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Taxation Laws Amendment Bill (No. 2) 1998

 

 

 

 

Taxation Laws Amendment Act (No. 1) 1999

 

No. 16, 1999



 

 

 

 

Taxation Laws Amendment Act (No. 1) 1999

 

No. 16, 1999

 

 

 

 

An Act to amend the law about income tax, and for related purposes

   

   



Contents

1             Short title                                                                                             1

2             Commencement                                                                                   1

3             Schedule(s)                                                                                           2

4             Amendment of income tax assessments                                              2

Schedule 1—Denial of certain capital losses                                                           3

Part 1—Specific past rollover scheme amendment                                               3

Income Tax Assessment Act 1936                                                                               3

Part 2—General on-going rollover etc. scheme amendments                           9

Income Tax Assessment Act 1936                                                                               9

Schedule 2—FBT exemption for approved student exchange programs 13

Fringe Benefits Tax Assessment Act 1986                                                              13

Schedule 3—Fringe benefits tax                                                                                    14

Part 1—Amendment of the Fringe Benefits Tax Assessment Act 1986     14

Part 2—Amendment of the Income Tax Assessment Act 1936                    18

Part 3—Amendment of the Income Tax Assessment Act 1997                    19

Part 4—Application                                                                                                         20

Schedule 4—Effect of bankruptcy on carrying forward tax offsets           21

Income Tax Assessment Act 1997                                                                             21

Schedule 5—Payments of tax by small companies                                             23

Income Tax Assessment Act 1936                                                                             23

Schedule 6—Dividend imputation and RSAs                                                         26

Income Tax Assessment Act 1936                                                                             26

Schedule 7—Deductible expenditure and CGT cost bases                            29

Part 1—Amendment of the Income Tax Assessment Act 1936                    29

Part 2—Amendment of the Income Tax Assessment Act 1997                    38

Part 3—Amendment of the Taxation Laws Amendment (Landcare and Water Facility Tax Offset) Act 1998                                                                                                                               45

Schedule 8—Passive income of insurance companies                                      46

Income Tax Assessment Act 1936                                                                             46

Schedule 9—Average calculated liabilities of life assurance companies 49

Income Tax Assessment Act 1936                                                                             49

Schedule 10—Depreciation                                                                                              55

Income Tax Assessment Act 1936                                                                             55

Schedule 11—Company tax instalments                                                                   62

Income Tax Assessment Act 1936                                                                             62

Schedule 12—FBT record keeping exemption                                                      63

Part 1—Fringe Benefits Tax Assessment Act 1986                                           63

Part 2—Application and transitional                                                                         71

 



Taxation Laws Amendment Act (No. 1) 1999

No. 16, 1999

 

 

 

An Act to amend the law about income tax, and for related purposes

[ Assented to 9 April 1999 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Taxation Laws Amendment Act (No. 1) 1999 .

2   Commencement

             (1)  Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

             (2)  Part 3 of Schedule 7 is taken to have commenced immediately after the commencement of section 2 of the Taxation Laws Amendment (Landcare and Water Facility Tax Offset) Act 1998 .

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.