2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

 

No.      , 2013

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes

   

   

Contents

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

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

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

Schedule 1—Minerals resource rent tax                                                                   3

Part 1—Repeals                                                                                                                 3

Minerals Resource Rent Tax Act 2012                                                                     3

Minerals Resource Rent Tax (Imposition—Customs) Act 2012                           3

Minerals Resource Rent Tax (Imposition—Excise) Act 2012                               3

Minerals Resource Rent Tax (Imposition—General) Act 2012                            3

Part 2—Consequential amendments                                                                       4

Administrative Decisions (Judicial Review) Act 1977                                          4

A New Tax System (Goods and Services Tax) Act 1999                                         4

Crimes (Taxation Offences) Act 1980                                                                       4

Income Tax Assessment Act 1997                                                                               5

Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012                9

Petroleum Resource Rent Tax Assessment Act 1987                                              9

Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 11

Taxation Administration Act 1953                                                                          11

Taxation (Interest on Overpayments and Early Payments) Act 1983               17

Part 3—General transitional provisions                                                               19

Part 4—Specific transitional provisions                                                              20

Schedule 2—Loss carry back                                                                                         21

Part 1—Repeals                                                                                                               21

Income Tax Assessment Act 1997                                                                             21

Income Tax (Transitional Provisions) Act 1997                                                   21

Part 2—Consequential amendments                                                                     22

Income Tax Assessment Act 1936                                                                             22

Income Tax Assessment Act 1997                                                                             23

Taxation Administration Act 1953                                                                          25

Part 3—Application, transitional and saving provisions                             26

Income Tax (Transitional Provisions) Act 1997                                                   26

Schedule 3—Small business instant asset write-off threshold                    28

Income Tax Assessment Act 1997                                                                             28

Schedule 4—Deductions for motor vehicles                                                          30

Income Tax Assessment Act 1997                                                                             30

Schedule 5—Geothermal energy                                                                                  31

Income Tax Assessment Act 1997                                                                             31

Schedule 6—Superannuation Guarantee Charge percentage                   36

Superannuation Guarantee (Administration) Act 1992                                     36

Schedule 7—Low income superannuation contribution                               37

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          37

Schedule 8—Repeal of income support bonus                                                    40

Part 1—Main amendments                                                                                        40

Social Security Act 1991                                                                                           40

Social Security (Administration) Act 1999                                                            40

Part 2—Consequential amendments                                                                     42

Farm Household Support Act 1992                                                                        42

Income Tax Assessment Act 1997                                                                             42

Social Security Act 1991                                                                                           43

Social Security (Administration) Act 1999                                                            43

Part 3—Saving provisions                                                                                          44

Schedule 9—Repeal of schoolkids bonus                                                                46

Part 1—Amendments                                                                                                   46

A New Tax System (Family Assistance) Act 1999                                                 46

A New Tax System (Family Assistance) (Administration) Act 1999                  47

Income Tax Assessment Act 1997                                                                             48

Social Security (Administration) Act 1999                                                            48

Part 2—Saving provisions                                                                                          49

 

A Bill for an Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Minerals Resource Rent Tax Repeal and Other Measures Act 2013 .

2   Commencement

             (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 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.
2.  Schedule 1	1 July 2014.	1 July 2014
3.  Schedules 2 to 9	The day this Act receives the Royal Assent.

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.

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.