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Income Tax Amendment Bill 2007

Schedule 1 Amendment of the Income Tax Act 1986

   

Income Tax Act 1986

1  Subsection 5(2)

Omit “27GA,”.

2  After subsection 5(2)

Insert:

          (2A)  This Act does not impose tax payable in accordance with section 301-175 or 306-15 of the Income Tax Assessment Act 1997 .

3  Subsection 5(4)

Omit “an eligible entity within the meaning of Part IX of the Assessment Act”, substitute “a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997 )”.

4  Paragraph 5(4)(a)

Omit “taxable contributions within the meaning of Part IX of the Assessment Act”, substitute “contributions that are included in assessable income under Subdivision 295-C of the Income Tax Assessment Act 1997 ”.

5  Subsection 5(5)

Omit “Part IX of the Assessment Act”, substitute “the Income Tax Assessment Act 1997 ”.

6  Subsection 5(5)

Omit “section 288A”, substitute “table item 2 in section 295-320”.

7  Subsection 5(6)

Omit “resident superannuation fund”, substitute “Australian superannuation fund”.

8  Subsection 5(6)

Omit “section 288B”, substitute “table item 3 in section 295-320”.

9  Application

The amendments made by this Schedule apply to the 2007-2008 income year and later years.