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Tax Laws Amendment (2008 Measures No. 2) Bill 2008

2008

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2008 Measures No. 2) Bill 2008

 

No.      , 2008

 

(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)......................................................................................... 2

Schedule 1—Amounts misappropriated by an employee or agent           3

Part 1—Capital allowances                                                                                         3

Income Tax Assessment Act 1997                                                                               3

Part 2—Capital gains and losses                                                                               5

Income Tax Assessment Act 1997                                                                               5

Part 3—Application                                                                                                        9

Schedule 2—Late payment offset for superannuation guarantee contributions                 10

Superannuation Guarantee (Administration) Act 1992                                     10

Schedule 3—CGT market value substitution rule for interests in widely held entities     13

Income Tax Assessment Act 1997                                                                             13

Schedule 4—Endeavour Research Fellowships and Executive Awards   16

Income Tax Assessment Act 1997                                                                             16

Schedule 5—Early completion bonuses for apprentices                               17

Income Tax Assessment Act 1997                                                                             17

Schedule 6—Deductible gift recipients                                                                     18

Income Tax Assessment Act 1997                                                                             18

 



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 (2008 Measures No. 2) Act 2008 .

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 on which this Act receives the Royal Assent.

 

2.  Schedules 1 to 4

The day on which this Act receives the Royal Assent.

 

3.  Schedule 5

Immediately after the commencement of the provisions covered by table item 2.

 

4.  Schedule 6

The day on which this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or 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.