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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

 

 

 

 

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:

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.

 

6.  Schedule 4, Part 1

1 July 2013.

1 July 2013

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.

 

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.