Table A
Application, saving or transitional provisions
Income Tax (Consequential Amendments) Act 1997 (No. 39,
1997)
Schedule 1
274 Application of
amendments
The amendments made by this Schedule apply to assessments for the
1997‑98 year of income and later years of income.
Taxation
Laws Amendment (Private Health Insurance Incentives) Act 1997
(No. 56, 1997)
Schedule 1
5 Application
The amendments made by this Schedule (other than item 2) apply to
assessments in respect of income for the 1997‑98 year of income and all
later years of income.
Schedule 2
10 Application
(1) The amendments of the Income Tax Assessment Act
1936 apply to assessments in respect of income for the 1997‑98 year
of income and all later years of income.
Schedule 3
2 Application
The amendment made by this Schedule applies to assessments in
respect of the 1996‑97 year of income and for all later years of income.
Taxation Laws Amendment Act (No. 2) 1997 (No. 95, 1997)
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.
Schedule 1
22 Application
(1) The amendments made by items 1 to 8 and 21 apply in
determining net capital gains and net capital losses for the 1996‑97 year
of income and all later years of income.
(2) In determining a taxpayer’s net capital gain for
those years:
(a) the taxpayer’s net capital loss for
the 1995‑96 year of income is to be worked out disregarding the
amendments made by those items; and
(b) the taxpayer is taken (other than
for the purposes of paragraph (a)) not to have incurred a net capital loss for
any year of income before the 1995‑96 year of income.
(3) The amendments made by items 9 to 20 apply to
transfers of net capital losses where the gain year is the 1996‑97 year
of income or a later year of income.
Schedule 2
19 Application
The amendments made by this Schedule apply to payments made after
7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.
20 Transitional—regulations
The first regulations made after the commencement of this item
for the purposes of section 221YL of the Income Tax Assessment Act 1936 may
be expressed:
(a) to have been in effect at all
relevant times before the date of notification of the regulations; or
(b) to apply in relation to a period of
any part of which occurred before the date of notification of the regulations;
or
(c) to take effect from:
(i) a
specified date; or
(ii) a
specified time on a specified date;
before the date of notification of the regulations.
Schedule 3
14 Application
(1) The amendment made by item 1 of this Schedule
applies to assessments in respect of the year of income in which 1 July 1997 occurs and of all later years of income.
(2) The amendment made by item 2 of this Schedule
applies in relation to dividends paid or received by a prescribed dual resident
on or after 1 July 1997.
(3) The amendment made by item 3 of this Schedule
applies in relation to the year of income for the loss company in which 1 July
1997 occurred and all later years of income.
(4) The amendment made by item 4 of this Schedule
applies in relation to the year of income for the income company in which 1 July
1997 occurred and all later years of income.
(5) The amendments made by items 5 to 8 of this
Schedule apply in relation to interest incurred or accrued on or after 1 July 1997.
(6) The amendment made by item 9 of this Schedule
applies in relation to the year of income for the loss company in which 1 July
1997 occurred and all later years of income.
(7) The amendment made by item 10 of this Schedule
applies in relation to the year of income for the gain company in which 1 July
1997 occurred and all later years of income.
(8) The amendments made by items 11 to 13 of this
Schedule apply in relation to asset transfers undertaken on or after 1 July 1997.
Schedule 4
3 Application
The amendments made by this Schedule apply to assessments in
respect of the year of income after the year in which 20 August 1996 occurs and of all later years of income.
4 Transitional
If a taxpayer elects that subsection 82AAC(2D) of the Income
Tax Assessment Act 1936 is to apply for the year of income in which 20 August 1996 occurs:
(a) the total deductions allowed under
subsection 82AAC(1) of that Act for contributions made by the taxpayer, or by
the taxpayer and one or more of the associates of the taxpayer in respect of a
particular employee, must not exceed the greater of:
(i) the
amounts contributed at or before 7.30 pm, by legal time in the Australian Capital
Territory,
on 20 August
1996; and
(ii) the
employee’s deduction limit for that year of income; and
(b) the total deductions allowed under
subsection 82AAC(1) of that Act for contributions made by the taxpayer, or by
the taxpayer and one or more of the associates of the taxpayer in respect of
all the employees, must not exceed the elective deduction limit worked out
under subsection 82AAC(2D) for that year of income.
Schedule 5
18 Application
The amendment made by this Part applies to interest paid on or
after 1 January 1996.
21 Application
The amendments made by this Part,
so far as they affect section 160ZZY of the Income Tax Assessment Act 1936,
apply to foreign tax paid after the commencement of this Part.
Tax Law Improvement Act 1997 (No. 121, 1997)
4 Application of amendments
An amendment made by an item in a Schedule (except Schedule 1)
applies to assessments for the 1997‑98 income year and later income
years, unless otherwise indicated in that Schedule.
Schedule 2
31 Application of amendment
of subsection 221A(1) (definition of salary or wages)
Section 4 of this Act does not apply to the amendment made by
item 30.
33 Saving of regulations
made for purposes of subsection 221C(1AC) of the Income Tax Assessment Act
1936
The amendment of subsection 221C(1AC) of the Income Tax
Assessment Act 1936 does not affect the validity of regulations prescribing
rates of deduction specifically for salary or wages that are amounts to which
paragraph 26(eb) of that Act applies.
Schedule 3
47 Application of
amendments of section 102M
The amendments made by items 45 and 46 apply for the purpose of
determining whether a trust is a public trading trust or a public unit trust in
relation to the 1997‑98 income year or a later income year.
52 Application of amendment
of paragraph 128B(3)(a)
The amendment made by item 51 applies to income derived on or
after 1 July 1997.
56 Application of amendment
of subsection 159ZR(1) (paragraph (e) of the definition of eligible income)
The amendment made by item 55 applies for the purpose of
determining whether a lump sum payment is eligible income in the 1997‑98
income year or a later income year.
59 Application of amendment
of subsection 221A(1) (definition of salary or wages)
Section 4 of this Act does not apply to the amendment made by
item 58.
Schedule 4
78 Application of amendment
of subsection 51AG(1)
Section 4 of this Act does not apply to the amendment made by
item 77.
Taxation Laws Amendment
Act (No. 1) 1997 (No. 122, 1997)
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.
Schedule 1
16 Application
(1) The amendments made by this Part, other than items 14
and 15, apply to amounts received on or after 1 July 1996.
(2) The amendments made by items 14 and 15 apply to
payments made after the 28th day after the day on which this Part commences.
21 Application
Item 20 applies in respect of statutory accounting periods of a
controlled foreign company that began or begin on or after 1 July 1990.
Schedule 3
22 Application
(1) Part 4 of Schedule 2 to the Taxation Laws
Amendment Act (No. 2) 1995 applies in the same way to the amendments made
by items 1, 7, 8, 9, 11, 12, 13, 14, 16, 17 and 19 of this Schedule as it
applied to the amendments made by Schedule 2 to that Act.
(2) The amendments made by items 2 and 15 apply to
shares acquired on or after the day that this Act receives the Royal Assent.
(3) The amendments made by items 3, 4 and 5 apply in
relation to shares acquired on or after 20 September 1985.
(4) The amendments made by items 6, 10 and 18 apply to
shares or rights acquired on or after 1 July 1996.
(5) The amendments made by items 20 and 21 apply in
relation to options exercised on or after 20 September 1985.
23 Transitional—market
value of shares and rights
For the purposes of Division 13A of Part III of the Income Tax
Assessment Act 1936, the market value of a share or right on a particular
day on or after 28 March 1995 and before 12 December 1996 where the
share or right is quoted on a share market of an approved stock exchange on
that day may be determined under whichever of the following is chosen by the
relevant taxpayer:
(a) section 139FA of the Income Tax
Assessment Act 1936 as amended by this Schedule;
(b) section 139FA of the Income Tax
Assessment Act 1936 before being amended by this Schedule.
Schedule 5
5 Application
The Division inserted in the Income Tax Assessment Act 1936
by item 1 applies to disposals of assets on or after 1 July 1997.
Schedule 8
6 Application
The amendments made by this Part apply where the taxpayer
acquired a threshold interest in an SME on or after 1 July 1996.
Franchise
Fees Windfall Tax (Consequential Amendments) Act 1997
(No. 134,
1997)
4 Application of amendments
(1) The amendments of the Income Tax Assessment Act
1936 apply to the 1996‑97 year of income.
(2) The amendments of
the Income Tax Assessment Act 1997 apply to the 1997‑98 year of
income and to all later years of income.
Taxation Laws Amendment
Act (No. 3) 1997 (No. 147, 1997)
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.
Schedule 1
45 Application
The amendments made by this Schedule apply to disposals of assets
on or after 1 July 1997.
Schedule 3
5 Application
The amendments made by this Schedule apply in relation to the
1996‑97 year of income and to all later years of income.
Schedule 4
3 Application
The amendments made by Part 1 apply if the transition time is
after 2 July 1995.
Schedule 5
34 Application
(1) The amendments made by Divisions 1 and 2 of Part 1
apply to disposals of dwellings after 7.30 pm, by legal time in the Australian
Capital Territory, on 20 August 1996.
(2) The amendments made by Division 3 of Part 1 apply
to assets that pass to the legal personal representative of a deceased person,
to a beneficiary in the estate of a deceased person or to a trustee of the
estate of a deceased person, after 7.30 pm, by legal time in the Australian
Capital Territory, on 20 August 1996.
(3) The amendments made by Division 4 of Part 1 apply
to a dwelling owned by a taxpayer if:
(a) for the first time since the
taxpayer acquired the dwelling, it is used for the purpose of gaining or
producing assessable income; and
(b) that time is after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.
Schedule 6
9 Application
The amendments made by this Part apply in respect of years of
income in which proceeds are derived as a result of firearms surrender
arrangements.
Note: Firearms
surrender arrangements has the meaning given by subsection 6(1) of
the Income Tax Assessment Act 1936.
Schedule 8
3 Application
The amendments made by this Schedule apply in relation to units
of property first used on or after 1 July 1996 for the purposes of
producing assessable income of the lessor of the property.
Schedule 10
6 Application
(1) The amendments made by items 1, 2, 4 and 5 of this
Schedule apply to contributions made on or after 1 July 1997.
(2) The amendment made by item 3 of this Schedule
applies to provisional tax (including instalments) payable in respect of income
of the 1997‑98 year of income and all later years of income.
Schedule 11
12 Application
The amendments made by items 1 to 11 are taken to have come into
effect at 5 pm, by legal time in the Australian Capital Territory, on 23 July 1996.
Schedule 13
2 Application
The amendments made by this Schedule apply if the cancellation of
the transferee’s total shares took place after 7.30 pm, by legal time in the Australian
Capital Territory, on 20 August 1996.
Schedule 14
17 Application
(1) The amendments made by this Part apply to the 1996‑97
year of income.
(2) However, the amendments made by items 5 to 15 have
effect only in respect of acts, omissions or events happening after 26 March 1997.
41 Application
(1) Subject to this item, the amendments made by the
items in this Part apply to the 1996‑97 year of income and to any later
years of income to which the provisions respectively amended by those items
apply.
(2) The amendments made by items 18 to 24 apply to the
1996‑97 year of income and to any later years of income to which the
provisions respectively amended by those items apply, but have effect only in
respect of acts, omissions or events happening after 26 March 1997.
(3) The references in subsection 160ZNS(3) of the Income
Tax Assessment Act 1936 to a company starting to carry on a business or
entering into a transaction are references to the company starting to carry on
a business or entering into a transaction after 7.30 pm, by legal time in the
Australian Capital Territory, on 20 August 1996.
(4) The reference in subsection 160ZNS(4) of the Income
Tax Assessment Act 1936 to a company incurring expenditure is a reference
to the company incurring expenditure after 7.30 pm, by legal time in the
Australian Capital Territory, on 20 August 1996.
(5) The amendment made by item 35 does not permit the
Commissioner to amend an assessment made before 26 March 1997 unless the Commissioner could have made the amendment on that date.
Schedule 17
3 Application
(1) Part 4 of Schedule 2 to the Taxation Laws Amendment
Act (No. 2) 1995 applies in the same way to the amendment made by item 1 of
this Schedule as it applied to the amendments made by Schedule 2 to that Act.
(2) The amendment made by item 2 of this Schedule
applies to shares or rights acquired on or after 1 July 1996.
Taxation Laws Amendment (Foreign Income Measures) Act 1997
(No. 155, 1997)
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.
Schedule 1
120 Application of
amendments—section 23AH of the Income Tax Assessment Act 1936
(1) The amendment of subsection 23AH(1) of the Income
Tax Assessment Act 1936 made by this Schedule applies to foreign income
derived on or after 1 July 1997.
(2) The amendments of subsections 23AH(6) and (7) of
the Income Tax Assessment Act 1936 made by this Schedule apply to
disposals of assets on or after 1 July 1997.
(3) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to subsections 23AH(1) and (5) of that Act, apply to foreign income derived on
or after 1 July 1997.
(4) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to subsections 23AH(6) and (7) of that Act, apply to disposals of assets on or
after 1 July 1997.
121 Application of
amendments—section 23AJ of the Income Tax Assessment Act 1936
The amendments of Part X of the Income Tax Assessment Act 1936
made by this Schedule, in so far as they are relevant to section 23AJ of that
Act, apply to dividends paid on or after 1 July 1997.
122 Application of
amendments—sections 47A and 108 of the Income Tax Assessment Act 1936
The amendments of Division 1 of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to sections 47A and 108 of that Act, apply to a distribution time that occurs
on or after 1 July 1997.
123 Application of
amendments—Division 6AAA of Part III of the Income Tax Assessment Act 1936
(1) The amendments of Subdivision B of Division 6AAA of
Part III of the Income Tax Assessment Act 1936 made by this Schedule
apply in relation to a distributed amount of a trust estate’s non‑resident
year of income beginning on or after 1 July 1997.
(2) The amendments of Subdivision A of Division 6AAA of
Part III and Division 1 of Part X of the Income Tax Assessment Act 1936
made by this Schedule, in so far as they are relevant to Subdivision B of
Division 6AAA of Part III of that Act, apply in relation to a distributed
amount of a trust estate’s non‑resident year of income beginning on or
after 1 July 1997.
(3) The amendments of Subdivision D of Division 6AAA of
Part III of the Income Tax Assessment Act 1936 made by this Schedule
apply in relation to the calculation of the attributable income of a non‑resident
trust estate of a year of income beginning on or after 1 July 1997.
(4) The amendments of Subdivision A of Division 6AAA of
Part III and Division 1 of Part X of the Income Tax Assessment Act 1936,
in so far as they are relevant to Subdivision D of Division 6AAA of Part III of
that Act, apply in relation to the calculation of the attributable income of a
non‑resident trust estate of a year of income beginning on or after 1 July
1997.
(5) For the purposes of this item, in determining the
beginning of a year of income of a trust estate, subsection 6(2) of the Income
Tax Assessment Act 1936 is to be disregarded.
124 Application of
amendments—Division 18 of Part III of the Income Tax Assessment Act 1936
(1) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to sections 160AFC and 160AFCC of that Act, apply in relation to dividends paid
on or after 1 July 1997.
(2) The amendment of section 160AFCA of the Income
Tax Assessment Act 1936 made by this Schedule applies in relation to
statutory accounting periods beginning on or after 1 July 1997.
125 Application of amendments—Part
IIIA of the Income Tax Assessment Act 1936
(1) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to subsections 160M(12A), (12AA) and (12AB) of that Act, apply in relation to a
residence‑change time that occurs on or after 1 July 1997.
(2) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to section 160ZFB of that Act, apply in relation to a residence‑change time
that occurs on or after 1 July 1997.
126 Application of
amendments—Part X of the Income Tax Assessment Act 1936
(1) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to the calculation of the attributable income of a CFC, apply in relation to
the calculation of attributable income for eligible periods beginning on or
after 1 July 1997.
(2) The amendments of section 377 of the Income Tax
Assessment Act 1936 made by this Schedule apply in relation to an
accounting period that began on or after 1 July 1997.
(3) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Schedule, in so far as they are
relevant to sections 377 and 378 of that Act, apply in relation to an
accounting period that began on or after 1 July 1997.
(4) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Part, in so far as they are relevant
to section 380 of that Act, apply to dividends paid on or after 1 July 1997.
(5) The amendments of Part X of the Income Tax
Assessment Act 1936 made by this Schedule, in so far as they are relevant
to determining whether a company passes the active income test in relation to a
statutory accounting period, apply in relation to statutory accounting periods
beginning on or after 1 July 1997.
(6) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Schedule, in so far as they are
relevant to subsection 456(2) of that Act, apply in relation to a change of
residence that occurs on or after 1 July 1997.
(7) The amendments of section 456A of the Income Tax
Assessment Act 1936 made by this Schedule apply in relation to a statutory
accounting period beginning on or after 1 July 1997.
(8) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Schedule, in so far as they are
relevant to section 456A of that Act, apply in relation to a statutory
accounting period beginning on or after 1 July 1997.
(9) The amendment of section 457 of the Income Tax
Assessment Act 1936 made by this Schedule applies in relation to a
residence‑change time that occurs on or after 1 July 1997.
(10) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Schedule, in so far as they are
relevant to section 457 of that Act, apply in relation to a residence‑change
time that occurs on or after 1 July 1997.
(11) The amendments of Division 1 of Part X of the Income
Tax Assessment Act 1936 made by this Schedule, in so far as they are
relevant to sections 458 and 459 of that Act, apply in relation to dividends
paid on or after 1 July 1997.
127 Transitional—when
regulations may take effect
(1) If the first regulations made for the purposes of a
provision of the Income Tax Assessment Act 1936 inserted by this
Schedule are made before the commencement of the Legislative Instruments Act
1997, those regulations may be expressed:
(a) to have been in effect at all
relevant times before the date of notification of the regulations; or
(b) to apply in relation to a period
any part of which occurred before the date of notification of the regulations;
or
(c) to take effect from:
(i) a specified date;
or
(ii) a specified time
on a specified date;
before the date of notification
of the regulations.
(2) Subitem (1) has effect despite anything in the Acts
Interpretation Act 1901.
(3) If the first regulations made for the purposes of a
provision of the Income Tax Act Assessment 1936 inserted by this
Schedule are made after the commencement of the Legislative Instruments Act
1997, those regulations may be expressed:
(a) to have been in effect at all
relevant times before the day on which the regulations were entered in the
Federal Register of Legislative Instruments; or
(b) to apply in relation to a period
any part of which occurred before the day on which the regulations were entered
in the Federal Register of Legislative Instruments; or
(c) to take effect from:
(i) a specified date;
or
(ii) a specified time
on a specified date;
before the day on which the
regulations were entered in the Federal Register of Legislative Instruments.
(4) Subitem (3) has effect despite anything in the Legislative
Instruments Act 1997.
128 Transitional—Vietnam and
the Czech Republic
(1) For the purposes of this item, the transitional
period is the period:
(a) beginning on 24 December 1996; and
(b) ending at the end of 30 June 1997.
(2) For the purposes of sections 47A, 458 and 459 of
the Income Tax Assessment Act 1936, Vietnam and the Czech Republic are
taken to have been listed countries throughout the transitional period.
(3) For the purposes of sections 23AH, 23AJ and 380 of
the Income Tax Assessment Act 1936, the Czech Republic is taken to have
been a listed country throughout the transitional period.
(4) Section 170 of the Income Tax Assessment Act
1936 does not prevent the amendment of an assessment for the purposes of
giving effect to this item.
129 Transitional—countries
that emerged on the dissolution of Czechoslovakia, the USSR or Yugoslavia
(1) For the purposes of this item, each of the
following is a designated country:
(a) Armenia;
(b) Azerbaijan;
(c) Belarus;
(d) Bosnia and Herzegovina;
(e) Croatia;
(f) Czech Republic;
(g) Estonia;
(h) Federal Republic of Yugoslavia;
(i) Former Yugoslav Republic of
Macedonia;
(j) Georgia;
(k) Kazakstan;
(l) Kyrgyzstan;
(m) Latvia;
(n) Lithuania;
(o) Moldova;
(p) Russian Federation;
(q) Slovak Republic;
(r) Slovenia;
(s) Tajikistan;
(t) Turkmenistan;
(u) Ukraine;
(v) Uzbekistan.
(2) An entity may, by writing, elect that this item
applies to the entity.
(3) If:
(a) an
election is made by a company under subitem (2); and
(b) at the time when the election is
made, the company is related to one or more other companies that are Part X
Australian residents;
the election has no effect unless that other company, or each of
those other companies, as the case requires, also make or makes an election
under subitem (2).
(4) If an election is made by an entity under subitem (2),
the amount included in the entity’s assessable income under section 456 of the Income
Tax Assessment Act 1936 in relation to a particular CFC is to be determined
as if each designated country were a listed country throughout each statutory
accounting period of the CFC that began before 24 December 1996.
(5) If an election is made by an entity under subitem (2),
then, for the purposes of the application of the Income Tax Assessment Act
1936 to a company that, apart from this subitem, is a resident of a
designated country (other than the Czech Republic) during the whole or a part
of the interim period, the exempting profits, in relation to the entity, of the
company during the interim period are to be determined as if the company were a
resident of an unlisted country throughout the interim period. For this
purpose, the interim period is the period:
(a) beginning on 24 December 1996; and
(b) ending at the end of the accounting
period of the company in which 24 December 1996 occurs.
(6) If an election is made by an entity under subitem (2),
the assessable income of the entity is to be determined as if each designated
country were a listed country for the purposes of sections 23AH, 23AJ, 47A,
380, 457, 458 and 459 of the Income Tax Assessment Act 1936 at all times
before 24 December 1996.
(7) If an election is made by an entity under subitem (2),
the amount included in the entity’s assessable income under section 102AAZD of
the Income Tax Assessment Act 1936 in relation to a particular trust
estate is to be determined as if each designated country were a listed country
throughout each year of income of the trust estate that began before 24 December
1996.
(8) Section 170 of the Income Tax Assessment Act
1936 does not prevent the amendment of an assessment for the purposes of
giving effect to this item.
(9) For the purposes of this item, the question whether
companies are related to each other is to be determined in accordance with
section 160G of the Income Tax Assessment Act 1936.
(10) An election under subitem (2) is irrevocable.
(11) An expression used in this item and in Part X of the
Income Tax Assessment Act 1936 has the same meaning in this item as it
has in that Part.
Schedule 2
5 Application
The amendments made by this Schedule apply in relation to
notional accounting periods beginning on or after 1 January 1997.
Taxation Laws Amendment Act (No.1) 1998 (No. 16,
1998)
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.
Schedule 1
26 Application of
amendments
The amendments made by this Part apply to disposals of assets on
or after 1 July 1997.
58 Application of
amendments
(1) The amendments made by items 32, 35 and 44 to 51
and 53 to 55 apply to disposals of assets after 23 October 1997.
(2) The amendment made by item 40 applies in respect of
roll‑over assets acquired after 23 October 1997.
(3) The amendments made by items 31, 33, 34, 36 to 39,
41 to 43, 52, 56 and 57 apply to disposals of assets on or after 1 July 1997.
Schedule 6
17 Application
The amendments made by this Schedule (except items 2, 3 and 4)
apply to assessments for the 1997‑98 year of income and later years of
income.
Schedule 10
57 Application
(1) The amendments made by items 52 to 56 (inclusive)
apply to a transition year that is the 1997‑98 income year, or a later
income year, of the transition taxpayer.
(2) The other amendments made by this Part apply to
assessments for the 1997‑98 income year and later income years.
Taxation
Laws Amendment (Trust Loss and Other Deductions) Act 1998
(No. 17, 1998)
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.
Schedule 1
13 Definitions
In this Division:
current year loss provisions
means sections 266‑30, 266‑80, 266‑115, 266‑155 and 267‑60
of the trust loss etc. Schedule.
debt deduction provisions means sections 266‑35,
266‑85, 266‑120, 266‑160, 267‑25 and 267‑65 of
the trust loss etc. Schedule.
earlier year loss provisions means sections 266‑25,
266‑75, 266‑110, 266‑150 and 267‑20 of the trust loss
etc. Schedule.
foreign deduction scheme provision means subsection
160AFD(6B) of the Income Tax Assessment Act 1936 as amended by this
Schedule.
foreign loss provision means subsection
160AFD(6A) of the Income Tax Assessment Act 1936 as amended by this
Schedule.
loss provisions means the earlier year
loss provisions and the current year loss provisions.
trust loss etc. Schedule means
Schedule 2F to the Income Tax Assessment Act 1936 as amended by this
Schedule.
1995 Budget time means 7.30 pm, by legal time in the Australian Capital
Territory,
on 9 May
1995.
1996 Budget time means 7.30 pm, by legal time in the Australian Capital
Territory,
on 20 August
1996.
1997 Budget time means 7.30 pm, by legal time in the Australian Capital
Territory,
on 13 May
1997.
14 Application of loss
provisions from 1994‑95 year of income
(1) Subject to this item, the loss provisions, together
with any other provisions of the trust loss etc. Schedule in so far as they
relate to the loss provisions, apply where the income year mentioned in the
loss provisions is the 1994‑95 year of income or any later year of
income.
Modified application of earlier year loss provisions: test
period
(2) If the test period mentioned in any of the earlier
year loss provisions would begin before 1995 Budget time, it is taken instead
to begin at 1995 Budget time.
Modified application of earlier year loss provisions: non‑fixed
trust distribution
(3) For the purposes of section 267‑20:
(a) if the income year mentioned in
that section is the 1994‑95 year of income—the condition in subsection
267‑30(2) is to be disregarded; and
(b) if the income year mentioned in
that section is the 1995‑96 year of income—the condition in subsection
267‑30(2) applies as if there were an additional requirement in section 269‑60
for at least part of one of the test year distributions of income or capital,
as the case requires, mentioned in that section to have taken place after 28 September
1995.
Modified application of earlier year loss provisions: non‑fixed
trust distribution
(4) For the purposes of section 267‑20, if:
(a) the whole or part of a test year
distribution of income or capital of a trust that took place before 1995 Budget
time is required to be taken into account in determining whether the trust
meets the condition in subsection 267‑30(2); and
(b) apart from this subitem, the trust
would not meet the condition; and
(c) before the end of:
(i) if subitem (5)
applies—the income year; or
(ii) in any other
case—2 months after the end of the income year;
mentioned in subsection 267‑30(2),
the whole or part of any of the test year distributions of income or capital
(whether taking place before or after 1995 Budget time), required to be taken
into account in determining whether the trust meets the condition in subsection
267‑30(2), was made directly or indirectly to an individual, for his or
her own benefit; and
(d) the trust would meet the condition
in subsection 267‑30(2) if all test year distributions of income or
capital (whether taking place before or after 1995 Budget time), required to be
taken into account in determining whether the trust meets the condition in
subsection 267‑30(2), that were made directly or indirectly, and for his
or her own benefit, to any member of the family (within the meaning of section 272‑95)
of the individual mentioned in paragraph (c) of this subitem, had instead been
made to the individual (in addition to any such distribution actually made to
the individual);
the trust meets the condition.
Modified application of earlier year loss provisions: non‑fixed
trust distribution
(5) For the purposes of section 267‑20, if:
(a) the income year mentioned in that
section is the 1995‑96 year of income; or
(b) the income year mentioned in that
section is the 1996‑97 year of income and it ends on or before 1 October 1997;
the following modifications of other provisions apply:
(c) section 267‑30 has effect as
if “or within 2 months after its end” were omitted from subparagraphs (1)(a)(i)
and (b)(i) of that section; and
(d) sections 269‑60 and 269‑75
have effect as if “2 months after the end of” were omitted (wherever
occurring); and
(e) section 269‑65 has effect as
if “until 2 months after” were omitted from paragraph (1)(a) of that section.
Case where current year loss provisions do not apply
(6) If:
(a) the income year mentioned in the
current year loss provisions is the 1994‑95 year of income; and
(b) the income year ends before 1995
Budget time:
the current year loss provisions do not
apply to the income year.
