Download Word 
Download PDF Bill home page
Table Of Contents
Next Fragment
-
Bill
- Schedule 1—CFCs and capital gains tax
- Schedule 2—Amendments to exempt certain post-judgment interest
- Schedule 3—Franking of dividends
- Schedule 4—Non-deductibility of bribes
- Schedule 5—Philanthropy
- Schedule 6—Rate of tax for friendly societies etc.
- Schedule 7—Company Law Review Amendments
- Schedule 8—Technical amendments
- Schedule 9—Concessional tracing rules for company loss etc. provisions
- Schedule 10—Extension of transitional family trust and interposed entity election provisions
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.