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Bill
- Schedule 1—Film tax offsets
- Schedule 2—Capital protected borrowings
- Schedule 3—Extending CGT exemption for certain compulsory acquisitions
- Schedule 4—Deductions in relation to benefits for terminal medical conditions
- Schedule 5—Non-profit sub-entities
- Schedule 6—Running balance accounts
- Schedule 7—Education expenses tax offset (uniforms)
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:
This Act may be cited as the Tax Laws Amendment (2010 Measures No. 5) Act 2011 .
(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 to 4 |
The day this Act receives the Royal Assent. |
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3. Schedule 5 |
The day after this Act receives the Royal Assent. |
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4. Schedule 6 |
1 July 2011. |
1 July 2011 |
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5. 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.
(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.