Modified application of current year loss provisions
(7) If the current year loss provisions apply where the
income year mentioned in those provisions is the 1994‑95 year of income,
they apply as if:
(a) no abnormal trading in a trust’s
units had occurred, in the 1994‑95 year of income, before 1995 Budget
time; and
(b) fixed entitlements of individuals
directly or indirectly to receive income or capital of the trust that existed
immediately before the 1995 Budget time had existed at all times, in the 1994‑95
year of income, before 1995 Budget time; and
(c) control of the trust that existed
at 1995 Budget time had existed at all times, in the 1994‑95 year of
income, before 1995 Budget time; and
(d) at all times in the 1994‑95
year of income, before 1995 Budget time, the trust were the same kind of trust
as it was at 1995 Budget time.
15 Application of debt
deduction provisions from 1996‑97 year of income
(1) Subject to this item, the debt deduction
provisions, together with any other provisions of the trust loss etc. Schedule
in so far as they relate to the debt deduction provisions, apply where the
income year mentioned in the debt deduction provisions is the 1996‑97
year of income or any later year of income.
Modified application: test period
(2) If the test period mentioned in any of the debt
deduction provisions would begin before 1996 Budget time, it is taken instead
to begin at 1996 Budget time.
Modified application: non‑fixed trust distribution
(3) For the purposes of section 267‑25, if the
income year mentioned in that section is the 1996‑97 year of income, the
condition in subsection 267‑30(2) applies as if there were an additional
requirement in section 269‑60 for at least part of one of the test year
distributions of income or capital, as the case requires, mentioned in that
section to have taken place after 1996 Budget time.
Modified application: non‑fixed trust distribution
(4) For the purpose of section 267‑25, if:
(a) the whole or part of a test year
distribution of income or capital of a trust that took place before 1996 Budget
time is required to be taken into account in determining whether the trust
meets the condition in subsection 267‑30(2); and
(b) apart from this subitem, the trust
would not meet the condition; and
(c) before the end of:
(i) if subitem (5)
applies—the income year; or
(ii) in any other
case—2 months after the end of the income year;
mentioned in subsection 267‑30(2),
the whole or part of any of the test year distributions of income or capital
(whether taking place before or after 1996 Budget time), required to be taken
into account in determining whether the trust meets the condition in subsection
267‑30(2), was made, directly or indirectly to an individual, for his or
her own benefit; and
(d) the trust would meet the condition
in subsection 267‑30(2) if all test year distributions of income or
capital (whether taking place before or after 1996 Budget time), required to be
taken into account in determining whether the trust meets the condition in
subsection 267‑30(2), that were made directly or indirectly, and for his
or her own benefit, to any member of the family (within the meaning of section 272‑95)
of the individual mentioned in paragraph (c) of this subitem, had instead been
made to the individual (in addition to any such distribution actually made to
the individual);
the trust meets the condition.
Modified application: non‑fixed trust distribution
(5) For the purposes of section 267‑25, if the
income year mentioned in that section is the 1996‑97 year of income and
it ends on or before 1 October 1997, the following modifications of other
provisions apply:
(a) section 267‑30 has effect as
if “or within 2 months after its end” were omitted from subparagraphs (1)(a)(i)
and (b)(i) of that section; and
(b) sections 269‑60 and 269‑75
have effect as if “2 months after the end of” were omitted (wherever
occurring); and
(c) section 269‑65 has effect as
if “until 2 months after” were omitted from paragraph (1)(a) of that section.
16 Application of scheme
provisions from 1994‑95 year of income
Division 270 of the trust loss etc. Schedule applies where the
income year mentioned in that Division is the 1994‑95 year of income or
any later year of income, but only if:
(a) the assessable income mentioned in
subparagraph 270‑10(1)(b)(i) was derived after 1995 Budget time; and
(b) the benefit mentioned in
subparagraph 270‑10(1)(b)(ii) was provided after 1995 Budget time.
17 Application of expanded
definition of distribution
Section 272‑60 of the trust loss etc. Schedule applies to
things done after 1 October 1997.
18 Application of new
section 63G
The amendment made by item 2 applies to assessments for the 1996‑97
year of income and all later years of income.
19 Application of foreign
loss provision from 1996‑97 year of income
(1) Subject to this item, the foreign loss provision
applies where the particular year of income mentioned in that provision is the
1996‑97 year of income or any later year of income.
Modified application: test period
(2) If, for the purposes of the foreign loss provision,
the test period mentioned in any of the earlier year loss provisions would
begin on or before 1 October 1997, it is taken for that purpose to begin
on 2 October 1997
Modified application: non‑fixed trust distribution
(3) If, for the purposes of the foreign loss provision,
the income year mentioned in subsection 267‑30(2) is the 1996‑97
year of income, the condition in that subsection applies as if there were an
additional requirement in section 269‑60 for at least part of one of the
test year distributions of income or capital, as the case requires, mentioned
in that section to have taken place after 1 October 1997.
Modified application: non‑fixed trust distribution
(4) If, for the purposes of the foreign loss provision:
(a) the whole or part of a test year
distribution of income or capital of a trust that took place on or before 1 October
1997 is required to be taken into account in determining whether the trust
meets the condition in subsection 267‑30(2); and
(b) apart from this subitem, the trust
would not meet the condition; and
(c) before the end of:
(i) if subitem (5)
applies—the income year; or
(ii) in any other
case—2 months after the end of the income year;
mentioned in subsection 267‑30(2),
the whole or part of any of the test year distributions of income or capital
(whether taking place before, on or after 1 October 1997), required to be
taken into account in determining whether the trust meets the condition in
subsection 267‑30(2), was made directly or indirectly to an individual,
for his or her own benefit; and
(d) the trust would meet the condition
in subsection 267‑30(2) if all test year distributions of income or
capital (whether taking place before, on or after 1 October 1997),
required to be taken into account in determining whether the trust meets the
condition in subsection 267‑30(2), that were made directly or indirectly,
and for his or her own benefit, to any member of the family (within the meaning
of section 272‑95) of the individual mentioned in paragraph (c) of this
subitem, had instead been made to the individual (in addition to any such
distribution actually made to the individual);
the trust meets the condition.
Modified application: non‑fixed trust distribution
(5) For the purposes of the foreign loss provision, if
the income year mentioned in that section is the 1996‑97 year of income
and it ends on or before 1 October 1997, the following modifications of
other provisions apply:
(c) section 267‑30 has effect as
if “or within 2 months after its end” were omitted from subparagraphs (1)(a)(i)
and (b)(i) of that section; and
(d) sections 269‑60 and 269‑75
have effect as if “2 months after the end of” were omitted (wherever
occurring); and
(e) section 269‑65 has effect as
if “until 2 months after” were omitted from paragraph (1)(a) of that section.
20 Application of foreign
deduction scheme provision from 1996‑97 year of income
The foreign deduction scheme provision applies where the
particular year of income mentioned in that provision is the 1996‑97 year
of income or any later year of income, but only if:
(a) the assessable income mentioned in
subparagraph 270‑10(1)(b)(i) was derived after 1 October 1997; and
(b) the benefit mentioned in
subparagraph 270‑10(1)(b)(ii) was provided after 1 October 1997.
21 Application of
amendments of subsections 170(10) and 170(13)
The amendments made by items 10 and 11 apply to assessments made
either before or after the commencement of those items.
22 Transitional—family
trust elections
(1) Subject to this item and item 22A, a family trust
election that is proposed to be made cannot specify a year of income under
subsection 272‑80(1) of the trust loss etc. Schedule that is before the
1997‑98 year of income.
(2) If:
(a) a family trust election can be
made in accordance with subsection 272‑80(2) of the trust loss etc.
Schedule specifying the 1998‑99 year of income; and
(b) assuming that the family trust
election could instead specify the 1996‑97 year of income or the 1997‑98
year of income (the qualifying year of income):
(i) a company that would
otherwise be prevented, by section 63B or 63C of the Income Tax Assessment
Act 1936 from deducting in the qualifying year of income an amount in
respect of a debt would not be so prevented; or
(ii) a company that would
otherwise be prevented by subsection 160ZC(5) of the Income Tax Assessment
Act 1936 from applying a net capital loss in the qualifying year of income
would not be so prevented; or
(iii) a company that would
otherwise be prevented by Subdivision 165‑A, 175‑A or 175‑B
of the Income Tax Assessment Act 1997 from deducting an amount in the
qualifying year of income would not be so prevented; or
(iv) a company that would
otherwise be required to calculate its taxable income for the qualifying year
of income in accordance with section 50C of the Income Tax Assessment Act
1936 would not be so required; or
(v) a company that would
otherwise not be entitled, in calculating its taxable income for the qualifying
year of income in accordance with section 50C of the Income Tax Assessment
Act 1936, to take into account an amount, by reason of subsection 50D(2),
in ascertaining the eligible notional loss of the company under section 50D,
would be so entitled; or
(vi) a company that would
otherwise be required to calculate its taxable income and tax loss for the
qualifying year of income under Subdivision 165‑B of the Income Tax
Assessment Act 1997 would not be so required; and
(c) the trust concerned passes the
family control test (see section 272‑87 of the trust loss etc. Schedule):
(i) if the qualifying year
of income is the 1996‑97 year of income—at all times from the beginning
of that year of income until the end of the 1997‑98 year of income; or
(ii) if the qualifying year
of income is the 1997‑98 year of income—at the end of the 1997‑98
year of income; and
(d) the Taxation Laws Amendment Act
(No. 2) 2000 receives the Royal Assent:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—before the
time when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—before the
end of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.
(2A) If:
(a) a family trust election can be
made in accordance with subsection 272‑80(2) of the trust loss etc.
Schedule in relation to a non‑fixed trust (within the meaning of section 272‑70
of the trust loss etc. Schedule) specifying the 1998‑99 year of income;
and
(b) a franked dividend or a franked
distribution (both within the meaning of section 177EA of the Income Tax
Assessment Act 1936) was included in the assessable income of the trust of
the 1997‑98 year of income (the qualifying year of income);
and
(c) the trust passes the family
control test at the end of the 1997‑98 year of income; and
(d) the Taxation Laws Amendment Act
(No. 2) 1999 and the Taxation Laws Amendment Act (No. 2) 2000
receive the Royal Assent:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—before the
time when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—before the
end of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.
(3) A family trust election specifying the qualifying
year of income in accordance with subitem (2) or (2A) must:
(a) be in writing in a form and manner
approved by the Commissioner; and
(b) be made:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—by the time
when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—before the
end of 2 months after the end of that year of income or before the end of such
later day as the Commissioner allows.
(4) If a family trust election is made in accordance
with subitem (3) specifying the qualifying year of income:
(a) if the trustee is required to
furnish a return for the 1998‑99 year of income—such information about
the election as is required by the return must be included in the return; and
(b) if the trustee is not required to
furnish a return for that year of income—the trustee must, before the end of 2
months after the end of the 1998‑99 year of income or before the end of
such later day as the Commissioner allows, give the Commissioner such
information about the election as the Commissioner, by notice in the Gazette,
requires.
(5) If:
(a) a family trust election does
specify the qualifying year of income in accordance with this item; and
(b) the trust concerned is not
prevented by the trust loss etc. Schedule from deducting a tax loss, or an
amount in respect of a debt, and is not required to work out its net income and
tax loss under Division 268 of that Schedule in:
(i) if the qualifying year
is the 1996‑97 year of income—that year of income, the 1997‑98 year
of income or both (the excluded period); or
(ii) if the qualifying year
mentioned in that subitem is the 1997‑98 year of income—that year of
income (also the excluded period);
no liability to pay family trust distribution tax arises under
Division 271 of the trust loss etc. Schedule in respect of a conferral of a
present entitlement to, or a distribution of, income or capital that took place
in the excluded period.
(6) If the revocation of a family trust election is
proposed to specify a time under subsection 272‑80(8) that is before the
beginning of the 1998‑99 year of income, then:
(a) subsection 272‑80(7) of the
trust loss etc. Schedule does not apply to the revocation; and
(b) if the trustee is required to
furnish a return for the 1998‑99 year of income—the revocation must be
made in the trust’s return of income for that year of income; and
(c) if the trustee is not required to
furnish a return for that year of income—the revocation must:
(i) be in writing in a
form approved by the Commissioner; and
(ii) be given to the
Commissioner by the end of 2 months after the end of that year of income or
before the end of such later day as the Commissioner allows.
22A Transitional—family trust elections
(1) If:
(a) a family trust election can be
made in accordance with subsection 272‑80(2) of the trust loss etc.
Schedule specifying the 1999‑2000 year of income; and
(b) assuming that a family trust
election could specify the 1996‑97 year of income, the 1997‑98 year
of income or the 1998‑1999 year of income (the qualifying year of
income):
(i) a company that would
otherwise be prevented, by section 63B or 63C of the Income Tax Assessment
Act 1936 or by Subdivision 165‑C or 175‑C of the Income Tax
Assessment Act 1997, from deducting in the qualifying year of income an
amount in respect of a debt would not be so prevented; or
(ii) a company that would
otherwise be prevented by Subdivision 165‑A, 175‑A or 175‑B
of the Income Tax Assessment Act 1997 from deducting an amount in the
qualifying year of income would not be so prevented; or
(iii) a company that would
otherwise be required to calculate its taxable income for the qualifying year
of income in accordance with section 50C of the Income Tax Assessment Act
1936 would not be so required; or
(iv) a company that would
otherwise not be entitled, in calculating its taxable income for the qualifying
year of income in accordance with section 50C of the Income Tax Assessment Act
1936, to take into account an amount, by reason of subsection 50D(2), in
ascertaining the eligible notional loss of the company under section 50D, would
be so entitled; or
(v) a company that would
otherwise be required to calculate its taxable income and tax loss for the
qualifying year of income under Subdivision 165‑B of the Income Tax
Assessment Act 1997 would not be so required; or
(vi) a company that would
otherwise be prevented by Subdivision 165‑CA or 175‑CA of the Income
Tax Assessment Act 1997 from applying in the qualifying year a net capital
loss from an earlier year of income would not be so prevented; or
(vii) a company that would
otherwise be required to calculate its net capital gain and net capital loss
for the qualifying year under Subdivision 165‑CB or 175‑CB of the Income
Tax Assessment Act 1997 would not be so required; and
(c) the trust concerned passes the
family control test (see section 272‑87 of the trust loss etc. Schedule):
(i) if the qualifying year
of income is the 1996‑97 year of income or the 1997‑98 year of
income—at all times from the beginning of that year of income until the end of
the 1998‑99 year of income; or
(ii) if the qualifying year
of income is the 1998‑99 year of income—at the end of the 1998‑99
year of income; and
(d) the Taxation Laws Amendment Act
(No. 2) 2000 receives the Royal Assent:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—after the
time when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—after the end
of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.
(2) If:
(a) a family trust election can be
made in accordance with subsection 272‑80(2) of the trust loss etc.
Schedule in relation to a non‑fixed trust (within the meaning of section 272‑70
of the trust loss etc. Schedule) specifying the 1999‑2000 year of income;
and
(b) a franked dividend or a franked
distribution (both within the meaning of section 177EA of the Income Tax
Assessment Act 1936) was included in the assessable income of the trust of
the 1997‑98 year of income or the 1998‑99 year of income (the qualifying
year of income); and
(c) the trust concerned passes the
family control test (see section 272‑87 of the trust loss etc. Schedule):
(i) if the qualifying year
of income is the 1997‑98 year of income—at all times from the beginning
of that year of income until the end of the 1998‑99 year of income; or
(ii) if the qualifying year
of income is the 1998‑99 year of income—at the end of the 1998‑99
year of income; and
(d) either the Taxation Laws
Amendment Act (No. 2) 1999 or the Taxation Laws Amendment Act
(No. 2) 2000, or both, receive the Royal Assent:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—after the
time when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—after the end
of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.
(3) The election must:
(a) be in a form and manner approved
by the Commissioner; and
(b) be made:
(i) if the trustee is
required to furnish a return for the 1999‑2000 year of income—by the time
when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1999‑2000 year of income—before the
end of 2 months after the end of that year of income or before the end of such
later day as the Commissioner allows.
(4) If a family trust election is made in accordance
with subitem (3) specifying the qualifying year:
(a) if the trustee is required to
furnish a return for the 1999‑2000 year of income—such information about
the election as is required by the return must be included in the return; and
(b) if the trustee is not required to
furnish a return for that year of income—the trustee must, before the end of 2
months after the end of the 1999‑2000 year of income or before the end of
such later day as the Commissioner allows, give the Commissioner such
information about the election as the Commissioner, by notice in the Gazette,
requires.
(5) If:
(a) a family trust election does
specify the qualifying year of income in accordance with this item; and
(b) the trust is not prevented by the
trust loss etc. Schedule from deducting a tax loss, or an amount in respect of
a debt, and is not required to work out its net income and tax loss under
Division 268 of that Schedule in the qualifying year or any later year of
income that occurs before the 1999‑2000 year of income;
no liability to pay family trust distribution tax arises
under Division 271 of the trust loss etc. Schedule in respect of a conferral of
a present entitlement to, or a distribution of, income or capital that took
place during the qualifying year or the later year of income.
23 Transitional—interposed
entity elections
(1) Subject to this item and item 23A, an interposed
entity election cannot specify a year of income under subsection 272‑85(1)
of the trust loss etc. Schedule that is before the 1997‑98 year of
income.
(2) If:
(a) a trustee makes a family trust
election under subitem 22(3) (as inserted by the Taxation Laws Amendment Act
(No. 2) 2000); and
(b) an interposed entity election can
be made in accordance with subsection 272‑85(2) of the trust loss etc.
Schedule in relation to the family trust election specifying a day in the 1998‑99
year of income; and
(c) the company, partnership or trust
concerned passes the family control test (see section 272‑87 of the trust
loss etc. Schedule):
(i) if the qualifying year
of income specified in the family trust election as mentioned in subitem 22(3)
is the 1996‑97 year of income—at all times from a day in that year of
income until the end of the 1997‑98 year of income; or
(ii) if the qualifying year
of income specified in the family trust election as mentioned in subitem 22(3)
is the 1997‑98 year of income—at the end of the 1997‑98 year of
income;
the interposed entity election can instead specify:
(d) if subparagraph (c)(i) of this
subitem applies—the day mentioned in that subparagraph or a later day in the
qualifying year of income; or
(e) if subparagraph (c)(ii) applies—a
day in the qualifying year of income;
provided the day specified is not before the day on which the
family trust election came into force.
(3) The election must:
(a) be in writing in a form and manner
approved by the Commissioner; and
(b) be made:
(i) if the trustee is
required to furnish a return for the 1998‑99 year of income—by the time
when the trustee furnishes the return; or
(ii) if the trustee is not
required to furnish a return for the 1998‑99 year of income—before the
end of 2 months after the end of that year of income or before the end of such
later day as the Commissioner allows.
(4) If an interposed entity election is made in
accordance with subitem (3) specifying a day in the qualifying year of income:
(a) if the company, the partners or the
trustee is required to furnish a return for the 1998‑99 year of
income—such information about the election as is required by the return must be
included in the return; and
(b) if the company, the partners or the
trustee is not required to furnish a return for that year of income—the
company, the partners or the trustee must, before the end of 2 months after the
end of the 1998‑99 year of income or before the end of such later day as
the Commissioner allows, give the Commissioner such information about the
election as the Commissioner, by notice in the Gazette, requires.
23A Transitional—interposed entity elections
(1) If:
(a) a trustee makes a family trust
election under subitem 22A(3); and
(b) an interposed entity election can
be made in accordance with subsection 272‑85(2) of the trust loss etc. Schedule
in relation to the family trust election specifying a day in the 1999‑2000
year of income; and
(c) the company, partnership or trust
concerned passes the family control test (see section 272‑87 of the trust
loss etc. Schedule):
(i) if the qualifying year
of income specified in the family trust election as mentioned in subitem 22(3)
is the 1996‑97 year of income or the 1997‑98 year of income—at all
times from a day in that year of income until the end of the 1998‑99 year
of income; or
(ii) if the qualifying year
of income specified in the family trust election as mentioned in subitem 22(3)
is the 1998‑99 year of income—at the end of the 1998‑99 year of
income;
the interposed entity election can instead specify:
(d) if subparagraph (c)(i) of this subitem
applies and the qualifying year of income is the 1996‑1997 year of
income—the day mentioned in that subparagraph, a later day in the 1996‑97
year of income or a day in the 1997‑1998 year of income; or
(e) if subparagraph (c)(i) of this
subitem applies and the qualifying year of income is the 1997‑1998 year
of income—the day mentioned in that subparagraph or a later day in the 1997‑98
year of income; or
(f) if subparagraph (c)(ii) applies—a
day in the 1998‑99 year of income;
provided the day specified is not before the day on which the
family trust election came into force.
(2) The election must:
(a) be in a form and manner approved
by the Commissioner; and
(b) be made:
(i) if the company,
partners or the trustee is required to furnish a return for the 1999‑2000
year of income—by the time when the company, partners or trustee furnishes the
return; or
(ii) if not—before the end
of 2 months after the end of that year of income or before the end of such
later day as the Commissioner allows.
(3) If an interposed entity election is made in
accordance with subitem (2) specifying the qualifying year:
(a) if the company, partners or the
trustee is required to furnish a return for the 1999‑2000 year of
income—such information about the election as is required by the return must be
included in the return; and
(b) if the company, partners or the
trustee is not required to furnish a return for that year of income—the
company, the partners or the trustee must, before the end of 2 months after the
end of the 1999‑2000 year of income or before the end of such later day
as the Commissioner allows, give the Commissioner such information about the
election as the Commissioner, by notice in the Gazette, requires.
24 Transitional—jointly
held trusts
(1) This item applies if, apart from the item, the
condition in section 266‑40 of the trust loss etc. Schedule would not be
met by a trust.
(2) If:
(a) the test period mentioned in
section 266‑40 is:
(i) if that section is
being applied for the purposes of section 266‑25—the test period
resulting from the application of subitem 14(2) or the test period starting at
the beginning of the 1995‑96 or 1996‑97 year of income; or
(ii) if that section
is being applied for the purposes of section 266‑30—the test period
starting at the beginning of the 1994‑95, 1995‑96 or 1996‑97
year of income; or
(iii) if that section
is being applied for the purposes of section 266‑35—the test period
resulting from the application of subitem 15(2); and
(b) either:
(i) 2 individuals
each had, directly or indirectly, and for their own benefit, a 50% share of the
income and a 50% share of the capital of the trust; or
(ii) an individual
had, directly or indirectly, and for his or her own benefit, a 50% share of the
income and a 50% share of the capital of the trust and a non‑fixed trust
(other than a family trust) also had, directly or indirectly, a 50% share of
the income and a 50% share of the capital of the trust;
at the start of the following
period (the qualifying period):
(iii) if section 266‑40
is being applied for the purposes of section 266‑30 and the test period
mentioned in section 266‑40 started at the beginning of the 1994‑95
year of income—the part of the test period that begins at 1995 Budget time and
ends at the end of the test period; or
(iv) in any other
case—the test period; and
(c) at all later times during the
qualifying period, the same individual (being one of the 2 individuals
mentioned in subparagraph (b)(i) or the individual mentioned in subparagraph (b)(ii))
had, directly or indirectly, and for the individual’s own benefit, fixed
entitlements to at least a 50% share of the income and a 50% share of the
capital of the trust;
the condition in section 266‑40 is met.
(3) If:
(a) the test period mentioned in
section 266‑40 began after 1996 Budget time; and
(b) at all times during the period from
immediately before 1996 Budget time until the start of the test period:
(i) 2 individuals each
had, directly or indirectly, and for their own benefit, a 50% share of the
income and a 50% share of the capital of the trust; or
(ii) an individual
had, directly or indirectly, and for his or her own benefit, a 50% share of the
income and a 50% share of the capital of the trust and a non‑fixed trust
(other than a family trust) also had, directly or indirectly, a 50% share of
the income and a 50% share of the capital of the trust; and
(c) at all times during the test
period, the same individual (being one of the 2 individuals mentioned in
subparagraph (b)(i) or the individual mentioned in subparagraph (b)(ii)) had,
directly or indirectly, and for the individual’s own benefit, fixed
entitlements to at least a 50% share of the income and a 50% share of the
capital of the trust;
the condition in section 266‑40 is met.
25 Transitional—schemes to
take advantage of deductions
(1) This item modifies the effect of Division 270 of
the trust loss etc. Schedule where the trust mentioned in paragraph 270‑10(1)(a)
of that Schedule is a family trust.
(2) If:
(a) a person was at any time before
1995 Budget time an outsider to a family trust; and
(b) the person ceased to be an outsider
to the trust at 1995 Budget time because the person has made an interposed
entity election;
the person is taken for the purposes of Division 270 not to have
been an outsider to the trust at any time before 1995 Budget time.
26 Transitional—definition
of family
The trust loss etc. Schedule and subitems 14(4), 15(4) and 19(4)
have effect in relation to things done before 1997 Budget time as if the
definition of family in section 272‑95 of that Schedule
were replaced by the following definition:
The family of an individual (the test individual)
consists of all of the following (if applicable):
(a) the test individual’s spouse or
former spouse;
(b) a parent, brother, sister, child,
nephew or niece of:
(i) the test
individual; or
(ii) the test
individual’s spouse; or
(iii) a former spouse
of the test individual;
(c) a child of any individual covered
by paragraph (a) or (b) who, under the trust, is capable of benefiting on the
death of the test individual;
(d) a grandparent, great‑grandparent,
aunt or uncle of the test individual;
(e) a child of a child of the test
individual;
(f) the spouse or a former spouse of
any individual covered by any of paragraphs (a) to (e).
Commonwealth Places (Consequential Amendments) Act 1998 (No.
23, 1998)
4 Application of
amendments
(1) The amendments of the Income Tax Assessment Act
1936 apply to the 1996‑97 year of income.
Taxation Laws (Technical Amendments) Act 1998 (No. 41,
1998)
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.
Schedule 1
26 Application
(1) The amendments made by items 4, 5, 6, 7, 22, 23, 24
and 25 apply to elections made after the commencement of this item.
(2) The amendments made by items 8, 9, 10, 11, 12, 19,
20 and 21 apply to assessments for the 1997‑98 year of income and later
years of income.
(3) The amendment made by item 15 applies to
applications made on or after 1 July 1992.
Schedule 2
4 Application
The amendment made by item 1 applies to payments made after the
commencement of this item.
Schedule 3
7 Application
(1) The amendments made by Part 1 apply to gifts made
on or after 2 July 1996.
Schedule 4
5 Application
The amendments made by this Schedule apply to assessments for the
1997‑98 income year and later income years.
Schedule 6
27 Application
(1) The amendment made by item 1 applies to the
calculation of the undeducted purchase price of an annuity or superannuation
pension if the first day of the period to which the first payment of the
annuity or pension relates is on or after the commencement of this item.
(2) The amendment made by item 2 applies to assessments
for the 1996‑97 year of income and later years of income.
(3) The amendment made by item 4 applies to mutual
insurance companies and mutual affiliate companies that existed at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995.
(4) The amendments made by items 5, 13, 14 and 15 apply
to assessments of income for the first year of income that begins after the
commencement of this item, and later years of income.
(5) The amendment made by item 7 applies in relation to
dividends paid on or after 1 July 1988.
(6) The amendment made
by item 8 applies to disposals of assets on or after 1 July 1997.
Social Security Legislation Amendment (Youth Allowance Consequential
and Related Measures) Act 1998 (No. 45, 1998)
Schedule 12
23 Application—payments of
AUSTUDY
The amendments to the Income Tax Assessment Act 1936 made
by this Part do not apply to payments of benefits under the AUSTUDY scheme
under Part 2 of the Student Assistance Act 1973 (as in force before 1 July 1998).
Note: This Act repeals Part 2 of the Student
Assistance Act 1973 (as in force before 1 July 1998), and payments of benefits under the AUSTUDY scheme will cease to be made under that Part.
24 Application—payments of
youth training allowance
The amendments to the Income Tax Assessment Act 1936 made
by this Part do not apply to payments of youth training allowance under Part 8
of the Student Assistance Act 1973 (as in force before 1 July
1998).
