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Taxation Laws Amendment Bill (No. 6) 2001

 

 

 

 

Taxation Laws Amendment Act (No. 6) 2001

 

No. 169, 2001



 

 

 

 

Taxation Laws Amendment Act (No. 6) 2001

 

No. 169, 2001

 

 

 

 

An Act to amend the law relating to taxation

   

   



Contents

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

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

3............ Schedule(s).......................................................................................... 2

4............ Amendment of assessments............................................................... 2

Schedule 1—Petroleum Resource Rent Tax                                                            4

Part 1—Sales gas                                                                                                               4

Petroleum Resource Rent Tax Assessment Act 1987                                              4

Part 2—The 5 year rule                                                                                                   7

Petroleum Resource Rent Tax Assessment Act 1987                                              7

Petroleum (Submerged Lands) Act 1967                                                                 7

Schedule 2—Local government businesses                                                              9

Income Tax Assessment Act 1936                                                                               9

Schedule 3—Superannuation fund residence requirements                          10

Income Tax Assessment Act 1936                                                                             10

Schedule 4—Tax relief for shareholders in listed investment companies   13

Income Tax Assessment Act 1997                                                                             13

Schedule 5—HIH rescue package                                                                               21

Part 1—Income tax consequences                                                                            21

Income Tax Assessment Act 1997                                                                             21

Part 2—Goods and services tax consequences                                                   24

A New Tax System (Goods and Services Tax) Act 1999                                      24

Schedule 6—Personal services income                                                                     28

Part 1—Agents                                                                                                                  28

Income Tax Assessment Act 1997                                                                             28

Part 2—Personal services business tests                                                                 31

Income Tax Assessment Act 1997                                                                             31

Part 3—Personal services business determinations                                             35

Income Tax Assessment Act 1997                                                                             35

Part 4—Other amendments                                                                                          37

Income Tax Assessment Act 1936                                                                             37

Income Tax Assessment Act 1997                                                                             40

Taxation Administration Act 1953                                                                          42

Part 5—Application                                                                                                         44

 



Taxation Laws Amendment Act (No. 6) 2001

No. 169, 2001

 

 

 

An Act to amend the law relating to taxation

[ Assented to 1 October 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Taxation Laws Amendment Act (No. 6) 2001 .

2   Commencement

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

             (2)  Subject to subsection (3), Part 1 of Schedule 1 commences on a day to be fixed by Proclamation.

             (3)  If Part 1 of Schedule 1 does not commence under subsection (2) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.

             (4)  Items 4 and 5 of Schedule 4 commence, or are taken to have commenced, immediately after the commencement of Schedule 3 to the Taxation Laws Amendment Act (No. 5) 2001 .

          (4A)  Items 10 and 11 of Schedule 5 commence immediately after the commencement of item 9A of that Schedule.

          (4B)  Items 4A and 4B of Schedule 6 commence immediately after the commencement of item 4 of that Schedule.

          (4C)  Item 4C of Schedule 6 commences:

                     (a)  if Schedule 1 to the Taxation Laws Amendment Act (No. 5) 2001 commences before the day on which this Act receives the Royal Assent—immediately after the commencement of item 4B of Schedule 6 to this Act; or

                     (b)  if paragraph (a) does not apply—immediately after the commencement of Schedule 1 to that Act.

             (5)  Item 5 of Schedule 6 commences:

                     (a)  if Schedule 1 to the Taxation Laws Amendment Act (No. 5) 2001 commences before the day on which this Act receives the Royal Assent—immediately after the commencement of item 4 of Schedule 6 to this Act; or

                     (b)  if paragraph (a) does not apply—immediately after the commencement of Schedule 1 to that Act.

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.