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A New Tax System (Tax Administration) Bill (No. 1) 2000
Schedule 5 Consequential amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997

   

1  Subsection 995-1(1)

Insert:

adjusted tax on * adjusted taxable income or on * adjusted withholding income has the meaning given by section 45-340 in Schedule 1 to the Taxation Administration Act 1953 .

2  Subsection 995-1(1) (definition of adjusted taxable income )

Omit “section 45-330”, substitute “sections 45-330 and 45-480”.

3  Subsection 995-1(1) (definition of adjusted withholding income )

Omit “section 45-335”, substitute “sections 45-335 and 45-485”.

4  Subsection 995-1(1) (definition of base assessment )

Omit “section 45-320”, substitute “sections 45-320 and 45-470”.

5  Subsection 995-1(1) (definition of base year )

Omit “section 45-320”, substitute “sections 45-320 and 45-470”.

6  Subsection 995-1(1) (definition of benchmark instalment rate )

Omit “section 45-360”, substitute “sections 45-360 and 45-530”.

7  Subsection 995-1(1) (definition of benchmark tax )

Omit “section 45-365”, substitute “sections 45-365 and 45-535”.

8  Subsection 995-1(1)

Insert:

Commissioner’s instalment rate has the meaning given by section 45-115 in Schedule 1 to the Taxation Administration Act 1953 .

9  Subsection 995-1(1)

Insert:

CS/RA class of the assessable income of a * life insurance entity or * registered organisation has the meaning given by section 116CE or 116GD of the Income Tax Assessment Act 1936 .

10  Subsection 995-1(1)

Insert:

CS/RA component of the taxable income of a * life insurance entity or * registered organisation has the meaning given by section 110 or 116E of the Income Tax Assessment Act 1936 .

11  Subsection 995-1(1) (definition of instalment income )

Omit “and 45-280”, substitute “, 45-280, 45-285 and 45-465”.

12  Subsection 995-1(1)

Insert:

FS assessment debt means an FS assessment debt under:

                     (a)  subsection 19AB(2) of the Social Security Act 1991 ; or

                     (b)  the Student Assistance Act 1973 as in force at a time on or after 1 July 1998.

13  Subsection 995-1(1)

Insert:

majority control has the meaning given by section 45-145 in Schedule 1 to the Taxation Administration Act 1953 .

14  Subsection 995-1(1)

Insert:

multi-rate trustee has the meaning given by section 45-455 in Schedule 1 to the Taxation Administration Act 1953 .

15  Subsection 995-1(1) (definition of notional tax )

Omit “section 45-325”, substitute “sections 45-325 and 45-475”.

16  Subsection 995-1(1)

Insert:

reduced beneficiary’s share of a trust’s net income for an income year has the meaning given by section 45-483 in Schedule 1 to the Taxation Administration Act 1953 .

17  Subsection 995-1(1)

Insert:

reduced no beneficiary’s share of a trust’s net income for an income year has the meaning given by section 45-483 in Schedule 1 to the Taxation Administration Act 1953 .

18  Subsection 995-1(1)

Insert:

single-rate trustee has the meaning given by section 45-450 in Schedule 1 to the Taxation Administration Act 1953 .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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