2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2011 Measures No. 7) Bill 2011

 

No.      , 2011

 

 

 

 

 

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

   

   

Contents

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

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

3............ Schedule(s)......................................................................................... 2

4............ Amendment of assessments................................................................ 3

Schedule 1—Removing tax issues facing special disability trusts              4

Part 1—Extending CGT main residence exemption to special disability trusts   4

Income Tax Assessment Act 1997                                                                               4

Part 2—CGT exemption for assets transferred to special disability trusts              12

Income Tax Assessment Act 1997                                                                             12

Part 3—Extending definitions to cover veterans’ special disability trusts              13

Income Tax Assessment Act 1997                                                                             13

Schedule 2—Pacific Seasonal Worker Pilot Scheme                                       14

Part 1—Amendments commencing on Royal Assent                                  14

Income Tax Rates Act 1986                                                                                       14

Part 2—Amendments commencing on 1 July 2016                                      15

Income Tax Rates Act 1986                                                                                       15

Schedule 3—TOFA and PAYG instalments                                                         16

Part 1—Amendments                                                                                                   16

Taxation Administration Act 1953                                                                          16

Part 2—Application of amendments                                                                    17

Schedule 4—Notification of TOFA transitional elections                             20

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009         20

Schedule 5—Farm management deposits                                                               22

Part 1—Early repayments in the event of applicable natural disasters 22

Income Tax Assessment Act 1997                                                                             22

Part 2—Providers must report monthly                                                              24

Income Tax Assessment Act 1997                                                                             24

Taxation Administration Act 1953                                                                          24

Part 3—Owners may have farm management deposits with more than one FMD provider          25

Income Tax Assessment Act 1997                                                                             25

Part 4—Contacting owners before forfeiting FMD deposits as unclaimed money            26

Banking Act 1959                                                                                                       26

Schedule 6—Temporary loss relief for merging superannuation funds   27

Income Tax Assessment Act 1997                                                                             27

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                     27

Schedule 7—Penalty notice validation                                                                      29

Schedule 8—Ancillary funds                                                                                          30

Part 1—Public ancillary funds                                                                                 30

Division 1—Main amendments                                                                               30

A New Tax System (Australian Business Number) Act 1999                               30

Income Tax Assessment Act 1997                                                                             30

Taxation Administration Act 1953                                                                          31

Division 2—Amendments commencing on 1 July 2012                                     36

Taxation Administration Act 1953                                                                          36

Division 3—Transitional provisions                                                                        36

Part 2—Minor amendments                                                                                      39

Income Tax Assessment Act 1936                                                                             39

Taxation Administration Act 1953                                                                          39

Schedule 9—Film tax offsets                                                                                          40

Income Tax Assessment Act 1997                                                                             40

 

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

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (2011 Measures No. 7) 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	The day this Act receives the Royal Assent.
3.  Schedule 2, Part 1	The day this Act receives the Royal Assent.
4.  Schedule 2, Part 2	1 July 2016.	1 July 2016
5.  Schedule 3	The day this Act receives the Royal Assent.
6.  Schedule 4	The day after this Act receives the Royal Assent.
7.  Schedules 5 to 7	The day this Act receives the Royal Assent.
8.  Schedule 8, Part 1, Division 1	1 January 2012.	1 January 2012
9.  Schedule 8, Part 1, Division 2	1 July 2012.	1 July 2012
10.  Schedule 8, Part 1, Division 3	1 January 2012.	1 January 2012
11.  Schedule 8, Part 2	The day this Act receives the Royal Assent.
12.  Schedule 9	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 Schedule 1 (about special disability trusts) 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.