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Tax and Superannuation Laws Amendment (2014 Measures No. 4) Bill 2014

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Tax and Superannuation Laws Amendment (2014 Measures No. 4) Bill 2014

 

No.      , 2014

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, superannuation and excise, and for other purposes

   

   



Contents

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

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

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

Schedule 1—Thin capitalisation                                                                                     5

Part 1—Safe harbour debt amount                                                                          5

Income Tax Assessment Act 1997                                                                               5

Part 2—Worldwide gearing debt amount for outward investing entities (non-ADI)       6

Income Tax Assessment Act 1997                                                                               6

Part 3—Worldwide capital amount                                                                      11

Income Tax Assessment Act 1997                                                                             11

Part 4—Safe harbour capital amount                                                                   12

Income Tax Assessment Act 1997                                                                             12

Part 5—De minimis threshold                                                                                  13

Income Tax Assessment Act 1997                                                                             13

Part 6—Worldwide gearing debt amount for inward investing entities (non-ADI)          14

Income Tax Assessment Act 1997                                                                             14

Part 7—Consequential amendments                                                                     25

Income Tax Assessment Act 1997                                                                             25

Part 8—Application                                                                                                      33

Schedule 2—Foreign dividends                                                                                    34

Part 1—Foreign equity distributions on participation interests               34

Income Tax Assessment Act 1936                                                                             34

Income Tax Assessment Act 1997                                                                             34

Part 2—Repeal of portfolio dividend exemption for CFCs                     38

Income Tax Assessment Act 1936                                                                             38

Part 3—Consequential amendments                                                                     39

Income Tax Assessment Act 1936                                                                             39

Income Tax Assessment Act 1997                                                                             39

Part 4—Application                                                                                                      42

Schedule 3—Foreign resident CGT integrity measures                                43

Part 1—Duplicated assets of corporate groups                                               43

Income Tax Assessment Act 1997                                                                             43

Part 2—Assets used by permanent establishments                                       45

Income Tax Assessment Act 1997                                                                             45

Schedule 4—Tax receipts                                                                                                 47

Income Tax Assessment Act 1997                                                                             47

Taxation Administration Act 1953                                                                          47

Schedule 5—Miscellaneous amendments                                                                50

Part 1—References to specific Ministers, Departments and Secretaries 50

Division 1—Main amendments                                                                               50

A New Tax System (Goods and Services Tax) Act 1999                                       50

Income Tax Assessment Act 1936                                                                             51

Income Tax Assessment Act 1997                                                                             52

Taxation Administration Act 1953                                                                          58

Division 2—Contingent amendments                                                                     60

Income Tax Assessment Act 1997                                                                             60

Part 2—Amendments relating to excise                                                             61

Aviation Fuel Revenues (Special Appropriation) Act 1988                               61

Part 3—Amendments relating to numbering                                                    62

Income Tax Assessment Act 1997                                                                             62

Part 4—Other amendments of principal Acts                                                  64

A New Tax System (Goods and Services Tax) Act 1999                                       64

Fuel Tax Act 2006                                                                                                      64

Income Tax Assessment Act 1936                                                                             64

Income Tax Assessment Act 1997                                                                             65

Superannuation Guarantee (Administration) Act 1992                                     71

Taxation Administration Act 1953                                                                          71

Part 5—Other amendments of amending Acts                                               74

New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002          74

Superannuation Legislation Amendment (Stronger Super) Act 2012              74

Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009                       75

Tax Laws Amendment (2011 Measures No. 9) Act 2012                                     75

Tax Laws Amendment (2012 Measures No. 3) Act 2012                                     76

Tax Laws Amendment (2012 Measures No. 6) Act 2013                                     76

Tax Laws Amendment (Research and Development) Act 2011                          76

Tax Laws Amendment (Temporary Budget Repair Levy) Act 2014                   77

 

 



A Bill for an Act to amend the law relating to taxation, superannuation and excise, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014 .

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.  Schedules 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedules 3 and 4

The day this Act receives the Royal Assent.

 

4.  Schedule 5, Part 1, Division 1

The day this Act receives the Royal Assent.

 

5.  Schedule 5, Part 1, Division 2

The later of:

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

(b) immediately after the start of the day Part 2 of Schedule 2 to the Land Transport Infrastructure Amendment Act 2014 commences.

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

 

6.  Schedule 5, Part 2

At the same time as Part 2 of Schedule 1 to the Excise Tariff Amendment (Tobacco) Act 2014 commences.

1 December 2013

7.  Schedule 5, Parts 3 and 4

The day this Act receives the Royal Assent.

 

8.  Schedule 5, items 141 and 142

Immediately after the commencement of item 34 of Schedule 13 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 .

29 June 2002

9.  Schedule 5, item 143

Immediately after the commencement of item 19 of Schedule 15 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 .

24 October 2002

10.  Schedule 5, items 144 and 145

1 July 2014.

1 July 2014

11.  Schedule 5, item 146

Immediately after the commencement of item 55 of Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 .

14 December 2009

12.  Schedule 5, item 147

Immediately after the commencement of item 29 of Schedule 6 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 .

22 December 1999

13.  Schedule 5, item 148

Immediately after the commencement of item 83 of Schedule 6 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 .

21 March 2012

14.  Schedule 5, item 149

Immediately after the commencement of item 140 of Schedule 6 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 .

21 March 2012

15.  Schedule 5, item 150

Immediately after the commencement of item 12 of Schedule 1 to the Tax Laws Amendment (2012 Measures No. 3) Act 2012 .

21 June 2012

16.  Schedule 5, items 151 and 152

Immediately after the commencement of section 4 of the Tax Laws Amendment (2012 Measures No. 6) Act 2013 .

28 June 2013

17.  Schedule 5, items 153 and 154

Immediately after the commencement of Part 6 of Schedule 3 to the Tax Laws Amendment (Research and Development) Act 2011 .

8 September 2011

18.  Schedule 5, items 155 and 156

Immediately after the commencement of section 3 of the Tax Laws Amendment (Temporary Budget Repair Levy) Act 2014.

25 June 2014

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.