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Tax Laws Amendment (2008 Measures No. 4) Bill 2008

Schedule 3 Minor amendments

Part 1 General amendments

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

1  At the end of section 87-25

Add:

Note:          If you choose not to apply this Division, your supplies (other than GST-free supplies) of long-term accommodation in commercial residential premises are input taxed under section 40-35.

Fringe Benefits Tax Assessment Act 1986

2  Paragraph 135T(1)(a)

Repeal the paragraph, substitute:

                     (a)  a department within the meaning of section 6 of the Public Sector Employment and Management Act 2002 of New South Wales;

3  Paragraph 135T(1)(h)

Repeal the paragraph, substitute:

                     (h)  a government department within the meaning of subsection 3(1) of the State Service Act 2000 of Tasmania;

4  Application

The amendments made by items 2 and 3 of this Schedule apply to the first year of tax starting after the day on which this Act receives the Royal Assent and later years.

Income Tax Assessment Act 1936

5  Subsection 6(2)

Repeal the subsection.

6  Subsection 6(2AA)

Omit “(other than subsection (2) of this section)”.

7  Subsection 6(2A)

Repeal the subsection.

8  Subsection 16(4AA) (definition of research and development activities )

Repeal the definition.

9  Subsection 23E(3)

Omit “ Commonwealth Inscribed Stock Act 1911-1946 ”, substitute “ Commonwealth Inscribed Stock Act 1911 ”.

10  Subsection 23L(1A)

Omit “section 15-75”, substitute “section 15-70”.

11  Application

The amendment made by item 10 of this Schedule applies to assessments for the 2006-07 year of income and later income years.

12  Sub-subparagraph 47A(18)(d)(ii)(G)

Omit “ultimate beneficiary non-disclosure tax”, substitute “trustee beneficiary non-disclosure tax”.

13  Paragraph 51AH(1)(c)

Omit “section 15-75”, substitute “section 15-70”.

14  Application

The amendment made by item 13 of this Schedule applies to assessments for the 2006-07 year of income and later income years.

15  Subsection 73A(6) (definition of an approved research institute )

Omit “the Secretary to the Department of Community Services and Health or by the Secretary to the Department of Employment, Education and Training”, substitute “the Chief Executive Officer of the NHMRC or by the Research Secretary”.

16  Subsection 73A(6)

Insert:

NHMRC means the National Health and Medical Research Council established by section 5B of the National Health and Medical Research Council Act 1992 .

17  Subsection 73A(6)

Insert:

Research Secretary means the Secretary of the Department that administers the Education Research Act 1970 .

18  Transitional

The amendment made by item 15 of this Schedule does not affect the continuity of an approval given for the purposes of the definition of an approved research institute in subsection 73A(6) of the Income Tax Assessment Act 1936 before the commencement of this Schedule.

19  Subsection 102UC(4) (paragraph (b) of the definition of excluded trust )

Omit “the Australian Stock Exchange Limited”, substitute “the stock market operated by ASX Limited”.

20  Subsection 109Y(2) (paragraphs (a) and (b) of the definition of repayments of non-commercial loans )

Omit “section, 109D”, substitute “section 109D”.

21  Section 121AQ (definition of first trading day price )

Omit “the price on the Australian stock exchange, as published by that exchange”, substitute “the price on the stock market operated by ASX Limited, as published by that company”.

22  Section 121AQ (definition of listed )

Omit “the Australian stock exchange”, substitute “ASX Limited”.

23  Paragraph 128B(3)(b)

Repeal the paragraph.

24  Section 139DSA

Omit “the Australian Stock Exchange”, substitute “the stock market operated by ASX Limited”.

25  Paragraph 139DSH(b)

Omit “the ASX Limited”, substitute “ASX Limited”.

26  Paragraph 139GCD(1)(d)

Omit “the ASX Limited”, substitute “ASX Limited”.

27  Subsection 159H(1)

Omit “(1)”.

