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New Business Tax System (Taxation of Financial Arrangements) Bill (No. 1) 2003

 

 

 

 

 

 

New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003

 

No. 133, 2003

 

 

 

 

 

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

   

   



Contents

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

2............ Commencement.................................................................................. 2

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

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

Schedule 1—Removal of taxing point on conversion or exchange of traditional securities              3

Income Tax Assessment Act 1936                                                                               3

Income Tax Assessment Act 1997                                                                               5

Schedule 2—Convertible interests                                                                               12

Income Tax Assessment Act 1997                                                                             12

Schedule 3—Rights                                                                                                               15

Income Tax Assessment Act 1997                                                                             15

Schedule 4—Foreign currency                                                                                        17

Part 1—Amendments                                                                                                     17

Financial Corporations (Transfer of Assets and Liabilities) Act 1993           17

Income Tax Assessment Act 1936                                                                             18

Income Tax Assessment Act 1997                                                                             21

Taxation Administration Act 1953                                                                        123

Part 2—Transitional provisions                                                                                 124

 



 

 

New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003

No. 133, 2003

 

 

 

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

[ Assented to 17 December 2003 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 .

2   Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3   Schedule(s)

                   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.



 



 

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 29 May 2003

Senate on 24 June 2003 ]

(68/03)