TAXATION LAWS AMENDMENT ACT (No. 3) 1994 No. 138 of 1994 - Assented to 28 November 1994
TAXATION LAWS AMENDMENT ACT (No. 3) 1994 No. 138 of 1994 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1-PRELIMINARY Section 1. Short title 2. Commencement PART 2-AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 Division 1-Principal Act 3. Principal Act Division 2-Amendments to introduce a reportable payments system (RPS) Subdivision A-Object 4. Object Subdivision B-Insertion of RPS provisions 5. Insertion of new Division: Division 1AA-Reportable payments system (RPS) Subdivision A-Object and outline 220AA. Object 220AB. Outline Subdivision B-Interpretation 220AC. Interpretation 220AD. Money not actually paid to a person 220AE. Signing of documents Subdivision C-Payer of reportable payment must make deduction if payee's tax file number not quoted 220AF. Deduction from reportable payment if payee's tax file number not quoted 220AG. Deductions to be sent to the Commissioner Subdivision D-Payers' reporting and record-keeping obligations 220AH. Obligation to issue receipt for deduction 220AI. Deductions sent to Commissioner to be accompanied by a statement 220AJ. Annual report 220AK. Retention of statement and annual report Subdivision E-How payees can quote their tax file numbers 220AL. Method of quoting tax file number 220AM. Meaning of "tax file number declaration" 220AN. When tax file number declaration in force 220AO. Commissioner may correct tax file number set out in tax file number declaration form Subdivision F-Making of pensioner exemption declaration to be alternative to quotation of tax file number 220AP. Making of pensioner exemption declaration to be alternative to quotation of tax file number Subdivision G-Payer to send tax file number declaration form or pensioner exemption declaration form to Commissioner 220AQ. Obligations of payer-tax file number declaration form or pensioner exemption declaration form Subdivision H-Refund of deductions in special circumstances 220AR. Commissioner may refund deductions Subdivision I-Civil penalties for failure to make deductions from reportable payments and for failure to send deductions to the Commissioner 220AS. Penalty for failure to make deductions from reportable payments 220AT. Penalty for failure to send deductions to Commissioner 220AU. Commissioner may remit penalties for failure to deduct or for failure to send deductions to Commissioner 220AV. Reduction of late payment penalty where judgment debt carries interest 220AW. Civil penalties to be alternative to prosecution for certain offences Subdivision J-Payers to have civil protection for making deductions 220AX. Payers to have civil protection for making deductions Subdivision K-Recovery of amounts payable under this Division 220AY. Recovery of amounts by Commissioner Subdivision L-Tax credits for deductions from reportable payments 220AZ. Entitlement to credit-payee neither a partnership nor a trustee 220AZA. Entitlement to credit-payee a partnership 220AZB. Entitlement to credit-payee a trustee 220AZC. Application of credits Subdivision M-Miscellaneous 220AZD. Power of Commissioner to obtain information 220AZE. Declarations 220AZF. Application of this Division to partnerships
Back to Top
220AZG. Application of this Division to unincorporated companies 220AZH. Review of decisions Subdivision C-Consequential amendments 6. Consequential amendments of the Principal Act 7. Consequential amendments of other Acts Division 3-Amendments relating to foreign investment funds and controlled foreign companies Subdivision A-Amendments relating to attribution credits 8. Object 9. Certain provisions to be disregarded in calculating attributable income 10. Application Subdivision B-Amendment of trust provisions to avoid double taxation of interests in a CFC held through a CFT 11. Object 12. Application of Division in respect of interests in non-resident trust estates to which Part XI applies 13. Attributable income of a trust estate Subdivision C-Attributable income of listed country trust estate 14. Object 15. Attributable income of a trust estate 16. Application Subdivision D-Amendment of trust provisions to avoid double taxation of FIF income accruing to a resident public unit trust 17. Object 18. Application of Division in respect of interests in non-resident trust estates to which Part XI applies Subdivision