Download Word
Download PDF2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (2012 Measures No. 2) Bill 2012
No. , 2012
(Treasury)
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)......................................................................................... 3
4............ Amendment of assessments................................................................ 3
Schedule 1—Companies’ non-compliance with PAYG withholding and superannuation guarantee obligations 4
Part 1—Recovery of penalties 4
Division 1—Amendments applying to future and undischarged penalties 4
Taxation Administration Act 1953 4
Division 2—Penalties for new directors 7
Taxation Administration Act 1953 7
Division 3—Remission of penalties 7
Taxation Administration Act 1953 7
Part 2—Credits 10
Income Tax Assessment Act 1997 10
Taxation Administration Act 1953 10
Taxation (Interest on Overpayments and Early Payments) Act 1983 26
Part 3—Superannuation guarantee charge 29
Division 1—Estimates 29
Corporations Act 2001 29
Superannuation Guarantee (Administration) Act 1992 31
Taxation Administration Act 1953 31
Division 2—Penalties 35
Superannuation Guarantee (Administration) Act 1992 35
Taxation Administration Act 1953 35
Schedule 2—Consolidation and TOFA 39
Income Tax Assessment Act 1997 39
Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 40
Schedule 3—Consolidation 44
Part 1—Pre rules 44
Income Tax Assessment Act 1997 44
Part 2—Interim rules 50
Income Tax Assessment Act 1997 50
Part 3—Prospective rules 58
Income Tax Assessment Act 1997 58
Part 4—Application 62
Schedule 4—MIT withholding tax rate 65
Taxation Administration Act 1953 65
A Bill for an Act to amend the law relating to taxation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Tax Laws Amendment (2012 Measures No. 2) Act 2012 .
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
|
|
2. Schedule 1, Part 1 |
The day after this Act receives the Royal Assent. |
|
|
3. Schedule 1, Part 2 |
The later of: (a) the day after this Act receives the Royal Assent; and (b) the day the Pay As You Go Withholding Non-compliance Tax Act 2012 receives the Royal Assent. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. |
|
|
4. Schedule 1, Part 3, Division 1 |
The day after this Act receives the Royal Assent. |
|
|
5. Schedule 1, Part 3, Division 2 |
Immediately after the commencement of the provision(s) covered by table item 3. |
|
|
6. Schedule 2 |
Immediately after the commencement of Parts 1, 2 and 3 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009. |
26 March 2009 |
|
7. Schedule 3, Part 1 |
The day this Act receives the Royal Assent. |
|
|
8. Schedule 3, Part 2 |
Immediately after the commencement of the provision(s) covered by table item 7. |
|
|
9. Schedule 3, Part 3 |
Immediately after the commencement of the provision(s) covered by table item 8. |
|
|
10. Schedule 3, Part 4 |
The day this Act receives the Royal Assent. |
|
|
11. Schedule 4 |
At the same time as the Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2012 commences. |
|
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
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.
Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:
(a) the assessment was made before the commencement of this section; and
(b) the amendment is made within 2 years after that commencement; and
(c) the amendment is made for the purpose of giving effect to Schedule 2 or 3 to this Act.