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Tax Laws Amendment (2012 Measures No. 1) Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2012 Measures No. 1) Bill 2012

 

No.      , 2012

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 3

Schedule 1—Disallow deductions against rebatable benefits                       4

Income Tax Assessment Act 1997                                                                               4

Schedule 2—Limiting the trading stock exception for superannuation funds      6

Income Tax Assessment Act 1997                                                                               6

Schedule 3—Tax exemption for payments to individuals for recent floods            8

Part 1—Main amendments                                                                                          8

Income Tax Assessment Act 1997                                                                               8

Part 2—Sunsetting on 1 July 2015                                                                          9

Income Tax Assessment Act 1997                                                                               9

Schedule 4—Phasing out the dependent spouse tax offset                          10

Income Tax Assessment Act 1936                                                                             10

Schedule 5—Miscellaneous amendments to the taxation laws                   12

Income Tax Assessment Act 1997                                                                             12

Minerals Resource Rent Tax Act 2012                                                                   12

Taxation Administration Act 1953                                                                          14

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (2012 Measures No. 1) Act 2012 .

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 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day this Act receives the Royal Assent.

 

3.  Schedule 3, Part 1

The day this Act receives the Royal Assent.

 

4.  Schedule 3, Part 2

1 July 2015.

1 July 2015

5.  Schedule 4

The day this Act receives the Royal Assent.

 

6.  Schedule 5, items 1 to 16

Immediately after the commencement of the Minerals Resource Rent Tax Act 2012 .

 

7.  Schedule 5, item 17

Immediately after the commencement of Part 1 of Schedule 2 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .

 

8.  Schedule 5, item 18

Immediately after the commencement of Part 2 of Schedule 2 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .

 

9.  Schedule 5, item 19

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be 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.