Table A
Application, saving or transitional provisions
Taxation Laws Amendment (Private Health Insurance Incentives) Act 1997 (No. 56, 1997)
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.
(2) The amendments of the Income Tax Assessment Act 1997 apply to assessments in respect of income for the 1997‑98 income year and all later income years.
Taxation Laws Amendment Act (No. 2) 1997 (No. 95, 1997)
Schedule 3
18 Application of amendments
(1) The amendment made by item 15 of this Schedule applies in relation to the income year for the loss company in which 1 July 1997 occurs and later income years.
(2) The amendment made by item 16 of this Schedule applies in relation to the income year for the income company in which 1 July 1997 occurs and later income years.
(3) The amendment made by item 17 of this Schedule applies to assessments for the income year in which 1 July 1997 occurs and later income years.
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 5
24 Application of amendment of subsection 165‑60(4)
The amendment made by item 23 applies for assessments for the 1998‑99 income year and later income years.
Franchise Fees Windfall Tax (Consequential Amendments) Act 1997
(No. 134, 1997)
4 Application of amendments
(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)
Schedule 6
13 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 15
13 Application
The amendments made by this Part apply to assessments for the 1997/98 income year and later income years.
Taxation Laws Amendment Act (No. 4) 1997 (No. 174, 1997)
Schedule 6
23 Application
(1) The amendments made by Part 1 of this Schedule apply to assessments for the 1997‑98 income year and later income years.
Schedule 9
30 Application
(1) The amendments made by Part 1 of this Schedule apply to assessments for the 1997‑98 income year and later income years.
Farm Household Support Amendment (Restart and Exceptional Circumstances) Act 1997 (No. 179, 1997)
Schedule 3
4 References in Acts to exceptional circumstances relief payment also cover drought relief payment
A reference in the amended FHS Act, or in another Act that is amended by this Act, to exceptional circumstances relief payment paid to a person has effect, after the commencement of this Act, as if it included a reference to drought relief payment paid to a person under the Farm Household Support Act 1992.
Social Security Legislation Amendment (Parenting and Other Measures)
Act 1997 (No. 197, 1997)
Schedule 1
343 Saving: new terminology includes old payment types
(1) Where a term set out in the second column of the table below is used in the Income Tax Assessment Act 1997, the Income Tax Assessment Act 1936 or the Income Tax Rates Act 1986, it is to be interpreted as including a reference to the corresponding term or terms set out in the third column of the table:
Terminology Table | ||
Item | Term used | Term included |
1 | parenting payment | parenting allowance sole parent pension |
2 | pension PP (single) | sole parent pension |
3 | PP (partnered) | parenting allowance |
4 | benefit PP (partnered) | benefit parenting allowance |
5 | non‑benefit PP (partnered) | non‑benefit parenting allowance |
(2) Subitem (1) does not apply in relation to section 159J of the Income Tax Assessment Act 1936.
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.
Commonwealth Places (Consequential Amendments) Act 1998
(No. 23, 1998)
4 Application of amendments
(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 (Technical Amendments) Act 1998 (No. 41, 1998)
Schedule 3
7 Application
(2) The amendments made by Part 2 apply to assessments for the 1997‑98 income year and later income years.
Schedule 4
5 Application
The amendments made by this Schedule apply to assessments for the 1997‑98 income year and later income years.
Tax Law Improvement Act (No. 1) 1998 (No. 46, 1998)
Schedule 9
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.
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 1
5 Application
(1) The amendments made by items 1 and 3 apply in relation to expenses incurred in the 1997‑98 income year.
(2) The amendments made by items 2 and 4 do not affect the application of the Income Tax Assessment Act 1997 in relation to expenses incurred in the 1997‑98 income year.
Schedule 3
16 Application
The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to income derived on or after 1 July 1997.
Schedule 5
4 Application
The amendments made by this Schedule apply to assessments for the 1997‑98 income year and later income years.
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
(1) For the 1998‑99 income year, the rate of tax offset specified in subsections 61‑55(2) and 61‑65(2) of the Income Tax Assessment Act 1997 is taken to be 7.5%; not 15%.
(2) Accordingly, for that income year, the maximum amount of tax offset specified in subsections 61‑55(3) and 61‑65(3) of that Act is taken to be $225; not $450.
(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 6
18 Application
(1) The amendments made by Part 1 of this Schedule apply to things done after the commencement of this item.
(2) The amendments made by Part 2 of 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.
Social Security and Veterans’ Affairs Legislation Amendment (Budget and Other Measures) Act 1998 (No. 93, 1998)
Schedule 7
45 Saving: new terminology includes old payment types
Where a term set out in the second column of the table below is used in the Income Tax Assessment Act 1997, it is to be interpreted as including a reference to the corresponding term set out in the third column of the table:
Terminology Table | ||
Item | Term in ITAA 1997 | Term included |
1 | family allowance | family payment |
2 | family allowance advance | family payment advance |
Primary Industries and Energy Legislation Amendment Act (No. 1) 1998
(No. 102, 1998)
Schedule 2
11 Application
Items 3 to 10 (inclusive) apply in relation to the 1997‑98 income year and all subsequent income years.
Taxation Laws Amendment (Private Health Insurance) Act 1998
(No. 128, 1998)
Schedule 2
16 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 income year and all later income years.
Assistance for Carers Legislation Amendment Act 1999 (No. 13, 1999)
Schedule 1
137 Application
The amendments made by this Part apply to assessments for the 1999‑2000 income year and later years.
Taxation Laws Amendment Act (No. 1) 1999 (No. 16, 1999)
Schedule 3
20 Division 396 also applies to certain other infrastructure borrowings
(1) Division 396 of the Income Tax Assessment Act 1997 applies to the following as if they were land transport facilities:
(a) an infrastructure facility (within the meaning of section 93L of the Development Allowance Authority Act 1992) where an application had been made for a certificate under Part 3 of Chapter 3 of that Act on or before 14 February 1997 in respect of borrowings in connection with the facility;
(b) an infrastructure facility (within the meaning of section 93L of the Development Allowance Authority Act 1992) that is an extension of a an infrastructure facility in respect of which a certificate under Part 3 of Chapter 3 of that Act is in force.
(2) That Division also applies to facilities that are related facilities (within the meaning of section 93M of the Development Allowance Authority Act 1992) in relation to facilities covered by subsection (1) as if they were related facilities to land transport facilities.
21 Certain projects taken to be approved
(1) This item applies to an infrastructure facility or a related facility (within the meaning of section 93L or 93M of the Development Allowance Authority Act 1992) if:
(a) an application had been made for a certificate under Part 3 of Chapter 3 of that Act on or before 14 February 1997 in respect of borrowings in connection with the facility; and
(b) a certificate had been issued under that Act in respect of those borrowings but the certificate is not effective because of the operation of the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997; and
(c) the Minister for Transport and Regional Development determines, by written notice, that this item applies to the facility.
(2) A determination is to include all of the matters that would be set out if the determination were a decision to approve a borrower and a project under section 396‑70 of the Income Tax Assessment Act 1997.
(3) The income years specified in the determination must not include an income year that starts more than 5 years after the first borrowing is made in respect of the project.
(4) The Minister for Transport and Regional Development must not specify in the determination a maximum amount of tax offsets for the project for an income year that would cause the maximum amount referred to in section 396‑20 of the Income Tax Assessment Act 1997 for that income year to be exceeded.
(5) If this item applies to an infrastructure facility:
(a) Division 396 of the Income Tax Assessment Act 1997 applies to the facility as if it were a land transport facility; and
(b) the Minister for Transport and Regional Development is taken to have made a decision under section 396‑70 of the Income Tax Assessment Act 1997 to approve the borrower and the project specified in the determination.
22 Provision of information by Development Allowance Authority
Section 93ZF of the Development Allowance Authority Act 1992 applies as if paragraph (d) of that section included a reference to this Part of this Schedule and to Division 396 of the Income Tax Assessment Act 1997.
Schedule 4
2 Application
The amendment made by item 1 applies for the 1997‑98 income year and later income years.
Schedule 5
44 Application
The amendments made by this Schedule apply to assessments for the 1997‑98 income year and later income years.
Schedule 10
19 Application
The amendments made by this Part apply to assessments for the 1997‑98 income year and later income years.
Schedule 11
123 Application
The amendments made by this Schedule apply to assessments for the 1997‑98 income year and later income years.
Taxation Laws Amendment (Software Depreciation) Act 1999 (No. 39, 1999)
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.
22 Transitional—projects commenced before 11 May 1998
You can deduct expenditure on software that you incur before 1 July 1999 and that you could otherwise deduct under Subdivision 46‑B or 46‑D of the Income Tax Assessment Act 1997 if, at or before 10 am by legal time in the Australian Capital Territory on 11 May 1998:
(a) you entered into a contract to acquire the software; or
(b) you commenced the development of the software for your own use; or
(c) you commissioned another entity to develop the software for your own use;
to the extent that you use, or intend to use, the software for the purpose of producing assessable income.
Note: Under this item you can deduct the expenditure for the year in which you incur it, instead of having to write it off gradually under Subdivision 46‑B or 46‑D.
23 Transitional—backdating software pool to 11 May 1998
When making a choice under section 46‑80 of the Income Tax Assessment Act 1997 for the first income year beginning after 11 May 1998, you may elect that the choice be treated as also applying to any expenditure on software incurred after 10 am by legal time in the Australian Capital Territory on 11 May 1998 but before that income year begins.
Note 1: You will get section 46‑90 deductions for that expenditure one year earlier than any deductions you will get for expenditure incurred in that later income year. This is because the timing of section 46‑90 deductions depends on the income year in which you incurred the expenditure (not on when you made the choice).
Note 2: If it were not for this item, the choice could not apply to expenditure incurred before the beginning of the income year in which the choice is made: see paragraph 46‑85(b).
24 Transitional—revoking software pool choice
(1) When lodging your return for the second income year beginning after 11 May 1998, you may revoke a previous choice that you made to create a software pool under section 46‑80 of the Income Tax Assessment Act 1997.
(2) You may do so whether or not you also made an election under item 23 of this Schedule when you made that choice.
(3) If you revoke the choice, no expenditure on software for that second income year or any later income year goes into your software pool. But any expenditure from before that second income year remains in your software pool unaffected by the revocation.
(4) You can never revoke the revocation, or make a fresh choice under section 46‑80.
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)
Part 3—Regulations
22 Regulations may deal with transitional, saving or application matters
(1) The regulations may deal with matters of a transitional, saving or application nature relating to:
(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or
(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or
(c) the amendments and repeals made by the Schedules to this Act.
(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:
(a) by applying (with or without modifications) to the matter:
(i) provisions of a law of the Commonwealth, or of a State or Territory; or
(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or
(iii) a combination of provisions referred to in subparagraphs (i) and (ii);
(b) by otherwise specifying rules for dealing with the matter;
(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.
(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.
(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:
(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;
(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;
(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.
(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:
(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and
(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).
(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.
(7) In this item:
replaced legislation means:
(a) the AFIC Codes; and
(b) the Financial Institutions Codes; and
(c) the Friendly Societies Codes; and
(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and
(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and
(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and
(g) the Friendly Societies (Western Australia) Act 1999; and
(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.
23 Power to make regulations
The Governor‑General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.
Taxation Laws Amendment Act (No. 6) 1999 (No. 54, 1999)
Schedule 1
36 Application
The amendments made by this Schedule apply to spectrum licences obtained on or after 11 March 1998.
Schedule 2
16 Application
The amendments made by this Schedule apply to assessments for the 1997‑98 income year and later income years.
Schedule 5
10 Application of amendments
The amendments made by this Part apply to assessments for the 1998‑99 income year and later income years.
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
7 Application
The amendments made by this Part apply to assessments 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.
