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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
As passed by both Houses
Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015
No. , 2015
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............ Schedules............................................................................................ 2
4............ Amendment of assessments................................................................ 2
Schedule 1—Tax relief for certain mining arrangements 4
Part 1—Interest realignment arrangements 4
Income Tax Assessment Act 1997 4
Income Tax (Transitional Provisions) Act 1997 14
Part 2—Farm-in farm-out arrangements 16
Income Tax Assessment Act 1997 16
Part 3—Mining, quarrying or prospecting information 25
Income Tax Assessment Act 1997 25
Schedule 2—In-house software 26
Income Tax Assessment Act 1997 26
Schedule 3—Instalment trusts 27
Income Tax Assessment Act 1997 27
Income Tax (Transitional Provisions) Act 1997 34
Taxation Administration Act 1953 35
Schedule 4—Company losses 36
Part 1—Changes in company ownership 36
Division 1—Main amendments 36
Income Tax Assessment Act 1997 36
Division 2—Other amendments 45
Income Tax Assessment Act 1997 45
Income Tax (Transitional Provisions) Act 1997 53
Part 2—Same business test 55
Income Tax Assessment Act 1997 55
Part 3—Shares held by certain entities 56
Income Tax Assessment Act 1997 56
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 and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 .
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provisions |
Commencement |
Date/Details |
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1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1 |
The day this Act receives the Royal Assent. |
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3. Schedule 2 |
1 July 2015. |
1 July 2015 |
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4. Schedule 3 |
The day this Act receives the Royal Assent. |
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5. Schedule 4 |
The day after this Act receives the Royal Assent. |
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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.
Legislation 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.
(1) 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 Schedule 3 to this Act (Instalment trusts); and
(b) the amendment is made for the purpose of giving effect to that Schedule; and
(c) the amendment is made within 2 years after that commencement.
(2) 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 Schedule 4 to this Act (Company losses); and
(b) the amendment is made for the purpose of giving effect to that Schedule; and
(c) the amendment is made within 4 years after that commencement.