28  Subsection 159H(2)

Repeal the subsection.

29  Subsection 159J(6) (paragraph (ac) of the definition of separate net income )

Omit “maternity allowance, maternity payment,”.

30  Subsection 159J(6) (paragraph (adaa) of the definition of separate net income )

Omit “or the Veterans’ Entitlements Act 1986 ”.

31  Subsection 159J(6) (paragraph (adab) of the definition of separate net income )

Repeal the paragraph.

32  Subsection 159J(6) (paragraph (adac) of the definition of separate net income )

Omit “or the Veterans’ Entitlements Act 1986 ”.

33  Subsection 159J(6) (paragraph (adad) of the definition of separate net income )

Repeal the paragraph.

34  Subsection 159J(6) (paragraph (ae) of the definition of separate net income )

Omit “maternity allowance,”.

35  Subsection 160AAA(1) (paragraph (db) of the definition of rebatable benefit )

Repeal the paragraph.

36  Paragraph 202EE(1)(d)

Omit “, (b)”.

37  Paragraph 251U(1)(d)

Repeal the paragraph, substitute:

                     (d)  during the whole of that period the person was a non-resident, or was a resident solely because subsection 7A(2) treats Norfolk Island as part of Australia;

38  Subsections 251U(1A) and (1B)

Repeal the subsections.

39  Paragraph 57-25(4)(la) in Schedule 2D

Omit “property); and”, substitute “property).”.

40  Subsection 326-15(1) in Schedule 2H

Omit “Australian Stock Exchange Limited”, substitute “ASX Limited”.

41  Subsection 326-130(2) in Schedule 2H (definition of first day trading price of demutualisation shares )

Omit “Australian Stock Exchange Limited, at which the demutualisation shares were last traded, on the stock market maintained by Australian Stock Exchange Limited”, substitute “ASX Limited, at which the demutualisation shares were last traded, on the stock market operated by ASX Limited”.

42  Subsection 326-220(4) in Schedule 2H (paragraph (a) of the definition of roll-over provision )

Before “section 160X”, insert “former”.

43  Schedule 3

Omit “Australian Stock Exchange Limited ”, substitute “The stock market operated by ASX Limited”.

Income Tax Assessment Act 1997

44  After section 1-3

Insert:

1-7   Administration of this Act

                   The Commissioner has the general administration of this Act.

45  Paragraph 3-10(1)(b)

Omit “returns”, substitute “income tax returns”.

46  Subsection 4-10(1)

Repeal the subsection, substitute:

             (1)  You must pay income tax for each * financial year.

47  Section 9-1 (table item 12)

Omit “section 102K”, substitute “ section 102K ”.

48  Section 9-1 (table item 13)

Omit “section 102S”, substitute “ section 102S ”.

49  Section 11-15 (table item headed “family assistance”)

Omit:

maternity allowance .............................................................

52-150

50  Section 11-15 (table item headed “family assistance”)

Omit:

maternity payment................................................................

52-150

51  Section 11-15 (table item headed “foreign aspects of income taxation”)

Omit:

educational, scientific, religious or philanthropic society, income of a visiting representive of .............................



842-105

substitute:

educational, scientific, religious or philanthropic society, income of a visiting representative of .........................



842-105

52  Section 11-15 (table item headed “foreign aspects of income taxation”)

Omit:

non-resident, foreign sourced income ................................

23(r)

53  Section 11-15 (table item headed “social security or like payments”)

Omit:

farm household support payment made by way of a grant of financial assistance............................................................................................. .



53-10 and 53-15

farm household support converted into a grant...............

53-25

54  Section 11-15 (table item headed “social security or like payments”)

Omit:

2006 one-off payment to older Australians under the Veterans’ Entitlements Act 1986 ...................................



52-65

payments under the scheme determined under item 2 of Schedule 2 to the Social Security and Veterans’ Entitlements Legislation Amendment (One-off Payments to Increase Assistance for Older Australians and Carers and Other Measures) Act 2006 ....................................................................................











