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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013
No. , 2013
(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)......................................................................................... 4
4............ Amendment of assessments................................................................ 5
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 4—Self managed superannuation funds and related parties 24
Part 1—Main amendments 24
Superannuation Industry (Supervision) Act 1993 24
Part 2—Administrative penalties 30
Superannuation Industry (Supervision) Act 1993 30
Schedule 5—Loss carry back 31
Part 1—Main amendments 31
Income Tax Assessment Act 1997 31
Income Tax (Transitional Provisions) Act 1997 38
Part 2—Ascertainment of totals of tax offset refunds 40
Division 1—Amendments relating to the 2012-13 income year 40
Income Tax Assessment Act 1997 40
Income Tax (Transitional Provisions) Act 1997 40
Division 2—Amendments applying from the 2013-14 year of income 44
Income Tax Assessment Act 1936 44
Income Tax (Transitional Provisions) Act 1997 48
Taxation Administration Act 1953 49
Division 3—Taxation Administration Act 1953 49
Part 3—Anti-avoidance 51
Income Tax Assessment Act 1936 51
Schedule 6—Loss carry back consequential amendments 54
Part 1—Concepts and definitions 54
Income Tax Assessment Act 1936 54
Income Tax Assessment Act 1997 54
Income Tax (Transitional Provisions) Act 1997 60
Taxation Administration Act 1953 60
Part 2—Other amendments 62
Income Tax Assessment Act 1936 62
Income Tax Assessment Act 1997 62
Taxation Administration Act 1953 65
Schedule 7—Miscellaneous amendments 66
Part 1—Resource rent taxation 66
Income Tax Assessment Act 1997 66
Minerals Resource Rent Tax Act 2012 67
Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 81
Petroleum Resource Rent Tax Assessment Act 1987 82
Taxation Administration Act 1953 100
Taxation (Interest on Overpayments and Early Payments) Act 1983 103
Part 2—General amendments 105
A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 105
Crimes (Taxation Offences) Act 1980 105
Excise Tariff Amendment (Condensate) Act 2011 105
Fringe Benefits Tax Assessment Act 1986 105
Fuel Tax Act 2006 105
Income Tax Assessment Act 1936 105
Income Tax Assessment Act 1997 106
Income Tax Rates Act 1986 107
New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 108
New Business Tax System (Venture Capital Deficit Tax) Act 2003 109
Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 109
Taxation Administration Act 1953 109
Taxation (Interest on Overpayments and Early Payments) Act 1983 109
Tax Laws Amendment (2011 Measures No. 9) Act 2012 109
Tax Laws Amendment (Income Tax Rates) Act 2012 110
Part 3—Asterisking amendments 112
Income Tax Assessment Act 1997 112
A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 .
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1, Part 1 |
The day this Act receives the Royal Assent. |
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3. Schedule 1, Part 2 |
1 July 2013. |
1 July 2013 |
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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. |
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5. Schedule 3 |
The day this Act receives the Royal Assent. |
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6. Schedule 4, Part 1 |
1 July 2013. |
1 July 2013 |
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7. Schedule 4, Part 2 |
The later of: (a) immediately after the commencement of the provision(s) covered by table item 6; and (b) immediately after the commencement of item 23 of Schedule 3 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Act 2013 . However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. |
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8. Schedule 5, Part 1 |
The day after this Act receives the Royal Assent. |
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9. Schedule 5, Part 2, Division 1 |
The day after this Act receives the Royal Assent. |
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10. Schedule 5, Part 2, Divisions 2 and 3 |
1 July 2013. |
1 July 2013 |
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11. Schedule 5, items 28 to 34 |
The day after this Act receives the Royal Assent. |
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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. |
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The day after this Act receives the Royal Assent. |
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14. Schedule 6 |
The day after this Act receives the Royal Assent. |
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15. Schedule 7, items 1 to 136 |
Immediately after the commencement of the Minerals Resource Rent Tax Act 2012 . |
1 July 2012 |
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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 |
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17. Schedule 7, items 138 to 193 |
Immediately after the commencement of the Minerals Resource Rent Tax Act 2012 . |
1 July 2012 |
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18. Schedule 7, item 194 |
Immediately after the commencement of Schedule 2 to the Clean Energy (Tax Laws Amendments) Act 2011 . |
1 July 2012 |
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19. Schedule 7, item 195 |
The day this Act receives the Royal Assent. |
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20. Schedule 7, item 196 |
Immediately after the commencement of the Excise Tariff Amendment (Condensate) Act 2011 . |
24 November 2011 |
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21. Schedule 7, items 197 to 223 |
The day this Act receives the Royal Assent. |
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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 |
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23. Schedule 7, items 225 to 228 |
The day this Act receives the Royal Assent. |
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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 |
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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 |
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26. Schedule 7, items 234 to 242 |
The day this Act receives the Royal Assent. |
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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.
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.
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.