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Taxation Laws Amendment Bill (No. 3) 2001

 

 

 

 

Taxation Laws Amendment Act (No. 3) 2001

 

No. 73, 2001



 

 

 

 

Taxation Laws Amendment Act (No. 3) 2001

 

No. 73, 2001

 

 

 

 

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—Amendments relating to the goods and services tax              3

Part 1—GST returns and payments                                                                            3

A New Tax System (Goods and Services Tax) Act 1999                                        3

Taxation Administration Act 1953                                                                            6

Part 2—Payment of GST by instalments                                                                   8

A New Tax System (Goods and Services Tax) Act 1999                                        8

Income Tax Assessment Act 1997                                                                             33

Taxation Administration Act 1953                                                                          34

Part 3—Substituted accounting periods                                                                  36

A New Tax System (Goods and Services Tax) Act 1999                                      36

Part 4—Correction of errors                                                                                       37

A New Tax System (Goods and Services Tax) Act 1999                                      37

Part 5—Phasing in input tax credits for motor vehicles etc.                             38

A New Tax System (Goods and Services Tax Transition) Act 1999                  38

Schedule 2—Pay as you go instalments                                                                    40

Part 1—Paying instalments using GDP-adjusted notional tax                         40

Taxation Administration Act 1953                                                                          40

Income Tax Assessment Act 1997                                                                             56

Part 2—Transitional rules                                                                                              59

Part 3—Consequential amendments                                                                         64

Income Tax Assessment Act 1936                                                                             64

Taxation Administration Act 1953                                                                          68

Schedule 3—Deferral of due dates                                                                              73

Part 1—Amendments                                                                                                     73

Fringe Benefits Tax Assessment Act 1986                                                              73

Income Tax Assessment Act 1936                                                                             75

Income Tax Assessment Act 1997                                                                             77

Taxation Administration Act 1953                                                                          78

Part 2—Transitional rules                                                                                              82

Part 3—Weekends and public holidays                                                                  84

Income Tax Assessment Act 1997                                                                             84

Taxation Administration Act 1953                                                                          84

Schedule 4—Amendments relating to Treasury Note yield rate and general interest charge        86

Part 1—Amendment of the Taxation Administration Act 1953                     86

Taxation Administration Act 1953                                                                          86

Part 2—Consequential amendments of other Acts                                             88

Diesel and Alternative Fuels Grants Scheme Act 1999                                       88

Income Tax Assessment Act 1936                                                                             88

Product Grants and Benefits Administration Act 2000                                       88

Part 3—Application                                                                                                         90

Schedule 5—Technical amendments                                                                           91

Taxation Administration Act 1953                                                                          91



Taxation Laws Amendment Act (No. 3) 2001

No. 73, 2001

 

 

 

An Act to amend the law relating to taxation, and for related purposes

[ Assented to 30 June 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Taxation Laws Amendment Act (No. 3) 2001 .

2   Commencement

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

          (1A)  Part 5 of Schedule 1 is taken to have commenced on 23 May 2001.

             (2)  Items 48 to 52 of Schedule 2 are taken to have commenced on 1 January 2001.

             (3)  Part 3 of Schedule 3 is taken to have commenced on 1 April 2001.

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.