52-65

55  Section 11-15 (table item headed “social security or like payments”)

Omit:

2007 one-off payment to older Australians under the Veterans’ Entitlements Act 1986 ...................................



52-65

payments under the scheme determined under item 2 of Schedule 2 to the Social Security and Veterans’ Affairs Legislation Amendment (One-off Payments and Other 2007 Budget Measures) Act 2007 .............







52-65

56  Section 11-15 (table item headed “social security or like payments”)

Omit:

social security, payment to ..................................................

Subdivision 52-A

substitute:

social security payments ......................................................

Subdivision 52-A

57  Section 11-15 (at the end of table item headed “social security or like payments”)

Add:

see also welfare

 

58  Section 11-15 (table item headed “vice-regal”)

Repeal the item.

59  Section 11-15 (table item headed “welfare”)

Repeal the item, substitute:

welfare

 

maintenance payment..........................................................

51-30 and 51-50

see also social security or like payments

 

60  Section 13-1 (table item headed “farm household support”)

Repeal the item.

61  Section 13-1 (table item headed “social security and other benefit payments”)

Omit:

farm household support under the Farm Household Support Act 1992 .................................................................



160AAA(3)

62  Subsection 20-30(1) (table item 1.8)

Before “25-80”, insert “The former”.

63  Paragraph 27-10(3)(a)

Omit “ * registration”, substitute “registration under Part 2-5 of the GST Act”.

64  Subsection 30-230(1) (note)

Omit “tax return”, substitute “income tax return”.

65  Subsection 30-230(6)

Repeal the subsection, substitute:

             (6)  If:

                     (a)  you die before the last day of an income year; and

                     (b)  section 26-55 (which is about a limit on deductions) prevents the whole or a part of the gift from being deductible in the * income tax return lodged for you for that income year;

the trustee of your estate can claim the whole or part as a deduction in the trust’s income tax return for that income year.

Note:          The trust’s income tax return covers the period from the day you die to the end of the income year.

66  Section 30-255

Omit “Secretary to the Department of Environment, Sport and Territories”, substitute “ * Environment Secretary”.

67  Subsection 30-270(4)

Omit “Secretary to the Department of Environment, Sport and Territories”, substitute “ * Environment Secretary”.

68  Subsection 30-280(1)

Omit “Secretary to the Department of Environment, Sport and Territories”, substitute “ * Environment Secretary”.

69  Subsection 30-285(1)

Omit “Secretary to the Department of Environment, Sport and Territories”, substitute “ * Environment Secretary”.

70  Section 51-30 (table items 5.2 and 5.3)

Repeal the items.

71  Section 52-10 (table items 7.1 and 7.2)

Repeal the items.

72  Section 52-15 (table item 1)

Omit “Disability wage supplement”.

73  Subsection 52-25(1) (table item dealing with disability wage supplement)

Repeal the item.

74  Section 52-40 (table item 7)

Repeal the item.

75  Paragraphs 52-65(1)(b) and (ba)

Repeal the paragraphs.

76  Subsection 52-65(1B)

Repeal the subsection, substitute:

          (1B)  Payments of 2008 one-off payment to older Australians under Part VIIF of the Veterans’ Entitlements Act 1986 are exempt from income tax.

77  Subsection 52-65(1C)

Repeal the subsection, substitute:

          (1C)  Payments to older Australians under a scheme determined under item 2 of Schedule 2 to the Social Security and Veterans’ Entitlements Legislation Amendment (One-off Payments and Other Budget Measures) Act 2008 are exempt from income tax.

78  Section 52-75 (table items 1A and 1B)

Repeal the items.

79  Subsection 52-150(1)

Omit “maternity allowance, maternity payment,”.

80  Section 53-10 (table item 4A)

Repeal the item.

81  Subsection 53-15(1)

Omit “(1)”.

