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Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

 

No.      , 2011

 

(Treasury)

 

 

 

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)......................................................................................... 3

Schedule 1—Entrepreneurs’ tax offset                                                                      4

Income Tax Assessment Act 1997                                                                               4

Income Tax (Transitional Provisions) Act 1997                                                     4

Taxation Administration Act 1953                                                                            4

Schedule 2—Increase to the small business instant asset write-off threshold         6

Part 1—Amendments contingent on the Minerals Resource Rent Tax 6

Income Tax Assessment Act 1997                                                                               6

Income Tax (Transitional Provisions) Act 1997                                                   13

Part 2—Amendments contingent on the Clean Energy package           14

Income Tax Assessment Act 1997                                                                             14

Schedule 3—Small business entities’ deductions for motor vehicles      15

Income Tax Assessment Act 1997                                                                             15

Schedule 4—Low income superannuation contribution                               17

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          17

 



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 (Stronger, Fairer, Simpler and Other Measures) 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.  Schedule 1

The day this Act receives the Royal Assent.

 

3.  Schedule 2, Part 1

The latest of the following:

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

(b) the day the Minerals Resource Rent Tax Act 2011 receives the Royal Assent;

(c) the day the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2011 receives the Royal Assent;

(d) the day the Minerals Resource Rent Tax (Imposition—General) Act 2011 receives the Royal Assent;

(e) the day the Minerals Resource Rent Tax (Imposition—Customs) Act 2011 receives the Royal Assent;

(f) the day the Minerals Resource Rent Tax (Imposition—Excise) Act 2011 receives the Royal Assent.

However, the provision(s) do not commence at all unless all the events mentioned in paragraphs (a) to (f) occur.

 

4.  Schedule 2, Part 2

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 3; and

(b) the start of the day the Clean Energy Act 2011 receives the Royal Assent.

However, the provision(s) do not commence at all unless both of the events mentioned in paragraphs (a) and (b) occur.

 

5.  Schedule 3

The day this Act receives the Royal Assent.

 

6.  Schedule 4

The latest of the following:

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

(b) the day the Minerals Resource Rent Tax Act 2011 receives the Royal Assent;

(c) the day the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2011 receives the Royal Assent;

(d) the day the Minerals Resource Rent Tax (Imposition—General) Act 2011 receives the Royal Assent;

(e) the day the Minerals Resource Rent Tax (Imposition—Customs) Act 2011 receives the Royal Assent;

(f) the day the Minerals Resource Rent Tax (Imposition—Excise) Act 2011 receives the Royal Assent.

However, the provision(s) do not commence at all unless all the events mentioned in paragraphs (a) to (f) occur.

 

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.