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Tax Laws Amendment (2012 Measures No. 2) Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2012 Measures No. 2) Bill 2012

 

No.      , 2012

 

(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)......................................................................................... 3

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

Schedule 1—Companies’ non-compliance with PAYG withholding and superannuation guarantee obligations                                                                                                      4

Part 1—Recovery of penalties                                                                                   4

Division 1—Amendments applying to future and undischarged penalties        4

Taxation Administration Act 1953                                                                            4

Division 2—Penalties for new directors                                                                    7

Taxation Administration Act 1953                                                                            7

Division 3—Remission of penalties                                                                           7

Taxation Administration Act 1953                                                                            7

Part 2—Credits                                                                                                                10

Income Tax Assessment Act 1997                                                                             10

Taxation Administration Act 1953                                                                          10

Taxation (Interest on Overpayments and Early Payments) Act 1983               26

Part 3—Superannuation guarantee charge                                                         29

Division 1—Estimates                                                                                                29

Corporations Act 2001                                                                                              29

Superannuation Guarantee (Administration) Act 1992                                     31

Taxation Administration Act 1953                                                                          31

Division 2—Penalties                                                                                                 35

Superannuation Guarantee (Administration) Act 1992                                     35

Taxation Administration Act 1953                                                                          35

Schedule 2—Consolidation and TOFA                                                                   39

Income Tax Assessment Act 1997                                                                             39

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009         40

Schedule 3—Consolidation                                                                                              44

Part 1—Pre rules                                                                                                             44

Income Tax Assessment Act 1997                                                                             44

Part 2—Interim rules                                                                                                    50

Income Tax Assessment Act 1997                                                                             50

Part 3—Prospective rules                                                                                           58

Income Tax Assessment Act 1997                                                                             58

Part 4—Application                                                                                                      62

Schedule 4—MIT withholding tax rate                                                                   65

Taxation Administration Act 1953                                                                          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 (2012 Measures No. 2) Act 2012 .

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

The later of:

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

(b) the day the Pay As You Go Withholding Non-compliance Tax Act 2012 receives the Royal Assent.

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

 

4.  Schedule 1, Part 3, Division 1

The day after this Act receives the Royal Assent.

 

5.  Schedule 1, Part 3, Division 2

Immediately after the commencement of the provision(s) covered by table item 3.

 

6.  Schedule 2

Immediately after the commencement of Parts 1, 2 and 3 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009.

26 March 2009

7.  Schedule 3, Part 1

The day this Act receives the Royal Assent.

 

8.  Schedule 3, Part 2

Immediately after the commencement of the provision(s) covered by table item 7.

 

9.  Schedule 3, Part 3

Immediately after the commencement of the provision(s) covered by table item 8.

 

10.  Schedule 3, Part 4

The day this Act receives the Royal Assent.

 

11.  Schedule 4

At the same time as the Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2012 commences.

 

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 this section; 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 Schedule 2 or 3 to this Act.