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Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2015

2013-2014-2015-2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2016

 

No.      , 2016

 

 

 

 

 

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—CGT treatment of earnout rights                                                    3

Part 1—Main amendments                                                                                          3

Income Tax Assessment Act 1997                                                                               3

Part 2—Preserving small business concessions                                               12

Income Tax Assessment Act 1997                                                                             12

Part 3—Other consequential amendments                                                        16

Income Tax Assessment Act 1997                                                                             16

Taxation Administration Act 1953                                                                          18

Taxation (Interest on Overpayments and Early Payments) Act 1983               20

Part 4—Application and transitional provisions                                             21

Part 5—Amendments relating to foreign resident capital gains withholding payments 22

Taxation Administration Act 1953                                                                          22

Schedule 2—Foreign resident capital gains withholding payments       24

Part 1—Main amendments                                                                                        24

Taxation Administration Act 1953                                                                          24

Part 2—Consequential amendments                                                                     33

Income Tax Assessment Act 1936                                                                             33

Income Tax Assessment Act 1997                                                                             33

Taxation Administration Act 1953                                                                          34

Part 3—Contingent amendments                                                                           37

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016            37

 



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. 6) Act 2016 .

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.  Schedule 1, Parts 1 to 4

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 5

Immediately after the commencement of the provisions covered by table item 4 .

 

4.  Schedule 2, Parts 1 and 2

The day after this Act receives the Royal Assent.

 

5.  Schedule 2, Part 3

Immediately after the commencement of Schedule 3 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 .

However, the provisions do not commence at all if that Schedule commences at the same time as, or before, the provisions covered by table item 4.

 

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.