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A New Tax System (Pay As You Go) Bill 1999

1998-99

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

A New Tax System (Taxation Laws Amendment) Bill (No. 1) 1999

 

No.      , 1999

 

(Treasury)

 

 

 

A Bill for an Act to implement A New Tax System by amending the law about taxation, and for related purposes

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 2

4............ Amendment of assessments................................................................ 2

Schedule 1—Pay as you go (PAYG) system of collecting income tax and other liabilities              3

Part 1—Amendment of the Taxation Administration Act 1953              3

Part 2—Consequential amendment of Acts                                                   121

Income Tax Assessment Act 1997                                                                           121

Income Tax Assessment Act 1936                                                                           124

A New Tax System (Goods and Services Tax) Act 1999                                     132

A New Tax System (Goods and Services Tax Administration) Act 1999        137

A New Tax System (Australian Business Number) Act 1999                             137

Fringe Benefits Tax Assessment Act 1986                                                            139

Taxation Administration Act 1953                                                                        140

Schedule 2—Running balance accounts, general interest charge and related matters    142

Part 1—Running balance accounts                                                                      142

Division 1—Amendment of Part IIB of the Taxation Administration Act 1953                 142

Division 2—Consequential amendments                                                             149

Income Tax Assessment Act 1936                                                                           149

Sales Tax Assessment Act 1992                                                                              149

Taxation (Interest on Overpayments and Early Payments) Act 1983             150

Division 3—Application and transitional                                                             150

Part 2—General interest charge                                                                            151

Crimes (Taxation Offences) Act 1980                                                                   151

Income Tax Assessment Act 1936                                                                           151

Income Tax Assessment Act 1997                                                                           156

Sales Tax Assessment Act 1992                                                                              156

Taxation Administration Act 1953                                                                        157

Taxation (Interest on Overpayments and Early Payments) Act 1983             158

Taxation Laws Amendment Act (No. 3) 1999                                                      159

Part 3—Fringe benefits tax                                                                                     161

Fringe Benefits Tax Assessment Act 1986                                                            161

Schedule 3—Consequential amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997                                                                                                                170



A Bill for an Act to implement A New Tax System by amending the law about taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the A New Tax System (Taxation Laws Amendment) Act (No. 1) 1999 .

2   Commencement

             (1)  Subject to this section, this Act commences on the day on which it receives the Royal Assent.

             (2)  Items 70 and 71 of Schedule 1 to this Act commence, or are taken to have commenced, immediately before the commencement of Schedule 1 to the A New Tax System (Goods and Services Tax Administration) Act 1999 .

3   Schedule(s)

                   Subject to section 2, 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.

4   Amendment of assessments

                   Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment made before the commencement of this section for the purposes of giving effect to this Act.



 



Schedule 1 Collection and recovery of income tax and other liabilities

Note:       See section 3AA.



3  Application of Part 2-5 in Schedule 1 to the Taxation Administration Act 1953

(1)       Division 12 in Schedule 1 to the Taxation Administration Act 1953 applies to a payment made on or after 1 July 2000.

(2)       Section 12-215, 12-250 or 12-285 in Schedule 1 to the Taxation Administration Act 1953 applies to an amount received on or after 1 July 2000.

(3)       Section 12-260 in Schedule 1 to the Taxation Administration Act 1953 applies to interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) if the transaction in relation to which the interest is payable is entered into on or after 1 July 2000, unless paragraph 221YL(2E)(a) of the Income Tax Assessment Act 1936 has been complied with in relation to the interest before the transaction is entered into.

(4)       Division 14 in Schedule 1 to the Taxation Administration Act 1953 applies to a non-cash benefit pr ovided on or after 1 July 2000.

(5)       Subdivision 16-C in Schedule 1 to the Taxation Administration Act 1953 applies to the financial year starting on 1 July 2000 and to later financial years.

4  Application of Part 2-10 in Schedule 1 to the Taxation Administration Act 1953

(1)       Part 2-10 in Schedule 1 to the Taxation Administration Act 1953 applies to the 2000-2001 income year and later income years.

(2)       However, the Commissioner may give an entity an instalment rate before the start of the 2000-2001 income year. In that case, section 45-50 in that Schedule applies as if the rate had been given on the first day of that income year.