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Taxation Laws Amendment Bill (No. 3) 2001

1998-1999-2000-2001

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As read a third time

 

 

 

 

 

 

 

 

 

Taxation Laws Amendment Bill (No. 3) 2001

 

No.      , 2001

 

 

 

 

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)..................................................................................................... 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

31-8  When GST returns must be given—quarterly tax periods....................... 3

31-10  When GST returns must be given—other tax periods........................... 4

33-3  When payments of net amounts must be made—quarterly tax periods.. 4

33-5  When payments of net amounts must be made—other tax periods........ 5

Taxation Administration Act 1953                                                                          6

Part 2—Payment of GST by instalments                                                 8

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

Division 162—Payment of GST by instalments                                  9

162-1  What this Division is about.................................................................... 9

Subdivision 162-A—Electing to pay GST by instalments                                    9

162-5  Eligibility to elect to pay GST by instalments...................................... 9

162-10  Your current GST lodgment record.................................................... 10

162-15  Electing to pay GST by instalments.................................................. 11

162-20  Elections by representative members of GST groups........................ 11

162-25  When you must make your election................................................... 12

162-30  Duration of your election................................................................... 12

Subdivision 162-B—Consequences of electing to pay GST by instalments  13

162-50  GST instalment payers...................................................................... 13

162-55  Tax periods for GST instalment payers............................................. 13

162-60  When GST returns for GST instalment payers must be given.......... 13

162-65  The form and contents of GST returns for GST instalment payers.. 14

162-70  Payment of GST instalments............................................................. 14

162-75  Giving notices relating to GST instalments........................................ 16

162-80  Certain entities pay only 2 GST instalments for each year............... 16

162-85  A GST instalment payer’s concluding tax period.............................. 17

162-90  The effect of bankruptcy, liquidation or receivership etc.................. 17

162-95  The effect of changing the membership of GST groups..................... 18

162-100  General interest charge on late payment.......................................... 18

162-105  Net amounts for GST instalment payers......................................... 19

162-110  When payments of net amounts must be made—GST instalment payers             19

Subdivision 162-C—GST instalments                                                                  19

162-130  What are your GST instalments....................................................... 19

162-135  Notified instalment amounts............................................................ 20

162-140  Varied instalment amounts............................................................... 20

162-145  Your annual GST liability................................................................ 21

Subdivision 162-D—Penalty payable in certain cases if varied instalment amounts are too low     22

162-170  What this Subdivision is about......................................................... 22

162-175  GST payments are less than 85% of annual GST liability.............. 23

162-180  Estimated annual GST amount is less than 85% of annual GST liability               24

162-185  Shortfall in GST instalments worked out on the basis of estimated annual GST amount      26

162-190  Periods for which penalty is payable............................................... 27

162-195  Reduction in penalties if notified instalment amount is less than 25% of annual GST liability             27

162-200  Reduction in penalties if GST instalment shortfall is made up in a later instalment               29

162-205  This Subdivision does not create a liability for general interest charge 29

Income Tax Assessment Act 1997                                                                           33

Taxation Administration Act 1953                                                                        34

298-5  Scope of Division................................................................................. 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

17-20  Determinations relating to how to work out net amounts................... 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

45-1  What this Division is about.................................................................... 40

45-20  Information to be given to the Commissioner by certain payers......... 41

45-50  Liability to pay instalments................................................................. 41

45-60  Meaning of instalment quarter ............................................................. 42

45-61  When quarterly instalments are due—payers of quarterly instalments 42

45-110  How to work out amount of quarterly instalment on instalment income basis        44

Subdivision 45-D—Quarterly payers                                                                   44

45-125  Quarterly payer who pays instalments on the basis of instalment income              44

45-130  Quarterly payer who pays on the basis of GDP-adjusted notional tax 46

45-132  Quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax               47

45-134  Quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax               48

Subdivision 45-F—Varying the instalment rate for quarterly payers who pay on the basis of instalment income       51

45-400  Working out amount of instalment—payers of 4 quarterly instalments.. 51

45-402  Working out amount of instalment—payers of 2 quarterly instalments.. 52

45-410  Working out amount of instalment—payers of 4 quarterly instalments.. 54

45-412  Working out amount of instalment—payers of 2 quarterly instalments.. 54

45-468  Multi-rate trustee may pay quarterly instalments............................. 56

Income Tax Assessment Act 1997                                                                           56

Part 2—Transitional rules                                                                     59

Part 3—Consequential amendments                                                     64

Income Tax Assessment Act 1936                                                                           64

160APBC  Application of PAYG instalment variation credit........................ 65

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

8AAZMB  Saturdays, Sundays and public holidays...................................... 84

388-52  Saturdays, Sundays and public holidays............................................ 85

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

8AAD  What is the general interest charge rate? ........................................... 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



This Bill originated in the House of Representatives; and, having this day passed, is now ready for presentation to the Senate for its concurrence.

                I.C. HARRIS

           Clerk of the House of Representatives

House of Representatives

20 June 2001

 

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 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.