Note: This Act repeals Part 8 of the Student Assistance
Act 1973 (as in force before 1 July 1998), and payments of youth
training allowance will cease to be made under that Part.
Tax Law Improvement Act
(No. 1) 1998 (No. 46, 1998)
4 Application of amendments
An amendment made by an item in a Schedule (except an item in
Schedule 1 or in Part 1 of any of Schedules 2 to 8) applies to assessments for
the 1998‑99 income year and later income years, unless otherwise
indicated in the Schedule in which the item appears.
Schedule 5
10 Application
Section 4 of this Act does not apply to the amendments made by
items 6 and 7.
Schedule 6
30 Application of
amendments made by items 24 to 29
The amendments made by items 24 to 29 (inclusive) of this
Schedule apply for the purposes of working out amounts of provisional tax
payable for the 1999‑2000 year of income and later years of income.
Schedule 8
9 Application of amendments
made by items 4 to 8
The amendments made by items 4 to 8 apply for the purposes of
working out amounts of provisional tax payable for the 1999‑2000 year of
income and later years of income.
Schedule 9
8 Application
The amendments made by this Schedule apply to assessments for the
1997‑98 income year and later income years.
Taxation Laws Amendment Act (No. 3) 1998 (No. 47,
1998)
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.
Schedule 3
20 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply in relation to income derived on or after 1 July 1997.
Schedule 4
69 Application of
amendments
The amendments made by this Schedule apply to amounts deducted on
or after 1 July 1998.
Schedule 6
6 Application of amendments
The amendments made by this Schedule apply in relation to any
asset (whether acquired before or after the commencement of the Schedule) if
the information in a register entry for the asset is certified under paragraph
160ZZU(9)(c) of the Income Tax Assessment Act 1936 (as amended by this
Schedule) on or after 1 January 1998.
Schedule 7
9 Application
(1) Subject to subitem (3), the amendments made by
items 1, 2 and 4 to 8 apply to dividends paid or other benefits given after
7.30 pm by legal time in the Australian Capital Territory on 13 May 1997
(including dividends paid, or other benefits given, pursuant to a dividend
streaming arrangement entered into before that time).
(2) Subject to subitem (3), the amendment made by item 3
applies to franking years beginning after 7.30 pm by legal time in the Australian
Capital Territory on 13 May 1997.
(3) However, the amendments made by this Part do not
apply to:
(a) dividends paid by a listed public
company after the time referred to in subitem (1) if the dividends were
declared before that time; or
(b) any other benefits given after that
time that related to such dividends.
(4) In subitem (3):
listed public company has
the same meaning as in the Income Tax Assessment Act 1997.
26 Application
(1) The amendments made by items 11, 12 and 15 take
effect immediately after the commencement of Part 1.
(2) Subject to subitem (3), the amendments made by this
Part apply to dividends paid or distributions made after 7.30 pm by legal time
in the Australian Capital Territory on 13 May 1997 (including dividends
paid, or distributions made, pursuant to a scheme entered into before that
time).
(3) However, the amendments made by this Part do not
apply to:
(a) dividends paid by a listed public company
after the time referred to in subitem (2) if the dividends were declared before
that time; or
(b) any distributions made after that
time that related to:
(i) dividends paid by a
listed public company; or
(ii) dividends declared by
a listed public company before that time.
(4) In subitem (3):
listed public company has the same meaning as
in the Income Tax Assessment Act 1997.
Schedule 8
7 Application of amendment
made by item 2
(1) The amendment made by item 2 applies to:
(a) loans and payments made on or after
4 December 1997 (the introduction day); and
(b) debts forgiven on or after the
introduction day (regardless of when the debts arose).
(2) However, subsection 109D(5) of the Income Tax
Assessment Act 1936 extends to loans made before the introduction day.
Note: That subsection applies Division 7A of
Part III of that Act to loans made before the introduction day, but varied
after that day, as if the loans had been made when they were varied.
(3) However, sections 109U, 109UA and 109UB of the Income
Tax Assessment Act 1936 only apply to payments or loans made after 4.00 pm, by legal time in the Australian Capital Territory, on 27 March 1998.
8 Application of amendments
made by items 3, 4 and 5
The amendments made by items 3, 4 and 5 apply for the year of
income containing 4 December 1997, and later years of income.
9 Application of amendment
made by item 6
The amendment made by item 6 applies to dividends taken to be
paid under Division 7A of Part III of the Income Tax Assessment Act 1936
on or after 4 December 1997.
10 Transitional—written
loan agreements
Division 7A of Part III of the Income Tax Assessment Act 1936
applies in relation to the 1997‑98 year of income as if paragraph
109N(1)(a) of that Act were repealed and the following paragraph were
substituted:
(a) the loan is covered by a written
agreement that was made before 1 July 1998; and
Schedule 9
14 Application
The amendments made by this Schedule apply to assessments for the
1998‑99 income year and later income years.
15 Transitional—lower tax
offset for the 1998‑99 income year
(3) In working out your provisional tax for the 1999‑2000
income year under Division 3 of Part VI of the Income Tax Assessment Act
1936, work out your tax offset under Subdivision 61‑A of the Income
Tax Assessment Act 1997 for the 1998‑99 income year disregarding
subitems (1) and (2) of this item.
16 Transitional—provisional
tax for the 1998‑99 income year
In working out your provisional tax for the 1998‑99 income
year under Division 3 of Part VI of the Income Tax Assessment Act 1936,
it is to be assumed that:
(a) Subdivision 61‑A of the Income
Tax Assessment Act 1997 had applied to your assessment for the 1997‑98
income year; and
(b) subitems 15(1) and (2) had applied
for that income year (as well as the 1998‑99 income year); and
(c) any
tax offset under that Subdivision were worked out for the 1998‑99 income
year disregarding Steps 2 and 4 of the method statement in subsection 61‑55(2)
of that Act (which deal with certain superannuation contributions).
Taxation Laws Amendment (Company Law Review) Act 1998
(No. 63, 1998)
Schedule 1
3 Application
The amendments made by this Schedule apply to the provision of
bonus shares or capital benefits on or after 1 July 1998 unless the provision was pursuant to a legally binding commitment entered into before 13 November 1997.
Schedule 2
8 Application
The amendments made by this Schedule apply where, after the
commencement of this item, an amount is transferred to the share capital
account of a company with shares with no par value.
9 Transitional—merging of
share capital account and share premium account
A company’s share capital account does not become tainted under
Division 7B of Part IIIAA of the Income Tax Assessment Act 1936 merely
because an amount standing to the credit of the company’s share premium account
(within the meaning of that Act) or capital redemption reserve becomes part of
the company’s share capital under Schedule 5 to the Company Law Review Act
1998.
9 Transitional—merging tainted share premium accounts
(1) This item applies if, apart from this item, a
company’s share capital account would become tainted under Division 7B of Part IIIAA
of the Income Tax Assessment Act 1936 because the amount (the tainted
amount) standing to the credit of a tainted share premium account
becomes part of the company’s share capital under Schedule 5 to the Company
Law Review Act 1998.
(2) The share capital account is only tainted as a
result of the tainted amount becoming part of the share capital account when
the balance of the share capital account is equal to the net tainted amount.
Note: This does not prevent the share capital account
from becoming tainted under section 160ARDM of the Income Tax Assessment Act
1936 as a result of other amounts being transferred to it.
(3) No franking debit arises under section 160ARDQ of
the Income Tax Assessment Act 1936 as a result of the share capital
account becoming tainted under subitem (2).
(4) Where:
(a) before a distribution that
consists of one or more amounts the share capital account is not tainted; but
(b) after the distribution the share
capital account is tainted;
the following proportion of each of the amounts is taken to have
been paid from a tainted share account:
where:
tainted amount of distribution is the difference
between the net tainted amount immediately before the distribution and the net
tainted amount immediately after the distribution.
Note: Certain distributions from tainted share
capital accounts will be unfranked dividends for which no section 46 or 46A
rebate is available.
(5) In this item:
net tainted amount, in relation to an account,
means the lesser of:
(a) the tainted amount;
(b) the lowest balance of the share
capital account at any time after the commencement of this item.
tainted share premium account, in relation to a
company, means an account, whether or not called a share premium account:
(a) to which the company has, in
respect of premiums received by the company on shares issued by it, credited
amounts, being the respective amounts of the premiums; and
(b) for which either of the following
conditions is satisfied:
(i) any other amount is
standing to the credit of the account;
(ii) an amount has been
credited to the account in respect of a premium received by the company on a
share issued by it (not being an amount that has been so credited immediately
after the receipt by the company of the premium) which could not at all times
be identified in the books of the company as such a premium.
Schedule 3
8 Application
The amendments made by this Schedule apply to dividends paid
after the commencement of this item by a company with shares with no par value.
Schedule 4
5 Application
The amendment made by this Schedule applies in relation to bonus
shares provided after the commencement of this item by a company with shares
with no par value.
Schedule 5
67 Application
The amendments made by this Schedule apply to things done after
the commencement of this item where the relevant company has shares with no par
value.
Taxation
Laws Amendment (Landcare and Water Facility Tax Offset) Act 1998
(No. 91, 1998)
Schedule 1
19 Application
The amendments made by this Schedule apply to assessments for the
1997‑98 income year and later income years.
Taxation Laws Amendment (Private Health Insurance) Act 1998
(No. 128, 1998)
Schedule 1
6 Application
The amendments of the Income
Tax Assessment Act 1936 made by this Schedule apply to assessments in
respect of income for the 1998‑99 year of income and all later years of
income.
Taxation Laws Amendment Act (No. 3) 1999 (No. 11,
1999)
398 Application
(1) This item applies to amendments made by items 1 to
3, 11, 12, 14, 18 to 27, 29, 37 to 42, 69 to 75, 77 to 80, 88 to 101, 107, 111,
113, 118, 120, 121, 127, 128, 130, 140, 148, 149, 153, 156, 158, 161 to 169,
175, 178, 179, 185, 187 to 189, 191, 192, 195, 200 to 204, 212, 214 to 217,
221, 223, 225, 226 to 228, 234, 236 to 242, 245, 252, 254 to 278, 280, 281, 296
to 298, 301, 304, 306, 309, 310, 314, 315 to 320, 322 to 328, 331, 332 to 335,
337 to 341, 344, 345, 346, 348, 352, 355 to 360, 373, 375 to 377, 379 to 385,
387 to 394, 396 and 397.
(2) The amendments apply in relation to amounts that
are due to be paid on or after 1 July 1999.
(3) The amendments, other than the amendments referred
to in subitem (5), also apply in relation to amounts that are due to be paid
before 1 July 1999 if:
(a) some or all of the amount remains
unpaid on 1 July 1999; and
(b) the amendments would have applied
to the unpaid amount if the day by which the amount is due to be paid had been
on or after 1 July 1999.
(4) In applying the amendments in that case:
(a) the unpaid amount is taken to be
the sum of the unpaid amount and any unpaid penalty or interest that had
accrued before 1 July 1999; and
(b) the day by which the unpaid amount
is due to be paid is taken to be 1 July 1999; and
(c) the unpaid amount and the unpaid
penalty or interest that had accrued before 1 July 1999 continues to be payable.
(5) In addition to applying in relation to amounts that
are due to be paid on or after 1 July 1999, the amendments made by items 101,
107, 111, 118, 140, 185, 195, 201, 214, 225, 226, 238, 240, 255, 301, 304, 306
and 355 to 359 also apply in relation to amounts that are due to be paid before
1 July 1999, if some or all of the amount remains unpaid on that day, from
the day by which the amount is due to be paid.
399 Application
(1) This item applies to amendments made by items 6, 7,
8 to 10, 43 to 51, 53 to 68, 102, 103, 114, 115, 119, 131 to 139, 141, 151,
152, 170 to 174, 186, 196, 247 to 251, 282 to 295, 305, 311 to 313, 329, 330,
354, 361 to 363, 369 and 378.
(2) The amendments apply where the period for which the
person is liable to pay the general interest charge starts on or after 1 July 1999.
400 Application
(1) This item applies to amendments made by items 13,
104, 108, 112, 197 to 199, 211, 222, 232, 233, 235, 303, 307, 308 and 347.
(2) The amendments apply in relation to notifications
that must be given to the Commissioner on or after 1 July 1999.
401 Application
(1) This item applies to amendments made by items 15,
117, 142, 143, 180, 193, 194, 213, 224, 246 and 349.
(2) The amendments apply in relation to reconciliation
statements, reports or forms that must be given to the Commissioner on or after
1 July 1999.
402 Application
(1) This item applies to amendments made by items 16,
17, 81 to 87, 275, 276, 364, 366, 368 and 371.
(2) The amendments apply in relation to calculating
interest for 1 July 1999 or a later day.
403 Application
(1) This item applies to amendments made by items 105,
106, 109 and 110.
(2) The amendments apply in relation to amounts
deducted on or after 1 July 1999.
404 Application
(1) This item applies to amendments made by items 4, 5,
28, 30, 31, 32, 33, 34, 35, 36, 52, 76, 116, 122, 123, 124, 125, 126, 129, 144,
145, 146, 147, 150, 155, 157, 159, 160, 176, 177, 181, 182, 183, 184, 190, 205,
206, 207, 208, 209, 210, 218, 219, 220, 229, 230, 231, 243, 244, 253, 279, 299,
300, 302, 321, 336, 342, 343, 365, 367, 370, 374, 386 and 395.
(2) The amendments apply in relation to credits and
payments to which section 8AAZL of the Taxation Administration Act 1953 applies.
Assistance for Carers Legislation Amendment Act 1999
(No. 13, 1999)
Schedule 1
128 Application
The amendments made by this Part apply to assessments for the
1997‑98 income year and later years.
Schedule 2
63 Application
The amendments made by this Part apply to assessments for the
1999‑2000 income year and later income years.
64 Continuation of
references to old allowance and benefit
(2) The Income Tax Assessment Act 1936 has
effect after the commencement of this Part as if:
(a) the references in paragraphs (a)
and (b) of the definition of separate net income in subsection
159J(6) of that Act to carer allowance included a reference to child disability
allowance within the meaning of the Social Security Act 1991 as
previously in force; and
(b) the reference in paragraph (a) of
the definition of separate net income in subsection 159J(6) of
the Income Tax Assessment Act 1936 to domiciliary nursing care benefit
paid under Part VB of the National Health Act 1953 had not been omitted
by this Act and referred to the National Health Act 1953 as previously
in force; and
(c) subsection 159P(2) of the Income
Tax Assessment Act 1936 had not been repealed by this Act.
Taxation Laws Amendment Act (No. 1) 1999 (No. 16,
1999)
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.
Schedule 1
14 Application
The amendments made by this Part apply in relation to schemes
entered into after 3 pm, by legal time in the Australian Capital Territory, on 29 April 1997.
Schedule 3
12 Application
(3) The repeals made by items 9, 10 and 11 apply in
relation to expenditure to the extent to which it is incurred in respect of the
provision of car parking facilities for a car on a day on or after 1 July 1997.
Schedule 5
16 Application
(1) The amendments made by items 2, 3, 4 and 6 have the
same application as they would have had if they had been included in Division 1C
of Part VI of the Income Tax Assessment Act 1936 as originally inserted
by section 54 of the Taxation Laws Amendment Act (No. 2) 1993.
(2) The amendments made by the remaining items of this
Schedule apply for the 1996‑97 year of income and all later years of
income.
Schedule 6
28 Application
The amendments made by this Schedule apply to any franking
credits or franking debits arising after the day on which the Bill that became
the Taxation Laws Amendment Act (No. 1) 1999 was introduced into the
House of Representatives.
Schedule 7
8 Application
(1) The amendments made by this Part apply to assets
acquired after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.
(2) However, the amendments made by this Part do not
apply to expenditure incurred before 1 July 1999 in respect of an asset
(the deemed asset) where:
(a) the deemed asset is taken to be a
separate asset from another asset (the underlying asset) for the
purposes of Part IIIA of the Income Tax Assessment Act 1936 under
section 160P of that Act; and
(b) the underlying asset is land or a
building that was acquired by the taxpayer at or before 7.30 pm, by legal time
in the Australian Capital Territory, on 13 May 1997; and
(c) the deemed asset is acquired by
the taxpayer after 7.30 pm, by legal time in the Australian Capital Territory,
on 13 May 1997 but before 1 July 1999.
(3) Subparagraphs 160ZJA(1)(d)(i) to (iii) and
(3)(d)(i) to (iii) and 160ZJB(1)(d)(i) to (iii) and (3)(d)(i) to (iii) of the Income
Tax Assessment Act 1936 (which relate to eligible heritage conservation
expenditure and landcare and water facility expenditure) do not apply to
expenditure incurred before the day on which the Bill that became the Taxation
Laws Amendment Act (No. 1) 1999 was introduced into the House of
Representatives.
(4) For the purposes of a taxpayer’s assessment for the
year of income in which 13 May 1997 occurred, a reference in the
amendments made by this Schedule to a deduction does not include a reference to
a deduction to the extent that it could reasonably be regarded as arising, or
relating to a period, before 7.30 pm, by legal time in the Australian Capital
Territory, on 13 May 1997.
Schedule 8
2 Application
The amendment made by this Schedule applies in calculating
passive income that is derived on or after 1 July 1997.
Schedule 9
10 Application
(1) The amendments made by this Schedule apply to a
life assurance company in respect of the first year of income starting on or
after 29 April 1997 and all later years of income.
(2) The amendments made by this Schedule also apply to
a life assurance company in respect of the year of income that immediately
preceded the first year of income referred to in subsection (1) if, and only
if:
(a) that immediately preceding year of
income ended on or after 29 April 1997; and
(b) a significant event in relation to
any of the insurance funds maintained by the company occurred during the part
of that year of income occurring on and after that date.
Schedule 10
3 Application
The amendments made by this Schedule are taken to have applied
where the transition time was earlier than 3 July 1995 but not earlier than the start of the year of income in which 1 July 1988 occurred.
4 Saving
Section 61A of the Income Tax Assessment Act 1936 does not
apply to a transition taxpayer referred to in that section to the extent (if
any) that, under a private ruling made before 14 May 1997 under Part IVAA
of the Taxation Administration Act 1953, the Commissioner of Taxation
has ruled that the Income Tax Assessment Act 1936 applies to the
transition taxpayer in a different way from the way in which it would apply
under that section.
Schedule 11
2 Application
The amendment made by this Schedule applies in relation to the
1995‑96 year of income and all later years of income.
A New Tax System (Fringe Benefits Reporting) Act) 1999
(No. 17, 1999)
Schedule 2
17 Application of amendments of sections 221F and 221H
The amendments of sections 221F and 221H of the Income Tax
Assessment Act 1936 made by this Division apply in relation to group
certificate forms and group certificates setting out (or required to set out)
information relating to the 1999‑2000 year of income or a later year of
income.
20 Application of amendments
The amendments made by this Division apply in relation to
reportable fringe benefits totals for the 1999‑2000 year of income and
later years of income.
26 Application of amendments
The amendments made by this Part apply to assessments for the
1999‑2000 year of income and later years of income.
29 Application of amendments
The amendments made by this Part apply to assessments for the
1999‑2000 year of income and later years of income.
32 Application of amendments
The amendments made by this Part apply to assessments for the
1999‑2000 year of income and later years of income.
39 Application
The amendments made by this Part apply in relation to levy and
surcharge payable in respect of the 1999‑2000 year of income and later
years of income.
40 Saving provision
The amendment of subsection 251W(1) of the Income Tax
Assessment Act 1936 made by this Schedule does not affect the validity of
any regulations made for the purposes of that subsection that were in force
immediately before the amendment.
Taxation Laws Amendment (Software Depreciation) Act 1999
(No. 39, 1999)
4 Amendment of 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.
Schedule 1
21 Application
The amendments made by this Schedule apply to expenditure on
software after 10 am by legal time in the Australian Capital Territory on 11 May 1998.
Taxation Laws Amendment Act (No. 6) 1999 (No. 54,
1999)
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.
Schedule 1
36 Application
The amendments made by this Schedule apply to spectrum licences
obtained on or after 11 March 1998.
Schedule 3
11 Application
The amendments made by this Schedule apply to assessments for the
1997‑98 income year and later income years.
Schedule 5
15 Application
The amendment made by item 13 applies for the purpose of
determining whether a lump sum payment is eligible income in the 1998‑99
year of income or a later year of income.
Schedule 6
2 Application
The amendment made by item 1 applies in relation to provisional
tax (including instalments) payable for the 1999‑2000 year of income and
all later years of income.
Schedule 7
3 Application of amendments
The amendments made by this Schedule apply to assessments for the
1998‑99 income year and later income years.
A New Tax System (Income Tax Laws Amendment) Act 1999
(No. 60, 1999)
Schedule 2
12 Application
The amendments made by this Part apply for the purposes of
working out amounts of provisional tax (including instalments) payable for the
1999‑2000 income year and later income years.
A New Tax System (Personal Income Tax Cuts) Act 1999
(No. 69, 1999)
Schedule 3
1 Application
(1) Subject to subitem (2), the amendments made by this
Act (except items 1, 2, 4, 6, 7 and 9 of Schedule 1) apply to assessments for
the 2000‑2001 income year and later income years.
(2) The amendments of paragraph 221YDA(1)(g) and
subparagraph 221YDA(2)(a)(iv) of the Income Tax Assessment Act 1936 made
by item 1 of Schedule 2 to this Act apply for the purposes of working out
amounts of provisional tax (including instalments) payable for the 2000‑2001
income year and later income years.
A New Tax System (Closely
Held Trusts) Act 1999 (No. 70, 1999)
Schedule 1
3 Application
(1) This item affects the following references in
provisions of Division 6D of Part III of the Income Tax Assessment Act 1936
as amended by this Schedule:
(a) references in sections 102UK,
102UM, 102UU and 102UV to a share of the net income of a closely held trust
being included in the assessable income of the trustee beneficiary of the trust
under section 97 of the Income Tax Assessment Act 1936;
(b) references in sections 102UT,
102UU and 102UV to a trustee beneficiary of a closely held trust being presently
entitled to a share of a tax‑preferred amount of the trust.
Note: Because the references concerned are in the
operative provisions of the new Division, this item determines when the
amendments made by this Schedule will commence to apply.
(2) In the case of the references in paragraph (1)(a)
of this item, the references only apply where the present entitlement to the
share of income, mentioned in section 97 of the Income Tax Assessment Act
1936 in relation to the share of the net income concerned, arose
after 4 pm, by legal time in the Australian Capital Territory, on 13 August
1998.
(3) In the case of the references in paragraph (1)(b)
of this item, the references only apply where the present entitlement to the
share of the tax‑preferred amount concerned arose after 4 pm, by legal time in the Australian Capital Territory, on 13 August 1998.
4 Transitional—extension of
statement deadline
If the end of the UB statement period mentioned in Division 6D of
Part III of the Income Tax Assessment Act 1936 as amended by this
Schedule occurs before the commencement of this Schedule, the end of the UB
statement period is taken instead to occur when 90 days have elapsed after the
commencement of this Schedule.
Schedule 2
12 Application
(1) The amendments made by items 1 to 7 and 9 apply to
ultimate beneficiary non‑disclosure tax that becomes payable at any time
after the commencement of this Part.
(2) The amendment made by item 8 applies to net income
of a trust estate of the year of income in which 13 August 1998 occurred, and all later years of income.
(3) The amendment made by item 10 applies to income
derived either before or after the commencement of this Part.
A New
Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1)
1999 (No. 82, 1999)
Schedule 8
29 Application
The amendments made by this Schedule apply to assessments in
relation to the 2000‑2001 year of income and later years of income.
A New Tax System (Family Assistance) (Consequential and Related
Measures) Act (No. 2) 1999 (No. 83, 1999)
Schedule 10
68 Application
(1) Subject to this
item, the amendments made by this Schedule apply to assessments in relation to
the 2000‑2001 year of income and later years of income.
(2) The amendment made
by item 7 of this Schedule applies to information sought in relation to a
registered carer after 8 December 1997.
Taxation Laws Amendment Act (No. 2) 1999 (No. 93,
1999)
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.
Schedule 1
39 Application
(1) Subject to this item, the amendments made by this
Schedule apply in relation to transactions entered into after 2 July 1998.
(2) The amendment made by item 20 applies to foreign
tax paid after 2 July 1998.
(3) Subsection 121ELA(2) and section 121ELB of the Income
Tax Assessment Act 1936 apply to disposals after 2 July 1998.
(4) The amendments made by items 24 and 25 apply to
declarations made by the Treasurer after 2 July 1998.
(5) The amendments made by items 27 to 32 apply to
debentures issued after 2 July 1998.
(6) The amendment made by item 33 applies to interest
paid by an OBU after 2 July 1998.
(7) The amendment made by item 33 applies in relation
to amounts lent to the Australian branch after 2 July 1998.
(8) The amendment made by item 35 applies to the year
of income before the year of income in which 2 July 1998 occurs and to all later years of income.
(9) The amendment made by item 38 applies to penalties
imposed after 2 July 1998.
46 Application
(1) The amendment made by item 42 of this Schedule
applies to notional accounting periods of FIFs ending on or after 2 July 1998.
(2) The other amendments made by this Part of this
Schedule apply in relation to assessments for years of income ending on or
after 2 July 1998.
48 Application
The amendment made by item 47 applies to statutory accounting
periods of CFCs ending on or after 2 July 1998.
Schedule 2
3 Application of amendments
The amendments made by this Schedule apply in relation to debts
forgiven after the day on which the Bill that became the Taxation Laws
Amendment Act (No. 2) 1999 was introduced into the House of
Representatives.
Schedule 3
33 Application
(1) The amendments made by this Schedule other than
items 8, 9, 10 and 11 apply where the transition time or acquisition time, as
the case may be, referred to in Division 58 inserted in the Income Tax
Assessment Act 1997 by item 7 is a time on or after 4 August 1997.
(2) The amendments made by items 8, 9, 10 and 11 apply
to assessments for the 1998‑99 income year and later income years.
Schedule 4
25 Application of amendments
(1) Subject to this item, the amendments made by this
Schedule apply in respect of shares, or interests in shares, where the shares
or interests were acquired by the taxpayer on or after 1 July 1997, except
where the shares or interests were acquired under a contract made before 7.30
pm by legal time in the Australian Capital Territory on 13 May 1997.
(2) If:
(a) a taxpayer has acquired, or
acquires, shares or an interest in shares on or after 1 July 1997; and
(b) the acquisition constituted, or
constitutes, an acquisition or reacquisition of replacement securities for the
purposes of subparagraph 26BC(3)(a)(ii) of the Income Tax Assessment Act
1936;
the acquisition is taken for the purposes of subitem (1) to have
occurred before 1 July 1997.
(3) If:
(a) a taxpayer acquired, or is taken
for the purposes of subitem (1) to have acquired, before 1 July 1997 an interest in shares:
(i) under a trust; or
(ii) as a partner in a
partnership; and
(b) the
shares, or an interest in the shares, was or is distributed to the taxpayer on
or after that date in satisfaction of the interest referred to in paragraph (a);
the acquisition of the shares or interest so distributed,
to the extent to which the shares or interest distributed satisfied the
interest referred to in paragraph (a), is taken for the purposes of subitem (1)
to have occurred before that date.
(4) If:
(a) shares (the bonus shares)
have been issued to a taxpayer in respect of existing shares; and
(b) the existing shares were acquired,
or are taken for the purposes of subitem (1) to have been acquired, by the
taxpayer before 1 July 1997; and
(c) no part of the bonus shares has
been, or is taken to have been, a dividend included in the taxpayer’s
assessable income;
the acquisition of the bonus shares is taken for the
purposes of subitem (1) to have occurred before that date.