82  Subsection 53-15(2)

Repeal the subsection.

83  Section 53-25

Repeal the section.

84  Paragraph 61-405(a)

Omit “return”, substitute “ * income tax return”.

85  Section 65-10

Omit “years of income”, substitute “income years”.

86  Section 102-20 (notes 3 and 4)

Repeal the notes, substitute:

Note 3:       You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections 115-215(3), 170-275(1) and 170-280(3).

Note 4:       You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll-over under Subdivision 124-N.

Note 5:       The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125-170.

87  Section 109-60 (table)

Repeal the table, substitute:

 

Other acquisition rules



Item



In these circumstances:

The asset is acquired at this time:



See:

1

CGT event happens to Cocos (Keeling) Islands asset

30 June 1991

section 24P

2

Lender acquires a replacement security

before 20 September 1985

subsection 26BC(6A)

3

Trust ceases to be a resident trust for CGT purposes and there is an attributable taxpayer

when it ceases

section

102AAZBA

4

CGT event happens to CGT asset in connection with the demutualisation of an insurance company

on the demutualisation resolution day

section 121AS

5

CGT event happens to assets of NSW State Bank

at the first taxing time

section 121EN

6

You own shares in a company that stops being a PDF

just after it stops

section 124ZR

7

You acquire a number of shares that results in you obtaining a 10% (threshold) interest in a SME

when you obtained the threshold interest

section 128TI

8

A CGT asset of a CFC (that it owned on its commencing day)

on the CFC’s commencing day

section 411

9

A CGT asset is owned by a tax exempt entity and it becomes taxable

at the transition time

section 57-25 of Schedule 2D

10

CGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company or health insurer

on the demutualisation resolution day

Division 326 of Schedule 2H

11

You stop holding an item as trading stock

when you stop

paragraph 70-110(b)

12

CGT event happens to 30 June 1988 asset of complying superannuation fund, complying approved deposit fund or pooled superannuation trust

30 June 1988

section 295-90

13

You are issued with a share or right under a demutualisation of a health insurer

the time the share or right is issued

sections 315-80, 315-210 and 315-260

14

You are transferred a share or right by a lost policy holders trust under a demutualisation of a health insurer

the time the share or right is issued

sections 315-145, 315-210 and 315-260

15

A CGT asset is transferred to or from a life insurance company’s complying superannuation/FHSA asset pool

at the time of the transfer

Division 320

16

A CGT asset is transferred to or from the segregated exempt assets of a life insurance company

at the time of the transfer

Division 320

17

Entity becomes a subsidiary member of a consolidated group

at the time it becomes a subsidiary member

701-5

18

Entity ceases to be a subsidiary member of a consolidated group

at the time it ceases

701-40

88  Subsection 110-40(1) (notes)

Repeal the notes, substitute:

Note:          For the cost base of a partnership interest you acquire at or before that time, see section 110-43.

89  Subsection 110-43(1) (note)

Repeal the note.

90  Section 110-53 (heading)

Repeal the heading, substitute:

110-53   Exceptions to application of sections 110-45 and 110-50

91  Section 112-87 (table item 1)

Omit “136-40”, substitute “855-45”.

92  Section 112-87 (table item 2)

Omit “136-45”, substitute “855-50”.

93  Section 112-97 (after table item 23)

Insert:

24

An entity becomes a subsidiary member of a consolidated group

The total cost base and reduced cost base for the head company of the subsidiary’s assets

Section 701-10

24A

An entity ceases to be a subsidiary member of a consolidated group

The total cost base and reduced cost base for the head company of membership interests in the subsidiary

Section 701-15

24B

An entity ceases to be a subsidiary member of a consolidated group

The total cost base and reduced cost base for the head company of liabilities owed by the subsidiary

Section 701-20

24C

An entity ceases to be a subsidiary member of a consolidated group and an asset becomes an asset of the entity because the single entity rule ceases to apply

