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Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

 

No.      , 2018

 

 

 

 

 

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

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Consolidation                                                                                                3

Part 1—Deductible liabilities                                                                                     3

Income Tax Assessment Act 1997                                                                               3

Part 2—Deferred tax liabilities                                                                                  6

Income Tax Assessment Act 1997                                                                               6

Part 3—Securitised assets: 2014 Budget                                                             8

Income Tax Assessment Act 1997                                                                               8

Part 4—Securitised assets: 2016 Budget                                                           13

Income Tax Assessment Act 1997                                                                             13

Part 5—Churning                                                                                                           14

Income Tax Assessment Act 1997                                                                             14

Part 6—TOFA                                                                                                                 17

Income Tax Assessment Act 1997                                                                             17

Part 7—Value shifting                                                                                                 21

Income Tax Assessment Act 1997                                                                             21

Part 8—Commencement of arrangements                                                         25

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018 .

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, 2 and 3

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 1, Part 4

Immediately after the commencement of the provisions covered by table item 2.

 

4.  Schedule 1, Parts 5 to 8

The first 1 January, 1 April, 1 July or 1 October to occur after 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.