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Tax Laws Amendment (2006 Measures No. 7) Bill 2007

 

 

 

 

 

 

Tax Laws Amendment (2006 Measures No. 7) Act 2007

 

No. 55, 2007

 

 

 

 

 

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

Schedule 1—Small business relief for CGT events                                              3

Income Tax Assessment Act 1936                                                                               3

Income Tax Assessment Act 1997                                                                               3

Income Tax (Transitional Provisions) Act 1997                                                  29

Schedule 3—Streamline gift fund and integrity arrangements for deductible gift recipients           33

Income Tax Assessment Act 1997                                                                             33

Taxation Administration Act 1953                                                                          34

Schedule 4—Deductible gift recipient extensions                                               38

Income Tax Assessment Act 1997                                                                             38

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006                38

Schedule 5—Effective life of tractors and harvesters                                      39

Income Tax Assessment Act 1997                                                                             39

Schedule 6—Farm management deposits                                                                40

Income Tax Assessment Act 1936                                                                             40

Schedule 7—Capital protected borrowings                                                             41

Part 1—Main amendments                                                                                           41

Income Tax Assessment Act 1997                                                                             41

Income Tax (Transitional Provisions) Act 1997                                                  45

Part 2—Consequential amendments                                                                         50

Income Tax Assessment Act 1997                                                                             50

Part 3—Application                                                                                                         51

 



 

 

Tax Laws Amendment (2006 Measures No. 7) Act 2007

No. 55, 2007

 

 

 

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

[ Assented to 12 April 2007 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (2006 Measures No. 7) Act 2007 .

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.