The total cost base and reduced cost base for the entity of a liability owed to the entity

Section 701-45

24D

2 or more entities cease to be subsidiary members of a consolidated group

The total cost base and reduced cost base of the membership interests that one subsidiary member holds in another

Section 701-50

24E

Determining an asset’s tax cost setting amount

The total cost base and reduced cost base of the asset

Section 701-55

24F

Eligible tier-1 company ceases to be a subsidiary member of a MEC group or a CGT event happens to a pooled interest in the company

The total cost base and reduced cost base

Section 719-565

94  Section 112-110 (note 3)

Omit “section 125-175”, substitute “section 125-170”.

95  Section 112-115 (table item 6)

Omit “Subdivision 124-CD”, substitute “Subdivision 124-D”.

96  Section 112-145 (note 2)

Omit “section 125-175”, substitute “section 125-170”.

97  Subsection 115-280(3) (formula)

Repeal the formula, substitute:

98  Paragraph 115-290(1)(b)

Omit “the Australian Stock Exchange Limited”, substitute “ASX Limited”.

99  Subsection 122-70(2) (note 2)

Omit “section 125-175”, substitute “section 125-170”.

100  Subsection 122-200(1) (note 2)

Omit “section 125-175”, substitute “section 125-170”.

101  Subsection 124-10(3) (note 5)

Omit “section 125-175”, substitute “section 125-170”.

102  Subsection 124-780(1) (note 2)

Omit “includes”, substitute “include”.

103  Subsection 124-780(6) (note)

Omit “the Australian Stock Exchange”, substitute “the stock market operated by ASX Limited”.

104  Subsection 124-781(1) (note 2)

Omit “includes”, substitute “include”.

105  Subsection 124-781(5) (note)

Omit “the Australian Stock Exchange”, substitute “the stock market operated by ASX Limited”.

106  Subsection 124-790(1)

Omit “includes”, substitute “include”.

107  Before subsection 125-80(8)

Insert:

Partial roll-over

108  Subsection 126-15(4) (note)

Omit “section 125-175”, substitute “section 125-170”.

109  Subsection 126-60(2) (note 2)

Omit “section 125-175”, substitute “section 125-170”.

110  Subsection 128-15(1) (note)

Repeal the note, substitute:

Note 1:       Section 128-25 has different rules if the asset passes to a beneficiary in your estate who is the trustee of a complying superannuation entity.

Note 2:       If the beneficiary is an exempt entity, Division 57 of Schedule 2D to the Income Tax Assessment Act 1936 has rules about exempt entities that become taxable. It sets out what the entity is taken to have purchased its assets for when it becomes taxable.

Note 3:       If the beneficiary is a foreign resident, Subdivision 855-B sets out what happens if the beneficiary becomes an Australian resident. The beneficiary is taken to have acquired each asset owned just before becoming an Australian resident for the market value of the asset at that time.

111  Subsection 128-25(2) (notes 1 and 2)

Repeal the notes.

112  Subsection 130-80(4) (note)

Omit “Note:”, substitute “Note 1:”.

113  Subsection 130-83(4) (note)

Omit “Note 1”, substitute “Note”.

114  Paragraph 152-310(2)(a)

Omit “ * exempt income of”, substitute “exempt from income tax for”.

115  Section 165-37 (heading)

Repeal the heading, substitute:

165-37   Who has more than a 50% stake in the company during a period

116  Subsection 165-37(1)

Omit “more than a 50% stake”, substitute “ more than a 50% stake ”.

117  Subsection 165-55(6)

Omit “ * full year deduction”, substitute “ full year deduction ”.

118  Subsection 165-115H(2) (flowchart)

Repeal the flowchart, substitute:

 

119  Subsection 165-235(2)

Omit “return of income”, substitute “ * income tax return”.

120  Subsection 180-5(2)

Omit “return of income”, substitute “ * income tax return”.

