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Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

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—Multinational anti-avoidance law                                                     3

Income Tax Assessment Act 1936                                                                               3

Schedule 2—Improving the integrity of the small business CGT concessions       5

Income Tax Assessment Act 1997                                                                               5

Schedule 3—Fintech and venture capital amendments                                   9

Income Tax Assessment Act 1997                                                                               9

Taxation Administration Act 1953                                                                          11

Venture Capital Act 2002                                                                                         11

Schedule 4—Tax exemption for payments made under the Defence Force Ombudsman Scheme          12

Income Tax Assessment Act 1997                                                                             12

 

 



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 is the Treasury Laws Amendment (Tax Integrity and Other Measures) 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.  The whole of this Act

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.