E-Amendment to avoid double taxation where interim distributions made to a CFC 19. Object 20. Repeal of section Subdivision F-Amendments relating to corporate limited partnerships 21. Object 22. "Dividend" includes distribution of corporate limited partnership 23. Repeal of section and substitution of new section: 94T. Residence of corporate limited partnership 24. Application Subdivision G-Amendments relating to FIF loss deductions 25. Object 26. Losses of previous years Subdivision H-Expression of FIF losses in same currency as FIF attribution surpluses 27. Object 28. Insertion of new section: 533A. Foreign investment fund losses to be expressed in Australian currency 29. Application Subdivision I-Expression of unapplied previous FIF and FLP losses in same currency as gross FIF and FLP income 30. Object 31. Step 2-Calculation of foreign investment fund income 32. Step 2-Calculation of foreign investment fund income 33. Application Subdivision J-Attribution percentages under calculation method not to exceed 100% 34. Object 35. How to work out attribution percentage applicable to taxpayer in respect of interest or interests in foreign company 36. Procedure to be followed Subdivision K-Removal of differences between exemption under section 523 and exemption under section 511 37. Object 38. Exemption 39. Application Subdivision L-Avoidance of double taxation in respect of CFC dividends 40. Object 41. Assessability in respect of certain dividends paid by a CFC Subdivision M-Correction of minor error 42. Object 43. Exemption Division 4-Amendments to provide an exemption from dividend withholding tax 44. Object 45. Insertion of new heading 46. Liability to withholding tax 47. Certain income not included in assessable income
Back to Top
48. Insertion of new Subdivision: Subdivision B-Foreign dividend accounts 128S. Object 128SA. Amount of a dividend 128T. FDA surplus 128TA. FDA credit 128TB. FDA debit 128TC. FDA declaration, FDA declaration percentage and FDA declaration amount 128TD. Dividend statement 128TE. Penalty for setting out incorrect amounts in dividend statement 128TF. Company to keep records 49. Application 50. Transitional Division 5-Amendments relating to home child care allowance and dependant rebate 51. Object 52. Income of certain persons serving with an armed force under the control of the United Nations 53. Index of payments covered by Subdivision 54. Insertion of new section: 24ABXA. Home child care allowance 55. Rebates for residents of isolated areas 56. Rebates for members of Defence Force serving overseas 57. Indexation of rebate amounts in sections 159J, 159K and 159L 58. Rebates for dependants 59. Uplifted provisional tax amount 60. Provisional tax on estimated income 61. Application 62. Transitional Division 6-Amendments relating to provisional tax 63. Object 64. Interpretation 65. Application Division 7-Amendments relating to short-term asset sales Subdivision A-Object of Division 66. Object Subdivision B-Repeal of section 26AAA 67. Repeal of section Subdivision C-Consequential amendments 68. Interpretation 69. Sales of securities purchased at a discount 70. Money paid before 1 July 1991 on shares in management and investment companies 71. Interpretation 72. Part applies in respect of disposals of assets 73. Disposal of shares or interest in trust Subdivision D-Application of amendments 74. Application Division 8-Amendments relating to home loan interest rebate 75. Object 76. Repeal of Subdivision 77. Amendment of assessments 78. Provisional tax on estimated income 79. Application Division 9-Deductions for bequests of significant cultural value made to certain institutions 80. Object 81. Deduction for gifts, pensions etc. 82. Part applies in respect of disposals of assets 83. Application Division 10-Amendments relating to gifts 84. Object 85. Deductions for gifts, pensions etc. 86. Application Division 11-Partner allowance 87. Object 88. Rebate in respect of certain pensions, benefits etc. 89. Index of payments covered by Subdivision 90. Section 24ABA Interpretation-supplementary amounts 91. Insertion of new section: 24ABPA. Partner allowance 92. Application Division 12-Amendments relating to reasonable benefits limits Subdivision A-Certain commutation ETPs, pensions and annuities to be in excess of RBLs 93. Object 94. Determination of whether a benefit is in excess of recipient's RBLs