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Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008

2008

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (Taxation of Financial Arrangements) 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—Amendments                                                                                                 3

Part 1—Main amendments                                                                                          3

Income Tax Assessment Act 1997                                                                               3

Part 2—Consequential amendments                                                                   140

Income Tax Assessment Act 1936                                                                           140

Income Tax Assessment Act 1997                                                                           144

Income Tax (Transitional Provisions) Act 1997                                                 155

Taxation Administration Act 1953                                                                        156

Part 3—Application and transitional provisions                                           158

Part 4—Amendments relating to Division 775                                             165

Income Tax Assessment Act 1997                                                                           165

New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003            166

 



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 (Taxation of Financial Arrangements) 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.  Schedule 1, Parts 1, 2 and 3

The day on which this Act receives the Royal Assent.

 

3.  Schedule 1, Part 4

Immediately after the commencement of the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 .

17 December 2003

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.