(5) Despite subitem (1):
(a) references to shares, or interests
in shares, in Subdivisions BA and BB of Division 7 of Part IIIAA of the Income
Tax Assessment Act 1936 include references to shares, or interests in
shares, acquired by the taxpayer before 1 July 1997; and
(b) in calculating the net position of
a taxpayer or fund in relation to shares, or an interest in shares, for the
purposes of section 160APHJ of the Income Tax Assessment Act 1936,
regard is to be had to the long positions and the short positions of the
taxpayer or fund in relation to shares, or interests in shares, acquired before
1 July 1997.
(6) Section 160APHL of the Income Tax Assessment Act
1936 is taken to have come into effect at 3.00 pm by legal time in the Australian
Capital Territory on 31 December 1997 and applies to:
(a) all trusts (other than widely held
public share‑trading trusts) that receive dividends from shares, or
distributions in respect of interests in shares, but only in relation to shares
or interests in shares acquired after that time (other than shares or interests
acquired under an obligation contained in a contract made before that time);
and
(b) widely held public share‑trading
trusts established after that date.
(7) If:
(a) the trustee of a trust (other than
a widely held public share‑trading trust) acquired an interest in shares
before 3.00 pm by legal time in the Australian Capital Territory on 31 December
1997; and
(b) the shares, or an interest in the
shares, was distributed to the trustee after that time in satisfaction of the
interest referred to in paragraph (a);
the acquisition of the shares or interest so distributed,
to the extent to which the shares or interest distributed satisfied the
interest referred to in paragraph (a), is taken for the purposes of paragraph (a)
of subitem (6) to have occurred before that time.
(8) If:
(a) shares (the bonus shares)
have been issued to the trustee of a trust in respect of existing shares; and
(b) the existing shares were acquired
by the trustee before 3.00 pm by legal time in the Australian Capital Territory
on 31 December 1997; and
(c) no part of the bonus shares has
been, or is taken to have been, a dividend included in the net income of the
trust estate;
the acquisition of the bonus shares is taken for the
purposes of paragraph (a) of subitem (6) to have occurred before that time.
(9) A reference in a provision inserted in the Income
Tax Assessment Act 1936 by this Schedule to a related payment in respect of
a dividend or distribution:
(a) is a reference to a related
payment under an arrangement entered into after 7.30 pm by legal time in the
Australian Capital Territory on 13 May 1997, whether or not the shares or
interests in shares in respect of which the dividend was paid or the
distribution was made were acquired by the taxpayer before or after that time;
but
(b) does not include a reference to a
related payment made under a contract for the sale of derivatives known as
Share Price Index Futures that was made before 2 July 1998.
(10) Section 160APHN of the Income Tax Assessment Act
1936 has effect for the purposes of subitem (9) of this item in the same
way as it has effect for the purposes of Division 1A of Part IIIAA of that Act.
(11) In this item:
arrangement has the same meaning as in
Division 1 of Part IIIAA of the Income Tax Assessment Act 1936.
widely held public share‑trading trust
means a widely held trust that:
(a) is open to investment by members
of the public; and
(b) buys and sells shares with a view
to profit.
widely held trust has the same meaning as in
Division 1A of Part IIIAA of the Income Tax Assessment Act 1936.
Schedule 5
80 Statements given by company to shareholders before 2 April 1998
A company is not liable to a penalty under section 160ARY merely
because:
(a) the company gave to a shareholder
before 2 April 1998 a dividend statement that complied with section 160AQH
of the Income Tax Assessment Act 1936 as in force at the time when the
statement was given; or
(b) the company gave to a shareholder
before that date a dividend statement that the Commissioner is satisfied
reasonably complied with section 160AQH of the Income Tax Assessment Act
1936 as amended by this Schedule.
81 Application
The amendments made by this Schedule apply to dividends paid at
or after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 other than:
(a) dividends declared before that
time by a listed public company (within the meaning of the Income Tax
Assessment Act 1997); or
(b) dividends paid after that time
that related to dividends referred to in paragraph (a).
Taxation Laws Amendment Act (No. 4) 1999 (No. 94,
1999)
4 Amendment of 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.
Schedule 3
3 Application
The repeals made by items 1 and 2 apply to a public entity if the
test time (within the meaning of Division 20 of Part IIIA of the Income Tax
Assessment Act 1936) was on or after 20 January 1997.
Schedule 4
2 Application
The amendment made by item 1 applies to payments made on or after
1 July 1998.
Schedule 5
35 Application of amendments
Subject to item 37, the amendments made by this Schedule apply to
assessments for the 1998‑99 income year and all later income years.
Schedule 6
73 Application
The amendments made by this Schedule apply to assessments for the
1998‑99 income year and all later income years.
Superannuation Legislation Amendment Act (No. 2) 1999 (No.
96, 1999)
Schedule 2
3 Application
Subject to item 4, the amendments made by this Schedule apply to
income derived after 2 pm by standard time in the Australian Capital Territory
on 25 November 1997 (the commencement time).
4 Transitional—income of unit holders
(1) Income derived during the period from the
commencement time until the end of 2 July 1998 by the entity in the
capacity of holder of a unit in a trust estate is special income of the entity
for the purposes of Part IX of the Income Tax Assessment Act 1936 if, and
only if:
(a) the entity acquired the unit under
an arrangement, or the income was derived under an arrangement, some or all of
the parties to which were not dealing with each other at arm’s length in
relation to the arrangement; and
(b) the amount of the income is
greater than might have been expected to have been derived by the entity if
those parties had been dealing with each other at arm’s length in relation to
the arrangement.
(2) In subitem (1), arrangement
has the meaning given by subsection 273(8) as inserted in the Income
Tax Assessment Act 1936 by item 2.
Taxation Laws Amendment (CPI Indexation) Act 1999 (No.
102, 1999)
Schedule 2
2 Application
The amendment of section 159HA of the Income Tax Assessment
Act 1936 made by this Schedule applies to assessments for the 1998‑99
year of income and later years of income.
Taxation Laws Amendment (Demutualisation of Non‑insurance
Mutual Entities) Act 1999 (No. 103, 1999)
Schedule 1
4 Application
Subsections 160ARDM(4) and 160ARDQ(4) apply only to a demutualising
entity in respect of which the demutualisation resolution day was earlier than 11 August 1998.
Taxation Laws Amendment
Act (No. 7) 1999 (No. 117, 1999)
Schedule 1
8 Application of amendments
(1) The amendments made by items 1 and 2 of this Schedule
apply to things done after the commencement of this item where the relevant
company has shares with no par value.
(2) The amendments made
by items 3 and 4 of this Schedule apply where, after the commencement of this
item, an amount is transferred to the share capital account of a company with
shares with no par value.
Statute Stocktake Act 1999 (No. 118, 1999)
Schedule 2
51 Application
The amendments made by items 49 and 50 apply to
assessments for years of income starting after the year of income containing
the day on which this item commences.
Superannuation (Unclaimed Money and Lost Members)
Consequential and Transitional Act 1999 (No. 128, 1999)
8 Application of certain items of Schedule 1
Items 8, 10, 12, 13, 14, 34, 35, 39, 44, 45, 46, 47, 48, 49 and
73 of Schedule 1 do not apply in respect of the half‑year in which the
New Act receives the Royal Assent.
New Business Tax System
(Capital Allowances) Act 1999 (No. 164, 1999)
Schedule 3
14 Application of amendments
The amendments made by this Schedule apply to plant if:
(a) you became its owner or quasi‑owner
under a contract entered into after 11.45 am, by legal time in the Australian
Capital Territory, on 21 September 1999; or
(b) you constructed it and the
construction started after that time; or
(c) you acquired it in some other way
after that time.
New Business Tax System
(Capital Gains Tax) Act 1999 (No. 165, 1999)
Schedule 1
61 Application of amendments
The amendments made by this Schedule apply to
assessments for the income year including 21 September 1999 and all later income years, but only for CGT events that happen after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
Note: The 15‑year exemption in Subdivision 152‑B
of the Income Tax Assessment Act 1997, as inserted by this Division,
will effectively only apply to CGT events that happen on or after 20 September 2000, since the 15‑year exemption is only relevant to CGT assets
acquired on or after 20 September 1985.
62 Transitional—old CGT retirement exemption limit carries
over
If an individual’s CGT retirement exemption limit was reduced by
one or more amounts under:
(a) section 118‑435 of the Income
Tax Assessment Act 1997; or
(b) section 160ZZPZN of the Income
Tax Assessment Act 1936;
or both, then the individual’s CGT retirement exemption limit
under Subdivision 152‑D of that Act (as inserted by this Schedule) is
taken to have been reduced by the total of all those amounts at 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
Note: This could result in the individual’s new limit
being reduced to nil at that time, if he or she has already used it up under
those old provisions.
New Business Tax System (Integrity and Other Measures) Act 1999
(No. 169, 1999)
Schedule 2
5 Application of amendments
The amendments made by this Schedule apply to trigger events that
happen on or after 22 February 1999.
Schedule 3
7 Application of amendments
The amendments made by this Schedule apply to assessments for the
1999‑2000 income year and later income years.
Schedule 4
19 Application
(1) The amendments made by this Schedule apply to CGT
events happening on or after 21 October 1999.
(2) The amendment made by item 2 is to be disregarded
for the purposes of any application of section 110‑55 of the Income
Tax Assessment Act 1997 as previously in force, or any application of
subsection 160ZK(1) of the Income Tax Assessment Act 1936, as a result
of a CGT event or disposal that occurred before 21 October 1999.
(3) The amendment made by item 3 is to be disregarded
for the purposes of any application of section 110‑60 of the Income
Tax Assessment Act 1997 as previously in force, or any application of
subsection 160ZK(3) of the Income Tax Assessment Act 1936, as a result
of a CGT event or disposal that occurred before 21 October 1999.
Schedule 7
12 Application
(1) The amendments made by Division 1 of Part 1 and by
Part 2 apply in relation to:
(a) expenditure incurred by a taxpayer
after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and
(b) the taxpayer’s assessments for the
year of income including that day and for later years of income.
(2) The amendments made by Division 2 of Part 1 apply
in relation to expenditure incurred by a taxpayer in a year of income after the
taxpayer’s year of income mentioned in item 4 of the table in subsection
82KZMB(5) of the Income Tax Assessment Act 1936.
Schedule 9
22 Application
(1) The amendment of section 6AD of the Income Tax
Assessment Act 1936 made by this Division applies in relation to years of
income commencing on or after 1 July 2000.
(2) The other amendments made by this Division apply to
assessments for the year of income including 21 September 1999 and later years of income.
A New Tax System (Pay As You Go) Act 1999 (No. 178,
1999)
4 Amendment of 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.
Schedule 1
49A Application
The amendment of the Income Tax Assessment Act 1936 made
by item 39 of this Schedule applies to an income year that ends after 30 June 2000.
Schedule 2
35 Application
(1) The amendments made by this Part, so far as they
relate to the establishment, operation and effect of RBAs, apply to all tax
debts owing on or after 1 July 2000, regardless of when the debts arose.
(2) The amendments made by this Part, so far as they
relate to the treatment of payments and credits by the Commissioner, apply to
the treatment of payments or credits by the Commissioner on or after 1 July 2000, regardless of when the payments were made or when the credits arose.
A New Tax System (Tax
Administration) Act 1999 (No. 179, 1999)
Schedule 5
74 Transitional rules for TFN declarations
(1) Any employment declaration that is effective under Part
VA of the Income Tax Assessment Act 1936 immediately before 1 July 2000 continues to have effect as if it were a TFN declaration given on 1 July 2000 under that Part (as amended by this Act).
(2) For such a declaration, subsection 202CD(1) of the Income
Tax Assessment Act 1936 applies as if that subsection specified 28 days
instead of 14 days.
Schedule 6
24 Application
(1) The amendment made by item 2 applies in respect of
the year of income commencing on 1 July 2000 or a later year of income.
(2) The amendment made by item 3 applies to
declarations made on or after 1 July 2000 in respect of returns given or
applications for amendments made in respect of the year of income commencing on
that day or a later year of income.
(3) The amendments made by items 4 to 9 and 11 apply to
amendments made on or after 1 July 2000 in respect of assessments for the
year of income commencing on that day or a later year of income.
(4) The amendments made by items 12 and 13 apply to
family agreements entered into on or after 1 July 2000 in respect of the year of income commencing on that day or a later year of income.
Schedule 10
24 Application
The amendment of the Income Tax Assessment Act 1936 made
by item 23 of this Schedule applies to an income year that ends after 30 June 2000.
Schedule 11
79 Application
The amendment made by item 78 applies in relation to
contributions (within the meaning of section 274 of the Income Tax
Assessment Act 1936) made in relation to the year of income commencing on 1 July
2000 and later years of income.
Schedule 16
37 Application
The amendments made by this Schedule apply to the 2000‑2001
year of income and later years of income.
Schedule 17
2 Application
The amendment made by this Schedule applies for the purposes of
working out amounts of provisional tax (including instalments) payable for the
1999‑2000 income year and later income years.
Taxation Laws Amendment
Act (No. 5) 2000 (No. 43, 2000)
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.
Schedule 2
6 Application
The amendments made by this Schedule apply to shares and rights
acquired on or after 2 September 1999.
Schedule 3
9 Application
(1) The amendments made by this Schedule have the same
application as they would if they had been part of Division 6D of Part III of
the Income Tax Assessment Act 1936 when that Division was originally
inserted in that Act by item 2 of Schedule 1 to the A New Tax System
(Closely Held Trusts) Act 1999.
(2) To avoid doubt, the Commissioner may, at any time
after the commencement of this Schedule, under paragraph 102UH(b) of the Income
Tax Assessment Act 1936 as amended by this Schedule, allow a further period
in respect of a year of income that ended before the commencement of this
Schedule.
10 Transitional
The references in paragraphs 102USA(2)(c) and 254(3)(b) of the Income
Tax Assessment Act 1936 as inserted by this Schedule to general interest
charge under section 102UP include a reference to:
(a) general interest charge under item
93 of Schedule 2 to the A New Tax System (Pay As You Go) Act 1999; and
Note: Item 93 applied a general interest charge to
amounts that became payable before 1 July 1999.
(b) additional tax under section 102UP
of the Income Tax Assessment Act 1936 as in force before the
commencement of item 92 of Schedule 2 to the A New Tax System (Pay As You
Go) Act 1999.
Note: Item 92 had the effect that additional tax under
section 102UP continued to apply to amounts that became payable before 1 July 1999.
A New Tax System (Tax Administration) Act (No. 1) 2000
(No. 44, 2000)
Schedule 4
5 Application
The amendment made by item 4 applies to a person who quotes his
or her tax file number before, at or after the item’s commencement.
7 Application
The amendment made by item 6 applies to a person who quotes his
or her tax file number before, at or after the item’s commencement.
9 Saving
The amendment made by item 8 applies to a person who, immediately
before that item’s commencement, is taken to have quoted his or her tax file
number to a trustee or an RSA provider because of subsection 202DJ(1) of the Income
Tax Assessment Act 1936, as if that person had made a TFN declaration in
relation to the trustee or the RSA provider as mentioned in that subsection as
amended by that item.
A New
Tax System (Family Assistance and Related Measures) Act 2000
(No. 45, 2000)
Schedule 4
9 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply to assessments in relation to the 2000‑2001 year
of income and later years of income.
Taxation Laws Amendment
Act (No. 2) 2000 (No. 58, 2000)
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.
Schedule 1
10 Application of amendments
The amendments made by this Part apply in determining the
attributable income of a CFC if a disposal was taken to have occurred, under
section 160ZZOA of the Income Tax Assessment Act 1936, after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.
11 Transitional—group roll‑over disposals before 13 May 1997
(1) This item applies if a group roll‑over
disposal (within the meaning of section 160ZZOA of the Income Tax Assessment
Act 1936) happened at or before 7.30 pm, by legal time in the Australian
Capital Territory, on 13 May 1997 and during a particular statutory
accounting period of an attributable taxpayer.
(2) In applying section 460A of that Act (as amended by
this Schedule), the taxpayer may elect to disregard so much of any change to
the attribution percentage of the taxpayer in relation to the relevant CFC as
happened before the end of the statutory accounting period.
27 Application of amendments
The amendments made by this Part apply in determining the
attributable income of a CFC if CGT event J1 is taken to have happened at any
time, whether before or after the Part commences.
Schedule 2
4 Application
(1) The amendment made by item 1 applies to the 1992‑93
year of income and to later years of income up to, and including, the 1996‑97
year of income.
Schedule 3
3 Application of item 2
Despite the amendment made by item 2, a taxpayer who was entitled
to a franking credit or a franking rebate in respect of a dividend paid, or a
distribution made, before the day on which this Act receives the Royal Assent
continues to be entitled to the franking credit or franking rebate.
Schedule 6
34 Application
The amendments made by this Schedule apply to gifts made on or
after 1 July 1999.
Schedule 8
21 Application
The amendments made by items 4 to 9 apply to the provision of
bonus shares or capital benefits on or after 30 June 1999.
Schedule 10
17 Application
(1) The amendments made by items 1 to 4 apply in
relation to the 1996‑97 year of income.
(2) The amendments made by items 5 to 10 apply:
(a) to allowable deductions for the
1996‑97 year of income for amounts in respect of debts incurred in that
year of income; or
(b) to allowable deductions for the
1997‑98 year of income for amounts in respect of debts incurred in that
year of income or in the 1996‑97 year of income.
21 Application
The amendments made by this Part apply to the making of
determinations under section 271‑60 of Schedule 2F to the Income Tax
Assessment Act 1936 after the commencement of this Part, in relation to tax
under section 271‑15 of that Schedule that:
(a) has become due and payable before
the commencement of this Part; or
(b) becomes due and payable after the
commencement of this Part.
38 Application
(1) The amendments made by items 22 to 24 apply for the
1996‑97 year of income.
(2) The amendments made by items 25 to 29 apply:
(a) to allowable deductions for the
1996‑97 year of income for amounts in respect of debts incurred in that
year of income; or
(b) to allowable deductions for the
1997‑98 year of income for amounts in respect of debts incurred in that
year of income or in the 1996‑97 year of income.
Schedule 11
11 Continuation of previous transitional election provisions
In addition to the effect that items 22 and 23 of Schedule 1 to
the Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998
have as a result of the amendments made by this Schedule, those items continue
to have the effect that they would have had if the amendments had not been
made.
Taxation Laws Amendment
Act (No. 6) 2000 (No. 76, 2000)
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.
Schedule 1
8 Application of amendments
(1) The amendments made by items 1, 2 and 6 apply to
assessments for the 1999‑2000 year of income and all later years of
income.
(2) The amendments made by items 3 and 4 apply in
relation to the quotation of TFNs on or after 11 November 1999.
(3) The amendment made by item 5 applies to payments
made on or after 11 November 1999.
New Business Tax System
(Miscellaneous) Act (No. 1) 2000 (No. 79, 2000)
4 Amendment of 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.
Schedule 1
4 Application of amendments
(1) The amendment made by item 1 applies to dividends
paid on or after 1 July 2000.
(2) The amendments made by items 2 and 3 apply to
unfranked non‑portfolio dividends paid to the resident company on or
after 1 July 2000.
Schedule 2
7 Application of amendments
The amendments made by this Schedule that relate to tax offsets
under Part IIIAA of the Income Tax Assessment Act 1936 apply to offsets
that relate to dividends paid on or after 1 July 2000.
Schedule 3
14 Application of amendments
(1) The amendment made by item 1 applies to:
(a) franking deficit tax for franking
years ending on or after 1 July 2000; and
(b) deficit deferral tax in relation
to instalments under section 221AZK paid during a franking year ending on or
after 1 July 2000.
(2) The amendment made by item 2 applies to:
(a) the payment of a class C franked
dividend to a shareholder in a company on or after 1 July 2000; and
(b) a trust amount or partnership
amount that relates, directly or indirectly, to the payment of a class C
franked dividend to a shareholder in a company on or after 1 July 2000.
(3) The amendment made by item 4 applies to dividends
paid on or after 1 July 2000.
(4) The amendment made by item 5 applies to deficit
deferral tax in relation to instalments under section 221AZK paid during a
franking year ending on or after 1 July 2000.
(5) The amendments made by items 7 and 8 apply to
dividends paid on or after 1 July 2000.
(6) The amendments made by items 9 to 12 apply to
dividends that are current dividends for the purposes of section 160ASL of the Income
Tax Assessment Act 1936 and are paid on or after 1 July 2000.
Schedule 4
5 Application of amendments
The amendments made by this Part apply to assessments for the
2000‑01 year of income and later years of income.
10 Application of amendments
The amendments made by this Part apply to assessments for the
2001‑02 year of income and later years of income.
Schedule 5
45 Application of amendments
The amendments made by this Schedule apply to CGT events in
relation to a qualifying SME investment of a PDF that happen on or after the
day on which Schedule 3 to the New Business Tax System (Capital Gains Tax)
Act 1999 commences.
Schedule 6
15 Application of amendments
(1) The amendments made by this Schedule, to the extent
that they relate to:
(a) plant whose cost does not exceed
$300; or
(b) low‑cost plant (plant whose
cost is less than $1,000);
apply to assessments for the income year in which 1 July
2000 occurs and later income years.
(2) The amendments made by this Schedule, to the extent
that they relate to plant that you can allocate to a low‑value pool under
subsection 42‑455(3) of the Income Tax Assessment Act 1997, apply
to assessments for the 2000‑01 income year and later income years.
New Business Tax System
(Miscellaneous) Act (No. 2) 2000 (No. 89, 2000)
4 Amendment of 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.
Schedule 2
62 Application of amendments made by this Part
(1) The amendments made by items 4, 5, 25 and 26 apply
to amounts received (within the meaning of section 26AH of the Income Tax
Assessment Act 1936) on or after 1 July 2000.
(2) The amendments made by items 6 and 7 apply to
losses arising on or after 1 July 2000.
(3) The amendments made by items 8 to 22 apply to
assessments for the year of income in which 21 September 1999 occurs and
later years of income.
(4) The amendments made by items 23, 24, 35, 36 and 53
apply to income derived on or after 1 July 2000.
(6) The amendments made by items 58 to 61 apply in
calculating passive income that is derived on or after 1 July 2000.
Schedule 3
29 Application of amendments
The amendments made by this Part (other than item 16)
apply to the 2000‑01 year of income and later years of income.
84 Application of amendments
(1) The amendments made by items 33 to 44 (inclusive),
60, 61, 62, 69, 76, 77 and 83 apply to dividends paid on or after 1 July 2000.
(2) The amendments made by items 78 to 82 (inclusive)
apply to income derived on or after 1 July 2000.
100 Application of amendments
The amendments made by this Part apply to
assessments for the 1999‑2000 year of income and later years of income.
Schedule 5
34 Application of amendments
(1) Subject to subitem (2), the amendments made by this
Schedule apply to CGT events happening on or after 10 December 1999.
Schedule 8
11 Application of amendments
The amendments made by this Schedule apply to:
(a) expenditure incurred by a taxpayer
after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and
(b) the taxpayer’s assessments for the
year of income including that day and for later years of income.
New Business Tax System
(Integrity Measures) Act 2000 (No. 90, 2000)
Schedule 2
11 Application of amendments
(1) The amendments made by Part 1 of this Schedule
apply to:
(a) expenditure incurred by a taxpayer
after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; and
(b) the taxpayer’s assessments for the
year of income including that day and for later years of income.
(2) The amendments made by Part 2 of this Schedule
apply to expenditure incurred by a taxpayer in a year of income after the
taxpayer’s year of income that includes 21 September 2002.
A New Tax System (Tax Administration) Act (No. 2) 2000
(No. 91, 2000)
Schedule 2
144 Application of amendments
(1) Subject to this item, the amendments made by this
Part apply to:
(a) for income tax—returns,
statements, notices and other documents given for the 2000‑01 income year
and later years; and
(b) for fringe benefits tax—returns,
statements, notices and other documents for the year of tax starting on 1 April
2001 and later years; and
(c) for other taxes—returns,
statements, notices and other documents for the period starting on 1 July 2000 and later periods.
147 Application of amendments
The amendments made by this Part apply to income tax payable for
the 2000‑01 year of income and later years.
Taxation Laws Amendment
Act (No. 4) 2000 (No. 114, 2000)
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.
Schedule 3
3 Application
The amendments made by this Schedule apply to income derived
after 30 June 2000.
Schedule 4
82 Application
(1) The amendments made by this Schedule (other than by
item 45) apply to assessments for the 1998‑99 income year and later
income years.
(2) The amendment made by item 45 of this Schedule
applies to CGT events happening on or after the day on which this Act receives
the Royal Assent.
Criminal
Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 (No. 137,
2000)
Schedule 2
418 Transitional—pre‑commencement offences
(1) Despite the amendment or repeal of a provision by
this Schedule, that provision continues to apply, after the commencement of
this item, in relation to:
(a) an offence committed before the
commencement of this item; or
(b) proceedings for an offence alleged
to have been committed before the commencement of this item; or
(c) any matter connected with, or
arising out of, such proceedings;
as if the amendment or repeal had not been made.
(2) Subitem (1) does not limit the operation of section
8 of the Acts Interpretation Act 1901.
419 Transitional—pre‑commencement notices
If:
(a) a provision in force immediately
before the commencement of this item required that a notice set out the effect
of one or more other provisions; and
(b) any or all of those other
provisions are repealed by this Schedule; and
(c) the first‑mentioned
provision is amended by this Schedule;
the amendment of the first‑mentioned provision by this
Schedule does not affect the validity of such a notice that was given before
the commencement of this item.
Farm Household Support Amendment Act 2000 (No. 144,
2000)
Schedule 3
7 Transitional provisions
(3) The Income Tax Assessment Act 1936 and the Income
Tax Assessment Act 1997 continue to have effect, after the farm help scheme
payment commencement day, in relation to payments of restart income support
made in respect of periods before that day, as if the repeals and amendments
made by Schedule 2 had not happened.
8 Definitions
In this Schedule:
amended FHS Act means the Farm Household Support
Act 1992 as amended and in force from time to time after the commencement
of item 2 of Schedule 1 to the Farm Household Support Amendment Act 2000.
restart income support has the meaning given by the
Farm Household Support Act 1992 as in force immediately before the farm
help scheme payment commencement day.
restart re‑establishment grant has the
meaning given by the Farm Household Support Act 1992 as in force
immediately before the farm help scheme payment commencement day.
Taxation Laws Amendment Act (No. 7) 2000 (No. 173,
2000)
Schedule 4
65 Application of amendments
(1) The amendments made by this Schedule (except those
made by items 2, 6 and 30) apply to assessments for the 1998‑99 income
year and later income years.
(2) The amendment made by item 2 applies to schemes
entered into after 3 pm, by legal time in the Australian Capital Territory, on 29 April 1997.
Taxation
Laws Amendment (Changes for Senior Australians) Act 2001
(No. 44, 2001)
Schedule 1
11 Application
The amendments made by this Schedule apply to assessments for the
2000‑2001 year of income and later years of income.
12 Transitional—regulations
(1) Regulations made under subsection 160AAAA(3) of the
Income Tax Assessment Act 1936 that are in force immediately before the
commencement of this item are taken, from that time, to have been made under
that subsection as amended by this Act.
(2) Regulations made
under subsection 160AAAB(3) of the Income Tax Assessment Act 1936 that
are in force immediately before the commencement of this item are taken, from
that time, to have been made under that subsection as amended by this Act.
Governor‑General Legislation Amendment Act 2001
(No. 57, 2001)
Schedule 2
4 Application
(1) The repeal and amendments made by this Schedule
apply in relation to income derived on or after 29 June 2001 (the commencing day).
(2) However, the repeal and amendments do not apply in
relation to income derived on or after the commencing day by a State Governor
who held that office immediately before the commencing day.
Taxation Laws Amendment
Act (No. 1) 2001 (No. 72, 2001)
Schedule 2
108 Amendments related to arrangements treated as sale and
loan
(2) The amendments made by Part 2 of this Schedule
(other than by item 35) apply to arrangements entered into after 27 February 1998.
109 Amendments related to limited recourse debt
(2) The amendments made by Part 3 of this Schedule
(other than by items 83 and 90) apply to debts that are terminated after 27 February 1998.