A New Tax System (Closely Held Trusts) Act 1999 (No. 70, 1999)
Schedule 2
14 Application
The amendment made by this Part applies to assessments for the income year in which 13 August 1998 occurred, and all later income years.
A New Tax System (Family Assistance) (Consequential and Related Matters) 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.
69 Saving provision—Income Tax Assessment Act 1997
(1) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule, that Act as in force immediately before the commencement of item 1 of this Schedule continues to apply, in respect of:
(a) an eligible family payment; or
(b) an exceptional circumstances relief payment within the meaning of the Farm Household Support Act 1992;
received during the 2000‑2001 year of income or a later year of income, as if those amendments had not been made.
(2) In this item:
eligible family payment means any of the following payments:
(a) family allowance;
(b) family allowance advance;
(c) family tax payment;
(d) maternity allowance;
(e) maternity immunisation allowance;
(f) parenting payment (non‑benefit PP (partnered));
(g) so much of parenting payment (benefit PP (partnered)) as is included by way of provisional rate of parenting payment up to the maximum basic component of the parenting payment worked out using the method statement in point 1068B‑A3;
within the meaning of the Social Security Act 1991 as in force immediately before the commencement of item 1 of this Schedule.
Taxation Laws Amendment Act (No. 2) 1999 (No. 93, 1999)
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.
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.
Taxation Laws Amendment Act (No. 4) 1999 (No. 94, 1999)
Schedule 1
30 Application of amendments
The amendments made by items 8, 10 and 11 apply to gifts made on or after the day on which this Act receives the Royal Assent.
Schedule 2
3 Exemption of grants paid from fund
Any amount of ordinary income or statutory income that is paid directly to an entity by way of grant to the entity from the Katherine District Business Re‑establishment Fund is exempt from tax under the Income Tax Assessment Act 1997.
Note: This exemption does not apply to amounts paid to a third party.
4 Amounts are excluded exempt income
Income that is exempt under item 3 is excluded exempt income for the purposes of the Income Tax Assessment Act 1997.
Note: Subsection 36‑20(3) of the Income Tax Assessment Act 1997 contains the general definition of excluded exempt income.
6 Application
This Part applies only in relation to assessments for the 1997‑98 income year.
Schedule 3
6 Application
The repeals made by items 4 and 5 apply to assessments for the 1998‑99 income year and later income years.
32 Application
The amendments made by this Part apply to a public entity if the test time (within the meaning of Division 149 of the Income Tax Assessment Act 1997) is on or after 30 June 1999.
42 Application
The amendments made by this Part apply to CGT assets so far as they are held on or after 11 March 1999.
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.
36 Transitional—effect of Subdivision 118‑F and Division 123 of the Income Tax Assessment Act 1997
Subdivision 118‑F, and Division 123, of the Income Tax Assessment Act 1997 apply to a person (with such modifications as are necessary) for the purpose of working out whether the person has a net capital gain for the 1997‑98 income year and, if so, the amount of that net capital gain if:
(a) a CGT event happened in relation to land or a building owned by the person; and
(b) the CGT event happened after 13 August 1998 and before the start of the person’s 1998‑99 income year; and
(c) if the CGT event had happened in the person’s 1998‑99 income year, the land or building would have been an active asset because of subsection 123‑80(2) of the Income Tax Assessment Act 1997.
Note: This provision is for taxpayers who have a substituted accounting period and are late balancers and who would not otherwise be able to take advantage of the extension to the definition of active asset in section 123‑80 of the Income Tax Assessment Act 1997 made by this Act.
37 Application of item 36
Item 36 applies to assessments for the 1997‑98 income year.
Schedule 6
73 Application
The amendments made by this Schedule apply to assessments for the 1998‑99 income year and all later income years.
Further 1998 Budget Measures Legislation Amendment (Social Security) Act 1999 (No. 152, 1999)
Schedule 4
19 Application
The amendments made by this Part apply to assessments for the 1999‑2000 income year and later income years.
20 Crisis payment not payable
If:
(a) on a day that occurs within 14 days before the commencement of this Schedule, an instalment of social security pension is payable to a person who on that day is in gaol or undergoing psychiatric confinement because the person has been charged with an offence; and
(b) the person is released from gaol or the psychiatric confinement within 14 days after the commencement of this Schedule; and
(c) the person claims crisis payment within 7 days after being released;
the crisis payment is not payable to the person.
New Business Tax System (Capital Allowances) Act 1999 (No. 164, 1999)
Schedule 1
15 Application of amendments
(1) The amendments made by items 1 to 13 apply to a balancing adjustment event happening after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
(2) The amendment made by item 14 applies to a CGT event happening after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
(3) The amendment made by item 14 also applies to a CGT event happening at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, if:
(a) the event is CGT event A1 (disposal of a CGT asset); and
(b) the time of the event is when you entered into the contract for the disposal of the CGT asset; and
(c) the change of ownership constituting the disposal occurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
Schedule 2
23 Application of amendments
(1) The amendments made by this Schedule (other than by items 17 and 18) apply to assessments for the income year in which 21 September 1999 occurred and later income years.
(2) The amendment made by item 17 applies to arrangements entered into after 27 February 1998.
(3) The amendment made by item 18 applies to debts that are terminated after 27 February 1998.
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.
Schedule 4
12 Application of amendments
(1) The amendments made by this Schedule relating to IRUs apply to expenditure on IRUs incurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
(2) The amendments made by this Schedule relating to part disposals of a cable system apply to the granting of IRUs over the system under contracts entered into after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
(3) Those amendments do not apply to an international telecommunications submarine cable system, or an IRU over the system, if the system had been used for telecommunications purposes at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
Schedule 5
6 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) 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.
Schedule 2
7 Application of amendments
The amendments made by this Schedule apply to CGT events happening on or after the day on which this Act receives the Royal Assent.
Schedule 3
18 Application of amendments
The amendments made by this Schedule apply to the issue or allotment of venture capital equity in a resident investment vehicle on or after the day on which this Act receives the Royal Assent.
New Business Tax System (Integrity and Other Measures) Act 1999
(No. 169, 1999)
Schedule 1
18 Application of amendments
The amendments made by this Schedule apply to assessments for the income year in which 22 February 1999 occurs and later income years.
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 6
16 Application and saving
The amendments made by this Schedule, except in so far as they relate to changes in the ownership or control of a company that has an unrealised net loss, apply to net capital losses, tax losses or deductions claimed in a return for a year of income ending after 21 September 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.
Schedule 8
10 Application
The amendments made by this Schedule apply to the calculation of the cost base of a CGT asset for a CGT event occurring after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999.
Schedule 9
14 Application and transitional provisions
(1) The amendments of Divisions 100, 102, 104 and 109 of the Income Tax Assessment Act 1997 made by this Part, and Division 115 of that Act, apply to assessments for the income year including 21 September 1999 and for later income years.
(2) The amendments of sections 110‑25 and 114‑5 of the Income Tax Assessment Act 1997 made by this Part apply to the calculation of a cost base of a CGT asset for a CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999.
31 Application
The amendments of the Income Tax Assessment Act 1997 made by this Division apply to assessments for the income year including 21 September 1999 and later income years.
33 Application
The amendment of the Income Tax Assessment Act 1997 made by this Division applies to assessments for the income year including 21 September 1999 and later income years.
A New Tax System (Pay As You Go) Act 1999 (No. 178, 1999)
Schedule 2
92 Application of amendments
The amendments made by this Part apply in relation to amounts that are due to be paid on or after 1 July 1999.
93 Transitional—pre‑1 July 1999 debts
(1) This item applies to an amount (including an amount of penalty or interest) that a person owes to the Commonwealth directly under a taxation law (including a law that has been repealed or amended) and that became payable at any time before 1 July 1999, if all or some of the amount (the unpaid debt) remains unpaid at the beginning of 1 July 1999.
(2) The person is liable, and is taken to have been liable, to pay general interest charge on the unpaid debt for each day in the period that:
(a) started at the beginning of the day by which the amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the unpaid debt;
(ii) general interest charge on any of the unpaid debt.
(3) The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953.
(4) For the purposes of this item, the general interest charge rate for a day before 1 July 1999 is taken to have been 12.72% divided by the number of days in the calendar year that the day was in.
(5) If this item results in a person being liable, or being taken to have been liable, to pay both general interest charge and some other penalty or interest in respect of the same debt, the Commissioner must remit either that general interest charge or that other penalty or interest (the Commissioner chooses which).
A New Tax System (Tax Administration) Act 1999 (No. 179, 1999)
Schedule 7
18 Application
(1) The amendments of Subdivisions 30‑A and 30‑D of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to gifts made on or after 1 July 2000.
(2) Section 30‑228 of the Income Tax Assessment Act 1997 applies to gifts made on or after 1 July 2000.
(3) The amendments of Division 50 of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to ordinary income and statutory income for a period starting on or after 1 July 2000.
Schedule 8
16 Application
Subdivision 50‑A of the Income Tax Assessment Act 1997 as amended by this Schedule applies in relation to ordinary income and statutory income for a period starting on or after 1 July 2000.
Schedule 16
37 Application
The amendments made by this Schedule apply to the 2000‑2001 year of income and later years of income.
Taxation Laws Amendment Act (No. 2) 2000 (No. 58, 2000)
Schedule 2
4 Application
(2) The amendments made by items 2 and 3 apply to the 1997‑98 year of income and later years of income.
Schedule 4
6 Application
The amendments made by this Schedule apply to losses, outgoings or expenditure incurred in the 1999‑2000 income year or a later income year.
Schedule 5
6 Application
The amendments made by this Schedule apply to losses, outgoings or expenditure incurred in the 1999‑2000 income year or a later income year.
Schedule 6
34 Application
The amendments made by this Schedule apply to gifts made on or after 1 July 1999.
Schedule 10
17 Application
(3) The amendments made by items 12 and 13 apply:
(a) so far as the amendments affect Subdivision 165‑A (including as modified by Subdivision 166‑A) of the Income Tax Assessment Act 1997—where the loss year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year; and
(b) so far as the amendments affect Subdivision 165‑B (including as modified by Subdivision 166‑B) of the Income Tax Assessment Act 1997—where the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year; and
(c) so far as the amendments affect Subdivision 165‑CA of the Income Tax Assessment Act 1997—where the earlier income year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the current income year mentioned in that Subdivision is the 1998‑99 income year or any later income year; and
(d) so far as the amendments affect Subdivision 165‑CB (including as modified by Subdivision 166‑B) of the Income Tax Assessment Act 1997—where the income year mentioned in that Subdivision is the 1998‑99 income year or any later income year; and
(e) so far as the amendments affect Subdivision 165‑C (including as modified by Subdivision 166‑C) of the Income Tax Assessment Act 1997—where the debt mentioned in that Subdivision was incurred in the 1996‑97 income year or any later income year and the current year mentioned in that Subdivision is the 1998‑99 income year or any later income year.
(4) The amendments made by item 14 apply:
(a) so far as the amendments affect Subdivision 175‑A of the Income Tax Assessment Act 1997—where the loss year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year; and
(b) so far as the amendments affect Subdivision 175‑B of the Income Tax Assessment Act 1997—where the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year; and
(c) so far as the amendments affect Subdivision 175‑CA of the Income Tax Assessment Act 1997—where the earlier income year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the income year mentioned in that Subdivision is the 1998‑99 income year or any later income year; and
(d) so far as the amendments affect Subdivision 175‑CB of the Income Tax Assessment Act 1997—where the income year mentioned in that Subdivision is the 1998‑99 income year or any later income year; and
(e) so far as the amendments affect Subdivision 175‑C of the Income Tax Assessment Act 1997—where the debt mentioned in that Subdivision was incurred in the 1996‑97 income year or any later income year and the income year mentioned in that Subdivision is the 1998‑99 income year or any later income year.
