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Tax Laws Amendment (2013 Measures No. 2) Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2013 Measures No. 2) Bill 2013

 

No.      , 2013

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation and the Tax Agent Services Act 2009 , and for other purposes

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 4

Schedule 1—Monthly PAYG instalments                                                                5

Part 1—Main amendments                                                                                          5

Taxation Administration Act 1953                                                                            5

Part 2—Consequential amendments                                                                     19

Income Tax Assessment Act 1997                                                                             19

Part 3—Application and transitional provisions                                             21

Schedule 2—Incentives for designated infrastructure projects                24

Part 1—Main amendments                                                                                        24

Income Tax Assessment Act 1936                                                                             24

Income Tax Assessment Act 1997                                                                             24

Part 2—Consequential amendments                                                                     46

Income Tax Assessment Act 1936                                                                             46

Income Tax Assessment Act 1997                                                                             48

Infrastructure Australia Act 2008                                                                           52

Part 3—Application of amendments                                                                    53

Income Tax (Transitional Provisions) Act 1997                                                   53

Part 4—Miscellaneous amendments                                                                     54

Division 1—Income Tax Assessment Act 1936                                                   54

Division 2—Income Tax Assessment Act 1997                                                   55

Schedule 3—Creating a regulatory framework for tax (financial) advice services            56

Part 1—Main amendments                                                                                        56

Tax Agent Services Act 2009                                                                                    56

Part 2—Consequential amendments                                                                     65

Income Tax Assessment Act 1997                                                                             65

Part 3—Transitional provisions                                                                               66

Schedule 4—Other amendments to the Tax Agent Services Act 2009 70

Schedule 5—Tax secrecy and transparency                                                         77

Part 1—Main amendments                                                                                        77

Taxation Administration Act 1953                                                                          77

Part 2—Consequential amendments                                                                     82

Income Tax Assessment Act 1997                                                                             82

Part 3—Application of amendments                                                                    83

Schedule 6—Petroleum resource rent tax                                                              84

Petroleum Resource Rent Tax Assessment Act 1987                                            84

Schedule 7—Removing CGT discount for foreign individuals                 89

Income Tax Assessment Act 1997                                                                             89

Schedule 8—Tax exemption for payments under Defence Abuse Reparation Scheme 97

Income Tax Assessment Act 1997                                                                             97

Schedule 9—GST-free treatment for National Disability Insurance Scheme funded supports 98

A New Tax System (Goods and Services Tax) Act 1999                                       98

Schedule 10—Deductible gift recipients                                                                100

Part 1—Main amendments                                                                                      100

Income Tax Assessment Act 1997                                                                           100

Tax Laws Amendment (2011 Measures No. 2) Act 2011                                   101

Part 2—The Charlie Perkins Scholarship Trust                                             102

Income Tax Assessment Act 1997                                                                           102

Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2013       102

Schedule 11—Miscellaneous amendments                                                           103

Part 1—Amendments commencing after the Australian Charities and Not-for-profits Commission Act 2012                                                                                                                  103

Income Tax Assessment Act 1997                                                                           103

Income Tax (Transitional Provisions) Act 1997                                                 103

Part 2—Amendment commencing after Schedule 1 to the Tax Laws Amendment (2012 Measures No. 6) Act 2013                                                                                                         104

Income Tax Assessment Act 1997                                                                           104

Income Tax (Transitional Provisions) Act 1997                                                 104

Part 3—Fringe Benefits Tax                                                                                   106

Fringe Benefits Tax Assessment Act 1986                                                            106

Taxation Administration Act 1953                                                                        111

Part 4—Updating indexation provisions                                                          113

Income Tax Assessment Act 1997                                                                           113

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          113

Superannuation Guarantee (Administration) Act 1992                                   113

Part 5—Other amendments                                                                                     114

Income Tax Assessment Act 1936                                                                           114

Income Tax Assessment Act 1997                                                                           114

 



A Bill for an Act to amend the law relating to taxation and the Tax Agent Services Act 2009 , and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax 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 3 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, Parts 1 to 3

A single day to be fixed by Proclamation.

However, if the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

4.  Schedule 2, Part 4, Division 1

The day this Act receives the Royal Assent.

 

5.  Schedule 2, Part 4, Division 2

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 3; and

(b) the commencement of item 34 of Schedule 6 to the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 .

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

 

6.  Schedule 3, items 1 to 9

1 July 2013.

1 July 2013

7.  Schedule 3, item 10

1 January 2015.

1 January 2015

8.  Schedule 3, items 11 to 50

1 July 2013.

1 July 2013

9.  Schedule 4

The day after this Act receives the Royal Assent.

 

10.  Schedules 5 to 9

The day this Act receives the Royal Assent.

 

11.  Schedule 10, Part 1

The day this Act receives the Royal Assent.

 

12.  Schedule 10, item 13

The day this Act receives the Royal Assent.

However, the provision(s) do not commence at all if item 5 of Schedule 1 to the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2013 commences on or before that day.

 

13.  Schedule 10, item 14

The later of:

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

(b) immediately after the commencement of item 13 of Schedule 1 to the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2013 .

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

 

14.  Schedule 10, item 15

Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2013 .

However, the provision(s) do not commence at all if that Schedule commences before the day this Act receives the Royal Assent.

 

15.  Schedule 11, Part 1

Immediately after the commencement of Chapter 2 of the Australian Charities and Not-for-profits Commission Act 2012 .

3 December 2012

16.  Schedule 11, Part 2

Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (2012 Measures No. 6) Act 2013 .

 

17.  Schedule 11, Part 3

The day after this Act receives the Royal Assent.

 

18.  Schedule 11, item 28

The later of:

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

(b) immediately after the commencement of item 238 of Schedule 7 to the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 .

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

 

19.  Schedule 11, items 29 to 31

The day after this Act receives the Royal Assent.

 

20.  Schedule 11, subitem 32(1)

The later of:

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

(b) immediately after the commencement of item 238 of Schedule 7 to the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 .

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

 

21.  Schedule 11, subitems 32(2) and (3)

The day after this Act receives the Royal Assent.

 

22.  Schedule 11, Part 5

The day after 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.