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Tax Laws Amendment (2010 Measures No. 4) Bill 2010

2010

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2010 Measures No. 4) Bill 2010

 

No.      , 2010

 

 

 

 

 

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)......................................................................................... 3

4............ Amendment of assessments................................................................ 3

Schedule 1—Adjustments for third party payments                                         4

A New Tax System (Goods and Services Tax) Act 1999                                         4

Schedule 2—CGT treatment of water entitlements and termination fees                5

Part 1—CGT roll-over for water entitlements                                                   5

Income Tax Assessment Act 1997                                                                               5

Part 2—CGT treatment of termination fees                                                     15

Income Tax Assessment Act 1997                                                                             15

Part 3—Application and transitional provisions                                             16

Schedule 3—Taxation of financial arrangements                                             18

Part 1—Taxation of financial arrangements amendments                         18

Income Tax Assessment Act 1936                                                                             18

Income Tax Assessment Act 1997                                                                             18

Tax Laws Amendment (2010 Measures No. 1) Act 2010                                     32

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009         33

Part 2—Extension of debt and equity transitional arrangements for Upper Tier 2 capital instruments   34

Part 3—Foreign currency amendments                                                               36

Income Tax Assessment Act 1997                                                                             36

Schedule 4—Scrip for scrip alignment                                                                     39

Part 1—Amendments                                                                                                   39

Income Tax Assessment Act 1997                                                                             39

Part 2—Application provision                                                                                 41

Schedule 5—Medical expenses tax offset claim threshold                            42

Income Tax Assessment Act 1936                                                                             42

Schedule 6—Deductible gift recipients                                                                     43

Income Tax Assessment Act 1997                                                                             43

Schedule 7—Extending gift deductibility to volunteer fire brigades     44

Income Tax Assessment Act 1997                                                                             44

Income Tax (Transitional Provisions) Act 1997                                                   45

 



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 (2010 Measures No. 4) Act 2010 .

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 4 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day this Act receives the Royal Assent.

 

3.  Schedule 3, items 1 to 94

Immediately after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 .

26 March 2009

4.  Schedule 3, item 95

The day this Act receives the Royal Assent.

 

5.  Schedule 3, items 96 to 130

Immediately after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 .

26 March 2009

6.  Schedule 3, item 131

Immediately after the commencement of Part 2 of Schedule 3 to the Tax Laws Amendment (Transfer of Provisions) Act 2010 .

1 July 2010

7.  Schedule 3, item 132

Immediately after the commencement of section 2 of the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

3 June 2010

8.  Schedule 3, items 133 and 134

Immediately after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 .

26 March 2009

9.  Schedule 3, Parts 2 and 3

The day this Act receives the Royal Assent.

 

10.  Schedules 4 and 5

The day this Act receives the Royal Assent.

 

11.  Schedule 6, item 1

1 April 2010.

1 April 2010

12.  Schedule 6, items 2, 3 and 4

The day this Act receives the Royal Assent.

 

13.  Schedule 6, item 5

1 April 2010.

1 April 2010

14.  Schedule 6, items 6 and 7

The day this Act receives the Royal Assent.

 

15.  Schedule 7

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in Column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be 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.

4   Amendment of assessments

                   Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:

                     (a)  the assessment was made before the commencement of this section; and

                     (b)  the amendment is made within 4 years after that commencement; and

                     (c)  the amendment is made for the purpose of giving effect to Part 3 of Schedule 3 to this Act.