(5) Subdivision 180‑A of the Income Tax Assessment Act 1997 as inserted by item 15 of this Schedule applies where:
(a) the loss year mentioned in paragraph 180‑5(2)(a) is the 1996‑97 income year or any later income year and the income year for which that paragraph is being applied is the 1997‑98 income year or any later income year; or
(b) the income year for which subparagraph 180‑5(2)(b)(i) is being applied is the 1997‑98 income year or any later income year; or
(c) the income year for which subparagraph 180‑5(2)(b)(ii) is being applied is the 1998‑99 income year or any later income year; or
(d) the earlier income year mentioned in paragraph 180‑5(2)(c) is the 1996‑97 income year or any later income year and the income year for which that paragraph is being applied is the 1998‑99 income year or any later income year; or
(e) the debt mentioned in paragraph 180‑5(2)(d) was incurred in the 1996‑97 income year or any later income year and the income year mentioned in that paragraph is the 1998‑99 income year or any later income year.
(6) Subdivision 180‑B of the Income Tax Assessment Act 1997 as inserted by item 15 of this Schedule applies where:
(a) the loss year mentioned in paragraph 180‑15(2)(a) is the 1996‑97 income year or any later income year and the income year mentioned in that paragraph is the 1997‑98 income year or any later income year; or
(b) the income year mentioned in paragraph 180‑15(2)(b) is the 1997‑98 income year or any later income year; or
(c) the earlier income year mentioned in paragraph 180‑15(2)(c) is the 1996‑97 income year or any later income year and the income year mentioned in that paragraph is the 1998‑99 income year or any later income year; or
(d) the income year mentioned in paragraph 180‑15(2)(d) is the 1998‑99 income year or any later income year; or
(e) the debt mentioned in paragraph 180‑15(2)(e) was incurred in the 1996‑97 income year or any later income year and the income year mentioned in that paragraph is the 1998‑99 income year or any later income year.
38 Application
(3) The amendments made by items 31 and 37 (so far as the amendments made by those items affect Subdivision 165‑A of the Income Tax Assessment Act 1997) apply where the loss year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year.
(4) The amendments made by items 32, 33 and 37 (so far as the amendments made by those items affect Subdivision 165‑B of the Income Tax Assessment Act 1997) apply where the income year mentioned in that Subdivision is the 1997‑98 income year or any later income year.
(5) The amendments made by items 31, 32, 33, 34, 35 and 37 (so far as the amendments made by those items affect Subdivision 165‑CA of the Income Tax Assessment Act 1997) apply where the earlier income year mentioned in that Subdivision is the 1996‑97 income year or any later income year and the current year mentioned in that Subdivision is the 1998‑99 income year or any later income year.
(6) The amendments made by items 31, 32, 33, 34, 35 and 37 (so far as the amendments made by those items affect Subdivision 165‑CB of the Income Tax Assessment Act 1997) apply where the income year mentioned in that Subdivision is the 1998‑99 income year or any later income year.
(7) The amendments made by items 36 and 37 (so far as the amendments made by those items affect Subdivision 165‑C of the Income Tax Assessment Act 1997) apply where the debt mentioned in that Subdivision was incurred in the 1996‑97 income year or any later income year and the current year mentioned in that Subdivision is the 1998‑99 income year or any later income year.
Taxation Laws Amendment Act (No. 3) 2000 (No. 66, 2000)
Schedule 3
5 Application of amendment
The amendment made by item 4 applies to assessments for the 1999‑2000 income year and later income years.
Schedule 4—Cyclones Elaine and Vance Trust Account
1 Exemption of grants paid from fund
Any amount of ordinary income or statutory income that is paid directly to you, by way of grant of assistance for business recovery, from the Cyclones Elaine and Vance Trust Account is exempt from tax under the Income Tax Assessment Act 1997.
Note: This exemption does not apply to amounts paid to a third party.
2 Amounts are excluded exempt income
Income that is exempt under item 1 is also excluded exempt income for the purposes of the Income Tax Assessment Act 1997.
Note: Subsection 36‑20(3) of the Income Tax Assessment Act 1997 contains the general definition of excluded exempt income.
3 No capital gain to arise as a result of grant
If a CGT event relates to a right to receive a grant of assistance for business recovery from the Cyclones Elaine and Vance Trust Account, you do not make a capital gain under Part 3‑1 or 3‑3 of the Income Tax Assessment Act 1997 in respect of that grant.
Example: CGT event C1 (see section 104‑20) deals with the loss or destruction of a CGT asset.
4 Application
This Schedule applies only in relation to assessments for the 1998‑99 and 1999‑2000 income years.
Schedule 5
2 Application of amendment
The amendment made by this Schedule applies to a balancing adjustment if the event that necessitates the adjustment happens after 4.00 pm, by legal time in the Australian Capital Territory, on 3 December 1998.
New Business Tax System (Miscellaneous) Act (No. 1) 2000 (No. 79, 2000)
Schedule 1
4 Application of amendments
(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 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 (Alienation of Personal Services Income) Act 2000 (No. 86, 2000)
Schedule 1
26 Application
(1) The amendments made by this Part of this Schedule apply to assessments for the 2000‑2001 income year and later income years.
(2) However, the Commissioner may, before 1 July 2000, declare in writing that the amendments made by this Part of this Schedule apply to an assessment that:
(a) is an assessment for the 2000‑2001 income year or the 2001‑2002 income year; and
(b) relates to a PPS entity that is included in a class of entities specified in the declaration;
as if the entity were conducting a personal services business and subsection 87‑15(3) of the Income Tax Assessment Act 1997 did not apply. The declaration has effect accordingly.
(3) An entity is a PPS entity for the purposes of paragraph (2)(b) if:
(a) on or before 13 April 2000, the entity was entitled to make, and had made, a payee declaration to an eligible paying authority under section 221YHB of the Income Tax Assessment Act 1936; and
(b) the Commissioner had received the payee declaration for the entity from the eligible paying authority before the end of that day; and
(c) the declaration was in force at the end of that day.
(4) In subitem (3), eligible paying authority and payee declaration have the same meanings as in Division 3A of Part VI of the Income Tax Assessment Act 1936.
New Business Tax System (Miscellaneous) Act (No. 2) 2000 (No. 89, 2000)
Schedule 1
68 Application
(1) The amendments made by items 6 to 17 apply to tax losses, net capital losses or deductions claimed in returns for an income year ending after 11 November 1999.
(2) The amendments made by items 3 to 5, 20 to 22, 24 to 29, 31 to 33 and 34 to 36 apply to tax losses, net capital losses or deductions claimed in returns for an income year ending after 21 September 1999.
(3) The amendment made by item 30 applies for the purpose of determining whether a time after 11 November 1999 is a changeover time or alteration time in respect of a company.
(4) The amendments made by items 37, 39 and 46 to 50, paragraph (aa) inserted by item 43 and paragraph (aa) inserted by item 54, apply where the agreement transferring the relevant tax loss or net capital loss was made on or after 22 February 1999.
(4A) Paragraph (ab) inserted by item 43 and paragraph (ab) inserted by item 54 apply where the agreement transferring the relevant tax loss or net capital loss was made on or after 13 April 2000.
(5) The amendments made by items 41, 42, 44, 52, 53 and 55 apply where the agreement transferring the relevant tax loss or net capital loss was made on or after 13 April 2000.
(6) The amendments made by items 56 to 65 are taken to have applied, or apply, to CGT events happening on or after 21 October 1999.
Schedule 4
6 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, for CGT events that happen after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
Schedule 5
31 Transitional
If you obtain a roll‑over under Subdivision 124‑M for a CGT event that happened before the day on which this Act received the Royal Assent, the requirement to inform a replacement entity about the cost base of your original interest must be complied with within 28 days after that day.
Schedule 6
2 Application of amendment
The amendment made by this Schedule applies to assessments for the 1999‑2000 income year and later income years.
New Business Tax System (Integrity Measures) Act 2000 (No. 90, 2000)
Schedule 1
4 Application of amendments
The amendments made by this Schedule apply to assessments for the 2000‑01 income year and later income years.
Taxation Laws Amendment Act (No. 4) 2000 (No. 114, 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.
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. 8) 2000 (No. 156, 2000)
Schedule 6
49 Application
(1) The amendments made by items 1 to 8, 13 to 19, 22 to 35, 37, 39, 40, 42 and 43 apply, and are taken to have applied, in relation to net amounts for tax periods starting on or after 1 July 2000.
(2) The amendments made by items 20, 21, 25A and 38 apply, and are taken to have applied, in relation to net amounts for tax periods starting on or after 17 August 2000.
(3) The amendments made by items 47 and 48 apply to assessments for the 2000‑2001 income year and later income years.
Taxation Laws Amendment Act (No. 7) 2000 (No. 173, 2000)
Schedule 3
17 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.
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.
(3) The amendment made by item 30 applies to things done on or after 1 July 1998.
Schedule 6
6 Application of amendments
The amendments of Division 115 of the Income Tax Assessment Act 1997 made by this Schedule apply to assessments for the income year including 21 September 1999 and for later income years, in relation to CGT events happening after 11.45 am (by legal time in the Australian Capital Territory) on that day.
Defence Legislation Amendment (Enhancement of the Reserves and Modernisation) Act 2001 (No. 10, 2001)
Schedule 2
94 Saving—old regulations
(1) Regulations that were in effect under any Act immediately before the commencement of this item continue to have effect after that time as if members of an arm of the Defence Force who were members of a particular part or component of that arm immediately before the commencement of this item were still members of that part or component after that time, even if that part or component no longer exists.
Example: Assume that, immediately before the commencement of this item, regulations imposed training obligations on members of the Air Force Specialist Reserve. Those obligations would continue to apply to former members of that Reserve after commencement, even though the Air Force Specialist Reserve itself is no longer mentioned in the Air Force Act 1923 and the members have now become members of the Air Force Reserve.
(2) However, regulations that continue in effect under this item do so only to the extent that they are not amended or revoked by later regulations.
95 Regulations about transitional matters
(1) The regulations may make provision in relation to other saving and transitional matters in connection with the amendments made by this Schedule.
(2) In particular, such regulations may deal with the status, after the commencement of the amendments, of persons who were members of the Defence Force immediately before that time.
(3) Subitem (2) does not limit the scope of subitem (1).
Taxation Laws Amendment (Changes for Senior Australians) Act 2001
(No. 44, 2001)
Schedule 3
2 Application
The amendment made by this Schedule applies to assessments for the 2000‑2001 year of income and later years of income.
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
(1) Division 240 of the Income Tax Assessment Act 1997 applies to arrangements entered into after 27 February 1998.
(2) The amendments made by Part 2 of this Schedule (other than by item 35) apply to arrangements entered into after 27 February 1998.
(3) The amendment made by item 35 of this Schedule applies to assessments for the 1998‑99 income year and later income years.
109 Amendments related to limited recourse debt
(1) Division 243 of the Income Tax Assessment Act 1997 applies to debts that are terminated after 27 February 1998.
(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.
(3) The amendments made by items 83 and 90 of this Schedule apply to assessments for the 1998‑99 income year and later income years.
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 1
62 Application
(2) The amendments made by items 56 and 57 apply to assessments for the 2000‑2001 income year and later income years.
Schedule 2
47 Application
The amendments of the Income Tax Assessment Act 1997 made by this Part apply in respect of the 2001‑2002 income year and later income years.
Schedule 3
19 Application
The amendment of the Income Tax Assessment Act 1997 made by this Part applies, and is taken to have applied, on or after 1 April 2001.
New Business Tax System (Capital Allowances) Act 2001 (No. 76, 2001)
Schedule 1
2 Application
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.