110 Amendments related to property transferred as security
The amendments made by Part 4 of this Schedule apply to transfers
of property where the transaction under which the property was provided, or
redeemed, as security was entered into after 27 February 1998.
Taxation Laws Amendment
Act (No. 3) 2001 (No. 73, 2001)
Schedule 2
95 Application
(1) The amendments made by this Part of this Schedule
apply in respect of the 2001‑2002 year of income and later years of
income.
(2) In addition, the amendments of the Income Tax
Assessment Act 1936 made by this Part of this Schedule apply in respect of
an instalment quarter that is a transitional quarter within the meaning of item
49 of this Schedule.
Schedule 3
17 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Part apply, and are taken to have applied, in respect of instalments or
payments that are due on or after 1 April 2001.
Schedule 4
10 Application
The amendments made by this Schedule apply to each day of each
quarter mentioned in subsection 8AAD(2) of the Taxation Administration Act
1953 (as amended) where the quarter begins on or after the day on which
this Act receives the Royal Assent.
New Business Tax System (Capital Allowances—Transitional and
Consequential) Act 2001 (No. 77, 2001)
Schedule 2
488 Application
(1) Subject to this item, the amendments made by this
Schedule apply to:
(a) depreciating assets:
(i) you start to hold
under a contract entered into after 30 June 2001; or
(ii) you constructed where
the construction started after that day; or
(iii) you start to hold in
some other way after that day; and
(b) expenditure that does not form
part of the cost of a depreciating asset incurred after that day.
New Business Tax System (Simplified Tax System) Act 2001
(No. 78, 2001)
15 Application
(1) Subject to this item, the amendments made by this
Schedule apply to assessments for the first year of income starting after 30 June 2001 and later years of income.
(2) The amendments made by items 5 and 14 apply to
expenditure incurred by a taxpayer in a year of income after the taxpayer’s
year of income that includes 21 September 2002.
Taxation Laws Amendment (Superannuation Contributions) Act 2001
(No. 89, 2001)
Schedule 1
11 Application of amendments
(1) The amendments made by Parts 1 and 2 of this
Schedule apply to contributions made after 4 pm (by legal time in the Australian
Capital Territory) on 30 June 2000.
12 Transitional—interpretation of section 82AAA
The amendment of section 82AAA of the Income Tax Assessment Act
1936 made by item 3:
(a) is for the avoidance of doubt; and
(b) is not to be taken to affect by
implication the interpretation of that section as in force at any time before
the commencement of that item.
New Business Tax System
(Thin Capitalisation) Act 2001 (No. 162, 2001)
Schedule 1
23 Application—section 128F of the Income Tax Assessment
Act 1936
The amendment of section 128F of the Income Tax Assessment Act
1936 made by this Schedule applies only in relation to a debenture that is
issued on or after 1 July 2001.
23A Application—section 160AF of the Income Tax
Assessment Act 1936
The amendments of section 160AF of the Income Tax Assessment
Act 1936 made by this Schedule apply in relation to assessable income of a
year of income that begins on or after 1 July 2001.
24 Application—section 160AFD of the Income Tax
Assessment Act 1936
The amendment of section 160AFD of the Income Tax Assessment
Act 1936 made by this Schedule applies to a class of assessable foreign
income of a year of income that begins on or after 1 July 2001.
25 Application—section 160ZZZJ and related provisions of the
Income Tax Assessment Act 1936
(1) The amendments of sections 160ZZW and 160ZZZJ of
the Income Tax Assessment Act 1936 made by this Schedule applies only to
an amount of interest taken under section 160ZZZA of that Act to be paid to,
and derived by, a foreign bank during an income year that begins on or after 1 July
2001.
(2) Despite the repeals of sections 160ZZZB and 160ZZZD
of the Income Tax Assessment Act 1936 by this Schedule, those sections
continue to apply in relation to an amount of interest taken under section 160ZZZA
of that Act to be paid to, and derived by, a foreign bank during an income year
that began before 1 July 2001.
26 Application—section 262A of the Income Tax Assessment
Act 1936
The amendment of section 262A of the Income Tax Assessment Act
1936 made by this Schedule applies:
(a) for records required to be kept
under section 820‑960—in relation to an income year that begins on or
after 1 July 2002; and
(b) for records required to be kept
under section 820‑980—in relation to an income year that begins on or
after 1 July 2001.
New Business Tax System
(Debt and Equity) Act 2001 (No. 163, 2001)
Schedule 1
118 Application of amendments
Definitions
(1) In this item:
CGT amendments means the amendments made by items 7
to 32 of this Schedule.
debt and equity test amendments means the
amendments made by this Schedule (other than the CGT amendments).
Application of debt and equity test amendments
(2) The debt and equity test amendments apply to
transactions that take place on or after 1 July 2001. This is so whether
the interest in relation to which the transaction takes place was issued
before, or is issued on or after, that date. This subitem has effect subject to
subitem (6).
Application of debt and equity test amendments to
interests issued before 1 July 2001
(6) If an interest was issued before 1 July 2001, the debt and equity test amendments:
(a) apply only to transactions that
take place in relation to the interest on or after 1 July 2004 if the
issuer of the interest does not make an election under paragraph (b); and
(b) apply to transactions that take
place in relation to the interest on or after 1 July 2001 if the issuer elects to have this paragraph apply to the interest.
(7) For the purposes of subitem (6), an interest is
taken to be issued on or after 1 July 2001 if:
(a) the interest is issued on or after
that date; or
(b) the interest is issued before that
date; and:
(i) the terms of the interest
are altered on or after that date; or
(ii) the interest is rolled
over on or after that date; or
(iii) the original term of
the interest is extended on or after that date.
In applying subparagraph (b)(i), disregard minor alterations that
do not affect rights and obligations in relation to the interest.
(9) If paragraph (6)(a) applies to an interest:
(a) paragraph 164‑10(1)(b) of
the Income Tax Assessment Act 1997 applies to the interest as if the
second reference in that paragraph to “1 July 2001” were instead a
reference to “1 July 2004”; and
(b) section 164‑15 of the Income
Tax Assessment Act 1997 applies to the interest as if the following
references were instead references to “1 July 2004”:
(i) the first reference in
subsection 164‑15(3) to “1 July 2001”;
(ii) the reference in
subsection 164‑15(3) to “that day”;
(iii) the references in
paragraph 164‑15(3)(b) and subsection 164‑15(4) to “1 July 2001”.
(10) An election in relation to an interest is effective
for the purposes of paragraph (6)(b) only if:
(a) the election is lodged with the
Commissioner within:
(i) 90 days after the day
on which this Act receives the Royal Assent; or
(ii) such further time as
the Commissioner allows; and
(b) an election under paragraph (6)(b)
is made in relation to all other interests that:
(i) were issued by the
issuer before 1 July 2001; and
(ii) are substantially
similar to that interest and in relation to which an election under that
subitem can be made; and
(c) the election contains the
following information:
(i) the name of the
issuer;
(ii) the tax file number of
the issuer;
(iii) the legal form of the
interest;
(iv) ASX code or other stock
exchange listing code allotted to the issue (if applicable);
(v) the date of the issue;
(vi) the face value of the
issue;
(vii) the number of interests
of that kind on issue when the election is made;
(viii) coupon/dividend rates
and terms including contingencies;
(ix) maturity details;
(x) redemption details and
terms including contingencies;
(xi) conversion/exercise
details.
An election under paragraph (6)(b) cannot be revoked.
(11) The Commissioner may allow further time under
subparagraph (10)(a)(ii) if he or she:
(a) is satisfied that the issuer would
otherwise not have sufficient opportunity to make the election; or
(b) otherwise considers it reasonable
to do so.
(12) If:
(a) paragraph (6)(a) applies to an
interest; and
(b) on or after 1 July 2001 and before 1 July 2004:
(i) the terms of the
interest are altered; or
(ii) the interest is rolled
over; or
(iii) the original term of
the interest is extended;
then:
(c) the debt and equity test
amendments apply to the transactions in relation to the interest that take
place after the event referred to in paragraph (b) occurs; and
(d) subitem (9) applies to the
interest as if references in that subitem to 1 July 2004 were references to the time when that event occurs.
In applying subparagraph (b)(i), disregard minor alterations that
do not affect rights and obligations in relation to the interest.
(13) A reference in this item to a transaction
includes a reference to:
(a) making a return; and
(b) paying a dividend or unit trust
dividend; and
(c) making a distribution in relation
to a unit trust; and
(d) paying, crediting or lending an
amount; and
(e) making a non‑share
distribution; and
(f) forgiving a debt; and
(g) redeeming, cancelling or buying
back an interest; and
(h) converting an interest.
Taxation Laws Amendment Act (No. 2) 2001 (No. 167,
2001)
Schedule 2
3 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply to transfers on or after 1 July 1998.
Schedule 4
7 Application
The amendments of the Income Tax Assessment Act 1936 made
by items 5 and 6 of this Schedule apply to gifts made in the 1996‑97
income year and earlier income years.
Schedule 5
4 Application
The amendments of the Income Tax Assessment Tax 1936 made
by this Schedule apply to income derived on or after 1 July 2000.
Schedule 6
3 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply to assessments for the 1999‑2000 income year and
all later income years.
Taxation Laws Amendment
Act (No. 5) 2001 (No. 168, 2001)
Schedule 2
3 Exclusion of subsection
48(2) of Acts Interpretation Act
Subsection 12(2) of the Legislative Instruments Act 2003
does not apply, and is taken never to have applied, to a regulation, or a
provision of regulations, amending Schedule 14 to the Income Tax Regulations,
so as to omit items 501, 502 and 509 of that Schedule, with effect on and from 1 July 2000.
Taxation Laws Amendment Act (No. 6) 2001 (No. 169,
2001)
Schedule 2
3 Application
The amendments made by this Schedule apply in relation to income
derived after 30 June 2000.
Schedule 6
19 Application
(1) The amendments made by this Schedule (other than
items 4A, 4B, 16C to 16J, 16L, 18 and 18A) apply, and are taken to have
applied, to assessments for the 2000‑2001 income year and later income
years.
(2) However, a declaration made under subitem 26(2) of
Schedule 1 to the New Business Tax System (Alienation of Personal Services
Income) Act 2000 has effect, and is taken to have had effect, in relation
to the amendments made by this Schedule in the same way that it has, and had,
effect in relation to the amendments made by Part 1 of that Schedule.
(2B) The amendments made by items 16C to 16K apply on and
after the day on which this Act receives the Royal Assent.
Taxation Laws Amendment (Research and Development) Act 2001
(No. 170, 2001)
Schedule 1
6 Application
The amendment made by item 5 applies to activities that commence
to be carried on after 12 am, by legal time in the Australian Capital Territory,
at the start of 1 July 2002.
Schedule 2
2 Application
The amendment made by this Part applies to expenditure incurred
by an eligible company on:
(a) the acquisition, or the
construction, under a contract entered into on or after 1 July 1985, of a unit of plant; or
(b) the construction by the company,
being construction that commenced on or after 1 July 1985, of a unit of plant.
51 Application
The amendments made by this Division to the Income Tax
Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to
assessments for the income year in which 29 January 2001 occurs and for
later income years.
Schedule 3
19 Application
(1) Subject to subitem (2), the amendments made by this
Schedule apply to assessments for the first year of income starting after 30 June 2001 and for later years.
Schedule 4
11 Application
The amendments made by this Schedule apply to expenditure incurred
in the first year of income starting after 30 June 2001.
Schedule 2
92 Application
The amendments made by this Division to the Income Tax
Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to
assessments for the income year in which 1 July 2001 occurs and for later
income years.
Taxation Laws Amendment (Superannuation) Act (No. 1)
2002 (No. 15, 2002)
Schedule 1
21 Application
The amendments made by this Schedule apply to payments made on or
after 1 July 2002.
Taxation Laws Amendment Act (No. 1) 2002 (No. 26,
2002)
9 Application of amendments
(1) The amendments made by Part 1 of this Schedule
apply to expenditure incurred on or after 2 October 2001 and on or before 30 June 2006.
(3) The amendments made by Part 3 of this Schedule apply
to expenditure incurred by a taxpayer in an income year after the taxpayer’s
income year that includes 21 September 2002 and before the taxpayer’s
income year that includes 1 July 2006.
Taxation Laws Amendment
(Film Incentives) Act 2002 (No. 27, 2002)
Schedule 1
12 Application
The amendments made by this Schedule apply to expenditure
incurred at any time (whether before or after the commencement of this
Schedule).
Taxation
Laws Amendment (Baby Bonus) Act 2002 (No. 32, 2002)
4 Application
The amendments made by this Act apply to
assessments for the 2001‑02 income year and later income years.
Taxation
Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2002 (No. 39,
2002)
4 Amendment of 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.
Schedule 2
3 Application of amendments
The amendments made by items 1 and 2 apply to assessments for the
1997‑98 year of income and later years of income.
Taxation Laws Amendment
(Superannuation) Act (No. 2) 2002 (No. 51, 2002)
4 Amendment of assessments
Section 37 of the Superannuation
Guarantee (Administration) Act 1992 and section 170 of the Income Tax
Assessment Act 1936 do not prevent the amendment of an assessment for the
purposes of giving effect to this Act.
Schedule 1
202 Application of amendments made by Part 2
(2) The amendments made by items 170 to 186 apply
in relation to assessments under the Income Tax Assessment Act 1936 for
the 2003‑2004 year of income and later years of income.
Schedule 3
4 Application of amendments made by Part 1
The amendments made by Part 1 apply in relation to assessments
for the 2002‑2003 year of income and later years of income.
Schedule 4
3 Application of amendments
The amendments made by items 1 and 2 apply in relation to
assessments for the 2002‑2003 year of income and later years of income.
Schedule 5
2 Application of amendment
The amendment made by item 1 applies in relation to assessments
for the 2002‑2003 year of income and later years of income.
Taxation Laws Amendment
Act (No. 4) 2002 (No. 53, 2002)
4 Amendment of 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.
Schedule 1
47 Application—amendment of section 160AF of the Income
Tax Assessment Act 1936
The amendment of section 160AF of the Income Tax Assessment
Act 1936 made by this Schedule applies in relation to assessable income of
a year of income that begins on or after 1 July 2001.
48 Application—amendment of
section 262A of the Income Tax Assessment Act 1936
The amendment of section 262A of the Income Tax Assessment Act
1936 made by this Schedule applies in relation to a year of income that
begins on or after 1 July 2001.
Taxation Laws Amendment Act (No. 2) 2002 (No. 57,
2002)
Schedule 1
11 Application
(1) The amendment made by item 1 of this Schedule
applies to:
(a) franking deficit tax for franking
years ending on or after 1 July 2001; and
(b) deficit deferral tax in relation
to PAYG instalments paid during a franking year ending on or after 1 July 2001.
(2) The amendment made by item 2 of this
Schedule applies to:
(a) the payment of a class C franked
dividend to a shareholder of a company on or after 1 July 2001; and
(b) a trust amount or partnership
amount that relates, directly or indirectly, to payment of a class C franked
dividend to a shareholder in a company on or after 1 July 2001.
(3) The amendment made by item 4 of this
Schedule applies to dividends paid on or after 1 July 2001.
(4) The amendment made by item 5 of this
Schedule applies to deficit deferral tax in relation to PAYG instalments paid
during a franking year ending on or after 1 July 2001.
Schedule 3
4 Application
The amendments made by this Schedule apply to dividends paid on
or after 1 July 2000.
Schedule 4
4 Application
(1) The amendments made by items 1 and 2 of this
Schedule apply to assessments for years of income that begin on or after 1 July 2000.
Schedule 5
2 Application
The amendment made by this Schedule applies to trust amounts that
are attributable to dividends paid on or after 1 July 2000.
Schedule 6
3 Application
The amendments made by this Schedule apply to assessments for the
2000‑2001 year of income and later years of income.
Schedule 9
41 Application
The amendments made by items 1 and 6 apply to gifts made after 30 June 1985 and before 1 July 1997.
42 Application
The amendments made by items 2, 3 and 5 apply to gifts made after
22 July 1994 and before 1 July 1997.
43 Application
The amendments made by items 4 and 7 apply to gifts made after 14 September 1993 and before 1 July 1997.
44 Application
The amendment made by item 8 applies to gifts made after 18 March 1985 and before 1 July 1997.
Schedule 11
5 Application
The amendments made by this Schedule apply to CGT events
happening on or after 10 December 1999.
Schedule 12
6 Application
The amendment made by item 5 applies to assessments in respect of
income for the 1998‑99 year of income and all later years of income.
9 Application
The amendment made by item 8 applies to assessments for the 1998‑99
income year and later income years.
13 Application
The amendment made by item 12 applies in relation to income
derived on or after 1 July 1997.
86 Application
An item in a Schedule to an Act that is repealed by an item in
this Part is taken never to have had any effect.
New Business Tax System (Consolidation, Value Shifting,
Demergers and Other Measures) Act 2002 (No. 90, 2002)
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.
Schedule 10
2 Basic rule about application of section 160AFE
(1) Section 160AFE of the Income Tax Assessment Act
1936 as amended by this Schedule applies in relation to a taxpayer for each
of its:
(a) income years starting after 30 June 2003; and
(b) non‑membership periods (if
any) under section 701‑30 of the Income Tax Assessment Act 1997
starting after 30 June 2003.
(2) This item does not apply in relation to a taxpayer
to which item 3 applies.
Note: If you have a substituted accounting period,
item 5 or 7 may apply instead of this item.
3 Different application for members of certain groups
(1) This item applies to a taxpayer if:
(a) the taxpayer becomes a member of a
consolidated group or MEC group on the day (the consolidation day)
the group comes into existence; and
(b) the consolidation day either is
before 1 July 2003 or is both:
(i) the first day of the
first income year starting after 30 June 2003 of the group’s head company
(for a consolidated group) or provisional head company (for a MEC group) on the
consolidation day; and
(ii) before 1 July 2004; and
(c) the taxpayer was not a member of a
consolidated group or MEC group before the consolidation day.
(2) Section 160AFE of the Income Tax Assessment Act
1936 as amended by this Schedule applies in relation to the taxpayer for
each of its:
(a) income years starting on or after
the consolidation day; and
(b) non‑membership periods (if
any) under section 701‑30 of the Income Tax Assessment Act 1997
starting on or after the consolidation day.
Note: If you become the head company of a
consolidated group on or after 1 July 2002 and before 1 July 2003 on a day that is not the start of your income year, item 6 will apply instead of
this item.
4 Transitional provision for section 160AFE
For the purposes of paragraph 160AFE(3)(d) of the Income Tax
Assessment Act 1936 as in force immediately after the commencement of this
Schedule, take account of an amount utilised or applied under section 160AFE of
that Act as in force either before or after that commencement for a year of
income ending before or after that commencement.
5 Modification of basic rule
(1) This item applies to a taxpayer instead of item 2
if the taxpayer:
(a) has a substituted accounting
period; and
(b) is not a member of a consolidated
group or a MEC group.
(2) Section 160AFE of the Income Tax Assessment Act
1936 as amended by this Schedule applies to the taxpayer from 1 July 2003. That section applies from 1 July 2003 until the start of the
taxpayer’s next income year as if that period were an income year.
(3) Section 160AFE of the Income Tax Assessment Act
1936 as in force just before the commencement of this Schedule (the old
section 160AFE) applies to the taxpayer from the start of the
taxpayer’s income year in which 1 July 2003 occurs until the end of 30 June 2003 as if that period were an income year.
6 Consolidation day on or after 1 July 2002 and before 1 July 2003
(1) This item applies to a taxpayer instead of item 3
if:
(a) the taxpayer becomes the head
company of a consolidated group or MEC group on the day (also the consolidation
day) the group comes into existence; and
(b) the consolidation day is on or
after 1 July 2002 and before 1 July 2003 and is not the start of an
income year (whether or not the taxpayer has a substituted accounting period).
(2) Section 160AFE of the Income Tax Assessment Act
1936 as amended by this Schedule applies to the taxpayer from the
consolidation day. That section applies from the consolidation day until the
end of the taxpayer’s income year in which that day occurs as if that period
were an income year.
(3) If:
(a) the consolidation day is after 1 July 2002; and
(b) the taxpayer does not have a
substituted accounting period;
the old section 160AFE applies to the taxpayer from 1 July 2002 until just before the consolidation day. If the taxpayer so chooses, it
applies as if that period were an income year.
(4) If the taxpayer has a substituted accounting
period, the old section 160AFE applies to the taxpayer from the start of the
taxpayer’s income year in which the consolidation day occurred until just
before the consolidation day. If the taxpayer so chooses, it applies as if that
period were an income year.
7 Consolidation day on or after 1 July 2003
(1) This item applies to a taxpayer instead of item 2
if:
(a) the taxpayer has a substituted
accounting period; and
(b) the taxpayer becomes the head
company of a consolidated group or MEC group on the day (also the consolidation
day) the group comes into existence; and
(c) the consolidation day is on or
after 1 July 2003 and is not the start of the taxpayer’s next income year.
(2) Section 160AFE of the Income Tax Assessment Act
1936 as amended by this Schedule applies to the taxpayer from 1 July 2003. That section applies from 1 July 2003 until the start of the
taxpayer’s next income year as if that period were an income year.
(3) The old section 160AFE applies to the taxpayer from
the start of the taxpayer’s income year in which 1 July 2003 occurs until the end of 30 June 2003. If the taxpayer so chooses, it applies as if
that period were an income year.
8 Applying old section 160AFE to part years
(1) Subitem (2) has effect for the purposes of applying
the old section 160AFE:
(a) to a taxpayer as mentioned in item
5, 6 or 7; and
(b) for a period that is shorter than
an income year.
(2) The requirement in paragraph (1D)(b) of that
section that the income company be a group company in relation to the credit
company in relation to the current year of income has effect as if it were a
requirement that the income company be a group company in relation to the
credit company:
(a) continuously for a period of at
least 12 months ending on the day before the day on which section 160AFE of the
Income Tax Assessment Act 1936 as amended by this Schedule starts to
apply to the taxpayer; or
(b) from the time when the income
company and the credit company were both in existence, if that period is
shorter.
9 Applying old section 160AFE to non‑membership periods
(1) Subitem (2) has effect for the purposes of applying
the old section 160AFE to a taxpayer that:
(a) becomes a subsidiary member of a
consolidated group or MEC group; and
(b) has a period referred to in
section 701‑30 as a non‑membership period.
(2) The requirement in paragraph (1D)(b) of the old
section 160AFE that the income company be a group company in relation to the
credit company in relation to the current year of income has effect as if it
were a requirement that the income company be a group company in relation to
the credit company:
(a) continuously for a period of at
least 12 months ending on the last day of the non‑membership period; or
(b) from the time when the income
company and the credit company were both in existence, if that period is
shorter.
10 Parts of income years not earlier income years
Any period that is shorter than an income year and that is
treated as if it were an income year for the purposes of item 5, 6 or 7 of this
Schedule is taken not to be an earlier income year for the purposes of section 160AFE
of the Income Tax Assessment Act 1936 as amended by this Schedule.
11 Transitional provision for section 160AF
(1) This item applies if:
(a) because of item 5, 6 or 7, old
section 160AFE applies to a taxpayer as if a period were an income year (the notional
income year); and
(b) the taxpayer has an initial excess
credit (within the meaning of old section 160AFE) in relation to the notional
income year; and
(c) the taxpayer transfers all or part
(the extent of the transfer being the transfer amount) of that
initial excess credit under old section 160AFE for utilisation by another
company in the notional income year.
(2) Section 160AF of the Income Tax Assessment Act
1936 applies to the taxpayer for the year of income in which the notional
income year ends as if the amount of foreign tax paid by the taxpayer mentioned
in paragraph 160AF(1)(b) of that Act were reduced by the transfer amount.
(3) This item operates separately in relation to each
class of foreign income identified in subsection 160AF(7) of the Income Tax
Assessment Act 1936, as if the taxpayer’s foreign income of that class for
a year of income were the whole of the taxpayer’s foreign income for that year.
Schedule 16
54 Transitional
A company that makes payments in respect of shares in the company
under a demerger that happens on or after 1 July 2002 and before this Act
receives the Royal Assent can choose to apply section 45B of the Income Tax
Assessment Act 1936 as that section existed before the amendments made by
this Act to the demerger rather than that section as amended by this Act if:
(a) the head entity of the demerger
group is a listed public company; and
(b) the only CGT events (if any) that
happen under the demerger to all original interests in that head entity are CGT
event A1, CGT event C2 or CGT event G1.
55 Application
The amendments made by this Schedule apply to demergers happening
on or after 1 July 2002.
Taxation Laws Amendment Act (No. 3) 2002 (No. 97, 2002)
4
Amendment of 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.
Schedule 3
2 Application
The amendment made by this Schedule applies to dividends paid on
or after 1 July 2000.
New Business Tax System (Consolidation and Other Measures) Act (No. 1)
2002 (No. 117, 2002)
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.
Schedule 16
3 Application of item 2
The amendment of the Income Tax Assessment Act 1936 made
by item 2 of this Schedule applies to dividends paid after 30 June 2002.
Taxation Laws Amendment Act (No. 5) 2002 (No. 119,
2002)
4
Amendment of 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.
Schedule 3
100 Application of amendments
(1) The amendments made by items 1 to 39 (inclusive),
50 to 58 (inclusive) and 76 of this Schedule apply to:
(a) depreciating assets:
(i) you start to hold
under a contract entered into after 30 June 2001; or
(ii) you constructed where
the construction started after that day; or
(iii) you start to hold in
some other way after that day; and
(b) expenditure that does not form
part of the cost of a depreciating asset incurred after that day.
Schedule 4
19 Application
The amendments made by Part 1 of this Schedule apply to:
(a) an amount withheld under Division 12
in Schedule 1 to the Taxation Administration Act 1953 during a financial
year beginning on or after 1 July 2001; and
(b) a payment received during a
financial year beginning on or after 1 July 2001 that gives rise to a
liability under Division 13 of that Schedule; and
(c) a non‑cash benefit provided
during a financial year beginning on or after 1 July 2001 that gives rise to a liability under Division 14 of that Schedule.
Taxation Laws Amendment (Venture Capital) Act 2002
(No. 136, 2002)
Schedule 2
28 Application
The amendments made by this Schedule apply, and are taken to have
applied, to the 2002‑2003 income year and later income years.
Taxation Laws Amendment (Earlier Access to Farm Management Deposits)
Act 2002 (No. 138, 2002)
4
Amendment of 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 purpose of giving effect to
this Act.
Petroleum (Timor Sea
Treaty) (Consequential Amendments) Act 2003
(No. 10,
2003)
4
Amendment of 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.
Schedule 1
81 Application—items 34 to 52
The amendments made by items 34 to 52 of this Schedule apply in
relation to events that occur, and circumstances that arise, on or after 20 May 2002.
Taxation Laws Amendment Act (No. 1) 2003 (No. 12, 2003)
Schedule 1
10 Application
(1) The amendment made by item 4 applies to income that
consists of interest derived on or after 29 August 2001.
(2) The amendment made by item 5 applies to an amount
of the transfer price of a debenture that is, on or after 29 August 2001, deemed by section 128AA to be income that consists of interest.
(3) The amendment made by item 6 applies to the issue
of a debenture by a company on or after 29 August 2001.
(4) The amendment made by item 7 applies to interest
paid on or after 29 August 2001 by a company in respect of a debenture.
Schedule 3
11 Application
The amendments made by this Part
apply to an assessment for the income year including 1 January 2003 or a later income year.
New Business Tax System (Consolidation
and Other Measures) Act 2003
(No. 16, 2003)
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.
Schedule 9
12 Application of amendments
(1) The amendments of the Income Tax Assessment Act
1936 made by this Schedule apply in relation to a dividend or non‑share
dividend paid after 30 June 2003 by a company, except a company to which
subitem (2) applies.
