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Taxation Laws Amendment Bill (No. 2) 1999

1998-99

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

( As read a third time )

 

 

 

 

 

 

 

 

 

Taxation Laws Amendment Bill (No. 2) 1999

 

No.      , 1999

 

 

 

 

A Bill for an Act to amend the law relating to taxation

   

   



Contents

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

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

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

4............ Amendment of income tax assessments............................................. 2

Schedule 1—Australia as a regional financial centre                                          3

Part 1—OBUs, withholding tax and thin capitalisation                                        3

Income Tax Assessment Act 1936                                                                               3

Income Tax Assessment Act 1997                                                                             12

Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988               12

Part 2—Foreign Investment Funds                                                                            14

Income Tax Assessment Act 1936                                                                             14

Part 3—Controlled foreign companies                                                                     18

Income Tax Assessment Act 1936                                                                             18

Schedule 2—Commercial debt forgiveness                                                             20

Income Tax Assessment Act 1936                                                                             20

Schedule 3—Depreciation of plant previously owned by an exempt entity                21

Part 1—Income Tax Assessment Act 1997                                                          21

Part 2—Income Tax (Transitional Provisions) Act 1997                                 61

Part 3—Income Tax Assessment Act 1936                                                          62

Part 4—Application of amendments                                                                         64

Schedule 4—Franking credits, franking debits and the intercorporate dividend rebate     65

Income Tax Assessment Act 1936                                                                             65

Schedule 5—Franking of dividends by exempting companies and former exempting companies                 126

Income Tax Assessment Act 1936                                                                           126

Schedule 6—Deductions for gifts                                                                                184

Income Tax Assessment Act 1997                                                                           184

Schedule 7—Distributions to beneficiaries and partners that are equivalent to interest   185

Income Tax Assessment Act 1936                                                                           185

 



This Bill originated in the House of Representatives; and, having this day passed, is now ready for presentation to the Senate for its concurrence.

                I. C. HARRIS

           Clerk of the House of Representatives

House of Representatives

15 September 1999

 

A Bill for an Act to amend the law relating to taxation

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Taxation Laws Amendment Act (No. 2) 1999 .

2   Commencement

             (1)  Subject to this section, this Act commences on the day on which it receives the Royal Assent.

Schedule 4

             (2)  Item 24 of Schedule 4 is taken to have commenced on 16 April 1998.

3   Schedule(s )

                   Subject to section 2, 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.

4   Amendment of income tax assessments

                   Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment made before the commencement of this section for the purposes of giving effect to this Act.