Schedule 2
4 Application
The amendments made by this Schedule apply to assessments for the income year in which 1 July 2000 occurs, and for later income years.
Schedule 3
3 Application
The amendments made by this Schedule apply to plant:
(a) you start to own or be the quasi‑owner of under a contract entered into at or after 10 am, by legal time in the Australian Capital Territory, on 9 May 2001; or
(b) you constructed where the construction started at or after that time; or
(c) you start to own or be the quasi‑owner of in some other way at or after that time.
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.
(1A) The amendment made by item 194 applies to amounts received on or after 1 July 2001.
(1B) The amendments made by items 255 to 258 (inclusive) and 260 to 314 (inclusive) apply to CGT events happening on or after 1 July 2001.
(1C) The amendment made by item 259 applies to balancing adjustment events occurring on or after 1 July 2001.
(2) The amendment made by item 244 applies 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 that item is a time on or after 1 July 2001.
(3) Despite its repeal by item 336 of this Schedule, Division 388 of the former Act continues to apply until the end of the 2002‑03 income year.
Schedule 3
6 Application
The amendments made by this Schedule apply to arrangements entered into on or after 1 July 2001.
New Business Tax System (Simplified Tax System) Act 2001 (No. 78, 2001)
Schedule 1
2 Application of amendments
The amendments made by this Schedule apply to assessments for the first income year starting after 30 June 2001, and for later income years.
Schedule 2
24 Application of amendments
The amendments made by this Schedule apply to assessments for the first income year starting after 30 June 2001, and for later income years.
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.
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 any election made under subitem (6).
Application of the CGT amendments
(3) The amendments made by items 7 to 11 of this Schedule apply to:
(a) equity interests issued or allotted; and
(b) options granted;
on or after 1 July 2001.
(4) The amendments made by items 12 to 32 of this Schedule apply to the conversion of a convertible interest, or the exercise of a right, on or after 1 July 2001.
(5) Section 130‑40 of the Income Tax Assessment Act 1997 applies to all convertible notes acquired before 20 September 1985 as if they were convertible interests.
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) the interest is disregarded for the purposes of paragraph 164‑10(1)(b) and subsection 164‑15(3) of the Income Tax Assessment Act 1997; and
(b) section 164‑15 of the Income Tax Assessment Act 1997 applies to the interest as if references in paragraph 164‑15(3)(b) and subsection 164‑15(4) to 1 July 2001 were references to 1 July 2004.
(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.
Tax Laws Amendment Act (No. 2) 2001 (No. 167, 2001)
Schedule 4
10 Application
The amendments of the Income Tax Assessment Act 1997 made by items 8 and 9 of this Schedule apply to gifts made in the 1997‑98 income year and later income years.
Schedule 7
15 Application of amendments
(1) Subject to subitem (2), the amendments made by this Schedule apply to conservation covenants entered into on or after 15 June 2000.
(2) The amendments made by this Schedule apply to each conservation covenant entered into on or after 1 July 2002 where the covenantor did not receive money, property or other material benefit for entering into the covenant.
Schedule 8
4 Application
The amendments made by this Schedule apply to gifts made, or conservation covenants entered into, on or after 1 July 2002.
Taxation Laws Amendment Act (No. 5) 2001 (No. 168, 2001)
Schedule 1
17 Application
The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply to any withholding payments mentioned in those amendments that an individual receives, or is entitled to receive, on or after 1 July 2002.
Schedule 3
4 Transitional
(1) The amount of the non‑assessable part referred to in section 104‑70 of the Income Tax Assessment Act 1997 is reduced by a further amount if:
(a) the trustee of a trust makes a payment to you in respect of your unit or your interest in the trust; and
(b) the payment is made on or after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 and before 1 July 2001; and
(c) you are the trustee of a trust that is not a complying superannuation entity; and
(d) a discount capital gain is excluded from the net capital gain of the trust making the payment because of step 3 of the method statement in subsection 102‑5(1) of that Act.
(2) The reduction is so much of the excluded discount capital gain as is reflected in the payment.
5 Application
(1) The amendments made by this Schedule apply to payments by trustees made on or after 1 July 2001.
(2) Item 4 applies to payments by trustees made on or after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 and before 1 July 2001.
Schedule 4
7 Application
The amendment of table item 6.2.9 in subsection 30‑55(2) of the Income Tax Assessment Act 1997 applies to gifts made after 9 March 2000.
9 Application
The amendment of table item 7.2.3 in section 30‑65 of the Income Tax Assessment Act 1997 applies to gifts made after 10 January 2001.
16 Application
The amendment of table item 12.2.2 in subsection 30‑100(2) of the Income Tax Assessment Act 1997 applies to gifts made after 23 July 2000.
Schedule 5
5 Application
The amendment made by item 4 applies to income derived on or after 1 July 2000.
Taxation Laws Amendment Act (No. 6) 2001 (No. 169, 2001)
Schedule 4
15 Application
The amendments made by this Schedule apply to LIC capital gains made by listed investment companies on or after 1 July 2001.
Schedule 5
9 Application
The amendments made by this Part apply to things done on or after 15 May 2001.
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.
(2A) The amendments made by items 4A, 4B, 4C and 16M apply to assessments for the 2002‑2003 income year and later income years.
Taxation Laws Amendment (Research and Development) Act 2001
(No. 170, 2001)
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.
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)
Schedule 1
4 Transitional
(1) Section 15‑45 of the Income Tax Assessment Act 1997 may apply differently for the manager of an agreement mentioned in section 82KZMG of the Income Tax Assessment Act 1936 if an entity can first claim a deduction in accordance with section 82KZMG for the 2001‑02 or 2002‑03 income year for an amount paid under the agreement.
(2) The manager can choose to include in the manager’s assessable income for the income year in which the amount was paid one half of the amount that the manager would otherwise be required to include for that year under section 15‑45 of the Income Tax Assessment Act 1997, and to include one half of that amount for the following income year.
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.
(2) The amendments made by Part 2 of this Schedule apply to assessments for the 2000‑01 income year and later income years.
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 (Film Incentives) Act 2002 (No. 27, 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 (Superannuation) Act (No. 2) 2002 (No. 51, 2002)
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.
Taxation Laws Amendment Act (No. 4) 2002 (No. 53, 2002)
Schedule 1
46 Application—amendments of the Income Tax Assessment Act 1997 and the Income Tax (Transitional Provisions) Act 1997
The amendments of the Income Tax Assessment Act 1997 and the Income Tax (Transitional Provisions) Act 1997 made by this Schedule apply in relation to an income year that begins on or after 1 July 2001.
Schedule 2
16 Transitional
The choice referred to in section 124‑865, or subsection 124‑870(1), of the Income Tax Assessment Act 1997 must be made within 12 months after the day on which the Taxation Laws Amendment Act (No. 4) 2002 received the Royal Assent (the Assent day) for a trust restructure that happened on or after 11 November 1999 and before the Assent day.
17 Application of amendments
The amendments made by this Schedule apply to CGT events happening on or after 11 November 1999.
Schedule 4
15 Application
(1) The amendments made by items 1 to 9, 13 and 14 apply to a depreciating asset if the start time for the asset occurs on or after 1 July 2002.
(2) The amendments made by items 10 to 12 apply to a privatised asset held on or after 1 July 2002.
Taxation Laws Amendment Act (No. 2) 2002 (No. 57, 2002)
Schedule 4
4 Application
(2) The amendment made by item 3 of this Schedule applies to tax offsets that relate to dividends paid on or after 1 July 2000.
8 Application
The amendments made by items 5 to 7 of this Schedule apply to assessments for income years ending on or after 22 May 2001.
Schedule 7
3 Application
The amendments made by this Schedule apply to all income years, whether beginning before or after this item commences.
Schedule 9
45 Application—various items in Part 2
The amendments made by items 10, 13, 14, 21, 25, 26, 33 and 36 apply in relation to gifts made after 30 June 1997.
Schedule 11
5 Application
The amendments made by this Schedule apply to CGT events happening on or after 10 December 1999.
Schedule 12
22 Application
The amendment made by item 21 applies to assessments for the 1998‑99 income year and later income years.
24 Application
The amendment made by item 23 applies to assessments for the 1997‑98 income year and later income years.
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) Act (No. 1) 2002 (No. 68, 2002)
Schedule 3
2 Application
The amendment of section 4‑15 of the Income Tax Assessment Act 1997 made by this Schedule applies to the income year including 1 July 2002 and each later income year.
19 Application of amendments of Subdivision 104‑J
The amendments of Subdivision 104‑J of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a break‑up time happening after 30 June 2002.
23 Application of amendments of Subdivision 126‑B
(1) The amendments of Subdivision 126‑B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a trigger event happening after 30 June 2003, except a trigger event to which subitem (2) applies.
(2) This subitem and subitem (3) apply to a trigger event if:
(a) the originating company or the recipient company involved in the trigger event becomes a member of a consolidated group, or MEC group, on the day (the consolidation day) on which that 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 originating company was not a member of a consolidated group or MEC group before the consolidation day.
(3) The amendments of Subdivision 126‑B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to the trigger event if it happens on or after the consolidation day.
37 Basic rule about application of amendments of Division 170
(1) The amendments of Division 170 of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a company 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 company to which item 38 applies.
38 Different application for members of certain groups
(1) This item applies 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.
(2) The amendments of Division 170 of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to the company 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.
39 Transfer for final income year before amendments apply
(1) In this item:
apportioning day of a company means:
(a) if item 37 applies to the company—1 July 2003; or
(b) if item 38 applies to the company—the consolidation day.
Application
(2) This item applies to these transfers under Subdivision 170‑A or 170‑B of the Income Tax Assessment Act 1997 involving a company:
(a) a transfer by the company of a loss it made for the income year (the final year) just before the first income year for which the amendments of those Subdivisions by this Schedule apply to the company;
(b) a transfer to the company for the final year of a loss made for that income year or an earlier income year.
However, this item does not apply to a transfer involving companies that would satisfy either subsections 170‑30(3) and (4) or 170‑130(3) and (4) of that Act (as amended by this Schedule) if those subsections applied for the final year.
Object
(3) The main object of this item is to ensure that the company can either:
(a) transfer a loss it makes for the final year only so far as the loss is attributable to so much of the final year as occurs before its apportioning day; or
(b) utilise a loss transferred to it to reduce income or gains for the final year only so far as the income or gains are attributable to so much of the final year as occurs before its apportioning day.
Apportioning limit on transferring company’s loss for final year
(4) Despite section 170‑45 of the Income Tax Assessment Act 1997, the amount of a tax loss made for the final year by the company that can be transferred cannot exceed the amount worked out using the formula:
Note: If the company’s final year ends just before its apportioning day, this subitem does not reduce the amount of the tax loss the company can transfer.
(5) Despite section 170‑145 of the Income Tax Assessment Act 1997, a net capital loss made for the final year by the company:
(a) can be transferred only if the sum of the capital losses made by the company during the final year before its apportioning day exceeds the sum of the capital gains made by the company during the final year before its apportioning day; and
(b) cannot be transferred to an extent greater than that excess.
Note: If the company’s final year ends just before its apportioning day, this subitem does not reduce the amount of the net capital loss the company can transfer.
Apportioning limit based on transferee company’s income or gains for final year
(6) Despite section 170‑45 of the Income Tax Assessment Act 1997, the amount of a tax loss (for the final year or an earlier income year) that can be transferred to the company for the final year cannot exceed the amount worked out using the formula:
Note: If the company’s final year ends just before its apportioning day, this subitem does not reduce the amount of the tax loss that can be transferred to the company.
