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Tax Laws Amendment (2010 Measures No. 5) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2010 Measures No. 5) Bill 2011

 

No.      , 2011

 

 

 

 

 

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

4............ Amendment of assessments................................................................ 2

Schedule 1—Film tax offsets                                                                                            4

Income Tax Assessment Act 1997                                                                               4

Schedule 2—Capital protected borrowings                                                            6

Income Tax Assessment Act 1997                                                                               6

Income Tax (Transitional Provisions) Act 1997                                                     7

Schedule 3—Extending CGT exemption for certain compulsory acquisitions      12

Income Tax Assessment Act 1997                                                                             12

Schedule 4—Deductions in relation to benefits for terminal medical conditions                 21

Income Tax Assessment Act 1997                                                                             21

Schedule 5—Non-profit sub-entities                                                                          23

A New Tax System (Goods and Services Tax) Act 1999                                       23

Schedule 6—Running balance accounts                                                                 25

Taxation Administration Act 1953                                                                          25

Schedule 7—Education expenses tax offset (uniforms)                                 26

Income Tax Assessment Act 1997                                                                             26

 



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. 5) Act 2011 .

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 to 4

The day this Act receives the Royal Assent.

 

3.  Schedule 5

The day after this Act receives the Royal Assent.

 

4.  Schedule 6

1 July 2011.

1 July 2011

5.  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

             (1)  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 Schedule 2 to this Act; and

                     (b)  the amendment is made within 2 years after that commencement; and

                     (c)  the amendment is made for the purpose of giving effect to that Schedule.

             (2)  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 Schedule 3 to this Act; and

                     (b)  the amendment is made within 2 years after that commencement; and

                     (c)  the amendment is made for the purpose of giving effect to that Schedule.

             (3)  Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment, after the end of the period mentioned in paragraph (2)(b), of an assessment of your income tax if:

                     (a)  you requested the amendment before the end of that period; and

                     (b)  the amendment is made for the purpose of giving effect to Schedule 3.