Title Taxation Laws Amendment Bill (No. 2) 1999
Database Bills & Legislation
Long Title a Bill for an Act to amend the law relating to taxation
Date 02-12-1998
Source House of Reps
Parl No. 39
Bill Number 98232
Bill Type Government
Portfolio Treasurer's portfolio
Reps Bill Code T
Status Act
System Id legislation/bills/r695_act/0001


Taxation Laws Amendment Bill (No. 2) 1999

 

 

 

 

Taxation Laws Amendment Act (No. 2) 1999

 

No. 93, 1999


 

 

 

 

Taxation Laws Amendment Act (No. 2) 1999

 

No. 93, 1999

 

 

 

 

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                127

Income Tax Assessment Act 1936                                                                          127

Schedule 6—Deductions for gifts                                                                               185

Income Tax Assessment Act 1997                                                                          185

Schedule 7—Distributions to beneficiaries and partners that are equivalent to interest  186

Income Tax Assessment Act 1936                                                                          186

 


Taxation Laws Amendment Act (No. 2) 1999

No. 93, 1999

 

 

 

An Act to amend the law relating to taxation

[Assented to 16 July 1999]

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.