(7) Despite section 170‑145 of the Income Tax Assessment Act 1997, a net capital loss (for the final year or an earlier income year) can be transferred to the company for the final year:
(a) only if the company would have had a net capital gain for the final year apart from that section had the final year ended on the day before the company’s apportioning day; and
(b) only to the extent to which it could have been transferred consistently with subsection 170‑145(6) of that Act if the result of step 1 of the method statement had been the amount of the company’s net capital gain worked out on the basis described in paragraph (a) of this subitem.
Note: If the company’s final year ends just before its apportioning day, this subitem does not reduce the amount of the net capital loss that can be transferred to the company.
Transfer not prevented by transferor joining consolidated group
(8) Subsections 170‑45(1) and 170‑145(1) of the Income Tax Assessment Act 1997 apply in relation to a transfer from a company (whether or not it is the company mentioned in subitem (4) or (5)) that becomes a member of a consolidated group or MEC group as if the fact that the company becomes such a member does not affect its ability to carry forward losses for the final year or an earlier income year.
Application to non‑membership periods less than a year
(9) If, under section 701‑30 of the Income Tax Assessment Act 1997, the company has a non‑membership period that ends just before the company first becomes a subsidiary member of a consolidated group or MEC group, Subdivisions 170‑A and 170‑B of that Act and subitems (3) to (8) (inclusive) apply in relation to the period as if it were the final year.
(10) To avoid doubt, section 701‑30 of the Income Tax Assessment Act 1997 does not prevent a company from transferring under Subdivision 170‑A or 170‑B of that Act (applying as described in subitem (9)) a non‑membership period loss described in that section for the non‑membership period mentioned in that subitem.
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 14
19 Application
The amendments made by this Schedule apply to a time at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
Schedule 15
13 Saving for former Division 138
Despite the repeal by item 9, the repealed provisions continue to apply to an act referred to in Division 138 of the Income Tax Assessment Act 1997 as the trigger event, if the act was done:
(a) under a scheme entered into before 27 June 2002; or
(b) on or after 27 June 2002 and before 1 July 2002.
14 Saving for former Division 139
Despite the repeal by item 10, the repealed provisions continue to apply to an event or act referred to in Division 139 of the Income Tax Assessment Act 1997 as the trigger event, if the event happened, or the act was done:
(a) under a scheme entered into before 27 June 2002; or
(b) on or after 27 June 2002 and before 1 July 2002.
15 Saving for former provisions about direct value shifts
Despite the repeal by item 11, the repealed provisions continue to apply to a scheme, unless Division 725 of the Income Tax Assessment Act 1997 applies to the scheme.
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.
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 2
11 Application of certain amendments
The amendments made by items 1 to 7 apply on and after 1 July 2002.
Schedule 8
6 Application of amendments
The amendments made by this Schedule to subsections 719‑5(4) and 719‑40(1) of the Income Tax Assessment Act 1997 apply in relation to a notice, whether given before, at or after the commencement of this item.
Schedule 12
12 Application of amendments of Subdivision 170‑A
The amendments of Subdivision 170‑A of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to deduction years ending after 1 July 2002.
22 Application of amendments of Subdivision 170‑B
The amendments of Subdivision 170‑B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to application years ending after 1 July 2002.
Schedule 17
6 Application
(1) The amendments of the Income Tax Assessment Act 1997 made by items 1, 4 and 5 of this Schedule apply to non‑share dividends paid after 30 June 2002.
(2) The amendment of the Income Tax Assessment Act 1997 made by item 2 of this Schedule applies to franking periods that begin after 30 June 2002.
Taxation Laws Amendment Act (No. 5) 2002 (No. 119, 2002)
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
The amendments of the Income Tax (Transitional Provisions) Act 1997 and the Income Tax Assessment Act 1997 made by this Schedule apply to assessments for the 2001‑2002 income year.
Schedule 2
7 Application
The amendments made by this Schedule apply to amounts paid on or after 23 September 1998.
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.
(2) The amendments made by items 40 to 49 (inclusive) of this Schedule apply to expenditure that does not form part of the cost of a depreciating asset incurred on or after 1 July 2001.
(3) The amendments made by items 59 and 60 of this Schedule apply to balancing adjustment events occurring on or after 1 July 2001.
(4) The amendments made by items 61 and 64 to 71 (inclusive) of this Schedule apply to CGT events happening on or after 1 July 2001.
(5) The amendment made by item 62 of this Schedule applies to assessments for the income year in which 29 January 2001 occurs and later income years.
(6) The amendment made by item 63 of this Schedule applies to assessments for the income year in which 1 July 2001 occurs and later income years.
(7) The amendment made by item 64 of this Schedule applies to debts that are terminated after 27 February 1998.
(8) The amendments made by items 72, 73, 74, 75, 77 and 78 of this Schedule apply to assessments for the first income year starting after 30 June 2001, and for later income years.
Taxation Laws Amendment (Venture Capital) Act 2002 (No. 136, 2002)
Schedule 1
27 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.
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.
Schedule 3
18 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 (Structured Settlements and Structured Orders) Act 2002 (No. 139, 2002)
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
16A Application of amended definitions
(1) The amendments made by items 1A and 12A apply to assessments for the 2001‑2002 income year and later income years.
(2) However, the amendments do not apply unless the date of the settlement or order (within the meaning of Division 54 of the Income Tax Assessment Act 1997) is 26 September 2001 or a later date.
Taxation Laws Amendment Act (No. 1) 2003 (No. 12, 2003)
Schedule 2
2 Application of amendment
The amendment of the Income Tax Assessment Act 1997 made by this Schedule applies to assessments for the 2001‑2002 income year and later income years.
Schedule 3
2 Application
The amendment made by this Part applies to an assessment for the income year including 1 January 2003 or a later income year.
6 Application
The amendments made by this Part apply to an assessment for the income year including 1 January 2003 or a later income year.
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.
13 Application
The definition of scholarship plan in subsection 995‑1(1) of the Income Tax Assessment Act 1997 as amended by this Part applies on and after 1 January 2003.
New Business Tax System (Consolidation and Other Measures) Act 2003
(No. 16, 2003)
Schedule 9
21 Application of amendments of subsection 995‑1(1)
The amendments of subsection 995‑1(1) of the Income Tax Assessment Act 1997 made by this Part apply on and after 1 July 2002.
Schedule 13
5 Application of amendment of subsection 995‑1(1)
The amendment of subsection 995‑1(1) of the Income Tax Assessment Act 1997 made by this Schedule applies on and after 1 July 2002.
Schedule 24
23 Application of amendments
The amendments made by items 20 to 22 apply on and after 1 July 2002.
Schedule 26
8 Application
The amendments made by this Schedule apply to a time at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
Schedule 27
21 Application
(1) The amendments made by items 1 and 2 of this Schedule apply to distributions made after 30 June 2002.
(2) The amendments made by items 3 to 19 of this Schedule apply to events that occur after 30 June 2002.
Schedule 28
19 Application
(1) The amendment made by item 1 of this Schedule applies to distributions made after 30 June 2002.
(2) The amendment made by item 2 of this Schedule applies where the franking periods to which the notice relates occur after 30 June 2002.
(3) The amendments made by items 3 to 12 and item 16 of this Schedule apply to income years ending after 30 June 2002.
Schedule 30
2 Application
The amendments made by this Schedule apply to distributions made after 30 June 2002.
Family and Community Services Legislation Amendment (Australians Working Together and other 2001 Budget Measures) Act 2003 (No. 35, 2003)
Schedule 2
7 Application provision
The amendments made by items 5 and 6 of this Schedule apply in relation to assessments in respect of income of the first year of income ending after the commencement of this Schedule and of all later years of income.
Taxation Laws Amendment Act (No. 2) 2003 (No. 65, 2003)
Schedule 2
5 Application
The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply to assessments for the 1996‑97 income year and assessments for later income years.
Taxation Laws Amendment Act (No. 4) 2003 (No. 66, 2003)
Schedule 2
17 Application of amendments
The amendments made by this Schedule apply to assessments for the income year in which 1 July 2001 occurred and later income years.
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.
(2) The amendment made by item 71 applies to things done on or after 1 July 2000.
(3) The amendments made by items 92, 93 and 95 apply to assessments for the 1997‑98 income year and later income years.
(4) The amendments made by items 91 and 94 apply to assessments for the 2000‑01 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.
(6) The amendments made by items 109 and 110 apply to events that occur on or after 1 July 2002.
(8) The amendments made by items 70A and 128A apply to an assessment for the income year including 1 January 2003 or a later income year.
141 Transitional
(1) Subparagraphs 207‑120(1)(b)(ii) and 207‑120(2)(b)(ii) of the Income Tax Assessment Act 1997 have effect during the period starting on 1 July 2002 and ending just before the start of the 2003‑04 income year as if references in those subparagraphs to an amount being non‑assessable non‑exempt income were references to the amount being neither assessable income nor exempt income.
(2) Paragraphs 15‑60(3)(b) and 320‑112(3)(b) of the Income Tax Assessment Act 1997 have effect during any period starting before the start of the 2003‑04 income year as if references in those paragraphs to an amount being non‑assessable non‑exempt income were references to the amount being neither assessable income nor exempt income.
Schedule 4
5 Application
(1) The amendment made by item 1 of this Schedule applies to tax offsets arising because of events that occur on or after 1 July 2000.
(2) The amendment made by item 2 of this Schedule applies to tax offsets arising because of events that occur on or after 1 July 2002.
(3) The amendments made by items 3 and 4 of this Schedule apply to tax offsets arising because of premiums, or amounts in respect of premiums, paid on or after 1 July 2002.
Schedule 6
3 Application
The amendments made by this Schedule apply to payments made after the commencement of this Schedule.
Schedule 7
9 Application
The amendments made by items 6 to 8 of this Schedule apply to CGT events that happen on or after 1 April 2003.
Taxation Laws Amendment Act (No. 6) 2003 (No. 67, 2003)
Schedule 8
3 Application
Items 1 and 2 of Schedule 15 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 are taken always to have had effect as amended by this Schedule.
Schedule 10
23 Application
The amendments made by this Division apply to transactions, events and things in relation to which section 960‑50 of the Income Tax Assessment Act 1997 applies, or would apply apart from subsection (10) of that section, because of paragraph 960‑55(1)(a) of that Act.
Australian Heritage Council (Consequential and Transitional Provisions) Act 2003 (No. 86, 2003)
Schedule 1
5 Application of amendment of section 30‑15
The amendment of section 30‑15 of the Income Tax Assessment Act 1997 applies to gifts made after the commencement of Divisions 1A and 3A of Part 15 of the Environment Protection and Biodiversity Conservation Act 1999 and Part 5 of the Australian Heritage Council Act 2003.
Taxation Laws Amendment Act (No. 3) 2003 (No. 101, 2003)
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
22 Application
The amendment made by item 2 applies to gifts made after 30 June 1997.
Schedule 2
12 Application
(1) The amendments made by items 1, 2, 4, 7, 8, 10 and 11 apply to assessments for the 1998‑99 income year and later income years.
(2) The amendments made by items 3 and 5 apply to shares or rights where the beneficial interest in the share or right was acquired after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001.
(3) The amendments made by items 6 and 9 apply to shares or rights acquired (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936) by you after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. Those amendments also apply to shares or rights acquired by you at or before that time if you choose that the amendments apply.
(4) A share or right that, under section 139DQ of the Income Tax Assessment Act 1936, is treated as if it were a continuation of another share or right for the purposes of Division 13A of Part III of that Act:
(a) is treated in the same way for the purposes of subitem (3) of this item; and
(b) is taken, for the purposes of that subitem, to have been acquired at the time of the last acquisition of the share or right that was not treated as such a continuation for the purposes of that Division.
Schedule 3
6 Application
The amendments made by this Schedule apply to distributions made on or after 1 July 2002.