(2) This subitem and subitem (3) apply to a company if:
(a) the company becomes a member of a
consolidated group or MEC group on the day (the consolidation day)
the group comes into existence; and
(b) the consolidation day either is
before 1 July 2003 or is both:
(i) the first day of the
first income year starting after 30 June 2003 of the group’s head company
(for a consolidated group) or provisional head company (for a MEC group) on the
consolidation day; and
(ii) before 1 July 2004; and
(c) the company was not a member of a
consolidated group or MEC group before the consolidation day.
(3) The amendments of the Income Tax Assessment Act
1936 made by this Schedule apply in relation to a dividend or non‑share
dividend paid by a company on or after the consolidation day.
(4) A term used in subitem (2) and defined in the Income
Tax Assessment Act 1997 has the same meaning in that subitem as it has in
that Act.
(5) The amendments of the Income Tax Assessment Act
1936 made by this Schedule apply to a dividend or a non‑share
dividend that:
(a) is paid by a company (the paying
company) after 30 June 2002; and
(b) is paid to a company that:
(i) is related (within the
meaning of subsection 51AE(16) of that Act) to the paying company; and
(ii) is a member of a
consolidated group or MEC group.
(6) A term used in paragraph (5)(a) or (b) and defined
in the Income Tax Assessment Act 1997 has the same meaning in that
paragraph as it has in that Act.
(7) To avoid doubt, the amendments of the Income Tax
Assessment Act 1936 made by this Schedule apply to a dividend or a non‑share
dividend if they apply to it under subitem (5), even if they would not apply to
it under subitem (1) or (3).
Schedule 29
14 Application
(1) The amendments made by items 8 to 10 of this
Schedule apply to income derived after 30 June 2002.
(2) The amendment made by item 11 of this Schedule
applies to distributions that are made or that flow indirectly after 30 June 2002.
Taxation Laws Amendment (Personal Income
Tax Reduction) Act 2003
(No. 45,
2003)
4 Application
The amendments made by Schedule 1 apply
to assessments for the 2003‑2004 income year and later income years.
Taxation Laws Amendment Act (No. 2) 2003 (No. 65, 2003)
4 Amendment of 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.
Schedule 3
2 Application
The amendment of the Income Tax Assessment Act 1936 made
by this Schedule applies to assessments made after the commencement of section 4
of this Act.
Note: Section 4 of this Act allows the amendment of
an assessment, made before the commencement of that section, for the purposes
of giving effect to this Act.
Schedule 4
2 Application
The amendment made by this Schedule applies to assessments in
respect of the 2002‑03 year of income and for all later years of income.
Schedule 5
4 Application
The amendment made by item 2 of this Schedule applies in relation
to income derived on or after 1 January 2000.
Taxation
Laws Amendment Act (No. 4) 2003 (No. 66, 2003)
4 Amendment of 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.
Schedule 1
18 Application
The amendments made by this Schedule apply to commutations
occurring, and residual capital values becoming payable, on or after 1 July 2001.
Schedule 3
140 Application
(1) Subject to this item, the amendments made by this
Schedule apply to assessments for the 2003‑04 income year and later income
years.
(5) The amendments made by items 41, 42, 43, 44, 45,
126, 127 and 128 apply to amounts derived on or after 1 July 2000.
(7) The amendment made by item 46A applies to
distributions that are made or that flow indirectly after 30 June 2002.
Taxation
Laws Amendment Act (No. 6) 2003 (No. 67, 2003)
4
Amendment of 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.
Schedule 9
18 Transitional provision
(1) This item applies to an application made under:
(b) section 265 of the Income Tax
Assessment Act 1936 before its repeal by item 15 of this Schedule.
(2) If the application has not been finally determined
before the commencement of this Schedule, Division 340 in Schedule 1 to the Taxation
Administration Act 1953 applies as if the application had been made under
section 340‑5 in Schedule 1 to that Act.
19 Application
provision
A person may be released, under Division 340 in Schedule 1 to the
Taxation Administration Act 1953, from a liability that the person has
incurred even if the liability was incurred before the commencement of this
Schedule.
Taxation
Laws Amendment Act (No. 3) 2003 (No. 101, 2003)
4
Amendment of 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.
5 No
tax consequences result from AGL’s corporate conversion etc.
(1) The object of this section is to ensure
that no taxation consequences (other than those arising under subsections (9)
and (10)) arise in relation to any person as a result of:
(a) AGL’s corporate conversion; or
(b) AGL’s registration; or
(c) the operation of any provision of
the Conversion Act; or
(d) any action taken under any
provision of the Conversion Act.
(2) In resolving any ambiguity as to the
meaning of this section, an interpretation that is consistent with the object
of this section is to be preferred to an interpretation that is not consistent
with that object.
(3) This section only has effect for the
purposes of any Commonwealth laws relating to taxation, including, but not
limited to:
(a) the income tax law; and
(b) the GST law; and
(c) the fringe benefits tax law; and
(d) the A New Tax System
(Australian Business Number) Act 1999; and
(e) the Taxation Administration Act
1953; and
(f) the International Tax
Agreements Act 1953; and
(g) the Taxation (Interest on
Overpayments and Early Payments) Act 1983; and
(h) the Superannuation Guarantee
(Administration) Act 1992; and
(i) the Superannuation Guarantee
Charge Act 1992.
(4) AGL, corporatised AGL and registered AGL
are taken to be, and to have always been, the same company and the same entity.
(5) Subsections (6) to (8) do not limit, by
implication, any other effects of this section.
(6) No taxation consequences (other than
those arising under subsections (9) and (10)) are taken to have arisen in
relation to any person as a result of:
(a) AGL’s corporate conversion; or
(b) AGL’s registration; or
(c) the operation of any provision of
the Conversion Act; or
(d) any action taken under any
provision of the Conversion Act.
(7) The legal and beneficial ownership of:
(a) shares in AGL; and
(b) interests in shares in AGL;
are taken not to have altered as a result of AGL’s
corporate conversion or AGL’s registration. However, this subsection does not
imply that those shares are not shares in corporatised AGL or registered AGL.
(8) Anything done by or to:
(a) AGL’s Secretary; or
(b) the estate of AGL’s Secretary; or
(c) a replacement trustee in respect
of the trust created by subclause 4(1)(c) of Schedule 3 to the Conversion Act;
as a result of the operation of clause 4 of Schedule 3 to
the Conversion Act is taken to have been done by or to corporatised AGL or
registered AGL, as the case may be.
(9) Despite any other provision of this
section:
(a) the item 9 of Schedule 2 to the Taxation
Laws Amendment (Company Law Review) Act 1998 that was included in that Act
as originally enacted; and
(b) the item of Schedule 2 to the Taxation
Laws Amendment (Company Law Review) Act 1998 that was inserted in that Act
by item 7 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999;
apply to AGL as if the reference in each of those items of
Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998
to “Schedule 5 to the Company Law Review Act 1998” were a reference to
“Schedule 4 to the Conversion Act”.
Note: Item 7 of Schedule 1 to the Taxation Laws
Amendment Act (No. 7) 1999 inserted a second item 9 of Schedule 2 to the
Taxation Laws Amendment (Company Law Review) Act 1998 into that Act.
(10) Despite any other provision of this
section, any Commonwealth law that:
(a) relates to taxation; and
(b) has a substantially similar effect
to an item of Schedule 2 to the Taxation Laws Amendment (Company Law Review)
Act 1998 mentioned in paragraph (9)(a) or (9)(b); and
(c) commences after the commencement
of this section;
is taken to be modified in such a way as to enable it to
apply to AGL and to apply to AGL in that modified form.
(11) In this section:
AGL has the same meaning as in the Conversion
Act.
AGL’s corporate conversion means AGL being
constituted as a body corporate under the Conversion Act.
AGL’s registration means corporatised AGL’s
registration as a public company limited by shares under Part 5B.1 of the Corporations
Act 2001 in accordance with the Conversion Act.
AGL’s Secretary means a person who was the
Secretary of AGL under AGL’s constitution immediately before AGL’s corporate
conversion.
Conversion Act means the AGL Corporate
Conversion Act 2002 of New South Wales.
corporatised AGL has the same meaning as in
the Conversion Act.
registered AGL has the same meaning as in the
Conversion Act.
taxation means any taxation imposed under a
Commonwealth law.
(12) Other expressions mean the same in this
section as in the Income Tax Assessment Act 1997.
Schedule 1
21 Application
The amendment made by item 1 applies to gifts made after 8 January 1992 and before 1 July 1997.
Schedule 3
6 Application
The amendments made by this Schedule apply to distributions made
on or after 1 July 2002.
Schedule 4
2 Application
The amendment made by this Schedule applies, and is taken to have
applied, in relation to the 1999‑2000 income year and later income years.
Taxation Laws Amendment Act (No. 8) 2003 (No. 107, 2003)
4
Amendment of 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.
Schedule 1
9 Application
(2) The amendments made by Part 2 of this Schedule
apply to non‑share dividends paid after 30 June 2001 and before 1 July 2002.
Schedule 6
3 Application
The amendment of the Income Tax Assessment Act 1936 made
by item 2 of this Schedule applies to deposits and transfers made on or after 1 July 2003.
Schedule 7
12 Application
The amendment made by item 11 applies in relation to an entity’s
assessments for the first income year (within the meaning of section 205‑75
of the Income Tax (Transitional Provisions) Act 1997) and later income
years.
Superannuation (Government Co‑contribution for Low
Income Earners) (Consequential Amendments) Act 2003 (No. 111, 2003)
Schedule 1
25 Application of amendments
The amendments made by Part 1 of this Schedule apply in relation
to contributions made to complying superannuation funds and RSAs on or after 1 July 2003.
Family and Community Services and Veterans’ Affairs
Legislation Amendment (2003 Budget and Other Measures) Act 2003 (No. 122, 2003)
Schedule 2
18 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply to information acquired before, on or after the
commencement of this Schedule by the Commissioner, a Second Commissioner, a
Deputy Commissioner or a person authorised by the Commissioner, a Second
Commissioner or a Deputy Commissioner.
New Business Tax System (Taxation of Financial Arrangements)
Act (No. 1) 2003 (No. 133, 2003)
4
Amendment of 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.
Schedule 1
17 Application of amendments
(1) The amendments of sections 26BB and 70B of the Income
Tax Assessment Act 1936 made by this Schedule apply to the disposal or
redemption of a traditional security if the traditional security was issued
after 7.30 pm, by legal time in the Australian Capital Territory, on 14 May
2002.
Schedule 4
77 Transitional—Division 3B of Part III of the Income Tax
Assessment Act 1936
(1) Despite the repeal of Division 3B of Part III of
the Income Tax Assessment Act 1936 by this Schedule, that Division
continues to apply:
(a) in relation to an eligible
contract entered into before the applicable commencement date (within the
meaning of Division 775 of the Income Tax Assessment Act 1997); or
(b) for the purposes of working out
the assessable income or allowable deductions of an ADI or a non‑ADI
financial institution (within the meaning of the Income Tax Assessment Act
1997);
as if that repeal had not happened.
Note: For applicable commencement date,
see section 775‑155 of the Income Tax Assessment Act 1997.
(2) Despite the following amendments:
(a) the amendment of subsection 20‑30(2)
of the Income Tax Assessment Act 1997 by this Schedule;
(b) the amendment of subsection
170(10) of the Income Tax Assessment Act 1936 by this Schedule;
subsection 20‑30(2) of the Income Tax Assessment Act
1997 and subsection 170(10) of the Income Tax Assessment Act 1936
continue to apply, in relation to the former Division 3B of Part III of the Income
Tax Assessment Act 1936, as if those amendments had not been made.
(3) Despite the amendments made by this Schedule that
omit references to sections 82Y and 82Z of the Income Tax Assessment Act
1936 from sections 15 and 16 of the Financial Corporations (Transfer of
Assets and Liabilities) Act 1993, sections 15 and 16 of the Financial
Corporations (Transfer of Assets and Liabilities) Act 1993 continue to
apply, in relation to the former sections 82Y and 82Z of the Income Tax
Assessment Act 1936, as if those amendments had not been made.
78 Transitional—sections 20, 102AAX and 391 of the Income
Tax Assessment Act 1936 and sections 103‑20 and 376‑60 of the Income
Tax Assessment Act 1997
(1) Despite the repeals of sections 20, 102AAX and 391
of the Income Tax Assessment Act 1936 and sections 103‑20 and 376‑60
of the Income Tax Assessment Act 1997 by this Schedule, those sections
continue to apply, in relation to a transaction, event or thing:
(a) that involves an amount in a
foreign currency; and
(b) to which section 960‑50 of
the Income Tax Assessment Act 1997 does not apply;
as if those repeals had not happened.
(2) Despite the following amendments:
(a) the amendment of section 102AAW of
the Income Tax Assessment Act 1936 by this Schedule;
(b) the amendment of section 389 of
the Income Tax Assessment Act 1936 by this Schedule;
sections 102AAW and 389 of the Income Tax Assessment Act 1936
continue to apply, in relation to the former section 20 of the Income Tax
Assessment Act 1936, as if those amendments had not been made.
Taxation Laws Amendment Act (No. 5) 2003 (No. 142, 2003)
4
Amendment of 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.
Schedule 1
1 Application
The amendments made by this Schedule apply in relation to an
income year that begins on or after 1 July 2001.
Schedule 2
1 Application
The amendments made by this Schedule (except Part 5) apply in
relation to an income year that begins on or after 1 July 2002.
Schedule 4
2 Application
The amendment made by this Schedule applies to expenditure
incurred on or after 1 July 2002.
Schedule 8
24 Application of amendments
(1) The amendments made by items 1, 2 and 3 apply in relation
to the deduction of a tax loss in the year of income including 1 July 2002 and each later year of income.
Taxation Laws Amendment Act (No. 2) 2004 (No. 20, 2004)
4
Amendment of 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.
Schedule 4
9 Application
The amendments made by this Schedule apply to sugar industry exit
grants received on or after 1 February 2003.
Schedule 8
14 Application of amendments made by this Schedule
The amendments made by this
Schedule apply on and after 1 July 2002.
Military
Rehabilitation and Compensation (Consequential and Transitional Provisions) Act
2004 (No. 52,
2004)
Schedule 4
14 Application of amendments
(1) The amendments made by Part 1 of this Schedule
apply to assessments for the 2004‑05 year of income and later years of
income.
15 Amendment of assessments
Section 170 of the Income Tax Assessment Act 1936 does not
prevent the amendment of an assessment made before the commencement of this
item for the purposes of giving effect to subsections 51‑32(1) and (4)
and 51‑33(1) of the Income Tax Assessment Act 1997 substituted by
item 10 of this Schedule.
Family Assistance Legislation Amendment (More Help for
Families—Increased Payments) Act 2004 (No. 59, 2004)
Schedule 2
35 Application
The amendment of the Income Tax Assessment Act 1936 made
by this Division applies to assessments for the 2004‑05 year of income
and later years of income.
Family Assistance Legislation Amendment (More Help for
Families—One‑off Payments) Act 2004 (No. 60, 2004)
Schedule 3
1 Administrative scheme for one‑off payments to
families and carers
(1) Subject to this
item, the Minister may, in writing, determine a scheme under which one‑off
payments may be made to families and carers in particular circumstances. The
Minister may, in writing, vary or revoke the scheme.
(2) The circumstances in which the scheme provides for
payments must be circumstances:
(a) in which the Minister considers
that Part 5 of the A New Tax System (Family Assistance) Act 1999, and
Parts 2.5A and 2.19A of the Social Security Act 1991, do not produce
appropriate results; and
(b) occurring in the financial year
starting on 1 July 2003.
(3) The scheme must not provide for payments to be made
at a time that is after 30 June 2007.
(4) Without limiting the generality of subitem (1), the
scheme may deal with the following:
(a) the circumstances in which
payments are to be made;
(b) the amount of the payments;
(c) what a person has to do to get a
payment;
(d) administrative matters, such as
determination of entitlement and how and when payments will be made.
(5) An instrument determining, varying or revoking the
scheme is a disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
(6) Payments under the scheme are to be made out of the
Consolidated Revenue Fund, which is appropriated accordingly.
New International Tax Arrangements Act 2004 (No. 73, 2004)
Schedule 1
13 Application
(1) The amendments made by items 1 to 11 apply to
assessments for years of income beginning on or after 1 July 2003.
(2) The amendment made by item 12 applies in relation
to notional accounting periods beginning on or after 1 July 2003.
Schedule 2
6 Application
The amendments made by this Schedule apply to debentures issued
on or after the day on which this Act commences.
Schedule 3
2 Application
The amendments made by this Schedule apply in relation to
statutory accounting periods beginning on or after 1 July 2004.
Schedule 4
2 Application
The amendment made by this Schedule applies to an application of
section 136AD of the Income Tax Assessment Act 1936 that occurs on or
after the day on which this Act receives the Royal Assent.
Tax Laws Amendment (2004 Measures No. 2) Act 2004 (No. 83, 2004)
4
Amendment of 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.
Schedule 1
126 Application
(7) The amendments made by items 108 to 115 apply in
relation to amounts received or derived by a taxpayer under or in relation to a
life assurance policy after the day on which this Act receives the Royal
Assent.
Schedule 2
1 Application
Except as provided otherwise, the amendments made by this
Schedule apply on and after 1 July 2002.
37 Application
The amendments made by this Part apply for assessments for the
year of income including 1 July 2002 and later years of income.
Schedule 3
6 Application
The amendments made by this Schedule apply to things done on or
after 2 December 2003.
7 Transitional
(1) This item applies to a limited partnership:
(a) that was formed as a legal entity
on or after 2 December 2003 and before the day on which this Act received
the Royal Assent; and
(b) in respect of which an application
has been made to the PDF Board for registration as a VCLP or an AFOF under the Venture
Capital Act 2002; and
(c) that could not be registered or
conditionally registered as a VCLP or an AFOF before the day on which this Act
received the Royal Assent only because it has a legal personality separate from
that of its members.
(2) If the PDF Board decided, before the day on which
this Act received the Royal Assent, that it would have registered or
conditionally registered a limited partnership to which this item applies as a
VCLP or an AFOF under the Venture Capital Act 2002 had this Act received
the Royal Assent before that decision was made:
(a) the PDF Board is taken to have
granted registration or conditional registration of the limited partnership as
a VCLP or an AFOF under that Act on the day on which that decision was made;
and
(b) that registration is taken to have
been in force for the purposes of section 13‑10 of that Act from that
day.
Schedule 9
7 Application
The amendments made by this Schedule apply to payments made on or
after 1 July 2004.
Schedule 10
43 Application provisions
(1) The amendments made by items 1 and 2 of this
Schedule apply in relation to an exempt institution whose exempt status is
disregarded under section 160ARDAB of the Income Tax Assessment Act 1936
on or after 1 July 2000.
Schedule 11
5 Application of amendments of section 160AFE
The application of the amendments of section 160AFE of the Income
Tax Assessment Act 1936 made by this Schedule is the same as the
application of that section.
Note: For the application of that section, see items 2,
3, 5, 6 and 7 of Schedule 10 to the New Business Tax System (Consolidation,
Value Shifting, Demergers and Other Measures) Act 2002.
Tax Laws Amendment (2004 Measures No. 1) Act 2004 (No. 95, 2004)
4
Amendment of 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.
Schedule 1
2 Application
The amendment made by this Schedule applies, and is taken to have
applied, in relation to the 2002‑03 income year and later income years.
Schedule 7
13 Application of amendments
The amendments made by this Schedule apply in relation to
contributions made on or after 1 July 2004.
Schedule 8
8 Application of items 1, 2 and 3
The amendments made by items 1, 2 and 3 of this Schedule apply to
payments or loans made, or debts forgiven, on or after 12 December 2002.
9 Application of items 4, 5, 6 and 7
The amendments made by items 4, 5, 6 and 7 of this Schedule apply
to payments or loans made, or debts forgiven, on or after the day on which the
Bill for this Act was introduced into the House of Representatives.
Schedule 9
9 Application
(1) Subject to subitem (2), the amendment made by item 2
of this Schedule applies to dividends paid after 30 June 2003.
(2) For a taxpayer to which section 46AC of the Income
Tax Assessment Act 1936 applies, the amendment made by item 2 of this
Schedule applies to dividends paid on or after the consolidation day referred
to in that section.
(3) The amendments made
by items 1, 3, 4, 5, 6, 7 and 8 of this Schedule apply to dividends paid on or
after 1 July 2002.
New International Tax Arrangements (Participation Exemption
and Other Measures) Act 2004 (No. 96, 2004)
Schedule 2
140 Application of amendments
(1) The amendments made by Part 1 of this Schedule
apply to income years starting on or after 1 July 2004.
(2) Subject to subitem (2A), the amendments made by
Parts 2 and 3 of this Schedule apply to things happening after 30 June 2004.
(2A) The amendments made by items 7, 58 and 59 of this
Schedule apply to statutory accounting periods starting on or after 1 July 2004.
(3) The amendments made by Parts 4 and 5 of this
Schedule apply to income years and statutory accounting periods starting on or
after 1 July 2004.
141 Transitional
From 1 July 2004 until regulations are made after the
commencement of this item declaring foreign countries or parts of foreign
countries to be listed countries or section 404 countries for the purposes of
Part X of the Income Tax Assessment Act 1936, that Act has effect as if:
(a) each foreign country or part of a
foreign country that, immediately before the commencement of this item, was a
broad‑exemption listed country for the purposes of that Part of that Act
were a listed country for the purposes of that Part of that Act;
and
(b) each foreign country or part of a
foreign country that, immediately before the commencement of this item, was a
limited‑exemption listed country for the purposes of that Part of that
Act were a section 404 country for the purposes of that Part of
that Act.
Schedule 3
10 Application
(1) The amendments made by this Schedule apply in
relation to statutory accounting periods beginning on or after 1 July 2004.
(2) To avoid doubt, the statutory accounting periods
mentioned in subitem (1) include years of income that are assumed to be
statutory accounting periods for the purposes of section 23AH of the Income
Tax Assessment Act 1936.
Taxation Laws Amendment Act (No. 1) 2004 (No. 101, 2004)
4
Amendment of 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 (other than item 38 of Schedule 10, so far as that item provides for
the insertion of sections 830‑15 and 830‑20 into the Income Tax
(Transitional Provisions) Act 1997).
Schedule 1
4 Application of amendments
The amendments made by this Schedule apply to assessments for the
2001‑2002 income year and later income years.
Schedule 8
3 Application
The amendments made by this Schedule apply in respect of service
performed on or after 1 July 2001.
Schedule 10
6 Application
The amendments made by this Part have the same application to
assessments of a taxpayer, and for working out the attributable income of a
CFC, as does Division 830 of the Income Tax Assessment Act 1997.
Note: Division 830 of the Income Tax Assessment
Act 1997 is inserted by Part 2 of this Schedule. Its application is given
by Division 830 of the Income Tax (Transitional Provisions) Act 1997,
which is inserted by Part 3 of this Schedule.
Schedule 11
2 Application
Section 160AQCNDA of the Income Tax Assessment Act 1936
applies in relation to franking years ending after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997.
18 Application
The amendment of section 6H of the Income Tax Assessment Act
1936 made by this Division applies in relation to years of income ending
after 30 June 2000.
20 Application
The amendment of section 102M of the Income Tax Assessment Act
1936 made by this Division applies in relation to years of income ending
after 30 June 2000.
22 Application
The amendment of section 128B of the Income Tax Assessment Act
1936 made by this Division applies in relation to dividends paid after 30 June 2000.
24 Application
The amendment of paragraph (a) of the definition of eligible
26AH amount in subsection 160AAB(1) of the Income Tax Assessment Act
1936 made by this Division applies in relation to years of income ending
after 30 June 2000.
26 Application
The repeal of paragraph (b) of the definition of eligible
26AH amount in subsection 160AAB(1) of the Income Tax Assessment Act
1936 by this Division applies in relation to policies issued on or after 1 July 2000.
28 Application
The amendment of section 279D of the Income Tax Assessment Act
1936 made by this Division applies to payments made on or after 1 July 2000.
30 Application
The amendment of section 279E of the Income Tax Assessment Act
1936 made by this Division applies to policies issued on or after 1 July 2000.
32 Application
The amendment of section 289A of the Income Tax Assessment Act
1936 made by this Division applies to policies issued on or after 1 July 2000.
34 Application
The amendment of section 272‑125 in Schedule 2F to the Income
Tax Assessment Act 1936 made by this Division applies in relation to years
of income ending after 30 June 2000.
40 Application
The amendments of section 51AAA of the Income Tax Assessment
Act 1936 made by this Division apply in relation to income derived on or
after 1 July 2000.
43 Application
The amendments of section 67AAA of the Income Tax Assessment
Act 1936 made by this Division apply in relation to financing costs
incurred on or after 1 July 2000.
50 Application
The amendment of section 204 of the Income Tax Assessment Act
1936 made by this Division applies in relation to income tax for the 2000‑01
year of income and later years of income.
63 Application
The amendments of section 24AN of the Income Tax Assessment
Act 1936 made by this Division apply to income derived on and after 1 July 2000.
65 Application
The amendment of section 6H of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
68 Application
The amendments of section 27A of the Income Tax Assessment Act
1936 made by this Division apply to assessments for years of income
starting on or after 1 July 2000.
70 Application
The amendment of section 103A of the Income Tax Assessment Act
1936 made by this Division applies to years of income starting on or after 1 July 2000.
72 Application
The amendment of section 140C of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
74 Application
The amendment of section 140ZI of the Income Tax Assessment
Act 1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
76 Application
The amendment of section 159GP of the Income Tax Assessment
Act 1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
79 Application
The amendment of subsection 275(1) of the Income Tax
Assessment Act 1936 made by this Division applies in relation to years of
income starting on or after 1 July 2000.
81 Application
The amendment of subsection 275(5) of the Income Tax
Assessment Act 1936 made by this Division applies in relation to policies
issued on or after 1 July 2000.
83 Application
The amendment of section 299B of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
85 Application
The amendment of section 299D of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
87 Application
The amendment of section 272‑125 in Schedule 2F to the Income
Tax Assessment Act 1936 made by this Division applies on and after 1 July 2000.
104 Application
The amendments of section 27A of the Income Tax Assessment Act
1936 made by this Division apply to assessments for years of income
starting on or after 1 July 2000.
106 Application
The amendment of section 67AAA of the Income Tax Assessment
Act 1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
109 Application
The amendments of section 102M of the Income Tax Assessment
Act 1936 made by this Division apply to assessments for years of income
starting on or after 1 July 2000.
114 Application
The amendments of section 159SJ of the Income Tax Assessment
Act 1936 made by this Division apply to assessments for years of income
starting on or after 1 July 2000.
116 Application
The amendment of section 279D of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
119 Application
The amendments of section 290A of the Income Tax Assessment
Act 1936 made by this Division apply to years of income starting on or
after 1 July 2000.
121 Application
The amendment of section 482 of the Income Tax Assessment Act
1936 made by this Division applies in relation to notional accounting
periods starting on or after 1 July 2000.
123 Application
The amendment of section 27A of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
125 Application
The amendment of section 140C of the Income Tax Assessment Act
1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
127 Application
The amendment of section 159GP of the Income Tax Assessment
Act 1936 made by this Division applies to assessments for years of income
starting on or after 1 July 2000.
133 Application
The amendment of section 102M of the Income Tax Assessment Act
1936 made by this Part applies in relation to the year of income including 1 July 2001 and later years of income.
135 Application
The amendment of section 121F of the Income Tax Assessment Act
1936 made by this Part applies in relation to the year of income including 1 July 2001 and later years of income.
137 Application
The amendment of section 128B of the Income Tax Assessment Act
1936 made by this Part applies in relation to income derived on or after 1 July 2001.
140 Application
The amendment of paragraph 272‑90(7)(b) in Schedule 2F to
the Income Tax Assessment Act 1936 made by this Part applies in relation
to the year of income including 1 July 2001 and later years of income.
162 Application
The amendment of section 121F of the Income Tax Assessment Act
1936 applies in relation to amounts derived on or after 1 July 2000.
