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New Business Tax System (Miscellaneous) Bill (No. 2) 2000

 

 

 

 

New Business Tax System (Miscellaneous) Act (No. 2) 2000

 

No. 89, 2000



 

 

 

 

New Business Tax System (Miscellaneous) Act (No. 2) 2000

 

No. 89, 2000

 

 

 

 

An Act to amend the law about taxation to implement the New Business Tax System, and for related purposes

   

   



Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Schedule(s).......................................................................................... 3

4............ Amendment of assessments............................................................... 3

Schedule 1—Company losses and bad debts                                                           4

Part 1—Income Tax Assessment Act 1997                                                            4

Part 2—Income Tax Assessment Act 1936                                                          69

Part 3—Application of amendments                                                                         70

Schedule 2—Life insurance companies                                                                     71

Part 1—Income Tax Assessment Act 1936                                                          71

Part 2—Income Tax Assessment Act 1997                                                          80

Part 3—Income Tax (Transitional Provisions) Act 1997                               125

Part 4—Income Tax Rates Act 1986                                                                    131

Part 5—Income Tax Act 1986                                                                                 139

Part 6—Taxation Administration Act 1953                                                         140

Schedule 3—Imputation                                                                                                   142

Part 1—PAYG (Pay As You Go) instalments                                                    142

Income Tax Assessment Act 1936                                                                           142

Part 2—Life assurance companies                                                                          151

Income Tax Assessment Act 1936                                                                           151

Part 3—Conversion of franking account balances                                            187

Income Tax Assessment Act 1936                                                                           187

Part 4—Thresholds for franking credit trading rules                                         194

Income Tax Assessment Act 1936                                                                           194

Schedule 4—CGT: Capital payments for trust interests                               195

Income Tax Assessment Act 1997                                                                           195

Schedule 5—Scrip for scrip roll-over                                                                        201

Income Tax Assessment Act 1997                                                                           201

Income Tax Assessment Act 1936                                                                           216

Schedule 6—Technical amendment relating to excess deductions for mining or exploration expenditure                                                                                                                           217

Income Tax Assessment Act 1997                                                                           217

Schedule 7—PAYG instalments: anti-avoidance rules                                   218

Taxation Administration Act 1953                                                                        218

Schedule 8—Technical corrections relating to deducting prepayments 229

Income Tax Assessment Act 1936                                                                           229

New Business Tax System (Integrity and Other Measures) Act 1999             229

Division 2—Expenditure in years of income starting after last year of transitional relief      230

Schedule 9—Consequential amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997                                                                                                                231

 



New Business Tax System (Miscellaneous) Act (No. 2) 2000

No. 89, 2000

 

 

 

An Act to amend the law about taxation to implement the New Business Tax System, and for related purposes

[ Assented to 30 June 2000 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the New Business Tax System (Miscellaneous) Act (No. 2) 2000 .

2   Commencement

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

Schedule 1

             (2)  Items 18 and 67 of Schedule 1 are taken to have commenced at 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.

             (3)  Items 26 to 29 and 33 of Schedule 1 commence, or are taken to have commenced, immediately after the commencement of Schedule 9 to the Taxation Laws Amendment Act (No. 2) 2000.

Schedule 2

             (4)  Items 25 and 26 of Schedule 2 commence, or are taken to have commenced, on 1 July 2000, immediately after the commencement of Subdivision D of Division 3 of Part 3 of the Taxation (Deficit Reduction) Act (No. 2) 1993 .

             (5)  Items 67, 68 and 70 of Schedule 2 commence on 1 July 2001.

             (6)  Items 114 and 116 of Schedule 2 commence, or are taken to have commenced, immediately after the commencement of items 36 and 37 in Schedule 4 to the A New Tax System (Taxation Administration) Act (No. 2) 2000 .

Schedule 3

             (7)  Parts 1 and 4 of Schedule 3 commence on the day on which this Act receives the Royal Assent.

             (8)  Part 2 of Schedule 3 commences, or is taken to have commenced, on 1 July 2000.

             (9)  Part 3 of Schedule 3 commences, or is taken to have commenced, immediately after the commencement of item 13 in Schedule 3 to the New Business Tax System (Miscellaneous) Act (No.1) 2000 .

Schedule 7

           (10)  Schedule 7 commences, or is taken to have commenced, immediately after the commencement of section 1 of the A New Tax System (Tax Administration) Act (No. 1) 2000 .

Schedule 9

           (11)  Schedule 9 (except items 5, 9, 26, 43, 55, 56, 57, 62, 63, 66 and 67) commences, or is taken to have commenced, on 1 July 2000.

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 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.