Taxation Laws Amendment Act (No. 8) 2003 (No. 107, 2003)
Schedule 1
9 Application
(1) The amendments made by Part 1 of this Schedule apply to non‑share dividends paid after 30 June 2002.
Schedule 2
40 Application
The amendments made by this Schedule apply on and after 1 July 2002.
Schedule 3
2 Application
The amendment made by this Schedule applies to conservation covenants entered into on or after 1 July 2002.
Schedule 5
3 Application of amendments
The amendments made by items 1 and 2 apply in relation to gifts made on or after 1 July 2003.
Schedule 7
9 Application
Subject to the rules on the application of Part 3‑6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997, the amendments made by items 1 to 8 apply to events that occur on or after 1 July 2002.
18 Application
The amendments made by items 13 to 17 apply 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.
New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (No. 133, 2003)
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
(2) The amendments of sections 122‑25, 122‑135 and 126‑50 of the Income Tax Assessment Act 1997 made by this Schedule apply to the disposal or redemption of an exchangeable interest on or after 1 July 2001.
Schedule 2
9 Application of amendments
The amendments made by this Schedule apply to the conversion of a convertible interest on or after 1 July 2001.
Schedule 3
2 Application of amendment
The amendment made by this Schedule applies to the exercise of a right on or after 1 July 2001.
Schedule 4
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)
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.
49 Application
The amendments made by this Part (except items 50 and 51) do not apply for the purposes of working out a capital gain made from a CGT event happening before 1 July 2002.
51 Application
Item 31 of Schedule 4 to the Taxation Laws Amendment Act (No. 7) 2000 is taken always to have had effect as amended by item 50 of this Schedule.
Schedule 3
15 Application
The amendments made by this Part apply in relation to an income year that begins on or after 1 July 2003.
18 Application
The amendments made by this Part apply in relation to an income year that begins on or after 1 July 2003, and are not intended to affect the interpretation of subsection 820‑680(1) as applying in relation to an income year that starts before that day.
Schedule 7
15 Application
(1) The amendments made by this Part apply to assessments for the 1997‑98 income year and later income years.
(2) However, an amendment made by this Part affecting a provision does not apply to anything to which the provision did not apply before the amendment.
Example: Section 707‑125 of the Income Tax Assessment Act 1997 applies on and after 1 July 2002. Despite the reference in subitem (1) to the 1997‑98 income year, the amendments of that section made by this Part do not apply before 1 July 2002.
23 Application
The amendments made by this Part apply to assessments for the 1998‑99 income year and later income years.
Schedule 8
24 Application of amendments
(2) The amendments made by items 7, 8, 9, 12, 14, 15 and 16 apply in relation to the deduction of a tax loss in the income year including 1 July 2002 and each later income year.
(3) The amendments made by items 4, 5, 6, 10, 11, 13, 17, 17A, 17B, 18, 19, 20 and 21 apply to the income year including 1 July 2002 and each later income year.
Taxation Laws Amendment Act (No. 2) 2004 (No. 20, 2004)
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
6 Application of amendments in items 2, 3 and 4
The amendments made by items 2, 3 and 4 of this Schedule apply to assessments for the 2000‑2001 income year and each subsequent income year.
Schedule 4
9 Application
The amendments made by this Schedule apply to sugar industry exit grants received on or after 1 February 2003.
Schedule 7
9 Application
The amendments made by this Schedule apply to balancing adjustment events occurring on or after 1 July 2001.
Schedule 8
14 Application of amendments made by this Schedule
The amendments made by this Schedule apply on and after 1 July 2002.
Family Assistance Legislation Amendment (Extension of Time Limits) Act 2004
(No. 33, 2004)
Schedule 1
9 Application
The amendments made by this Part apply to fees or commission incurred, and in relation to advice provided, either before or after the commencement of this Part.
Military Rehabilitation and Compensation (Consequential and Transitional Provisions) Act 2004 (No. 52, 2004)
Schedule 4
14 Application of amendments
(2) Subject to subitem (3), the amendments made by Part 2 of this Schedule apply to assessments for the 2004‑05 income year and later income years.
(3) Subsections 51‑32(1) and (4) and 51‑33(1) of the Income Tax Assessment Act 1997, substituted by item 10 of this Schedule, apply to assessments for the 1996‑97 income year and later income years.
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
38 Application of amendment of section 52‑150
The amendment of section 52‑150 of the Income Tax Assessment Act 1997 made by this Division applies to assessments for the 2004‑05 income year and later income years.
42 Application of amendments of Division 61
The amendments of Division 61 of the Income Tax Assessment Act 1997 made by this Division apply to assessments for the 2001‑02 income year and later income years.
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.
Bankruptcy Legislation Amendment Act 2004 (No. 80, 2004)
Schedule 1
212 Transitional—pre‑commencement deeds and compositions
(1) For the purposes of this item, if a deed of assignment or a deed of arrangement was executed by a debtor and a trustee under Part X of the Bankruptcy Act 1966 before the commencement of this item, the deed is a pre‑commencement deed.
(2) For the purposes of this item, if a composition was accepted before the commencement of this item by a special resolution of a meeting of creditors under section 204 of the Bankruptcy Act 1966, the composition is a pre‑commencement composition.
(3) Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a) the Bankruptcy Act 1966 and regulations under that Act; and
(b) the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c) a pre‑commencement deed; and
(d) a pre‑commencement composition; and
(e) any matter connected with, or arising out of:
(i) a pre‑commencement deed; or
(ii) a pre‑commencement composition;
as if those repeals had not happened and those amendments had not been made.
213 Transitional—pre‑commencement authorities
(1) For the purposes of this item, if:
(a) an authority given by a debtor under section 188 of the Bankruptcy Act 1966 became effective before the commencement of this item; and
(b) as at the commencement of this item, none of the following had happened:
(i) the execution by the debtor and the trustee of a deed of assignment under Part X of the Bankruptcy Act 1966;
(ii) the execution by the debtor and the trustee of a deed of arrangement under Part X of the Bankruptcy Act 1966;
(iii) the acceptance of a composition by a special resolution of a meeting of the debtor’s creditors under section 204 of the Bankruptcy Act 1966;
the authority is a pre‑commencement authority.
(2) Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a) the Bankruptcy Act 1966 and regulations under that Act; and
(b) the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c) a pre‑commencement authority; and
(d) the control of the debtor’s property following a pre‑commencement authority becoming effective; and
(e) a meeting of the debtor’s creditors called under a pre‑commencement authority; and
(f) whichever of the following is applicable:
(i) a deed of assignment executed after the commencement of this item by the debtor and the trustee under Part X of the Bankruptcy Act 1966 in accordance with a special resolution of such a meeting;
(ii) a deed of arrangement executed after the commencement of this item by the debtor and the trustee under Part X of the Bankruptcy Act 1966 in accordance with a special resolution of such a meeting;
(iii) a composition accepted after the commencement of this item by a special resolution of such a meeting; and
(g) any other matter connected with, or arising out of:
(i) a pre‑commencement authority; or
(ii) a deed of assignment mentioned in subparagraph (f)(i); or
(iii) a deed of arrangement mentioned in subparagraph (f)(ii); or
(iv) a composition mentioned in subparagraph (f)(iii);
as if those repeals had not happened and those amendments had not been made.
215 Transitional—regulations
(1) The regulations may make provision for matters of a transitional nature arising from the amendments made by Parts 1 and 2 of this Schedule.
(2) The Governor‑General may make regulations for the purposes of subitem (1).
Tax Laws Amendment (2004 Measures No. 2) Act 2004 (No. 83, 2004)
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
(2) The amendments made by items 85 to 94 apply in relation to depreciating assets that, apart from the effect of any of those amendments, a life insurance company:
(a) started to hold under a contract entered into after 30 June 2001; or
(b) started to construct after that day; or
(c) started to hold in some other way after that day.
(3) The amendments made by items 95 to 99 apply in relation to a consolidated group that comes into existence on or after 1 July 2002.
(4) The amendment made by item 100 applies to assessments for the 2001‑2002 income year and later income years, where the date of the settlement or order (within the meaning of Division 54 of the Income Tax Assessment Act 1997) is 26 September 2001 or a later date.
(5) The amendments made by items 101 to 104 apply to amounts derived by a life insurance company on or after 1 July 2000.
(8) The amendment made by item 116 applies to any reinsurance commission received or recovered by a life insurance company at any time after the day on which this Act receives the Royal Assent.
(9) The amendments made by items 117 to 122 apply to the 2003‑2004 income year and later income years.
(10) The amendments made by items 123 and 124 apply to the income year in which 30 June 2002 occurs and later income years.
Schedule 2
1 Application
Except as provided otherwise, the amendments made by this Schedule apply on and after 1 July 2002.
6 Application
The amendment made by this Schedule to subsection 124‑380(7) of the Income Tax Assessment Act 1997 applies to choices made after the commencement of this item.
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.
53 Application of amendment of subparagraph 717‑15(1)(b)(i)
The amendment of subparagraph 717‑15(1)(b)(i) of the Income Tax Assessment Act 1997 made by this Division applies to consolidated groups that come into existence on or after 1 July 2004.
64 Application
The amendments made by this Part apply to assessments for the 1998‑99 income year and later income years.
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 5
2 Application
The amendment made by this Schedule applies to shares or units acquired under a demerger on or after 1 July 2002.
Schedule 6
4 Application
The amendments made by this Schedule apply to amounts paid on or after 1 July 2003.
Schedule 8
11 Application
The amendments made by items 9 and 10 apply to gifts made on or after 1 April 2004.
Schedule 10
43 Application provisions
(2) Subject to the rules on the application of Part 3‑6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997, the amendments made by the following items of this Schedule apply to events that occur on or after 1 July 2002:
(a) items 3 to 23;
(b) item 29;
(c) item 41.
(3) The amendments made by items 24 to 28 of this Schedule apply to assessments for the 2003‑04 income year and later income years.
(4) Subject to the rules on the application of Part 3‑6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997, the amendments made by the following items of this Schedule apply in relation to things happening on or after 1 April 2003:
(a) items 30 to 40;
(b) item 42.
44 Transitional provision
Subparagraph 207‑110(1)(b)(ii) of the Income Tax Assessment Act 1997 as amended by item 29 of this Schedule has effect during the period starting on 1 July 2002 and ending just before the start of the 2003‑04 income year as if the reference in that subparagraph to an amount being non‑assessable non‑exempt income were a reference to the amount being neither assessable income nor exempt income.
Schedule 12
9 Application
The amendments made by this Part apply to assessments for the 2000‑2001 income year and each subsequent income year.
16 Application
The amendments made by this Part apply to assessments for the income year after the income year in which this Act receives the Royal Assent and each subsequent income year.
Superannuation Laws Amendment (2004 Measures No. 1) Act 2004
(No. 92, 2004)
Schedule 1
3 Application of item 2
The amendment made by item 2 of this Schedule applies to assessments for the 2004‑2005 income year and for subsequent income years.
Superannuation Laws Amendment (2004 Measures No. 2) Act 2004
(No. 93, 2004)
4 Application of amendments
(1) The amendment made by item 3 of Schedule 1 applies to assessments for the 2004‑2005 income year and for subsequent income years.
Tax Laws Amendment (2004 Measures No. 1) Act 2004 (No. 95, 2004)
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
11 Application
The amendments made by this Schedule apply to assessments for the 2001‑2002 income year and each later income year.
Schedule 3
7 Application of amendments
The amendments made by this Schedule apply to CGT events happening after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
8 Transitional: general
(1) In this item and in item 9:
assent day means the day on which this Act receives the Royal Assent.
