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Tax Laws Amendment (2009 Measures No. 2) Bill 2009

2008-2009

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (2009 Measures No. 2) Bill 2009

 

No.      , 2009

 

 

 

 

 

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

Schedule 1—Tax treatment of payments under financial claims scheme                 4

Banking Act 1959                                                                                                         4

First Home Saver Accounts Act 2008                                                                       5

Income Tax Assessment Act 1936                                                                               8

Income Tax Assessment Act 1997                                                                             13

Income Tax (Transitional Provisions) Act 1997                                                   21

Insurance Act 1973                                                                                                    23

Taxation Administration Act 1953                                                                          24

Schedule 2—CGT concessions for small business                                             27

Part 1—Main amendments                                                                                        27

Income Tax Assessment Act 1997                                                                             27

Part 2—Other amendments                                                                                       33

Income Tax Assessment Act 1936                                                                             33

Income Tax Assessment Act 1997                                                                             33

Tax Laws Amendment (2008 Measures No. 6) Act 2009                                     38

Part 3—Application provisions                                                                               39

Schedule 3—Tax benefits and capital gains tax                                                 41

Income Tax Assessment Act 1997                                                                             41

Schedule 4—National Urban Water and Desalination Plan                       42

Part 1—Main amendments                                                                                        42

Income Tax Assessment Act 1936                                                                             42

Income Tax Assessment Act 1997                                                                             42

Taxation (Interest on Overpayments and Early Payments) Act 1983               49

Part 2—Sunsetting on 1 July 2014                                                                        50

Income Tax Assessment Act 1997                                                                             50

Schedule 5—Deductible gift recipients                                                                     51

Part 1—Amendments commencing on Royal Assent                                  51

Income Tax Assessment Act 1997                                                                             51

Part 2—Other amendments                                                                                       53

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006                53

Part 3—Application provision                                                                                 54

Schedule 6—ABN changes                                                                                              55

Part 1—Amendments commencing on Royal Assent                                  55

A New Tax System (Australian Business Number) Act 1999                               55

Product Grants and Benefits Administration Act 2000                                      61

Taxation Administration Act 1953                                                                          61

Part 2—Amendments commencing on Proclamation                                  62

A New Tax System (Australian Business Number) Act 1999                               62

Schedule 7—Fuel tax                                                                                                           68

Part 1—Fuel Tax Act 2006                                                                                       68

Part 2—Fuel Tax (Consequential and Transitional Provisions) Act 2006                70

Part 3—Application provisions                                                                               71

Schedule 8—Government grants for businesses in relation to 2009 Victorian bushfires                72

Part 1—Amendments commencing on Royal Assent                                  72

Income Tax Assessment Act 1997                                                                             72

Part 2—Sunsetting on 1 July 2011                                                                        73

Income Tax Assessment Act 1997                                                                             73

Part 3—Application provision                                                                                 74

 



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 Tax Laws Amendment (2009 Measures No. 2) Act 2009 .

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, item 1

Immediately after the commencement of item 3 of Schedule 4 to the Tax Laws Amendment (Small Business) Act 2007 .

21 June 2007

4.  Schedule 2, items 2 to 39

The day on which this Act receives the Royal Assent.

 

5.  Schedule 2, item 40

Immediately before the commencement of item 52 of Schedule 4 to the Tax Laws Amendment (2008 Measures No. 6) Act 2009.

 

6.  Schedule 2, Part 3

The day on which this Act receives the Royal Assent.

 

7.  Schedule 3

1 July 2009.

1 July 2009

8.  Schedule 4, Part 1

The day on which this Act receives the Royal Assent.

 

9.  Schedule 4, Part 2

1 July 2014.

1 July 2014

10.  Schedule 5, Part 1

The day on which this Act receives the Royal Assent.

 

11.  Schedule 5, Part 2

Immediately before the commencement of Schedule 3 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 .

 

12.  Schedule 5, Part 3

The day on which this Act receives the Royal Assent.

 

13.  Schedule 6, Part 1

The day on which this Act receives the Royal Assent.

 

14.  Schedule 6, Part 2

A single day to be fixed by Proclamation.

However, if any of the provision(s) do not commence within the period of 12 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period.

 

15.  Schedule 7

1 July 2009.

1 July 2009

16.  Schedule 8, Part 1

The day on which this Act receives the Royal Assent.

 

17.  Schedule 8, Part 2

1 July 2011.

1 July 2011.

18.  Schedule 8, Part 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 both Houses of 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.