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Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015

 

No.      , 2015

 

(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............ 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:

1   Short title

                   This Act may be cited as the Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 .

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

Provisions

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

The day this Act receives the Royal Assent.

 

3.  Schedule 2

1 July 2015.

1 July 2015

4.  Schedule 3

The day this Act receives the Royal Assent.

 

5.  Schedule 4

The day after 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   Schedules

                   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.

4   Amendment of assessments

             (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.