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Tax Laws Amendment (2011 Measures No. 2) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2011 Measures No. 2) Bill 2011

 

No.      , 2011

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 4

Schedule 1—Deductible gift recipients                                                                       5

Part 1—Amendments commencing on 1 January 2011                                5

Income Tax Assessment Act 1997                                                                               5

Part 2—Amendments commencing on Royal Assent                                    6

Income Tax Assessment Act 1997                                                                               6

Part 3—Sunsetting on 1 July 2016                                                                          7

Income Tax Assessment Act 1997                                                                               7

Schedule 2—Self managed superannuation funds                                             8

Superannuation Industry (Supervision) Act 1993                                                 8

Schedule 3—Use of TFNs for superannuation purposes                             10

Part 1—Amendments commencing on 1 July 2011                                      10

Retirement Savings Accounts Act 1997                                                                  10

Superannuation Industry (Supervision) Act 1993                                               11

Part 2—Amendments commencing on Proclamation                                  13

Retirement Savings Accounts Act 1997                                                                  13

Superannuation Industry (Supervision) Act 1993                                               14

Schedule 4—GST: payments of taxes, fees and charges                               16

A New Tax System (Goods and Services Tax) Act 1999                                       16

A New Tax System (Luxury Car Tax) Act 1999                                                      20

Schedule 5—Other amendments                                                                                  22

Part 1—A New Tax System (Goods and Services Tax) Act 1999       22

Part 2—Approved worker entitlement funds                                                  23

Fringe Benefits Tax Assessment Act 1986                                                              23

Income Tax Assessment Act 1997                                                                             24

Taxation Administration Act 1953                                                                          24

Part 3—Confidentiality of taxpayer Information                                          27

Division 1—Main amendments                                                                               27

Income Tax Assessment Act 1936                                                                             27

Income Tax Assessment Act 1997                                                                             27

Taxation Administration Act 1953                                                                          28

Division 2—Amendment contingent on the Human Services Legislation Amendment Act 2011    28

Taxation Administration Act 1953                                                                          28

Part 4—Employee share schemes                                                                           29

Division 1—Income Tax Assessment Act 1997                                                   29

Division 2—Income Tax (Transitional Provisions) Act 1997                             30

Division 3—Minor amendment                                                                               31

Income Tax Assessment Act 1997                                                                             31

Part 5—General interest charge                                                                              32

Taxation Administration Act 1953                                                                          32

Part 6—Deductible gift recipients                                                                         38

Division 1—Amendments commencing on Royal Assent                                  38

Income Tax Assessment Act 1997                                                                             38

Division 2—Amendments commencing on 1 July 2011                                     39

Income Tax Assessment Act 1997                                                                             39

Division 3—Other amendment                                                                                40

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006                40

Part 7—Section 23AB of the Income Tax Assessment Act 1936         41

Income Tax Assessment Act 1936                                                                             41

Part 8—Definitions and signposts to related material                                 42

Income Tax Assessment Act 1936                                                                             42

Part 9—Repeal of redundant reference to Papua New Guinea              43

Income Tax Assessment Act 1936                                                                             43

Part 10—Repeal of redundant references to franking                                 44

Income Tax Assessment Act 1936                                                                             44

Part 11—Correction of cross-reference in provision about dividend streaming etc.          45

Income Tax Assessment Act 1936                                                                             45

Part 12—Minor changes to provisions about concessional rebates       46

Income Tax Assessment Act 1936                                                                             46

Part 13—Fixing outdated references to Medicare levy                              47

Income Tax Assessment Act 1997                                                                             47

Part 14—Repeal of references to previously repealed provisions          48

Income Tax Assessment Act 1997                                                                             48

Part 15—Correction of asterisking of reference to tax debts                  49

Income Tax Assessment Act 1997                                                                             49

Part 16—Repeal of outdated provisions about exemption from income tax         50

Income Tax Assessment Act 1936                                                                             50

Income Tax Assessment Act 1997                                                                             50

Part 17—Correction of asterisking of references to quarter                     51

Income Tax Assessment Act 1997                                                                             51

Part 18—Inclusion of Commissioner’s discretion to extend main residence exemption from CGT          52

Income Tax Assessment Act 1997                                                                             52

Part 19—Nomination of controllers of discretionary trust                        53

Income Tax Assessment Act 1997                                                                             53

Part 20—Definitions mainly relevant to Subdivision 165-F of the Income Tax Assessment Act 1997 57

Income Tax Assessment Act 1997                                                                             57

Taxation Administration Act 1953                                                                          62

Part 21—Removal of definition from imputation provisions                  63

Income Tax Assessment Act 1997                                                                             63

Part 22—Correction of outdated references to virtual PST assets        65

Income Tax Assessment Act 1997                                                                             65