Superannuation Legislation Amendment (Choice of
Superannuation Funds) Act 2004 (No. 102, 2004)
Schedule 2
10 Application
(1) The amendments made by items 1 to 3 of this
Schedule apply to eligible termination payments made after the commencement of
those items.
Tax Laws Amendment (2004 Measures No. 3) Act 2004 (No. 105, 2004)
4
Amendment of 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.
Schedule 1
19 Application
The amendments made by this Schedule apply, and are taken to have
applied, to CGT events relating to investments made on or after 1 July 2002.
Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)
4
Saving of matters in Part 2 of Schedule 1
(1) If:
(a) a decision or action is taken or
another thing is made, given or done; and
(b) the thing is taken, made, given or
done under a provision of a Part 2 Act that had effect immediately before the
commencement of this Act;
then the thing has the corresponding effect, for the
purposes of the Part 2 Act as amended by this Act, as if it had been taken,
made, given or done under the Part 2 Act as so amended.
(2) In this section:
Part 2 Act means an Act that is amended by an
item in Part 2 of Schedule 1.
Schedule 1
496 Saving provision—Finance
Minister’s determinations
If a determination under subsection 20(1) of the Financial
Management and Accountability Act 1997 is in force immediately before the
commencement of this item, the determination continues in force as if it were
made under subsection 20(1) of that Act as amended by this Act.
New
International Tax Arrangements (Managed Funds and Other Measures) Act 2005 (No. 21, 2005)
Schedule 3
47 Application
(1) The amendments made by Part 1 of this Schedule
apply to interest paid on debentures or debt interests issued on or after the
day on which this Act receives the Royal Assent (the Assent day).
(2) The amendment made by Part 2 of this Schedule
applies to payments made on instruments referred to in paragraph (e) of the
definition of interest in subsection 128A(1AB) of the Income
Tax Assessment Act 1936 issued on or after the Assent day.
Tax Laws
Amendment (2004 Measures No. 6) Act 2005 (No. 23, 2005)
4
Amendment of 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.
Schedule 3
111 Application of amendments
(3) The amendments made by Part 2 of this Schedule,
other than items 26 and 110, apply in relation to events that occur on or after
1 July 2002.
(4) Subject to subitem (5), the amendment made by item 26
of this Schedule applies to dividends paid on or after 1 July 2003.
(5) For a taxpayer to which section 46AC of the Income
Tax Assessment Act 1936 applies, the amendment made by item 26 of this
Schedule applies to dividends paid on or after the consolidation day referred
to in that section.
112 Modified application of section 109ZC in 2002‑03
Section 109ZC of the Income Tax Assessment Act 1936, as it
applies in relation to assessments for the 2002‑03 income year, has
effect as if subsection 109ZC(3) were replaced by the following
subsection:
(3) Subsection (2) does not cause the amount
taken not to be a dividend to be exempt income for the purposes of Part 3‑6
of the Income Tax Assessment Act 1997.
113 Modified application of section 128TB in 2002‑03
and 2003‑04
Section 128TB of the Income Tax Assessment Act 1936, as it
applies in relation to dividends paid in the period starting on 1 July 2002
and ending on 30 June 2004, has effect as if the definition of Co.
tax rate in subsection 128TB(2) were amended by omitting “general
company tax rate, within the meaning of section 160APA,” and substituting
“corporate tax rate”.
114 Modified application of section 377 in 2002‑03 and
2003‑04
Section 377 of the Income Tax Assessment Act 1936, as it
applies in relation to dividends paid in the period starting on 1 July
2002 and ending on 30 June 2004, has effect as if paragraph 377(1)(e) were
replaced by the following paragraph:
(e) so much of a frankable
distribution, paid to the company in the qualifying period, as is either the
franked part of the distribution, or the part of the distribution that has been
franked with an exempting credit;
Tax Laws Amendment (2004 Measures No. 7) Act 2005 (No. 41, 2005)
4
Amendment of 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.
Schedule 3
22 Application
(1) The amendments made by this Schedule apply, and are
taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2) In this item:
acquisition, of a share or right, has the same
meaning as in Division 13A of Part III of the Income Tax Assessment Act 1936.
Schedule 6
1 Application
The amendments made by this Schedule apply on and after 1 July 2002.
Schedule 8
5 Application
The amendments made by this Schedule apply to elections specifying
the income year in which this Act receives the Royal Assent or a later income
year.
Schedule 9
2 Application of item 1
The amendment made by item 1 of this Schedule applies to loans
made on or after 12 December 2002.
13 Application
The amendments made by items 3 to 12 of this Schedule apply in
relation to loans made in the 2004‑2005 year of income or a later year of
income.
Schedule 10
30 Application
The amendment made by item 29 applies to assessments for the 2000‑2001
year of income and later years of income.
Schedule 11
5 Application
The amendments made by this Schedule apply to any expenditure
incurred in respect of a film (whether before or after this Schedule
commences).
Social Security Legislation Amendment (One‑off
Payments for Carers) Act 2005
(No. 55,
2005)
The proposed amendment made by Schedule 3 (item 70) of the Social
Security and Veterans’ Entitlements Legislation Amendment (One‑off
Payments and Other Budget Measures) Act 2008 (No. 19, 2008) was
misdescribed and is not incorporated in this compilation.
Schedule 2
1 Administrative scheme for 2005 one‑off payments to
carers
(1) Subject to this item, the Minister may, by
legislative instrument, determine a scheme under which one‑off payments
may be made to carers in particular circumstances. The Minister may, by
legislative instrument, vary or revoke the scheme.
(2) The circumstances in which the scheme provides for
payments must be circumstances:
(a) in which the Minister considers
that Parts 2.5B, 2.5C and 2.19B of the Social Security Act 1991
do not produce appropriate results; and
(b) occurring in the financial year
starting on 1 July 2004.
(3) Without limiting the generality of subitem (1), the
scheme may deal with the following:
(a) the circumstances in which
payments are to be made;
(b) the amount of the payments;
(c) what a person has to do to get a
payment;
(d) administrative matters, such as
determination of entitlement and how and when payments will be made.
(4) Payments under the scheme are to be made out of the
Consolidated Revenue Fund, which is appropriated accordingly.
Tax Laws Amendment (2005 Measures No. 3) Act 2005 (No. 63, 2005)
Schedule 1
23 Application
The amendments made by this Schedule apply to the income year
after the income year in which this Act receives the Royal Assent and each
later income year.
Schedule 2
3 Application
The amendments made by this Schedule apply to income years
starting on or after 1 July 2004.
Schedule 5
4 Application
The amendments made by this Schedule apply to assessments for the
2005‑2006 income year and later income years.
New International Tax Arrangements (Foreign‑owned
Branches and Other Measures) Act 2005 (No. 64, 2005)
Schedule 2
11 Application
(1) The amendment made
by item 5 applies:
(a) for the purposes of section 408A—to
statutory accounting periods that begin on or after the day on which this Act
receives the Royal Assent; and
(b) in any other case—to CGT events
that occur on or after the first 1 July that occurs after the day on which
this Act receives the Royal Assent.
(2) The amendments made by items 6, 7, 8 and 10 apply
to things happening on or after 1 July 2004.
Schedule 3
4 Application
The amendments of the Income Tax Assessment Act 1936 made
by this Part apply to years of income starting on or after the commencement of
this Part.
Schedule 4
38 Application—amendments of the Income Tax Assessment
Act 1936
(1) The amendments made by items 2 to 24 of this
Schedule apply in relation to shares or rights that a person acquires, or has
acquired, under an employee share scheme only in accordance with subitem (2) or
(3).
(2) The amendments apply, on and from the time of the
acquisition, if the person acquired the shares or rights on or after the day on
which this Act received the Royal Assent.
(3) If:
(a) immediately before that day, the
person was not an employee in respect of employment that affects the
acquisition or holding of the share or right; and
(b) the person becomes an employee in
respect of that employment on or after that day; and
(c) at the time of becoming an
employee in respect of that employment, the person holds shares or rights that
the person acquired under an employee share scheme; and
(d) this subitem has not previously
applied in relation to the person;
the amendments apply, on and from the time when the person
becomes an employee in respect of that employment, to any shares or rights the
person holds that the person acquired under an employee share scheme (whether
or not the shares or rights were acquired before, on or after that day).
(4) Subitem (3) does not limit the operation of subitem
(2).
(5) Expressions used in this item have the same meaning
as they have for the purposes of Division 13A of Part III of the Income Tax
Assessment Act 1936. However, paragraph 139GA(1)(b) of that Act does not apply
in relation to subitem (3).
39 Application—amendments of section 530A of the Income
Tax Assessment Act 1936
The amendments made by items 25 to 27 of this Schedule apply to
assessments for the first year of income ending on or after the day on which this
Act receives the Royal Assent and later years of income.
Tax Laws Amendment (Improvements to Self Assessment) Act
(No. 1) 2005
(No. 75,
2005)
Schedule 1
31 Application
The amendments made by this Schedule apply to amendments of
assessments for the 2004‑05 income year and later income years.
Tax Laws Amendment (Loss
Recoupment Rules and Other Measures) Act 2005
(No. 147, 2005)
Schedule 1
169 Application of items relating to companies in
liquidation
(1) The amendments made by items 1, 2 and 3 of this
Schedule apply to assessments, made on or after 1 July 1997, for any year of income.
Schedule 2
27 Income years starting on 1 July 2005 or after that day and before Royal Assent
(1) This item applies to an entity for whom an income
year (the first year) starts:
(a) on 1 July 2005; or
(b) after that day and before the day
on which this Act receives the Royal Assent.
(2) The entity can only declare an amount to be conduit
foreign income under Subdivision 802‑A of the Income Tax Assessment
Act 1997 on or after the day on which this Act receives the Royal Assent.
(3) An FDA surplus that exists for the entity under
Subdivision B of Division 11A of Part III of the Income Tax Assessment Act
1936 at the end of the day before the day on which this Act receives the
Royal Assent has effect as if it were the entity’s conduit foreign income under
Subdivision 802‑A of the Income Tax Assessment Act 1997.
(4) Any FDA credit under section 128TA of the Income
Tax Assessment Act 1936 that arises during the period starting on 1 July 2005 and ending on the day before the day on which this Act receives the Royal
Assent cannot also be conduit foreign income.
28 Later starting income years
(1) This item applies to an entity for whom an income
year (also the first year) starts on or after the day on which
this Act receives the Royal Assent and before 1 July 2006.
(2) The amendments made by items 7, 8, 9, 13 and 16,
and 19 to 24, of this Schedule apply from the start of the first year.
(3) An FDA surplus that exists for the entity under
Subdivision B of Division 11A of Part III of the Income Tax Assessment Act
1936 at the start of the first year has effect as if it were the entity’s
conduit foreign income under Subdivision 802‑A of the Income Tax
Assessment Act 1997.
Schedule 4
12 Application
The amendments made by this Schedule apply to copyright in a film
acquired on or after 1 July 2004.
Schedule 5
20 Application
(1) The amendments made by this Schedule apply, and are
taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2) In this item:
acquisition, of a share or right:
(a) in relation to the application of
items 1 to 3, 15, 17 and 18 of this Schedule, has the same meaning as in
section 26AAC of the Income Tax Assessment Act 1936; or
(b) in relation to the application of
items 4 to 14, 16 and 19 of this Schedule, has the same meaning as in Division 13A
of Part III of the Income Tax Assessment Act 1936.
Schedule 7
19 Previous interpretation preserved
The amendments made by this Schedule are not to be taken to
affect by implication the interpretation of a provision amended by this
Schedule at a time before the commencement of this Schedule.
20 Application
The amendments made by this
Schedule apply to payments made on or after the first day of the first quarter
after the quarter in which this Act receives the Royal Assent.
Tax Laws Amendment (2005
Measures No. 4) Act 2005 (No. 148, 2005)
Schedule 3
3 Application
The amendments made by this Schedule apply to communications of
information after the day on which this item commences (regardless of whether
the information was acquired before or after that commencement).
Tax Laws Amendment
(Improvements to Self Assessment) Act (No. 2) 2005
(No. 161, 2005)
Schedule 1
15 Application
The amendments made by this Part apply in relation to assessments
for the 2004‑05 year of income and later years of income.
19 Application
The amendments made by this Part apply in relation to the 2004‑05
year of income and later years of income.
25 Application
The amendments made by items 23 and 24 apply in relation to the
2004‑05 year of income and later years of income.
68 Application
The amendments made by items 64 to 67 apply in relation to
assessments for the 2004‑05 year of income and later years of income.
73 Application
The amendments made by items 69 to 72 apply in relation to
assessments for the 2004‑05 year of income and later years of income.
Schedule 2
32 Application
The amendments made by this Schedule apply to things done on or
after the later of:
(a) the day on which this Act receives
the Royal Assent; and
(b) 1 January 2006.
Tax Laws Amendment (2005
Measures No. 5) Act 2005 (No. 162, 2005)
Schedule 1
5 Application
(1) The amendment made by item 1 is taken to have
applied in relation to deaths that occurred on or after 1 July 2004.
(2) The amendment made by item 2 is taken to have
applied to assessments for the 2002‑03 year of income and each subsequent
year of income.
(3) The amendments made by items 3 and 4 apply in
relation to foreign service performed on or after the day on which this Act
received the Royal Assent.
(4) If, immediately before the day on which this Act
received the Royal Assent (the commencement day):
(a) a person had an absentee credit
balance within the meaning of subsection 23AG(6A) of the Income Tax
Assessment Act 1936; or
(b) would have had such a balance if
that subsection allowed for an absentee credit balance to be a part of a day;
on the commencement day the person’s total period of foreign
service, under subsections 23AG(6A) and (6B) of that Act as amended by this
Act, is increased by a number of days equivalent to:
(c) if, immediately before the
commencement day, the person was engaged in foreign service—the number of days,
before that day, in that continuous period of foreign service; or
(d) if paragraph (c) does not
apply—the number of days in the last continuous period of foreign service in
which the person was engaged before that day.
Schedule 3
33 Application
The amendments made by this Schedule apply on and after 1 July 2002.
Tax Laws Amendment (2005
Measures No. 6) Act 2006 (No. 13, 2006)
Schedule 4
9 Application
The amendments made by this Schedule apply to assessments for the
2005‑06 year of income and later years of income.
Offshore Petroleum (Repeals and Consequential
Amendments) Act 2006
(No. 17, 2006)
Schedule 2
40 Application—section 6AA of the Income Tax Assessment
Act 1936
The amendments of section 6AA of the Income Tax Assessment Act
1936 made by this Schedule apply in relation to events that occur, and
circumstances that arise, after the commencement of this item.
Tax Laws Amendment (2006
Measures No. 1) Act 2006 (No. 32, 2006)
Schedule 1
40 Application
(8) The amendments made by items 13, 14 and 15 of this
Schedule apply for an income year that begins on or after the start‑up
day.
(9) In this item:
start‑up day means the 1 July next
following the day on which this Act receives the Royal Assent.
Tax Laws Amendment (Personal Tax Reduction and Improved
Depreciation Arrangements) Act 2006 (No. 55, 2006)
Schedule 3
4 Application
The amendments made by this Schedule apply in relation to
assessments for the 2006‑07 year of income and later years of income.
Tax Laws Amendment (2006 Measures No. 2) Act 2006 (No. 58, 2006)
4
Amendment of assessments
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 this section; and
(b) the amendment is made within 4
years after that commencement; and
(c) the amendment is made for the
purpose of giving effect to Schedule 4.
Schedule 7
38 Application
The amendment made by item 37 applies to assessments for the 2001‑02
income year and later income years.
Electoral and Referendum Amendment (Electoral Integrity
and Other Measures) Act 2006 (No. 65, 2006)
Schedule 4
12 Application
The amendments made by this Schedule apply to contributions or
gifts made on or after the day on which this Act receives the Royal Assent.
Tax Laws Amendment (2006 Measures No. 3) Act 2006 (No. 80, 2006)
Schedule 1
4 Application
The amendments made by this Schedule apply to the 2005‑06,
2006‑07 and 2007‑08 income years.
Schedule 2
1 Certain Commonwealth payments relating to Cyclones Larry
and Monica are non‑assessable, non‑exempt income
(1) Each of the following payments that you receive
from the Commonwealth in your 2005‑06 or 2006‑07 income year is not
assessable income and is not exempt income:
(a) a payment associated with what is
known as the Cyclone Larry Business Assistance Fund and made because your
business was adversely affected by Cyclone Larry;
(b) a payment known as fuel excise
relief and connected with your use of fuel to generate electricity for your
business while supply of electricity through the grid to your business was disrupted
as a result of Cyclone Larry;
(c) a payment associated with what is
known as the Cyclone Larry Business Assistance Fund, or with what is known as
the Cyclones Monica and Larry Business Assistance Fund, and made because your
business was adversely affected by flooding due to the combined impacts of
Cyclones Monica and Larry.
Note: This item does not deal with payments of income
support to farmers and small business owners affected by Cyclone Larry or
Cyclone Monica that are rebatable benefits under section 160AAA of the Income
Tax Assessment Act 1936.
(2) A term used in this item and in the Income Tax
Assessment Act 1997 has the same meaning in this item as it has in that
Act.
Schedule 3
5 Application
The amendments made by this Schedule apply to payments received
in the 2005‑06 income year and later income years.
Schedule 4
14 Application of amendments
The amendments made by Division 1 apply in relation to transfers
made into a company’s share capital account after the day on which the Bill for
this Act was introduced into the Parliament.
19 Application of amendments
The amendments made by Division 1 apply in relation to transfers
of amounts made during the period starting on 1 July 1998 and ending immediately before 1 July 2002.
30 Application of amendments
The amendments made by Divisions 1 and 2 apply for the purpose of
determining whether an account is a share capital account when applying a
provision of the Income Tax Assessment Act 1997 or the Income Tax
Assessment Act 1936 in relation to a time that is after the commencement of
the amendments, even if the account was in existence before that commencement.
Schedule 9
5 Application
The amendments made by this Schedule apply to the use, on or
after 9 May 2006, of pre‑1 July 88 funding credits under
section 275B of the Income Tax Assessment Act 1936, including use on or
after that day as a result of:
(a) an objection or a request for
amendment lodged on or after 9 May 2006; or
(b) an objection or a request for
amendment lodged before 9 May 2006 and pending on that day.
Schedule 13
2 Assessments
An amendment of an assessment made on or after 19 December
2005 and before the day on which this Act receives the Royal Assent under
section 170 of the Income Tax Assessment Act 1936 relying on subsection
177G(1) of that Act (as in force immediately before 19 December 2005) is
as valid as it would have been if that subsection were in force on the day the
amendment was made.
Tax Laws Amendment (Repeal of Inoperative Provisions)
Act 2006
(No. 101, 2006)
Schedule 6
1 Application of Schedule 1 and 2 amendments
Except as mentioned in items 2 and 3, the repeals and amendments
made by Schedules 1 and 2 apply:
(a) so far as they affect
assessments—to assessments for the 2006‑07 income year and all later
income years; and
(b) otherwise—to acts done or omitted
to be done, or states of affairs existing, after the commencement of the
repeals and amendments.
2 Application of Schedule 2 withholding tax amendments
The amendments made by items 337, 343 and 344 of Schedule 2 apply
to income derived in the 2006‑07 income year and later income years.
3 Application of TFN withholding tax amendments
(1) The amendment made by item 949 of Schedule 2
applies to payments made on or after the day on which this Act receives the
Royal Assent.
(2) The repeal of Subdivision C of Division 3B of Part VI
of the Income Tax Assessment Act 1936 by item 163 of Schedule 1 to this
Act, and the insertion of section 14‑55 in Schedule 1 to the Taxation
Administration Act 1953 by item 955 of Schedule 2 to this Act, apply to the
2006‑07 income year and later income years.
(3) The insertion of sections 14‑50, 14‑60,
14‑65, 14‑75 and 14‑85 in Schedule 1 to the Taxation
Administration Act 1953 by item 955 of Schedule 2 to this Act applies to
tax payable in accordance with former section 221YHZR of the Income Tax
Assessment Act 1936 as if:
(a) the tax were TFN withholding tax
(payable under section 14‑55 in that Schedule); and
(b) section 14‑55 in that
Schedule applied to the income year in respect of which the tax is payable.
4 Application of Schedule 3 and 4 amendments
The repeals and amendments made by Schedules 3 and 4 apply:
(a) so far as they affect
assessments—to assessments for the 2007‑08 income year and all later
income years; and
(b) otherwise—to acts done or omitted
to be done, or states of affairs existing, after the commencement of the
amendments.
6 Object
The object of this Part is to ensure that, despite the repeals
and amendments made by this Act, the full legal and administrative consequences
of:
(a) any act done or omitted to be
done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment applies, can continue to arise
and be carried out, directly or indirectly through an indefinite number of
steps, even if some or all of those steps are taken after the repeal or
amendment applies.
7 Making and amending
assessments, and doing other things, in relation to past matters
Even though an Act is repealed or amended by this Act, the repeal
or amendment is disregarded for the purpose of doing any of the following under
any Act or legislative instrument (within the meaning of the Legislative
Instruments Act 2003):
(a) making or amending an assessment
(including under a provision that is itself repealed or amended);
(b) exercising any right or power,
performing any obligation or duty or doing any other thing (including under a
provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of
affairs existing, or any period ending, before the repeal or amendment applies.
Example 1: On 31 July 1999, Greg Ltd lodged its annual
return under former section 160ARE of the Income Tax Assessment Act 1936.
The return stated that the company had a credit on its franking account and
that no franking deficit tax was payable for the 1998‑99 franking year.
Under former section 160ARH of that Act, the Commissioner was taken to have
made an assessment consistent with the return.
Following an audit undertaken after the repeal
of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd
fraudulently overfranked dividends it paid during the 1998‑99 franking
year, and had a franking account deficit for that franking year. As a result,
the Commissioner considers that franking deficit tax and a penalty by way of
additional tax are payable.
The Commissioner can amend the assessment
under former section 160ARN of that Act, because item 7 of this Schedule
disregards the repeal of that section for the purposes of making an assessment
in relation to the 1998‑99 franking year. Item 7 will also disregard the
repeal of Division 11 of former Part IIIAA to the extent necessary for the
Commissioner to assess Greg Ltd’s liability to a penalty by way of additional
tax.
Despite the repeal of sections 160ARU and
160ARV, item 9 will ensure that the general interest charge will accrue on the
unpaid franking deficit tax and penalty until they are paid.
Item 7 will also preserve Greg Ltd’s
right, under former section 160ART of that Act, to object against the
Commissioner’s amended assessment (including the penalty), since the objection
is the exercise of a right in relation to a franking year that ended before the
repeal of Part IIIAA.
Example 2: During the 1997‑98 income year, Duffy Property
Ltd withheld amounts from its employees’ wages as required by former Divisions 1AAA
and 2 of Part VI of the Income Tax Assessment Act 1936. The company
failed to notify the Commissioner of those amounts, and failed to remit them to
the Commissioner.
Following an audit undertaken after the
repeal of those Divisions, the Commissioner discovers that the withheld amounts
have not been remitted. The company’s records are incomplete and the
Commissioner is unable to completely ascertain the extent of its liability for
the withheld amounts. Under section 222AGA of that Act, the Commissioner makes
an estimate of the liability.
Item 7 will disregard the repeal of
section 220AAZA of that Act (which empowered the Commissioner to recover the
amount of the estimate). Even though the estimate is made after the repeal, it
relates to amounts withheld before the repeal.
8 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended
by this Act deals with the effect of an assessment, the repeal or amendment is
disregarded in relation to assessments made, before or after the repeal or
amendment applies, in relation to any act done or omitted to be done, any state
of affairs existing, or any period ending, before the repeal or amendment
applies.
9 Saving of provisions about general interest charge,
failure to notify penalty or late reconciliation statement penalty
If:
(a) a provision or part of a provision
that is repealed or amended by this Act provides for the payment of:
(i) general interest
charge, failure to notify penalty or late reconciliation statement penalty (all
within the meaning of the Income Tax Assessment Act 1936); or
(ii) interest under the Taxation
(Interest on Overpayments and Early Payments) Act 1983; and
(b) in a particular case, the period
in respect of which the charge, penalty or interest is payable (whether under
the provision or under the Taxation Administration Act 1953) has not
begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part
continues to apply in the particular case until the end of the period.
10 Repeals disregarded for
the purposes of dependent provisions
If the operation of a provision (the subject provision)
of any Act or legislative instrument (within the meaning of the Legislative
Instruments Act 2003) made under any Act depends to any extent on an Act,
or a provision of an Act, that is repealed by this Act, the repeal is
disregarded so far as it affects the operation of the subject provision.
11 Schedule does not limit operation of section 8 of the Acts
Interpretation Act 1901
This Schedule does not limit the operation of section 8 of the Acts
Interpretation Act 1901.
12 Continued operation of repealed section 215 of the Income
Tax Assessment Act 1936
If, just before the repeal of section 215 of the Income Tax
Assessment Act 1936 by Schedule 1 to this Act, that section applied to:
(a) a liquidator of a company that was
being wound up; or
(b) a receiver for debenture holders
who had taken possession of assets of a company; or
(c) an agent for a non‑resident
who had been required by the agent’s principal to wind up the business or
realise the assets of the principal;
the section continues so to apply in spite of the repeal.
13 Continued operation of repealed sections 216 and 220 of
the Income Tax Assessment Act 1936
If, just before the repeal of section 216 or 220 of the Income
Tax Assessment Act 1936 by Schedule 1 to this Act, that section applied to
a deceased taxpayer, the section continues so to apply in spite of the repeal.
14 Resolutions to which section 221B of the Income Tax
Assessment Act 1936 applies
If a resolution to which section 221B of the Income Tax
Assessment Act 1936 applied was in force just before the repeal of that
section by Schedule 1 to this Act, section 446‑5 in Schedule 1 to the Taxation
Administration Act 1953 (as inserted by item 970 of Schedule 2 to this Act)
applies to the resolution after the repeal.
15 Extended operation of
subsection 265‑45(2) in Schedule 1 to the Taxation Administration Act
1953
In addition to the operation that it has apart from this item,
subsection 265‑45(2) in Schedule 1 to the Taxation Administration Act
1953 also applies to an amount of a liability (within the meaning of that
subsection) that a person pays after the repeal of section 259 of the Income
Tax Assessment Act 1936 by item 166 of Schedule 1 to this Act, if the
liability arose before 1 July 2000.
Tax Laws Amendment (2006 Measures No. 4) Act 2006 (No. 168, 2006)
4
Amendment of assessments
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 this section; and
(b) the amendment is made within 4
years after that commencement; and
(c) the amendment is made for the
purpose of giving effect to Schedule 2.
Schedule 3
5 Application of amendments made by items 3 and 4
The amendments made by items 3 and 4 apply to dividends paid on
or after 1 April 2003.
Schedule 4
112 Application of this Schedule
The amendments made by this Schedule apply to CGT events that
happen on or after the commencement of this item.
Tax Laws Amendment (2006
Measures No. 6) Act 2007 (No. 4, 2007)
Schedule 2
2 Transitional
An approval of a form made by the Commissioner before the
commencement of this item under the definition of approved form
in section 102AAB of the Income Tax Assessment Act 1936 has effect on
and after that commencement as if it had been made under section 388‑50
in Schedule 1 to the Taxation Administration Act 1953.
Tax Laws Amendment
(Simplified Superannuation) Act 2007 (No. 9,
2007)
Schedule 1
24 Application
(1) The amendments made by this Part of this Schedule
apply to the 2007‑2008 income year and later years.
37 Application
The amendments made by this Part of this Schedule apply to the
2007‑2008 income year and later years.
Superannuation
Legislation Amendment (Simplification) Act 2007
(No. 15, 2007)
Schedule 1
406 Application
(1) The amendments made by this Schedule apply to the
2007‑2008 income year and later years.
(2) Despite subitem (1), those amendments apply to the
2007‑2008 financial year and later years, to the extent that they relate
to Division 292 of the Income Tax Assessment Act 1997.