121  Subsection 180-10(7)

Omit “the company’s return”, substitute “the company’s * income tax return”.

122  Subsection 180-20(5)

Omit “the company’s return”, substitute “the company’s * income tax return”.

123  Paragraph 208-45(4)(b)

Omit “year of income”, substitute “income year”.

124  Paragraph 210-115(2)(a)

Omit “return of income”, substitute “ * income tax return”.

125  Subsection 214-5(5)

Omit “first return”, substitute “first franking return”.

126  Subsection 214-20(3)

Omit “a return under section 214-15”, substitute “a * franking return”.

127  Section 214-55

Omit “first return”, substitute “first franking return”.

128  Paragraph 214-105(1)(b)

Omit “a further return”, substitute “a further * franking return”.

129  Section 214-185

Omit “return given”, substitute “ * franking return given”.

130  Subparagraph 250-15(c)(iii)

Omit “that is not an Australian resident”, substitute “that is a foreign resident”.

131  Paragraph 250-55(b)

Omit “that is not an Australian resident”, substitute “that is a foreign resident”.

132  Subparagraph 250-60(2)(b)(ii)

Omit “(non-resident)”, substitute “(foreign resident)”.

133  Subparagraph 250-60(4)(b)(iii)

Omit “that is not an Australian resident”, substitute “that is a foreign resident”.

134  Paragraph 250-115(3)(b)

Omit “non-residents”, substitute “foreign residents”.

135  Subsection 292-20(2)

Omit “Note:”, substitute “Note 1:”.

136  Subparagraphs 292-100(2)(b)(i) and (7)(b)(i)

Omit “tax return”, substitute “ * income tax return”.

137  Paragraph 320-30(2)(a)

Omit “return of income”, substitute “ * income tax return”.

138  Subsections 375-805(3) and (5)

Omit “year of income”, substitute “income year”.

139  Subsection 396-15(2) (formula)

Repeal the formula, substitute:

140  Subsection 396-25(1) (formula)

Repeal the formula, substitute:

141  Subsection 703-15(2) (table items 1 and 2)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

142  Paragraph 705-65(5A)(d)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

143  Subsection 705-75(1) (formula)

Repeal the formula, substitute:

144  Paragraph 705-75(5)(d)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

145  Subsection 705-110(1)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

146  Subsection 707-310(3) (at the end of the table)

Add:

6   Assessable income that is not attributable to * capital gains and is not * assessable film income

The amount (if any) that would have been the transferee’s taxable income (if any) for the income year if the transferee had not had for the income year:

(a) any * net capital gain; or

(b) any * net assessable film income;

reduced by the amount (the transferee’s grossed-up franking offset amount ) worked out in accordance with paragraph (3A)(c)

147  Application

The amendment made by item 146 of this Schedule applies in relation to income years, statutory accounting periods and notional accounting periods starting on or after 1 July 2008.

148  Paragraph 707-310(3A)(c) (formula)

Repeal the formula, substitute:

149  Subsection 717-230(3)

Omit “year of income”, substitute “income year”.

150  Subsection 717-265(4)

Omit “year of income”, substitute “income year”.

151  Subsection 719-10(1) (table)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

152  Subsection 719-20(1) (table item 2)

Omit “ * general company tax rate”, substitute “ * corporate tax rate”.

153  At the end of subsection 770-15(1)

Add:

Note:          Foreign income tax includes only that which has been correctly imposed in accordance with the relevant foreign law or, where the foreign jurisdiction has a tax treaty with Australia (having the force of law under the International Tax Agreements Act 1953 ), has been correctly imposed in accordance with that tax treaty.

154  Subparagraph 770-75(4)(b)(ii)

Repeal the subparagraph, substitute:

                             (ii)  are deductions (other than debt deductions) that are reasonably related to amounts covered by paragraph (a) for that year.

155  Application

The amendment made by item 154 of this Schedule applies in relation to income years, statutory accounting periods and notional accounting periods starting on or after 1 July 2008.

