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Tax 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 Laws Amendment (2013 Measures No. 1) Bill 2013

 

No.      , 2013

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

4............ Amendment of assessments................................................................ 2

Schedule 1—Strengthening scrip for scrip roll-over, small business entity and other concessions           4

Part 1—Scrip for scrip roll-over                                                                                4

Income Tax Assessment Act 1997                                                                               4

Part 2—Meaning of connected with an entity                                                  5

Income Tax Assessment Act 1997                                                                               5

Part 3—Entity making the gain or loss                                                                  6

Income Tax Assessment Act 1997                                                                               6

Schedule 2—Ex-gratia payments for natural disasters                                  10

Income Tax Assessment Act 1997                                                                             10

Schedule 3—Deductible gift categories                                                                    11

Income Tax Assessment Act 1997                                                                             11

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax 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

The day after this Act receives the Royal Assent.

 

3.  Schedule 2

The later of:

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

(b) immediately after the commencement of Part 1 of Schedule 2 to the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 .

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

 

4.  Schedule 3

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

             (1)  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 Part 1 or 2 of Schedule 1 to this Act; 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 that Part.

             (2)  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 subitem 20(2) of Schedule 1 to this Act; 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 a choice made under that subitem.

Note:          Schedule 1 to this Act deals with the scrip for scrip roll-over, small business entity and other concessions.