(3) Despite subitem (1), those amendments apply on and
after 1 July 2007, to the extent that they relate to any of the following:
(a) Divisions 82 and 83 of the Income
Tax Assessment Act 1997;
(b) Divisions 301 to 307 of that Act.
Tax Laws Amendment (2006 Measures No. 7) Act 2007 (No. 55, 2007)
Schedule 6
4 Application
The amendments made by this Schedule apply to assessments for the
year of income in which this Act receives the Royal Assent and later years of
income.
Tax Laws Amendment (2007 Measures No. 1) Act 2007 (No. 56, 2007)
Schedule 3
39 Application
(1) The amendments made by this Schedule apply to
acquisitions of stapled securities, and of rights to acquire stapled
securities, on or after 1 July 2006.
(2) In this item:
acquisition has the same meaning as in Division 13A
of Part III of the Income Tax Assessment Act 1936.
Tax Laws Amendment (2007 Budget Measures) Act 2007 (No. 75, 2007)
Schedule 1
13 Application of amendments
The amendments made by this Part apply to assessments for the
2007‑2008 year of income and later years of income.
Tax Laws Amendment (Personal Income Tax Reduction) Act
2007
(No. 76, 2007)
Schedule 1
11 Application
The amendments made by this Part apply to assessments for the
2007‑08 year of income and later years of income.
Tax Laws Amendment (2007 Measures No. 2) Act 2007 (No. 78, 2007)
4
Amendment of assessments
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 this section; and
(b) the amendment is made within 4
years after that commencement; and
(c) the amendment is made for the
purpose of giving effect to Schedule 1.
Schedule 3
4 Application
The amendment made by item 3 applies to years of income
commencing on or after 1 July 2001.
6 Application
The amendment made by item 5 applies to expenditure incurred in
years of income commencing on or after the day on which this Act receives the
Royal Assent.
9 Application
The amendment made by item 7 applies to the first year of income
commencing after 9 May 2006 and later years.
11 Application
The amendment made by item 10 applies to payments received on or
after 6 May 2004.
14 Application
The amendments made by items 12 and 13 apply to assessments for
the year of income following the year of income in which this Act receives the
Royal Assent and later years.
16 Application
The amendment made by item 15 applies to payments received on or
after 6 May 2004.
18 Application
The amendment made by item 17 applies to years of income
commencing on or after 1 July 2001.
20 Application
The amendment made by item 19 applies to assessments for the year
of income following the year of income in which this Act receives the Royal
Assent and later years.
Schedule 7
15 Transitional
Subsection 73J(2) of the Income Tax Assessment Act 1936
has effect for an eligible company, as if the amendment made by item 14 of this
Schedule had not been made, during the period:
(a) starting at the start of the year
of income of the company in which 1 July 2005 occurred; and
(b) ending at the end of the company’s
year of income in which the day on which this Act receives the Royal Assent
occurs.
Tax Laws Amendment (2007
Measures No. 3) Act 2007 (No. 79, 2007)
Schedule 1
43 Application
(1) The amendments made by this Schedule apply to
assessments for the income year in which 1 July 2006 occurred and later
income years.
(4) Despite subitem (1), the following rules apply:
(a) the amendments made by this
Schedule, to they extent that they relate to section 109RB of the Income Tax
Assessment Act 1936, apply in relation to the 2001‑02 income year and
later income years;
(b) the Commissioner may make
decisions under that section on and after the commencement of that section in
relation to events that occurred before that commencement;
(c) however, the Commissioner cannot
make a decision under paragraph 109RB(2)(b) of that Act if the dividend
mentioned in subparagraph 109RB(1)(a)(i) of that Act is taken to have been paid
before 1 July 2002;
(d) the Commissioner may amend a
franking assessment made before the commencement of this item for the purpose
of giving effect to a decision under section 109RB of that Act, if the
amendment is made within 4 years after that commencement.
(5) 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 this item; and
(b) the amendment is made within 4
years after that commencement; and
(c) the amendment is made for the
purpose of giving effect to a decision of the Commissioner under section 109RB
of that Act.
Schedule 6
8 Application
The amendments made by this Schedule apply in relation to
distributions made on or after 1 July 2004.
Schedule 7
16 Application
(1) The amendments made by this Schedule apply to
interest paid in respect of debt interests issued on or after 7 December 2006 (the start day).
(2) For the purposes of subitem (1), a debt interest is
treated as being issued before the start day if it is issued under or results
from a written agreement entered into on or after 21 March 2005 and before the start day.
(3) However, subitem (2) does not apply to the extent
that the agreement referred to in that subitem is altered after the start day
to extend its term.
Schedule 8
26 Application
(1) The amendments made by this Schedule apply to
amounts paid by a participant under a forestry managed investment scheme on or
after 1 July 2007.
(2) Despite subitem (1), the amendments do not apply if
any other amounts were paid by the participant or any other participant under
the scheme before 1 July 2007.
(4) Despite subitem (1), sections 82KZMGA and 82KZMGB
of the Income Tax Assessment Act 1936 apply to CGT events that happen on
or after 1 July 2007.
Schedule 9
30 Application
(1) Subject to items 31, 32 and 33 of this Schedule,
the amendments made by this Schedule, other than items 13 and 23, apply in
relation to income years starting on or after 1 July 2006.
(2) The amendments made by items 13 and 23 of this
Schedule apply in relation to income years starting on or after 1 July 2005.
31 Transitional provision—trusts that ceased to exist before
introduction
Subsection 98(4) of the Income Tax Assessment Act 1936, as
inserted by item 1 of this Schedule, does not apply in relation to a trustee of
a trust that ceased to exist before the Bill for this Act was introduced into
the House of Representatives.
32 Transitional provision—managed investment trusts
(1) This item applies in relation to the following
income years:
(a) the first income year starting on
or after 1 July 2006;
(b) the income year immediately prior
to the first income year starting on or after the first 1 July after the
day on which this Act receives the Royal Assent;
(c) each intervening income year (if
any).
(2) In this item, expressions mean the same as in the Income
Tax Assessment Act 1997.
(3) Subsection 98(4) of the Income Tax Assessment
Act 1936, as inserted by item 1 of this Schedule, does not apply in
relation to a trustee of a trust in relation to an income year to which this
item applies if the conditions in subitems (4) to (6) are satisfied for the
trust for the income year.
(4) The trust must be a resident trust estate for the
purposes of Division 6 of Part III of the Income Tax Assessment Act 1936
for the income year.
(5) At each of the times in the income year mentioned
in subitem (9), the trust must be a managed investment scheme (as defined by
section 9 of the Corporations Act 2001) and be operated by a financial
services licensee (as defined by section 761A of that Act) whose licence covers
operating such a managed investment scheme.
(6) At each of the times in the income year mentioned
in subitem (9), one of the following must be satisfied:
(a) units in the trust must be listed
for quotation in the official list of an approved stock exchange in Australia;
(b) the trust must have at least 50
members (ignoring objects of a trust);
(c) one of the entities covered by
subitem (7) must be a member of the trust.
(7) These are the entities:
(a) a life insurance company;
(b) a complying superannuation fund, a
complying approved deposit fund or a foreign superannuation fund, being a fund
that has at least 50 members;
(c) a trust that satisfies the
conditions in subitems (4) and (5) and also satisfies the condition in
paragraph (a) or (b) of subitem (6);
(d) an entity that is recognised,
under a foreign law relating to corporate regulation, as an entity with a
similar status to a managed investment scheme and that has at least 50 members;
(e) a trust:
(i) interests in which are
owned directly by an entity covered by an earlier paragraph; or
(ii) interests in which are
held indirectly by an entity covered by an earlier paragraph through a *chain of trusts;
where the conditions in subitems
(4) and (5) are satisfied for the trust, or for each trust in the chain.
(8) The condition in
subitem (6) is not satisfied for a trust at a time if, at that time, one
foreign resident individual, directly or indirectly:
(a) held, or had the right to acquire,
interests representing 10% or more of the value of the interests in the trust;
or
(b) had the control of, or the ability
to control, 10% or more of the rights attaching to membership interests in the
trust; or
(c) had the right to receive 10% or
more of any distribution of income that the trustee may make.
(9) The times in an income year are:
(a) for a trust that was in existence
throughout the income year—the first day and the last day of the income year;
and
(b) for a trust that comes into existence
in the income year—the time that is 1 month after the time the trust comes into
existence, and the last day of the income year; and
(c) for a trust that ceases to exist
in the income year—the first day of the income year and the time that is 1 month
before the time the trust ceases to exist.
33 Transitional provision—intermediaries
(1) This item applies in relation to the following
income years:
(a) the first income year starting on
or after 1 July 2006;
(b) the income year immediately prior
to the first income year starting on or after the first 1 July after the
day on which this Act receives the Royal Assent;
(c) each intervening income year (if
any).
(2) In this item, expressions mean the same as in the Income
Tax Assessment Act 1997.
(3) Subsection 98(4) of the Income Tax Assessment
Act 1936, as inserted by item 1 of this Schedule, does not apply to a
trustee of a trust in relation to so much of the net income of the trust of an
income year to which this item applies as:
(a) represents income applied by the
trustee in making a payment covered by subitem (4); and
(b) is attributable to a payment made
by a trustee of another trust, if the conditions in subitems 32(4) to (6) of
this Schedule are satisfied for the other trust for the income year in which
the payment made by the trustee of the other trust is made.
(4) A payment made by a
trustee of a trust is covered by this subitem if:
(a) the payment is made to an entity
that is a foreign resident at the time of the payment; and
(b) at the time of the payment, the
trust is carrying on a business that consists predominantly of providing a
custodial or depository service (as defined by section 766E of the Corporations
Act 2001) pursuant to an Australian financial services licence (as defined
by section 761A of that Act); and
(c) the payment is made in the course
of the business; and
(d) either:
(i) the trust is a
resident trust estate for the purposes of Division 6 of Part III of the Income
Tax Assessment Act 1936 for the income year in which the payment is made;
or
(b) the business is carried
on in Australia through an Australian permanent establishment.
Schedule 10
32 Application
The amendments made by this Schedule apply to the first income
year starting on or after the first 1 July after the day on which this Act
receives the Royal Assent and later income years.
Tax Laws Amendment
(Small Business Act) Act 2007 (No. 80, 2007)
Schedule 8
9 Application
The amendments made by this Schedule apply in relation to the
2007‑08 income year and later income years.
Families, Community
Services and Indigenous Affairs Legislation Amendment (Child Support Reform
Consolidation and Other Measures) Act 2007 (No.
82, 2007)
Schedule 9
5 Application
The amendments made by this Schedule apply to the 2008‑2009
year of income and later years.
Tax
Laws Amendment (2007 Measures No. 4) Act 2007
(No. 143, 2007)
Schedule 1
222 Application
Subject to items 223 and 224, the amendments made by this
Schedule apply in relation to income years, statutory accounting periods and
notional accounting periods starting on or after the first 1 July that
occurs after the day on which this Act receives the Royal Assent.
223 Application and transitional rules for section 802‑40
of the 1997 Act
(1) The amendments made by items 179 to 181 apply
in relation to income years starting one year later than the first income year
(the transitional year) covered by item 222.
(2) Section 802‑40 of the Income Tax
Assessment Act 1997 has effect in relation to the transitional year as if
section 160AF of the Income Tax Assessment Act 1936 had not been
repealed.
224 Application rule for credits arising under the International
Tax Agreements Act 1953
(1) Despite the repeal of Division 19 of
Part III of the Income Tax Assessment Act 1936, that Division
continues to apply, after the commencement of this item, in relation to:
(a) a determination made by a person
under the Division before the commencement of this item; or
(b) a credit to which the Division
applied before the commencement of this item;
as if the repeal had not happened.
(2) The Commissioner may make determinations under that
Division as it so continues to apply.
225 Object
The object of this Part is to ensure that, despite the repeals
and amendments made by this Act, the full legal and administrative consequences
of:
(a) any act done or omitted to be
done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment applies, can continue to arise
and be carried out, directly or indirectly through an indefinite number of
steps, even if some or all of those steps are taken after the repeal or
amendment applies.
226 Making and amending assessments, and doing other things,
in relation to past matters
Even though an Act is repealed or amended by this Act, the repeal
or amendment is disregarded for the purpose of doing any of the following under
any Act or legislative instrument (within the meaning of the Legislative
Instruments Act 2003):
(a) making or amending an assessment
(including under a provision that is itself repealed or amended);
(b) exercising any right or power,
performing any obligation or duty or doing any other thing (including under a
provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of
affairs existing, or any period ending, before the repeal or amendment applies.
Example: For the 2006‑07 income year, Smart Investor
Pty Ltd, an Australian resident private investment company, has assessable
foreign income in the passive income class on which it has paid foreign tax for
which it wishes to claim a foreign tax credit. The company also has a tax loss
for the year from its Australian investments. When it lodges its tax return for
the year it does not elect to claim a deduction for any of the tax loss under
section 79DA of the ITAA 1936, because the Australian tax payable on its
passive foreign income equals the foreign tax it has paid.
In 2009 the amount of foreign tax payable
in respect of some foreign rental income it had included in its return for the
2006‑07 year is reduced and Smart Investor receives a refund of the
difference in foreign tax. Smart Investor Pty Ltd then applies to be able to
make an election under section 79DA, that is, after the Tax Laws
Amendment (2007 Measures No. 4) Act 2007 (which repeals
section 79DA) receives Royal Assent. The Commissioner allows Smart
Investor to submit an election to claim a deduction for so much of its 2006‑07
tax loss as to reduce the amount of Australian tax payable on its 2006‑07
assessable foreign income to the revised foreign tax paid, by the end of 2009.
Despite the repeal of section 79DA,
item 226 allows the Commissioner to permit an election to be lodged after
the return for 2006‑07 has been lodged, and to amend Smart Investor’s assessment
for that year, because these actions relate to a thing done, and periods
ending, before the repeal of section 79DA applies.
Schedule 4
51 Application
The amendments made by this Schedule apply to the first income
year starting on or after the day on which this Act receives the Royal Assent
and later income years.
52 Transitional
(1) This item applies in relation to income years
starting on or after 1 July 2006 and before the first income year to which
the amendments made by this Schedule apply in accordance with item 51.
(2) The trustee of a closely held trust is not liable
to pay tax under section 102UK or 102UM of the Income Tax Assessment
Act 1936 in respect of a share of the net income of the trust to the extent
to which:
(a) the trustee of the closely held
trust is assessed and liable to pay tax under subsection 98(4) of that Act in
respect of the share; or
(b) the share is reasonably
attributable to a part of the net income of another trust estate in respect of
which the trustee of the other trust estate is assessed and liable to pay tax
under that subsection; or
(c) the share is represented by or
reasonably attributable to an amount from which an entity was required to
withhold an amount under Subdivision 12‑H in Schedule 1 to the Taxation
Administration Act 1953; or
(d) the share is represented by or
reasonably attributable to an amount which was liable to tax under
section 255 of the Income Tax Assessment Act 1936.
Schedule 7
14 Application
The amendment made by item 13 applies to assessments for the
2006‑07 income year and later income years.
17 Application
The amendment made by item 16
applies to income derived in the 2006‑07 income year and later income
years.
Schedule 8
14 Application
The amendments made by this Schedule apply to the income year in
which this Act receives the Royal Assent and to later income years.
Financial Sector
Legislation Amendment (Simplifying Regulation and Review) Act 2007 (No. 154, 2007)
Schedule 1
296 Regulations may prescribe matters
The Governor‑General may make regulations prescribing
matters of a transitional nature (including prescribing any saving or
application provisions) in relation to the amendments or repeals made by this
Schedule.
Tax Laws Amendment (2007
Measures No. 5) Act 2007 (No. 164, 2007)
4
Amendment of assessments
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 this section; and
(b) the amendment is made within 4
years after that commencement; and
(c) the amendment is made for the
purpose of giving effect to Schedule 2.
Schedule 1
71 Application
(1) Subject to subitems (4), (6) and (8),
Division 250 applies in relation to a tax preferred use of an asset if,
and only if, the tax preferred use:
(a) starts on or after 1 July 2007; and
(b) does not occur under a legally
enforceable arrangement that was entered into before 1 July 2007.
(2) This subitem applies to an asset that is put to a
tax preferred use if:
(a) the tax preferred use starts on or
after 1 July 2007; and
(b) the tax preferred use occurs under
a legally enforceable arrangement that was entered into before 1 July 2007; and
(c) but for this subitem:
(i) section 51AD
would apply to the asset in relation to a taxpayer; or
(ii) Division 16D
would apply to the asset; and
(d) you elect to have this subitem
apply to the asset.
(3) An election under paragraph (2)(d) in relation
to an asset that is put to a tax preferred use:
(a) must be made by the day you lodge
your income tax return for the income year in which the tax preferred use
starts; and
(b) must be made for the whole of the
arrangement period for the tax preferred use of the asset; and
(c) must extend to all assets that
are, or are to be, put to a tax preferred use under the arrangement under which
the asset is put to that use; and
(d) is irrevocable.
(4) If subitem (2) applies:
(a) section 51AD and
Division 16D do not apply to the asset; and
(b) Division 250 applies to the
tax preferred use of the asset.
(5) This subitem applies to an asset that is put to a
tax preferred use if:
(a) the tax preferred use starts on or
after 1 July 2007; and
(b) the tax preferred use occurs under
a legally enforceable arrangement that was entered into before 1 July 2007; and
(c) immediately before 1 July 2007:
(i) section 51AD did
not apply to the asset in relation to a taxpayer; and
(ii) Division 16D did
not apply to the asset; and
(d) the arrangement referred to in
paragraph (b) is materially altered on or after 1 July 2007; and
(e) but for this subitem and
subitem (6):
(i) section 51AD
would apply to the asset in relation to a taxpayer immediately after the
alteration; or
(ii) Division 16D
would apply to the asset immediately after the alteration.
For the purposes of applying paragraph (c), assume that the
asset was in existence and was being put to the tax preferred use immediately
before 1 July 2007.
(6) If subitem (5) applies:
(a) section 51AD and
Division 16D do not apply to the asset; and
(b) Division 250 applies to the
tax preferred use of the asset after the alteration instead.
(7) This subitem applies to an asset that is put to a
tax preferred use if:
(a) the tax preferred use started
before 1 July 2007; and
(b) immediately before 1 July 2007:
(i) section 51AD did
not apply to the asset in relation to a taxpayer; and
(ii) Division 16D did
not apply to the asset; and
(c) the arrangement under which the
tax preferred use of the asset occurs is materially altered on or after 1 July 2007; and
(d) but for this subitem and
subitem (8):
(i) section 51AD
would apply to the asset in relation to a taxpayer immediately after the
alteration; or
(ii) Division 16D
would apply to the asset immediately after the alteration.
(8) If subitem (7) applies:
(a) section 51AD and
Division 16D do not apply to the asset; and
(b) Division 250 applies to the
tax preferred use of the asset after the alteration instead.
(9) For the purposes of applying
subparagraphs (5)(c)(ii) and (e)(ii) and (7)(b)(ii) and (d)(ii), disregard
the operation of section 159GL of the Income Tax Assessment Act 1936.
(10) For the purposes of applying Division 250 to
the tax preferred use of an asset in accordance with subitem (6) or (8),
the arrangement period for the tax preferred use of the asset is
taken to start on the day on which the alteration referred to in
paragraph (5)(d) or (7)(c) occurs.
(11) Section 51AD does not apply to an asset for the
income year commencing on 1 July 2007, or a later income year, if:
(a) the asset is put to a tax preferred
use under a legally enforceable arrangement; and
(b) the arrangement was entered into
before 1 July 2007; and
(c) the tax preferred use of the asset
starts on or after 1 July 2003 and before 1 July 2007.
(12) The amendment made by item 69 of this Schedule
applies in relation to an income year that begins on or after 1 July 2008.
(13) In this item:
arrangement has the same meaning as in the Income
Tax Assessment Act 1997.
asset includes property (within the meaning of
section 51AD and Division 16D).
Division 16D means Division 16D of
Part III of the Income Tax Assessment Act 1936.
Division 250 means Division 250 of the Income
Tax Assessment Act 1997.
section 51AD means section 51AD of the Income
Tax Assessment Act 1936.
tax preferred use has the same meaning as in the Income
Tax Assessment Act 1997.
Schedule 8
13 Application
(1) The amendments made by items 1 to 5 of this
Schedule apply to the 2006‑07 year of income and later years of income.
Schedule 11
78 Application
(1) The amendments made by this Schedule apply in
relation to:
(a) assessments for years of income
starting after 30 June 2007; and
(b) registrations under
section 39J of the Industry Research and Development Act 1986 for
those years of income.
(2) A term that is used in this item and has a meaning
given by the Income Tax Assessment Act 1936 has the same meaning in this
item.
79 Transitional provisions—deductions under former
section 73Y of the Income Tax Assessment Act 1936
(1) This item modifies paragraphs 73T(3)(a) and (4)(a)
and 73V(3)(a) of the Income Tax Assessment Act 1936 as amended by this
Schedule for the Y0 year of income that is the first year of income
starting after 30 June 2007.
(2) Those paragraphs have effect for that year of
income as if an eligible company or one of its group members could deduct an
amount under section 73QA for the Y‑1 year of income if
the company or group member had been eligible to claim an additional deduction
under section 73Y of that Act (as in force before the commencement of this
Schedule) for that Y‑1 year of income.
(3) A term that is used in this item and had a meaning
given by any of sections 73P to 73Z of the Income Tax Assessment Act
1936 immediately before the commencement of this Schedule has the same
meaning in this item.
80 Transitional provisions—reduced notional expenditure on
foreign owned R&D
(1) This item has effect for the purposes of the
application of sections 73P to 73Z (inclusive) of the Income Tax
Assessment Act 1936 as amended by this Schedule, if:
(a) in its group membership period
including all or part of the year of income (the initial year)
starting after 30 June 2007 and before 1 July 2008, an eligible
company has incurred an amount of expenditure that is expenditure on foreign
owned R&D by the eligible company in its group membership period for the
year of income; and
(b) any of the 3 immediately preceding
years of income were not nil expenditure years.
(2) For the purposes of paragraph 73QB(1)(b) of the Income
Tax Assessment Act 1936, the eligible company is taken to have been able to
deduct an amount under subsection 73B(14C) of that Act for each of the
following years of income:
(a) the year of income before the
initial year;
(b) the year of income 2 years before
the initial year;
(c) the year of income 3 years before
the initial year.
(3) The reduced notional expenditure on foreign owned
R&D by the eligible company in its group membership period for an earlier
year of income described in the second column of an item of the table is taken
to be the amount set out in the third column of that item.
|
Reduced notional
expenditure on foreign owned R&D
|
|
Item
|
Earlier year of income
|
Amount of reduced
notional expenditure on foreign owned R&D
|
|
1
|
The year of income before the initial year
|
90% of the amount described in paragraph (1)(a)
|
|
2
|
The year of income 2 years before the initial year
|
80% of the amount described in paragraph (1)(a)
|
|
3
|
The year of income 3 years before the initial year
|
70% of the amount described in paragraph (1)(a)
|
(4) To avoid doubt, this item has effect for the
purposes of the application of sections 73P to 73Z (inclusive) of the Income
Tax Assessment Act 1936 as amended by this Schedule not only for the
initial year but also for the next 2 years of income.
Note: This item will be relevant only to years of
income assessments for which can be affected by the amount of reduced notional
expenditure on foreign owned R&D for years of income before the initial
year.
(5) A term that is used in this item and has a meaning
given by section 73B, or any of sections 73P to 73Z (inclusive), of
the Income Tax Assessment Act 1936 as amended by this Schedule has the
same meaning in this item.
Tax Laws Amendment
(Personal Income Tax Reduction) Act 2008
(No. 29, 2008)
Schedule 1
10 Application
The amendments made by this Part apply to assessments for the
2008‑09 year of income.
The following provision
commences on 1 July 2009:
20 Application
The amendments made by this Part apply to assessments for the
2009‑10 year of income.
The following provision
commences on 1 July 2010:
30 Application
The amendments made by this Part apply to assessments for the
2010‑11 year of income and later years of income.
Tax Laws Amendment (Election Commitments No. 1)
Act 2008 (No. 32, 2008)
Schedule 1
58 Application
The amendments made by this Schedule apply to fund payments made
in relation to the first income year starting on or after the first 1 July
after the day on which this Act receives the Royal Assent and later income
years.
Tax Laws Amendment (2008
Measures No. 2) Act 2008 (No. 38, 2008)
Schedule 9
4 Application
The amendments made by this Schedule apply in relation to Equine
Workers Hardship Wage Supplement Payments received in the 2007‑08 income
year and later income years.
Schedule 11
2 Application
The amendment made by this Schedule applies to assessments for
the 2002‑03 year of income and later years of income.
Tax Laws Amendment
(Budget Measures) Act 2008 (No. 59, 2008)
Schedule 1
7 Application
The amendment made by item 6 applies to depreciating assets
acquired on or after 1 July 2008.
13 Application
The amendments made by items 10 to 12 apply in relation to
the 2008‑09 year of income and later years.
Families,
Housing, Community Services and Indigenous Affairs and Other Legislation
Amendment (2008 Budget and Other Measures) Act 2008 (No. 63,
2008)
4 Review of operation of amendments
(1) The Minister must cause an independent
review of the operation of the amendments made by this Act to be undertaken and
completed by 30 June 2010.
(2) The persons who undertake the review
under subsection (1) must give the Minister a written report of the review.
(3) The Minister
must cause a copy of the report of the review under subsection (1) to be tabled
in each House of the Parliament within 15 sitting days of the day on which the
report is given to the Minister.
(4) The review must be conducted by a panel
of not less than 5 persons, of which at least:
(a) 3 persons must be nominated by
relevant key stakeholder organisations; and
(b) 2 persons must be nominated by the
Minister.
Schedule 1
16 Application
The amendments made by this Part apply in relation to the 2008‑09
income year and later income years.
First Home Saver
Accounts (Further Provisions) Amendment Act 2008
(No. 92, 2008)
Schedule 1
26 Application
The amendments made by this Schedule apply from 1 October
2008.
Tax Laws Amendment (2008
Measures No. 4) Act 2008 (No. 97, 2008)
Schedule 1
12 Application
The amendments made by this Schedule apply in relation to
demutualisations occurring on and after 1 July 2007.
Schedule 3
11 Application
The amendment made by item 10 of this Schedule applies to
assessments for the 2006‑07 year of income and later income years.
14 Application
The amendment made by item 13 of this Schedule applies to
assessments for the 2006‑07 year of income and later income years.
18 Transitional
The amendment made by item 15 of this Schedule does not
affect the continuity of an approval given for the purposes of the definition
of an approved research institute in subsection 73A(6) of the Income
Tax Assessment Act 1936 before the commencement of this Schedule.
Same‑Sex
Relationships (Equal Treatment in Commonwealth Laws—General Law Reform) Act
2008 (No. 144, 2008)
Schedule 14
58 Application of amendments of the Income Tax Assessment
Act 1936
The amendments of the Income Tax Assessment Act 1936 made
by this Schedule apply in relation to the 2009‑2010 year of income and
later years of income.
Tax Laws Amendment (2008
Measures No. 5) Act 2008 (No. 145,
2008)
Schedule 3
2 Application
The amendment made by this Schedule applies to interest paid on
or after the commencement of this Schedule.
Schedule 5
9 Application
The amendments made by this Schedule apply to assessments for the
income year (the application year) in which this Act receives the
Royal Assent and later income years.
10 Transitional
(1) Subsections 102MB(2), (3) and (4), and
section 102MC, of the Income Tax Assessment Act 1936 do not apply
to a unit trust for the application year if the trustee of the trust chooses
that those provisions are not to apply.
(2) A choice the trustee can make under
subitem (1) must be made by the day the trustee lodges the trustee’s
return of income for the application year.
(3) The way the trustee prepares the trustee’s return
of income for the application year is sufficient evidence of the making of the
choice.
Example: A unit trust that would cease to be a public
trading trust because of the safe harbour rule could make a choice under this
provision so that it is taxed as a public trading trust for the application
year.