(2) The subsection 152‑30(5) of the Income Tax Assessment Act 1997 inserted by this Schedule applies to assessments for the 1999‑2000, 2000‑01 and 2001‑02 income years as if the reference to any of the 4 income years before the income year for which relief is sought for a CGT event under Division 152 of that Act were a reference to the income year for which that relief is sought.
(3) The following subitems apply in relation to:
(a) a CGT event that happened before the assent day; and
(b) an entity who becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of this Schedule.
(4) Despite subsection 103‑25(1) of the Income Tax Assessment Act 1997, any such choice must be made by the entity by the latest of:
(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and
(b) 12 months after the assent day; and
(c) a later day allowed by the Commissioner of Taxation.
(5) The period within which the entity must acquire a replacement asset as mentioned in subsection 152‑420(1) or (2) of the Income Tax Assessment Act 1997 ends on the latest of:
(a) 2 years after the happening of the last CGT event in the income year for which the entity obtained the small business roll‑over; and
(b) 12 months after the assent day; and
(c) a later day allowed by the Commissioner of Taxation.
(6) The period within which a replacement asset the entity acquires must be an active asset as mentioned in subsection 152‑420(4) of the Income Tax Assessment Act 1997 (if it is not an active asset when acquired) ends on the latest of:
(a) 2 years after the happening of the last CGT event in the income year for which the entity obtained the small business roll‑over; and
(b) 12 months after the assent day; and
(c) a later day allowed by the Commissioner of Taxation.
9 Transitional: choice
(1) This item applies to CGT events that happen no later than the end of the 2003‑04 income year.
(2) Subject to subitem (3), an entity can choose that Division 152 of the Income Tax Assessment Act 1997 apply to such a CGT event as if the amendments made by this Schedule had not been made.
(3) However, subsection 152‑30(6) inserted by item 4 of this Schedule applies to those CGT events.
(4) A choice under this item must be made by the latest of:
(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and
(b) 12 months after the assent day; and
(c) a later day allowed by the Commissioner of Taxation.
Schedule 5
9 Application
The amendments made by this Schedule apply to CGT events that happen after the end of the day the Bill for this Act was introduced into the Parliament.
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 10
44 Transitional—GST and FBT endorsements
(1) This item applies in relation to an entity if:
(a) immediately before 1 July 2005, the entity was endorsed under section 30‑120 or section 50‑105 of the Income Tax Assessment Act 1997; and
(b) the entity failed to notify the Commissioner in writing before 1 July 2005 that it chose not to have this item apply to it.
(2) The entity is taken to have made an application to the Commissioner under section 426‑15 in Schedule 1 to the Taxation Administration Act 1953 for whichever of these kinds of endorsement is most appropriate for the entity:
(a) endorsement as a charitable institution under subsection 176‑1(1) of the A New Tax System (Goods and Services Tax) Act 1999;
(b) endorsement as a trustee of a charitable fund under subsection 176‑5(1) of the A New Tax System (Goods and Services Tax) Act 1999.
(3) The entity is taken to have made an application to the Commissioner under section 426‑15 in Schedule 1 to the Taxation Administration Act 1953 for whichever of these kinds of endorsement is most appropriate for the entity:
(a) endorsement as a public benevolent institution under subsection 123C(1) of the Fringe Benefits Tax Assessment Act 1986;
(b) endorsement for the operation of a public benevolent institution under subsection 123C(3) of the Fringe Benefits Tax Assessment Act 1986;
(c) endorsement as a health promotion charity under subsection 123D(1) of the Fringe Benefits Tax Assessment Act 1986;
(d) endorsement under subsection 123E(1) of the Fringe Benefits Tax Assessment Act 1986 as a charitable institution covered by paragraph 65J(1)(baa) of that Act.
45 Transitional—acts or things done before commencement under repealed endorsement provisions
(1) In this item:
repealed provision means any of these provisions (as in force immediately before the commencement of this item):
(a) sections 30‑130 to 30‑175 of the Income Tax Assessment Act 1997;
(b) sections 50‑115 to 50‑160 of that Act.
(2) This item applies to an act or thing if:
(a) the act or thing was done before the commencement of this item; and
(b) the act or thing was done under, or for the purposes of, a repealed provision.
(3) The act or thing has effect, after the commencement of this item, as if it had been done under, or for the purposes of, the corresponding provision of the Taxation Administration Act 1953 (as in force on and after the commencement of this item).
New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (No. 96, 2004)
Schedule 1
1 Application
The amendments made by this Schedule apply in relation to a CGT event happening on or after 1 April 2004.
Schedule 2
140 Application of amendments
(2) Subject to subitem (2A), the amendments made by Parts 2 and 3 of this Schedule apply to things happening after 30 June 2004.
Taxation Laws Amendment Act (No. 1) 2004 (No. 101, 2004)
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 3
72 Transitional—Division 30 of the Income Tax Assessment Act 1997
(1) Despite the amendments made by this Schedule, Division 30 of the Income Tax Assessment Act 1997 continues to apply, in relation to gifts made before 1 July 2003, as if those amendments had not been made.
(2) Despite the amendments made by this Schedule, Subdivision 30DE of the Income Tax Assessment Act 1997 continues to apply, in relation to covenants entered into under Division 31 of that Act before 1 July 2003, as if those amendments had not been made.
Schedule 7
8 Application
Subject to the rules on the application of Part 3‑6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997, the amendments made by items 1 to 7 apply to events that occur on or after 1 July 2002.
Schedule 9
17 Application of amendments
The amendments made by this Schedule apply to CGT events happening on or after 11 March 2002.
Schedule 11
143 Application
The amendment of section 43‑55 of the Income Tax Assessment Act 1997 made by this Part applies in relation to the income year including 1 July 2001 and later income years.
145 Application
The amendment of section 208‑145 of the Income Tax Assessment Act 1997 made by this Part applies in relation to income years ending on or after 1 July 2002.
Tax Laws Amendment (2004 Measures No. 3) Act 2004 (No. 105, 2004)
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.
Tax Laws Amendment (Wine Producer Rebate and Other Measures) Act 2004
(No. 129, 2004)
Schedule 3
25 Application
The amendments made by this Schedule do not apply to a grapevine:
(a) for which an entity has satisfied a condition in subsection 40‑525(3) of the Income Tax Assessment Act 1997 (as in force immediately before the commencement of this Schedule) before 1 October 2004; and
(b) that the entity first used in a primary production business for the purpose of producing assessable income before 1 October 2004; and
(c) for which the entity has deducted or can deduct an amount worked out under section 40‑550 of that Act (as so in force).
Family and Community Services and Veterans’ Affairs Legislation Amendment (2004 Election Commitments) Act 2004 (No. 132, 2004)
Schedule 2
13 Special payment of seniors concession allowance in December 2004
(1) In this item:
1 December test day means the seniors concession allowance test day that occurs on 1 December 2004.
Administration Act means the Social Security (Administration) Act 1999 as amended by this Schedule and Schedule 1 to this Act.
seniors concession allowance means seniors concession allowance under Part 2.25B of the Act.
seniors concession allowance test day has the meaning given by subsection 1061UA(3) of the Act.
social security law means the social security law (within the meaning of subsection 23(17) of the Act) as amended by this Schedule and Schedule 1 to this Act.
the Act means the Social Security Act 1991 as amended by this Schedule and Schedule 1 to this Act.
transitional day means a day in December 2004 (other than 1 December 2004).
Veterans’ Entitlements Act means the Veterans’ Entitlements Act 1986 as amended by this Schedule and Schedule 1 to this Act.
(2) Transitional seniors concession allowance is payable under this item to a person in relation to the transitional day if:
(a) seniors concession allowance would be payable to the person under section 1061UA of the Act in relation to the transitional day if that day were a seniors concession allowance test day; and
(b) seniors concession allowance was not payable to the person under section 1061UA of the Act in relation to the 1 December test day.
(3) Transitional seniors concession allowance is payable only once in relation to December 2004.
(4) If transitional seniors concession allowance is payable to a person in relation to the transitional day, the person is to be paid an instalment of the allowance as soon as is reasonably practicable on or after the transitional day. The amount of the instalment is $100.
(5) For the purposes of the social security law, the Veterans’ Entitlements Act and the Income Tax Assessment Act 1997:
(a) transitional seniors concession allowance payable under this item in relation to the transitional day is to be treated as if it were seniors concession allowance payable under Part 2.25B of the Act in relation to the 1 December test day; and
(b) an instalment of transitional seniors concession allowance paid under this item in relation to the transitional day is to be treated as if it were a payment of an instalment of seniors concession allowance under section 49B of the Administration Act in relation to the 1 December test day.
(6) The Consolidated Revenue Fund is appropriated for the purposes of this item.
24 Special payment of seniors concession allowance in December 2004
(1) In this item:
1 December test day means the seniors concession allowance test day that occurs on 1 December 2004.
seniors concession allowance means seniors concession allowance under Part VIIAD of the Act.
seniors concession allowance test day has the meaning given by section 118P of the Act.
Social Security Act means the Social Security Act 1991 as amended by this Schedule and Schedule 1 to this Act.
social security law means the social security law (within the meaning of subsection 23(17) of the Social Security Act) as amended by this Schedule and Schedule 1 to this Act.
the Act means the Veterans’ Entitlements Act 1986 as amended by this Schedule and Schedule 1 to this Act.
transitional day means a day in December 2004 (other than 1 December 2004).
(2) Transitional seniors concession allowance is payable under this item to a person in relation to the transitional day if:
(a) seniors concession allowance would be payable to the person under section 118PB of the Act in relation to the transitional day if that day had been a seniors concession allowance test day; and
(b) seniors concession allowance was not payable to the person under section 118PB of the Act in relation to the 1 December test day.
(3) Transitional seniors concession allowance is payable only once in relation to December 2004.
(4) If transitional seniors concession allowance is payable to a person in relation to the transitional day, the person is to be paid an instalment of the allowance as soon as is reasonably practicable on or after the transitional day. The amount of the instalment is $100.
(5) For the purposes of the Act, the social security law and the Income Tax Assessment Act 1997:
(a) transitional seniors concession allowance payable under this item in relation to the transitional day is to be treated as if it were seniors concession allowance payable under Part VIIAD of the Act in relation to the 1 December test day; and
(b) an instalment of transitional seniors concession allowance paid under this item in relation to the transitional day is to be treated as if it were a payment of an instalment of seniors concession allowance under Part VIIAD of the Act in relation to the 1 December test day.
(6) The Consolidated Revenue Fund is appropriated for the purposes of this item.
Private Health Insurance Incentives Amendment Act 2005 (No. 9, 2005)
Schedule 1
7 Application of amendments
The amendments made by this Schedule apply to amounts of premium, and amounts in respect of premium, paid or payable in respect of a period beginning on or after 1 April 2005.
New International Tax Arrangements (Managed Funds and Other Measures) Act 2005 (No. 21, 2005)
Schedule 1
7 Application
(1) The amendments made by items 1 to 3, and 5 and 6, of this Schedule apply to capital gains or capital losses made on or after the day on which this Act receives the Royal Assent.
(2) The amendment made by item 4 of this Schedule applies to payments made on or after the day on which this Act receives the Royal Assent.
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).
Tax Laws Amendment (2004 Measures No. 6) Act 2005 (No. 23, 2005)
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
Except as provided otherwise, the amendments made by this Schedule apply on and after 1 July 2002.
19 Application
The amendments of section 165‑115ZC of the Income Tax Assessment Act 1997 made by this Part apply if the alteration time mentioned in that section is after 10 November 1999.
Schedule 2
14 Application
(1) The amendments made by items 1 to 6 and 8 to 11 of this Schedule apply to copyright income, and non‑copyright income, collected or derived by a copyright collecting society on or after 1 July 2002, unless the society has made an election in accordance with section 410‑1 of the Income Tax (Transitional Provisions) Act 1997.
