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Tax and Superannuation Laws Amendment (2015 Measures No. 5) Bill 2015

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Tax and Superannuation Laws Amendment (2015 Measures No. 5) Bill 2015

 

No.      , 2015

 

 

 

 

 

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............ Schedules............................................................................................ 2

Schedule 1—Modernising the car expense deduction rules                          3

Part 1—Main amendments                                                                                          3

Income Tax Assessment Act 1997                                                                               3

Part 2—Other amendments                                                                                         4

Fringe Benefits Tax Assessment Act 1986                                                                4

Income Tax Assessment Act 1997                                                                               7

Part 3—Application and transitional provisions                                             13

Schedule 2—Zone tax offset                                                                                           14

Income Tax Assessment Act 1936                                                                             14

Schedule 3—Limiting FBT concessions on salary packaged entertainment benefits        16

Fringe Benefits Tax Assessment Act 1986                                                              16

Schedule 4—Third party reporting                                                                           20

Part 1—Main amendments                                                                                        20

Taxation Administration Act 1953                                                                          20

Part 2—Other amendments                                                                                       26

Income Tax Assessment Act 1997                                                                             26

Tax Agent Services Act 2009                                                                                    26

Taxation Administration Act 1953                                                                          27

Part 3—Contingent amendments                                                                           30

Division 1—Amendments if the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 has not already received the Royal Assent                                                                  30

Taxation Administration Act 1953                                                                          30

Division 2—Amendments if the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 commences                                                                                                                30

Taxation Administration Act 1953                                                                          30

Part 4—Application of amendments                                                                    31

 

 



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 and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 .

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

Provisions

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, 2 and 3

The day this Act receives the Royal Assent.

 

3.  Schedule 4, Parts 1 and 2

The day this Act receives the Royal Assent.

 

4.  Schedule 4, Part 3, Division 1

The day this Act receives the Royal Assent.

However, if the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 receives the Royal Assent before that day, the provisions do not commence at all.

 

5.  Schedule 4, Part 3, Division 2

The day this Act receives the Royal Assent.

However, the provisions do not commence at all if Schedule 4 to the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 does not commence.

 

6.  Schedule 4, Part 4

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   Schedules

                   Legislation 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.