Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax and Superannuation Laws Amendment (2013 Measures No. 1) 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)......................................................................................... 4

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

Schedule 1—Interest on unclaimed money                                                              6

Part 1—Superannuation                                                                                                6

Income Tax Assessment Act 1997                                                                               6

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007              8

Superannuation (Unclaimed Money and Lost Members) Act 1999                    8

Part 2—Other amendments                                                                                       10

Income Tax Assessment Act 1997                                                                             10

Schedule 2—Airline transport fringe benefits                                                     11

Fringe Benefits Tax Assessment Act 1986                                                              11

Schedule 3—Rural water use                                                                                         16

Income Tax Assessment Act 1997                                                                             16

Schedule 5—Loss carry back                                                                                         24

Part 1—Main amendments                                                                                        24

Income Tax Assessment Act 1997                                                                             24

Income Tax (Transitional Provisions) Act 1997                                                   31

Part 2—Ascertainment of totals of tax offset refunds                                33

Division 1—Amendments relating to the 2012-13 income year                        33

Income Tax Assessment Act 1997                                                                             33

Income Tax (Transitional Provisions) Act 1997                                                   33

Division 2—Amendments applying from the 2013-14 year of income           37

Income Tax Assessment Act 1936                                                                             37

Income Tax (Transitional Provisions) Act 1997                                                   41

Taxation Administration Act 1953                                                                          42

Division 3—Taxation Administration Act 1953                                                   42

Part 3—Anti-avoidance                                                                                              44

Income Tax Assessment Act 1936                                                                             44

Schedule 6—Loss carry back consequential amendments                           47

Part 1—Concepts and definitions                                                                          47

Income Tax Assessment Act 1936                                                                             47

Income Tax Assessment Act 1997                                                                             47

Income Tax (Transitional Provisions) Act 1997                                                   53

Taxation Administration Act 1953                                                                          53

Part 2—Other amendments                                                                                       55

Income Tax Assessment Act 1936                                                                             55

Income Tax Assessment Act 1997                                                                             55

Taxation Administration Act 1953                                                                          58

Schedule 7—Miscellaneous amendments                                                                59

Part 1—Resource rent taxation                                                                               59

Income Tax Assessment Act 1997                                                                             59

Minerals Resource Rent Tax Act 2012                                                                   60

Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012                74

Petroleum Resource Rent Tax Assessment Act 1987                                            75

Taxation Administration Act 1953                                                                          93

Taxation (Interest on Overpayments and Early Payments) Act 1983               96

Part 2—General amendments                                                                                  98

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999   98

Crimes (Taxation Offences) Act 1980                                                                     98

Excise Tariff Amendment (Condensate) Act 2011                                                98

Fringe Benefits Tax Assessment Act 1986                                                              98

Fuel Tax Act 2006                                                                                                      98

Income Tax Assessment Act 1936                                                                             98

Income Tax Assessment Act 1997                                                                             99

Income Tax Rates Act 1986                                                                                     100

New Business Tax System (Former Subsidiary Tax Imposition) Act 1999     101

New Business Tax System (Venture Capital Deficit Tax) Act 2003                 102

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012     102

Taxation Administration Act 1953                                                                        102

Taxation (Interest on Overpayments and Early Payments) Act 1983             102

Tax Laws Amendment (2011 Measures No. 9) Act 2012                                   102

Tax Laws Amendment (Income Tax Rates) Act 2012                                          103

Part 3—Asterisking amendments                                                                         105

Income Tax Assessment Act 1997                                                                           105

 



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 and Superannuation Laws Amendment (2013 Measures No. 1) 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.  Schedule 1, Part 1

The day this Act receives the Royal Assent.

 

3.  Schedule 1, Part 2

1 July 2013.

1 July 2013

4.  Schedule 2

The later of:

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

(b) immediately after the commencement of Schedule 7 to the Tax Laws Amendment (2012 Measures No. 6) Act 2013 .

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

 

5.  Schedule 3

The day this Act receives the Royal Assent.

 

8.  Schedule 5, Part 1

The day after this Act receives the Royal Assent.

 

9.  Schedule 5, Part 2, Division 1

The day after this Act receives the Royal Assent.

 

10.  Schedule 5, Part 2, Divisions 2 and 3

1 July 2013.

1 July 2013

11.  Schedule 5, items 28 to 34

The day after this Act receives the Royal Assent.

 

12.  Schedule 5, item 35

The later of:

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

(b) immediately after the commencement of item 5 of Schedule 1 to the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 .

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

 

13.  Schedule 5, items 36 to 38

The day after this Act receives the Royal Assent.

 

14.  Schedule 6

The day after this Act receives the Royal Assent.

 

15.  Schedule 7, items 1 to 136

Immediately after the commencement of the Minerals Resource Rent Tax Act 2012 .

1 July 2012

16.  Schedule 7, item 137

Immediately after the commencement of Part 2 of Schedule 2 to the Petroleum Resource Rent Tax Assessment Amendment Act 2012 .

29 September 2012

17.  Schedule 7, items 138 to 193

Immediately after the commencement of the Minerals Resource Rent Tax Act 2012 .

1 July 2012

18.  Schedule 7, item 194

Immediately after the commencement of Schedule 2 to the Clean Energy (Tax Laws Amendments) Act 2011 .

1 July 2012

19.  Schedule 7, item 195

The day this Act receives the Royal Assent.

 

20.  Schedule 7, item 196

Immediately after the commencement of the Excise Tariff Amendment (Condensate) Act 2011 .

24 November 2011

21.  Schedule 7, items 197 to 223

The day this Act receives the Royal Assent.

 

22.  Schedule 7, item 224

Immediately after the commencement of item 1 of Schedule 2 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 .

31 January 2013

23.  Schedule 7, items 225 to 228

The day this Act receives the Royal Assent.

 

24.  Schedule 7, item 229

Immediately after the commencement of item 14 of Schedule 1 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 .

22 March 2012

25.  Schedule 7, items 230 to 233

Immediately after the commencement of Division 2 of Part 25 of Schedule 6 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 .

21 March 2012

26.  Schedule 7, items 234 to 242

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 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 items 204 to 208 of Schedule 7 (Miscellaneous amendments) to this Act.