| Title | Tax Laws Amendment (2011 Measures No. 7) Bill 2011 |
| Database | Bills & Legislation |
| Long Title | a Bill for an Act to amend the law relating to taxation, and for other purposes |
| Date | 21-11-2011 09:32 PM |
| Source | House of Reps |
| Parl No. | 43 |
| Bill Number | 200/11 |
| Bill Type | Government |
| Portfolio | Treasury |
| Reps Bill Code | TM |
| Status | Act |
| System Id | legislation/bills/r4676_aspassed/0000 |
2010â2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
As passed by both Houses
Tax Laws Amendment (2011 Measures No. 7) Bill 2011
No. , 2011
A Bill for an Act to amend the law relating to taxation, and for other purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 2
4............ Amendment of assessments................................................................ 3
Schedule 1âRemoving tax issues facing special disability trusts 4
Part 1âExtending CGT main residence exemption to special disability trusts 4
Income Tax Assessment Act 1997 4
Part 2âCGT exemption for assets transferred to special disability trusts 12
Income Tax Assessment Act 1997 12
Part 3âExtending definitions to cover veteransâ special disability trusts 13
Income Tax Assessment Act 1997 13
Schedule 2âPacific Seasonal Worker Pilot Scheme 14
Part 1âAmendments commencing on Royal Assent 14
Income Tax Rates Act 1986 14
Part 2âAmendments commencing on 1 July 2016 15
Income Tax Rates Act 1986 15
Schedule 3âTOFA and PAYG instalments 16
Part 1âAmendments 16
Taxation Administration Act 1953 16
Part 2âApplication of amendments 17
Schedule 4âNotification of TOFA transitional elections 20
Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 20
Schedule 5âFarm management deposits 22
Part 1âEarly repayments in the event of applicable natural disasters 22
Income Tax Assessment Act 1997 22
Part 2âProviders must report monthly 24
Income Tax Assessment Act 1997 24
Taxation Administration Act 1953 24
Part 3âOwners may have farm management deposits with more than one FMD provider 25
Income Tax Assessment Act 1997 25
Part 4âContacting owners before forfeiting FMD deposits as unclaimed money 26
Banking Act 1959 26
Schedule 6âTemporary loss relief for merging superannuation funds 27
Income Tax Assessment Act 1997 27
Tax Laws Amendment (2009 Measures No. 6) Act 2010 27
Schedule 7âPenalty notice validation 29
Schedule 8âAncillary funds 30
Part 1âPublic ancillary funds 30
Division 1âMain amendments 30
A New Tax System (Australian Business Number) Act 1999 30
Income Tax Assessment Act 1997 30
Taxation Administration Act 1953 31
Division 2âAmendments commencing on 1 July 2012 36
Taxation Administration Act 1953 36
Division 3âTransitional provisions 36
Part 2âMinor amendments 39
Income Tax Assessment Act 1936 39
Taxation Administration Act 1953 39
Schedule 9âFilm tax offsets 40
Income Tax Assessment Act 1997 40
A Bill for an Act to amend the law relating to taxation, and for other purposes
The Parliament of Australia enacts:
This Act may be cited as the Tax Laws Amendment (2011 Measures No. 7) Act 2011.
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1 |
The day this Act receives the Royal Assent. |
|
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3. Schedule 2, Part 1 |
The day this Act receives the Royal Assent. |
|
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4. Schedule 2, Part 2 |
1 July 2016. |
1 July 2016 |
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5. Schedule 3 |
The day this Act receives the Royal Assent. |
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6. Schedule 4 |
The day after this Act receives the Royal Assent. |
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7. Schedules 5 to 7 |
The day this Act receives the Royal Assent. |
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8. Schedule 8, Part 1, Division 1 |
1 January 2012. |
1 January 2012 |
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9. Schedule 8, Part 1, Division 2 |
1 July 2012. |
1 July 2012 |
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10. Schedule 8, Part 1, Division 3 |
1 January 2012. |
1 January 2012 |
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11. Schedule 8, Part 2 |
The day this Act receives the Royal Assent. |
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12. Schedule 9 |
The day this Act receives the Royal Assent. |
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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.
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.
Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:
(a) the assessment was made before the commencement of Schedule 1 (about special disability trusts) to this Act; and
(b) the amendment is made within 2 years after that commencement; and
(c) the amendment is made for the purpose of giving effect to that Schedule.