Part 23—Repeal of spent provisions about land transport facilities borrowings 66

Income Tax Assessment Act 1997                                                                             66

Part 24—Prevention of double counting for direct value shifts             67

Income Tax Assessment Act 1997                                                                             67

Part 25—Ineligible income tax remission decisions                                      69

Taxation Administration Act 1953                                                                          69

Part 26—Correction of references to chains of fixed trusts                     70

Income Tax Assessment Act 1997                                                                             70

Part 27—Gender-specific language                                                                      71

Income Tax Assessment Act 1936                                                                             71

Part 28—Misdescribed amendments                                                                    87

Tax Laws Amendment (2010 Measures No. 1) Act 2010                                     87

Tax Laws Amendment (Transfer of Provisions) Act 2010                                   87

Part 29—References to Schedules                                                                        88

Family Trust Distribution Tax (Primary Liability) Act 1998                             88

Family Trust Distribution Tax (Secondary Liability) Act 1998                         88

Fringe Benefits Tax Assessment Act 1986                                                              88

Income Tax Assessment Act 1936                                                                             88

Income Tax Assessment Act 1997                                                                             89

Income Tax (Transitional Provisions) Act 1997                                                   90

Medicare Levy Act 1986                                                                                            90

Superannuation Contributions Tax (Assessment and Collection) Act 1997 91

Part 30—References to taxation laws                                                                  92

Income Tax Assessment Act 1997                                                                             92

Taxation Administration Act 1953                                                                          92

Part 31—Other amendments                                                                                    94

Income Tax Assessment Act 1936                                                                             94

Income Tax Assessment Act 1997                                                                             94

Income Tax (Transitional Provisions) Act 1997                                                   95

Superannuation Legislation Amendment Act 2010                                             95

Taxation Administration Act 1953                                                                          95

Taxation (Interest on Overpayments and Early Payments) Act 1983               95

Tax Laws Amendment (2007 Measures No. 5) Act 2007                                     96

 



A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (2011 Measures No. 2) 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.  Se ctions 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, Part 1

1 January 2011.

1 January 2011

3.  Schedule 1, Part 2

The day this Act receives the Royal Assent.

 

4.  Schedule 1, Part 3

1 July 2016.

1 July 2016

5.  Schedule 2

1 July 2011.

1 July 2011

6.  Schedule 3, Part 1

1 July 2011.

1 July 2011

7.  Schedule 3, Part 2

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 6; and

(b) the start of a single day to be fixed by Proclamation.

However, if any of the provision(s) do not commence before 1 January 2012, they commence on that day.

 

8.  Schedule 4

The day this Act receives the Royal Assent.

 

9.  Schedule 5, Part 1

The day this Act receives the Royal Assent.

 

10.  Schedule 5, Part 2

The day after this Act receives the Royal Assent.

 

11.  Schedule 5, Part 3, Division 1

The day after this Act receives the Royal Assent.

 

12.  Schedule 5, Part 3, Division 2

The later of:

(a) immediately after the start of the day after this Act receives the Royal Assent; and

(b) the commencement of Schedule 2 to the Human Services Legislation Amendment Act 2011 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

13.  Schedule 5, Parts 4 and 5

The day this Act receives the Royal Assent.

 

14.  Schedule 5, Part 6, Division 1

The day this Act receives the Royal Assent.

 

15.  Schedule 5, Part 6, Division 2

The later of:

(a) the day this Act receives the Royal Assent; and

(b) 1 July 2011.

 

16.  Schedule 5, Part 6, Division 3

Immediately after the commencement of item 15 of Schedule 3 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 .

1 January 2008

17.  Schedule 5, Parts 7 to 27

The day this Act receives the Royal Assent.

 

18.  Schedule 5, item 368

Immediately after the time specified in the Tax Laws Amendment (2010 Measures No. 1) Act 2010 for the commencement of item 105 of Schedule 5 to that Act.

3 June 2010

19.  Schedule 5, item 369

Immediately after the time specified in the Tax Laws Amendment (2010 Measures No. 1) Act 2010 for the commencement of item 173 of Schedule 5 to that Act.

3 June 2010

20.  Schedule 5, item 370

Immediately after the time specified in the Tax Laws Amendment (2010 Measures No. 1) Act 2010 for the commencement of item 201 of Schedule 5 to that Act.

3 June 2010

21.  Schedule 5, item 371

Immediately after the time specified in the Tax Laws Amendment (2010 Measures No. 1) Act 2010 for the commencement of item 11 of Schedule 6 to that Act.

3 June 2010

22.  Schedule 5, item 372

Immediately after the time specified in the Tax Laws Amendment (Transfer of Provisions) Act 2010 for the commencement of item 16 of Schedule 2 to that Act.

1 July 2010

23.  Schedule 5, Parts 29 to 31

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.