Download Word 
Download PDF Bill home page
Table Of Contents
Next Fragment
-
Bill
- Schedule 1—Definition of documentary
- Schedule 2—Ex-gratia payments for natural disasters
- Schedule 3—GST instalment system
- Schedule 4—Deductible gift recipients
- Schedule 5—Merging multiple accounts in a superannuation entity
- Schedule 6—Government co-contribution for low income earners
- Schedule 7—Consolidating the dependency tax offsets
- Schedule 8—Taxation of financial arrangements
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax and Superannuation Laws Amendment (2013 Measures No. 2) 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)......................................................................................... 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:
This Act may be cited as the Tax and Superannuation Laws Amendment (2013 Measures No. 2) 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.
|
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. |
|
|
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.
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 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).