156  Paragraph 802-30(4)(c) (formula)

Repeal the formula, substitute:

157  Section 802-40 (formula)

Repeal the formula, substitute:

158  Paragraph 820-960(2)(a)

Omit “tax return”, substitute “ * income tax return”.

159  Subsection 960-120(1) (table item 2)

Omit “a year of income”, substitute “an income year”.

160  Paragraph 974-10(5)(e)

Omit “subsection 974-150(2)”, substitute “subsection 974-150(1)”.

161  Subparagraph 974-110(1A)(d)(i)

Omit “return of income”, substitute “ * income tax return”.

162  Subparagraph 974-110(1A)(d)(ii)

Omit “return of income”, substitute “income tax return”.

163  Paragraph 974-112(1)(e)

Omit “subsection 974-150(2)”, substitute “subsection 974-150(1)”.

164  Subsection 974-150(1)

Repeal the subsection.

165  Subsections 974-150(2), (3) and (4)

Renumber as subsections 974-150(1), (2) and (3).

166  Subsection 995-1(1) (subparagraph (b)(i) of the definition of copyright collecting society )

Omit “a law in force in a State or Territory”, substitute “an * Australian law”.

167  Subsection 995-1(1) (paragraphs (b), (c) and (d) of the definition of friendly society )

Omit “a law of a State or Territory”, substitute “a * State law or a * Territory law”.

168  Subsection 995-1(1) (definition of full year deductions )

Omit “subsection 165-55(5)”, substitute “subsections 165-55(5) and (6)”.

169  Subsection 995-1(1) (definition of general company tax rate )

Repeal the definition.

170  Subsection 995-1(1) (definition of registration )

Repeal the definition.

171  Subsection 995-1(1) (at the end of the definition of scheme )

Add:

Note:          The Commissioner may determine that, for the purposes of the debt and equity interest rules in Division 974, what would otherwise be a single scheme is to be treated as 2 or more separate schemes, and that the schemes are not related: see section 974-150.

172  Subsection 995-1(1)

Omit:

short-term hire agreement : a short-term hire agreement is an agreement for the intermittent hire of an asset on an hourly, daily, weekly or monthly basis. However, an agreement for the hire of an asset is not a short-term hire agreement if, having regard to any other agreements for the hire of the same asset to the same taxpayer or an * associate of that taxpayer, there is a substantial continuity of hiring so that the agreements together are for longer than a short-term basis.

173  Subsection 995-1(1) (definition of supplementary amount , table item 2)

Omit “or farm household support”.

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

174  Section 4

Omit “section section 14-55”, substitute “section 14-55”.

Income Tax (Transitional Provisions) Act 1997

175  After section 1-5

Insert:

1-7   Administration of this Act

                   The Commissioner has the general administration of this Act.

Superannuation Guarantee (Administration) Act 1992

176  Subparagraph 35(1)(d)(iv)

Omit “next quarter.”, substitute “next quarter; and”.

Taxation Administration Act 1953

177  Subsection 8AAB(5) (table item 2B)

Omit “section”.

178  Subsection 8AAB(5) (table item 17K) (table item dealing with section 263-30 in Schedule 1)

Repeal the item.

179  Subsection 8AAB(5) (before table item 18)

Insert:

17L

263-30 in Schedule 1

Taxation Administration Act 1953

180  Section 14ZQ (definition of private ruling )

Omit “section”.

181  Subsection 110-50(2) in Schedule 1 (table items 3 to 7, 42 to 47, 50 and 54)

Omit “ * registration”, substitute “registration”.

182  Subsection 250-10(2) in Schedule 1 (table items 38A, 38B and 67)

Omit “section”.

183  Subsection 284-220(1) in Schedule 1

Omit “The * base penalty amount for your * shortfall amount, or for part of it, for an accounting period is increased by 20% if”, substitute “The * base penalty amount for an accounting period is increased by 20% if”.

