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Tax and Superannuation Laws Amendment (2013 Measures No. 2) 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. 2) 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)......................................................................................... 3

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

Schedule 1—Definition of documentary                                                                   4

Income Tax Assessment Act 1997                                                                               4

Schedule 2—Ex-gratia payments for natural disasters                                    6

Part 1—Amendments commencing on Royal Assent                                    6

Income Tax Assessment Act 1997                                                                               6

Tax Laws Amendment (2011 Measures No. 1) Act 2011                                       8

Tax Laws Amendment (2012 Measures No. 1) Act 2012                                       8

Part 2—Sunsetting                                                                                                           9

Division 1—Repeal on 1 July 2016                                                                           9

Income Tax Assessment Act 1997                                                                               9

Division 2—Repeal on 1 July 2017                                                                           9

Income Tax Assessment Act 1997                                                                               9

Schedule 3—GST instalment system                                                                         10

A New Tax System (Goods and Services Tax) Act 1999                                       10

Schedule 4—Deductible gift recipients                                                                     11

Part 1—Amendments commencing on Royal Assent                                  11

Income Tax Assessment Act 1997                                                                             11

Part 2—Sunsetting                                                                                                         13

Division 1—Repeal on 1 July 2019                                                                         13

Income Tax Assessment Act 1997                                                                             13

Division 2—Repeal on 1 July 2023                                                                         13

Income Tax Assessment Act 1997                                                                             13

Schedule 5—Merging multiple accounts in a superannuation entity    14

Superannuation Industry (Supervision) Act 1993                                               14

Schedule 6—Government co-contribution for low income earners       17

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          17

Schedule 7—Consolidating the dependency tax offsets                                 19

Part 1—Main amendments                                                                                        19

Income Tax Assessment Act 1997                                                                             19

Part 2—Other amendments                                                                                       27

Income Tax Assessment Act 1936                                                                             27

Income Tax Assessment Act 1997                                                                             28

Part 3—Application of amendments                                                                    30

Schedule 8—Taxation of financial arrangements                                             31

Part 1—Core rules                                                                                                          31

Division 1—Attribution of costs                                                                               31

Income Tax Assessment Act 1997                                                                             31

Division 2—Interest                                                                                                    31

Income Tax Assessment Act 1997                                                                             31

Division 3—Consistency in working out gains or losses                                      32

Income Tax Assessment Act 1997                                                                             32

Part 2—Accruals/realisation methods                                                                  33

Division 1—Sufficiently certain particular gains or losses                                  33

Income Tax Assessment Act 1997                                                                             33

Division 2—Precedence of particular gains or losses                                           33

Income Tax Assessment Act 1997                                                                             33

Division 3—Spreading prepayments                                                                       34

Income Tax Assessment Act 1997                                                                             34

Division 4—Spreading single payment                                                                   35

Income Tax Assessment Act 1997                                                                             35

Division 5—Re-estimations                                                                                      36

Income Tax Assessment Act 1997                                                                             36

Division 6—Impairments and reversals                                                                 37

Income Tax Assessment Act 1997                                                                             37

Division 7—Running balancing adjustments                                                        39

Income Tax Assessment Act 1997                                                                             39

Division 8—Ceasing of rights or obligations                                                          40

Income Tax Assessment Act 1997                                                                             40

Part 3—Fair value method                                                                                         42

Income Tax Assessment Act 1997                                                                             42

Part 4—Hedging financial arrangements method                                          44

Division 1—One in all in principle                                                                            44

Income Tax Assessment Act 1997                                                                             44

Division 2—Hedging net investments in foreign operations                               47

Income Tax Assessment Act 1997                                                                             47

Part 5—Transitional balancing adjustments                                                      49

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009         49

Part 6—Elective requirements                                                                                 51

Income Tax Assessment Act 1997                                                                             51

Part 7—Miscellaneous amendments                                                                     52

Division 1—Consistency of language                                                                     52

Income Tax Assessment Act 1997                                                                             52

Division 2—Other amendments                                                                               52

Income Tax Assessment Act 1997                                                                             52

 



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. 2) 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

The day this Act receives the Royal Assent.

 

3.  Schedule 2, Part 1

The day this Act receives the Royal Assent.

 

4.  Schedule 2, Part 2, Division 1

1 July 2016.

1 July 2016

5.  Schedule 2, Part 2, Division 2

1 July 2017.

1 July 2017

6.  Schedule 3

The day this Act receives the Royal Assent.

 

7.  Schedule 4, Part 1

The day this Act receives the Royal Assent.

 

8.  Schedule 4, Part 2, Division 1

1 July 2019.

1 July 2019

9.  Schedule 4, Part 2, Division 2

1 July 2023.

1 July 2023

10.  Schedules 5 to 7

The day this Act receives the Royal Assent.

 

11.  Schedule 8

Immediately after the commencement of item 1 of Schedule 3 to the Tax Laws Amendment (2010 Measures No. 4) Act 2010 .

26 March 2009

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 on or before the day this section commences; and

                     (b)  the amendment is made within 2 years after that day; and

                     (c)  the amendment is made for the purpose of giving effect to Schedule 8 to this Act (Taxation of financial arrangements).