Commonwealth, insofar as that obligation relates to the income tax affairs of another taxpayer; but does not include a reference to an offence-related matter. "(3) For the purposes of this section, expenditure incurred by the taxpayer in respect of a tax-related matter is not to be taken to be expenditure of a capital nature only because the income tax affairs concerned relate to matters of a capital nature. "(4) A deduction is not allowable under subsection (1) in respect of a fee or commission for professional advice concerning the operation of a law relating to taxation unless the advice is provided by a recognised professional tax adviser. "(5) A deduction is not allowable under subsection (1) for expenditure that consists of:
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(a) income tax; or (b) an amount payable under Part VI; or (c) a financing cost in relation to an amount covered by paragraph (a) or (b) "(6) A provision of this Act (including a provision of section 51) that expressly prevents or restricts the operation of section 51 applies in the same way to this section. "(7) For the purposes of this section, where: