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New International Tax Arrangements (Participation Exemption and Other Measures) Bill 2004

 

2002-2003-2004

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

New International Tax Arrangements (Participation Exemption and Other Measures) Bill 2004

 

No.      , 2004

 

(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)......................................................................................... 2

Schedule 1—CGT concession: active foreign companies                                3

Income Tax Assessment Act 1997                                                                               3

Schedule 2—Foreign branch income, non-portfolio dividends and listed countries          24

Part 1—Foreign branch income exemption                                                       24

Income Tax Assessment Act 1936                                                                             24

Part 2—Non-portfolio dividend exemption: main amendments            31

Income Tax Assessment Act 1936                                                                             31

Part 3—Non-portfolio dividend exemption: consequential amendments                33

Income Tax Assessment Act 1936                                                                             33

Income Tax Assessment Act 1997                                                                             41

Part 4—Listed countries: main amendments                                                    43

Income Tax Assessment Act 1936                                                                             43

Part 5—Listed countries: consequential amendments                                 44

Income Tax Assessment Act 1936                                                                             44

Income Tax Assessment Act 1997                                                                             51

Part 6—Application of amendments                                                                    52

Schedule 3—Tainted services income                                                                       53

Part 1—Amendments                                                                                                   53

Income Tax Assessment Act 1936                                                                             53

Part 2—Application                                                                                                      56

 



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 New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 .

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

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

 

2.  Schedule 1

The day on which this Act receives the Royal Assent.

 

3.  Schedule 2, items 1 to 83

The day on which this Act receives the Royal Assent.

 

4.  Schedule 2, item 84

The later of:

(a) the day on which this Act receives the Royal Assent; and

(b) immediately after the commencement of Part 9 of Schedule 2 to the Tax Laws Amendment (2004 Measures No. 2) Act 2004 .

 

5.  Schedule 2, items 85 to 140

The day on which this Act receives the Royal Assent.

 

6.  Schedule 3

The day on which this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3   Schedule(s)

                   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.