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Bill
- Schedule 1—Adjustments for third party payments
- Schedule 2—CGT treatment of water entitlements and termination fees
- Schedule 3—Taxation of financial arrangements
- Schedule 4—Scrip for scrip alignment
- Schedule 5—Medical expenses tax offset claim threshold
- Schedule 6—Deductible gift recipients
- Schedule 7—Extending gift deductibility to volunteer fire brigades
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:
This Act may be cited as the Tax Laws Amendment (2010 Measures No. 4) Act 2010 .
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedules 1 and 2 |
The day this Act receives the Royal Assent. |
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Immediately after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 . |
26 March 2009 |
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4. Schedule 3, item 95 |
The day this Act receives the Royal Assent. |
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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 |
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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 |
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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 |
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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 |
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9. Schedule 3, Parts 2 and 3 |
The day this Act receives the Royal Assent. |
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10. Schedules 4 and 5 |
The day this Act receives the Royal Assent. |
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11. Schedule 6, item 1 |
1 April 2010. |
1 April 2010 |
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12. Schedule 6, items 2, 3 and 4 |
The day this Act receives the Royal Assent. |
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13. Schedule 6, item 5 |
1 April 2010. |
1 April 2010 |
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14. Schedule 6, items 6 and 7 |
The day this Act receives the Royal Assent. |
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15. Schedule 7 |
The day this Act receives the Royal Assent. |
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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.
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.
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.