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Tax Laws Amendment (2008 Measures No. 4) 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. 4) 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—Demutualisation of private health insurers                                3

Income Tax Assessment Act 1936                                                                               3

Income Tax Assessment Act 1997                                                                               3

Schedule 2—Family trusts                                                                                               19

Part 1—Variations                                                                                                         19

Income Tax Assessment Act 1936                                                                             19

Part 2—Definition of family                                                                                    20

Income Tax Assessment Act 1936                                                                             20

Schedule 3—Minor amendments                                                                                 21

Part 1—General amendments                                                                                  21

A New Tax System (Goods and Services Tax) Act 1999                                       21

Fringe Benefits Tax Assessment Act 1986                                                              21

Income Tax Assessment Act 1936                                                                             21

Income Tax Assessment Act 1997                                                                             25

Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991                 43

Income Tax (Transitional Provisions) Act 1997                                                   44

Superannuation Guarantee (Administration) Act 1992                                     44

Taxation Administration Act 1953                                                                          44

Taxation (Interest on Overpayments and Early Payments) Act 1983               45

Tax Laws Amendment (2007 Measures No. 5) Act 2007                                     45

Part 2—Asterisking amendments                                                                           46

Income Tax Assessment Act 1997                                                                             46

 



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. 4) 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 and 2

The day on which this Act receives the Royal Assent.

 

3.  Schedule 3, items 1 to 86

The day on which this Act receives the Royal Assent.

 

4.  Schedule 3, item 87

The later of:

(a) immediately after the start of the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of the First Home Saver Accounts (Consequential Amendments) Act 2008 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 3, items 88 to 189

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.