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Tax Laws Amendment (2012 Measures No. 6) Bill 2012

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2012 Measures No. 6) Bill 2013

 

No.      , 2013

 

 

 

 

 

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)......................................................................................... 2

4............ Amendment of assessments................................................................ 2

Schedule 1—Tax treatment of native title benefits                                             4

Part 1—Main amendments                                                                                          4

Income Tax Assessment Act 1936                                                                               4

Income Tax Assessment Act 1997                                                                               4

Part 2—Other amendments                                                                                         8

Income Tax Assessment Act 1936                                                                               8

Income Tax Assessment Act 1997                                                                               9

Schedule 2—Deductible gift recipients                                                                     10

Income Tax Assessment Act 1997                                                                             10

Schedule 3—Geothermal energy                                                                                  12

Income Tax Assessment Act 1997                                                                             12

Schedule 4—Extension of interim streaming provisions for managed investment trusts               19

Tax Laws Amendment (2011 Measures No. 5) Act 2011                                     19

Schedule 5—Rebate for medical expenses                                                             20

Income Tax Assessment Act 1936                                                                             20

Schedule 6—Limited recourse debt                                                                           26

Income Tax Assessment Act 1997                                                                             26

Schedule 7—In-house fringe benefits under salary packaging arrangements      28

Fringe Benefits Tax Assessment Act 1986                                                              28

Schedule 8—Miscellaneous amendments                                                                31

Part 1—Amendments of superannuation regulations                                  31

Retirement Savings Accounts Regulations 1997                                                  31

Superannuation Industry (Supervision) Regulations 1994                               31

Part 2—Other amendments of taxation laws                                                   33

A New Tax System (Goods and Services Tax) Act 1999                                       33

Fringe Benefits Tax Assessment Act 1986                                                              34

Income Tax Assessment Act 1997                                                                             35

Taxation Administration Act 1953                                                                          36

Tax Laws Amendment (2009 Measures No. 2) Act 2009                                     36

 



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 (2012 Measures No. 6) Act 2013 .

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.  Schedules 1 to 7

The day this Act receives the Royal Assent.

 

3.  Schedule 8, Part 1

1 July 2007.

1 July 2007

4.  Schedule 8, Part 2

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)

             (1)  Each Act, and each set of regulations, 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.

             (2)  The amendment of any regulation under subsection (1) does not prevent the regulation, as so amended, from being amended or repealed by the Governor-General.

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 purposes of giving effect to Part 1 of Schedule 1 (about the tax treatment of native title benefits) to this Act.