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Taxation Laws Amendment Bill (No. 2) 2000

1998-99

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Taxation Laws Amendment Bill (No. 8) 1999

 

No.      , 1999

 

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

4............ Amendment of income tax assessments.............................................. 3

Schedule 1—CFCs and capital gains tax                                                                  4

Part 1—Amendments based on old CGT law                                                   4

Income Tax Assessment Act 1936                                                                               4

Part 2—Amendments based on new CGT law                                                 9

Income Tax Assessment Act 1936                                                                               9

Schedule 2—Amendments to exempt certain post-judgment interest   12

Income Tax Assessment Act 1936                                                                             12

Income Tax Assessment Act 1997                                                                             13

Schedule 3—Franking of dividends                                                                           15

Income Tax Assessment Act 1936                                                                             15

Taxation Laws Amendment Act (No. 3) 1998                                                        17

Schedule 4—Non-deductibility of bribes                                                                18

Income Tax Assessment Act 1997                                                                             18

Schedule 5—Philanthropy                                                                                               22

Income Tax Assessment Act 1997                                                                             22

Income Tax Assessment Act 1936                                                                             28

Schedule 6—Rate of tax for friendly societies etc.                                            29

Taxation (Deficit Reduction) Act (No. 2) 1993                                                     29

Schedule 7—Company Law Review Amendments                                          30

Part 1—Income Tax Assessment Act 1936                                                      30

Part 2—Income Tax Assessment Act 1997                                                      35

Part 3—Taxation Administration Act 1953                                                      36

Part 4—Application of amendments                                                                    37

Schedule 8—Technical amendments                                                                         38

Income Tax Assessment Act 1997                                                                             38

Schedule 9—Concessional tracing rules for company loss etc. provisions               39

Part 1—Family trust tracing concession for company loss etc. provisions              39

Division 1—Amendment of the Income Tax Assessment Act 1936                39

Division 2—Amendment of the Income Tax Assessment Act 1997                45

Division 3—Application of amendments                                                               54

Part 2—Trust loss amendments related to Part 1 amendments               58

Income Tax Assessment Act 1936                                                                             58

Part 3—Non-fixed trust tracing concession for company loss etc. provisions      60

Division 1—Amendment of the Income Tax Assessment Act 1936                60

Division 2—Amendment of the Income Tax Assessment Act 1997                70

Division 3—Application of amendments                                                               80

Schedule 10—Extension of transitional family trust and interposed entity election provisions 81

Income Tax Assessment Act 1936                                                                             81

Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1997       81

 



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 Taxation Laws Amendment Act (No. 8) 1999 .

2   Commencement

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

             (2)  Part 2 of Schedule 1 commences immediately after Part 1 of that Schedule.

             (3)  Item 1 of Schedule 3 is taken to have commenced immediately after the commencement of item 5 of Schedule 4 to the Taxation Laws Amendment Act (No. 2) 1999 .

             (4)  Items 2, 3 and 4 of Schedule 3 are taken to have commenced immediately after the commencement of item 8 of Schedule 4 to the Taxation Laws Amendment Act (No. 2) 1999 .

             (5)  Item 5 of Schedule 3 is taken to have commenced immediately after the commencement of Schedule 5 to the Taxation Laws Amendment Act (No. 2) 1999 .

             (6)  Item 6 of Schedule 3 is taken to have commenced immediately after the commencement of item 22 of Schedule 4 to the Taxation Laws Amendment Act (No. 2) 1999 .

             (7)  Item 7 of Schedule 3 is taken to have commenced on 23 June 1998, immediately after the commencement of Schedule 7 to the Taxation Laws Amendment Act (No. 3) 1998 .

             (8)  Schedule 4 commences, or is taken to have commenced, immediately after the commencement of the Criminal Code Amendment (Bribery of Foreign Public Officials) Act 1999 .

             (9)  If, apart from this subsection, items 2 to 10 of Schedule 5 would commence after the commencement of the Taxation Laws Amendment (Political Donations) Act 1999 , those items are taken to have commenced immediately before the commencement of that Act.

           (10)  If, apart from this subsection, items 12 and 13 of Schedule 5 would commence at or before the commencement of the Taxation Laws Amendment (Political Donations) Act 1999 , those items are taken to have commenced immediately after the commencement of that Act.

           (11)  Item 17 of Schedule 5 commences, or is taken to have commenced, immediately after item 26 of Schedule 1 to the Taxation Laws Amendment Act (No. 4) 1999 .

           (12)  Item 25 of Schedule 5 commences, or is taken to have commenced, immediately after item 72 of Schedule 6 to the Taxation Laws Amendment Act (No. 4) 1999 .

           (13)  Schedule 7, apart from items 18 and 20, is taken to have commenced immediately after the commencement of section 1 of the Taxation Laws Amendment (Company Law Review) Act 1998 . Items 18 and 20 are taken to have commenced on 1 July 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 income tax 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.