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Tax Laws Amendment (2011 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 (2011 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

Schedule 1—Primary producers’ income averaging and farm management deposits     3

Part 1—Primary producers’ income averaging                                                  3

Income Tax Assessment Act 1997                                                                               3

Part 2—Farm management deposits                                                                       6

Income Tax Assessment Act 1936                                                                               6

Income Tax Assessment Act 1997                                                                               6

Income Tax (Transitional Provisions) Act 1997                                                     8

Part 3—Application provision                                                                                 10

Schedule 2—Interim changes to the taxation of trust income                    11

Part 1—Main amendments                                                                                        11

Income Tax Assessment Act 1936                                                                             11

Income Tax Assessment Act 1997                                                                             20

Part 2—Consequential amendments                                                                     33

Income Tax Assessment Act 1936                                                                             33

Income Tax Assessment Act 1997                                                                             35

Part 3—Application provision                                                                                 37

Schedule 3—National Rental Affordability Scheme                                       39

Part 1—National Rental Affordability Scheme Tax Offset                     39

Division 1—NRAS consortiums                                                                               39

Income Tax Assessment Act 1997                                                                             39

Division 2—Elections by NRAS approved participants                                      44

Income Tax Assessment Act 1997                                                                             44

Part 2—Other incentives                                                                                            52

Income Tax Assessment Act 1997                                                                             52

Part 3—Definitions                                                                                                       53

Income Tax Assessment Act 1997                                                                             53

Schedule 4—Phasing out the dependent spouse tax offset                          55

Income Tax Assessment Act 1936                                                                             55

Income Tax Assessment Act 1997                                                                             61

Schedule 5—Car fringe benefits                                                                                  62

Part 1—Amendments commencing on Royal Assent                                  62

Fringe Benefits Tax Assessment Act 1986                                                              62

Part 2—Amendments commencing on 1 April 2016                                   65

Fringe Benefits Tax Assessment Act 1986                                                              65

 



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. 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 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day this Act receives the Royal Assent.

 

3.  Schedule 3, Part 1, Division 1

The day this Act receives the Royal Assent.

 

4.  Schedule 3, Part 1, Division 2

The day after this Act receives the Royal Assent.

 

5.  Schedule 3, Parts 2 and 3

The day this Act receives the Royal Assent.

 

6.  Schedule 4

The day this Act receives the Royal Assent.

 

7.  Schedule 5, Part 1

The day this Act receives the Royal Assent.

 

8.  Schedule 5, Part 2

1 April 2016.

1 April 2016

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.