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Tax Laws Amendment (2011 Measures No. 4) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2011 Measures No. 4) Bill 2011

 

No.      , 2011

 

(Treasury)

 

 

 

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................................................................ 3

Schedule 1—Reduction in 2011-12 PAYG instalments                                    4

Part 1—Main amendments                                                                                          4

Division 1—Taxation Administration Act 1953                                                     4

Division 2—Tax Laws Amendment (2009 Measures No. 3) Act 2009              4

Part 2—Sunsetting on 1 July 2016                                                                          6

Taxation Administration Act 1953                                                                            6

Part 3—Application provision                                                                                   7

Schedule 2—Low-income taxpayer rebate                                                              8

Income Tax Assessment Act 1936                                                                               8

Income Tax Assessment Act 1997                                                                               8

Schedule 3—Disability superannuation benefits                                                10

Part 1—Deductible percentage of insurance premiums                              10

Division 1—Deductions for insurance premiums                                                 10

Income Tax Assessment Act 1997                                                                             10

Division 2—Deductions for self-insurance                                                             11

Income Tax Assessment Act 1997                                                                             11

Part 2—Definition of disability superannuation benefits                          13

Division 1—Main provisions                                                                                    13

Income Tax Assessment Act 1997                                                                             14

Income Tax (Transitional Provisions) Act 1997                                                   14

Division 2—Sunsetting on 1 January 2017                                                            16

Income Tax (Transitional Provisions) Act 1997                                                   16

Schedule 4—Reportable employer superannuation contributions         17

Taxation Administration Act 1953                                                                          17



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 (2011 Measures No. 4) 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.  Schedule 1, Part 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 2

1 July 2016.

1 July 2016

4.  Schedule 1, Part 3

The day after this Act receives the Royal Assent.

 

5.  Schedule 2

The day this Act receives the Royal Assent.

 

6.  Schedule 3, Part 1

The day this Act receives the Royal Assent.

 

7.  Schedule 3, Part 2, Division 1

The day this Act receives the Royal Assent.

 

8.  Schedule 3, Part 2, Division 2

1 January 2017.

1 January 2017

9.  Schedule 4

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 item 8 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 item.