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Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

 

No.      , 2019

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, and for other purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Tax treatment of concessional loans involving tax exempt entities 3

Income Tax Assessment Act 1936                                                                               3

Schedule 2—Enhancing the integrity of the small business CGT concessions in relation to partnerships                                                                                                                               8

Income Tax Assessment Act 1997                                                                               8

Schedule 3—Limiting deductions for vacant land                                            10

Income Tax Assessment Act 1997                                                                             10

Schedule 4—Extending anti-avoidance rules for circular trust distributions        14

Income Tax Assessment Act 1936                                                                             14

Taxation Administration Act 1953                                                                          15

Schedule 5—Disclosure of business tax debts                                                      16

Income Tax Assessment Act 1997                                                                             16

Taxation Administration Act 1953                                                                          16

Schedule 6—Electronic invoicing                                                                                20

Taxation Administration Act 1953                                                                          20

Schedule 7—Salary sacrifice integrity                                                                      22

Superannuation Guarantee (Administration) Act 1992                                     22

 

 



A Bill for an Act to amend the law relating to taxation, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act 2019 .

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 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 4

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedules 5 to 7

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.