184  Paragraph 284-220(1)(a) in Schedule 1

Omit “the shortfall amount”, substitute “a * shortfall amount in relation to which the base penalty amount was calculated”.

185  Paragraph 284-220(1)(b) in Schedule 1

Omit “the shortfall amount or part”, substitute “such a shortfall amount”.

Taxation (Interest on Overpayments and Early Payments) Act 1983

186  Subsection 3A(2)

Omit “, or the applying of an income tax crediting amount also takes place,”.

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

187  Item 40 of Schedule 10

Omit “124KA(2)”, substitute “124K(2)”.

188  Item 56 of Schedule 10

Repeal the item, substitute:

56  Subsection 272-140(1) in Schedule 2F (note to the definition of tax loss )

Repeal the note.



 

Part 2 Asterisking amendments

Income Tax Assessment Act 1997

189  Amendments relating to asterisking

The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.

Asterisking amendments

Item

Provision

Omit:

Substitute:

1

Subsection 30-15(2) (table item 1, column headed “Type of gift or contribution”)

* trading stock if

trading stock if

2

Subsection 30-15(2) (table item 1, column headed “How much you can deduct”)

* trading stock (wherever occurring)

trading stock

3

Subsection 30-15(2) (table item 1, column headed “How much you can deduct”)

* business

business

4

Subsection 30-15(2) (table item 2, column headed “Type of gift or contribution”)

* trading stock if

trading stock if

5

Subsection 30-15(2) (table item 2, column headed “How much you can deduct”)

* trading stock (wherever occurring)

trading stock

6

Subsection 30-15(2) (table item 2, column headed “How much you can deduct”)

* business

business

7

Subsection 30-15(2) (table item 2, column headed “Special conditions”)

* prescribed private fund

prescribed private fund

8

Subsection 30-15(2) (table item 8, column headed “How much you can deduct”)

* GST inclusive market value

GST inclusive market value

9

Paragraph 58-65(3)(a)

income tax return

* income tax return

10

Subsection 104-10(4)

those * capital proceeds

those capital proceeds

11

Subsection 104-15(3)

those * capital proceeds

those capital proceeds

12

Subsection 104-20(3)

those * capital proceeds

those capital proceeds

13

Subsection 104-25(3)

those * capital proceeds

those capital proceeds

14

Subsection 104-30(3)

those * capital proceeds

those capital proceeds

15

Subsection 104-35(3)

those * capital proceeds

those capital proceeds

16

Subsection 104-40(3)

those * capital proceeds

those capital proceeds

17

Subsection 104-45(3)

those * capital proceeds

those capital proceeds

18

Subsection 104-55(3)

those * capital proceeds

those capital proceeds

19

Subsection 104-60(3)

those * capital proceeds

those capital proceeds

20

Subsection 104-110(3)

those * capital proceeds

those capital proceeds

21

Subsection 104-115(3)

those * capital proceeds

those capital proceeds

22

Subsection 104-130(3)

those * capital proceeds

those capital proceeds

23

Subsection 104-155(3)

those * capital proceeds

those capital proceeds

24

Subsection 116-45(1)

The * capital proceeds are

The capital proceeds are

25

Subsection 116-50(1)

* capital proceeds are not

capital proceeds are not

26

Subsection 124-782(4)

arrangement

* arrangement

27

Subsections 149-15(4) and (5)

* ultimate owner)

ultimate owner)

28

Paragraph 165-115A(1C)(a)

income tax return

* income tax return

29

Paragraph 165-115E(4)(a)

income tax return

* income tax return

30

Paragraph 165-115U(1D)(a)

income tax return

* income tax return

31

Subparagraph 166-3(2)(b)(ii)

* voting stakes, * dividend stakes and * capital stakes

voting stakes, dividend stakes and capital stakes

32

Section 214-185

income tax return

* income tax return

33

Paragraph 240-20(2)(b)

* arrangement

arrangement