Note: If the society has made an election, then from 1 July 2004, the amendments listed above apply to all copyright income, and non‑copyright income, collected or derived by the society on or after 1 July 2004.
(2) The amendments made by items 7 and 13 of this Schedule apply to payments of copyright income or non‑copyright income made by a copyright collecting society in an income year after the income year in which this item commences.
Schedule 3
111 Application of amendments
(1) Subject to the rules on the application of Part 3‑6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997, the amendments made by Part 1 of this Schedule (other than items 5, 6 and 7) apply to events that occur on or after 1 July 2002.
(2) The amendments made by items 5, 6 and 7 of this Schedule apply to assessments for the 2002‑03 year of income and later years of income.
(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.
Schedule 4
2 Application for item 1
The amendment made by item 1 of this Schedule applies to gifts made on or after 1 April 2004.
Schedule 6
14 Application
The amendments made by this Schedule apply to expenditure incurred on or after 1 July 2004.
Schedule 8
8 Application
The amendments made by this Schedule apply to declarations by liquidators or administrators made after the day on which this Act receives the Royal Assent.
Schedule 10
23 Application of amendments
The amendments made by this Schedule apply to assessments for income years that commence on or after 1 July 2001.
Schedule 12
11 Application
(1) The amendments made by this Schedule (except the amendment made by item 9) apply to transfers of life insurance business that take place on or after 1 July 2000.
Tax Laws Amendment (2004 Measures No. 7) Act 2005 (No. 41, 2005)
Schedule 1
11 Application
The amendments made by items 1 to 10 apply to assessments for the first income year starting on or after 1 July 2005 and later income years.
Schedule 2
11 Application
The amendments made by this Schedule apply to assessments for the first income year starting on or after 1 July 2005 and later income years.
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 7
20 Application
The amendments made by this Schedule apply to assessments for the income year following the income year in which this Act receives the Royal Assent and later income years.
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)
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.
Film Licensed Investment Company (Consequential Provisions) Act 2005
(No. 58, 2005)
Schedule 1
17 Savings
The provisions amended or repealed by this Schedule continue to apply, in relation to a company that was a film licensed investment company under the Film Licensed Investment Company Act 1998 immediately before the commencement of this Schedule, as if the amendment or repeal had not happened.
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.
New International Tax Arrangements (Foreign‑owned Branches and Other Measures) Act 2005 (No. 64, 2005)
Schedule 2
11 Application
(2) The amendments made by items 6, 7, 8 and 10 apply to things happening on or after 1 July 2004.
Schedule 3
11 Application
The amendments made by this Part apply in relation to losses for income years starting on or after the commencement of this Part.
39 Application
The amendments made by this Part apply in relation to assessments for income years starting on or after the commencement of this Part.
Schedule 4
40 Application—amendments of the Income Tax Assessment Act 1997
The amendments made by items 28 to 34 and item 36 of this Schedule apply in relation to CGT events happening on or after the day on which this Act receives the Royal Assent.
41 Application—amendment of section 130‑90 of the Income Tax Assessment Act 1997
The amendment made by item 35 of this Schedule applies in relation to shares or rights to which a beneficiary becomes absolutely entitled on or after the day on which this Act receives the Royal Assent.
Social Security Amendment (Extension of Youth Allowance and Austudy Eligibility to New Apprentices) Act 2005 (No. 66, 2005)
Schedule 2
3 Application of amendments
The amendments made by items 1 and 2 of this Schedule apply in relation to the 2005‑2006 income year and to later income years.
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 (2005 Measures No. 1) Act 2005 (No. 77, 2005)
Schedule 2
3 Application
The amendments made by this Schedule apply to a depreciating asset if the start time for the asset occurs on or after 1 January 2005.
Schedule 4
5 Application of items 1 to 4
The amendments made by items 1 to 4 apply to assessments for the 2004‑2005 income year and later income years.
Tax Laws Amendment (2005 Measures No. 2) Act 2005 (No. 78, 2005)
Schedule 1
3 Application
The amendments made by this Schedule apply to assessments for the income year in which the amendments commence and later income years.
Schedule 3
5 Application of amendments
(1) The amendments made by items 2 and 3 apply in relation to expenditure incurred on or after 12 May 2004.
(2) Those amendments do not apply to expenditure incurred by an entity to acquire an IRU if:
(a) the IRU was acquired by the entity before 12 May 2004; and
(b) the entity becomes a member of a consolidated group or MEC group on or after that day; and
(c) because of subsection 701‑55(2) of the Income Tax Assessment Act 1997, the IRU is taken to have been acquired on or after that day.
(3) However, if:
(a) an entity incurs expenditure on or after 12 May 2004 relating to an IRU (the new right) granted to the entity on or after that day for a cable system; and
(b) before that day, the entity had another IRU (the earlier right) to use that cable system;
then, to the extent (if any) that the new right covers the level of capacity over that cable system that the earlier right covered, the amendments made by items 2 and 3 do not apply to so much of the expenditure as is reasonably attributable to that level of capacity.
12 Application of amendments
(1) The amendments made by this Part apply in relation to expenditure incurred on or after 12 May 2004.
(2) Those amendments do not apply to expenditure incurred by an entity to acquire a right if:
(a) the right was acquired by the entity before 12 May 2004; and
(b) the entity becomes a member of a consolidated group or MEC group on or after that day; and
(c) because of subsection 701‑55(2) of the Income Tax Assessment Act 1997, the right is taken to have been acquired on or after that day.
(3) However, if:
(a) an entity incurs expenditure on or after 12 May 2004 relating to telecommunications site access rights (the new rights) granted to the entity on or after that day in relation to a facility; and
(b) before that day, the entity had other telecommunications site access rights (the earlier rights) of the same kind in relation to the same facility; and
(c) the earlier rights end before they would ordinarily have ended under the contract under which they were granted;
then, to the extent (if any) that the new rights provide the same ability to share the facility, install the facility or enter or cross the premises as the earlier rights, the amendments made by this Part do not apply to so much of the expenditure as is reasonably attributable to the extent of that ability.
Superannuation (Consequential Amendments) Act 2005 (No. 81, 2005)
Schedule 7
3 CGT roll‑over—transfer of PSS Fund assets to pooled superannuation trust
Object
(1) The object of this item is to provide for a CGT roll‑over so as to facilitate the exercise by the PSS Board of its powers under:
(a) section 22 of the Superannuation Act 1990 in relation to the PSS Fund; and
(b) section 20 of the Superannuation Act 2005 in relation to the PSSAP Fund;
to set up and/or operate a pooled superannuation trust that is used for investing the assets of the PSS Fund and the assets of the PSSAP Fund.
Roll‑over
(2) There is a roll‑over if:
(a) one or more CGT events happen because the PSS Board ceases to hold all of the CGT assets of the PSS Fund; and
(b) because of the cessation, CGT assets (the identical assets) that, together, are identical to all the CGT assets of the PSS Fund just before the happening of the CGT events start to be held by the trustee (the transferee trustee) of a pooled superannuation trust (whether or not all the identical assets were assets of the PSS Fund just before the CGT events); and
(c) the cessation is part of a scheme under which CGT assets of the PSS Fund are replaced with units in the pooled superannuation trust.
Note: The transferee trustee may be the PSS Board—see subsection 960‑100(3) of the Income Tax Assessment Act 1997.
(3) A capital gain or capital loss the PSS Board makes from each of the CGT events is disregarded.
(4) For the transferee trustee, the first element of the cost base of each of the identical assets the transferee trustee holds is the cost base of the corresponding asset for the PSS Board at the time of the relevant CGT event.
(5) For the transferee trustee, the first element of the reduced cost base of each of the identical assets the transferee trustee holds is the reduced cost base of the corresponding asset for the PSS Board at the time of the relevant CGT event.
(6) For the purposes of the Income Tax Assessment Act 1997, a roll‑over covered by this item is taken to be a same‑asset roll‑over.
Interpretation
(7) An expression 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.
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.
(2) The amendments made by items 73 and 78 of this Schedule (other than section 165‑209 of the Income Tax Assessment Act 1997 as inserted by item 73) apply:
(a) to any tax loss that is claimed in an income year commencing on or after 1 July 1997; and
(b) to any net capital loss that is applied in an income year commencing on or after 1 July 1998; and
(c) to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 1998; and
(d) in determining whether any changeover time or alteration time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
170 Application of items relating to the continuity of ownership test
(1) The amendments made by items 10, 11, 17, 30, 47, 50, 58, 68 to 71, 73, 79, 109, 111, 112, 114, 118, 119, 136, 138, 139, 141 to 151, 153 to 158, 159, 161, 162, 163 and 165 to 168 of this Schedule (other than section 165‑208 of the Income Tax Assessment Act 1997 as inserted by item 73) apply:
(a) to any tax loss that is incurred in an income year commencing on or after 1 July 2002; and
(b) to any net capital loss that is made in an income year commencing on or after 1 July 2002; and
(c) to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 2002; and
(d) in determining whether any changeover time or alteration time occurred on or after 1 July 2002.
(2) However, if:
(a) a tax loss of a company is incurred; or
(b) a net capital loss of a company is made; or
(c) a deduction in respect of a bad debt of a company is claimed; or
(d) a changeover time or alteration time in respect of a company occurs;
in an income year that ends before this Act receives the Royal Assent, then the company may choose that the amendments made by the items mentioned in subitem (1) not apply in respect of the loss, deduction or time.
(3) The company must make the choice under subitem (2) on or before the day it lodges its first income tax return after this Act receives the Royal Assent, or before a later day if the Commissioner allows.
(4) The amendments made by items mentioned in subitem (1) also apply to:
(a) any tax loss of a company:
(i) that is incurred in an income year commencing on or before 30 June 2002; and
(ii) that could have been deducted, in accordance with Divisions 165 and 166 as in force at that time, in the first income year commencing after 30 June 2002 if the deduction had not been limited by the company’s income for that income year; and
(b) any net capital loss of a company:
(i) that is made in an income year commencing on or before 30 June 2002; and
(ii) that could have been applied, in accordance with Divisions 165 and 166 as in force at that time, in the first income year commencing after 30 June 2002 if the application of the loss had not been limited by the company’s capital gains for that income year.
171 Application of items relating to alternative test
(1) The amendments made by items 16, 29 and 57 of this Schedule apply to:
(a) any tax loss that is claimed in an income year ending after 21 September 1999; and
(b) any net capital loss that is applied in an income year ending after 21 September 1999; and
(c) any deduction in respect of a bad debt that is claimed in an income year ending after 21 September 1999.
(2) The amendment made by item 46 of this Schedule applies in determining whether a changeover time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
(3) The amendment made by item 49 of this Schedule applies in determining whether an alteration time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
172 Application of items relating to the same business test
(1) The amendments made by items 19, 60, 74, 76, 133 and 164 of this Schedule (other than sections 165‑212D and 165‑212E of the Income Tax Assessment Act 1997 as inserted by item 76) apply in respect of:
(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and
(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and
(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.
Exceptions
(2) However, the amendments made by the items mentioned in subitem (1) do not apply to:
(a) a loss that is incurred by a head company in an income year commencing on or after 1 July 2005 because of the operation of section 707‑140 of the Income Tax Assessment Act 1997 if the loss was actually incurred by the joining entity or another entity in an income year commencing before that date; or
(b) any tax loss or net capital loss, incurred or made in an income year commencing on or after 1 July 2005, but only to the extent that it would be taken to be a tax loss or net capital loss of the company for an earlier income year under subsection 165‑115B(1) or (2) of the Income Tax Assessment Act 1997 if:
(i) the day before the start of that year were a changeover time for the purposes of Subdivision 165‑CC of that Act; and
(ii) no changeover time actually occurred after that time.
Note: Section 707‑140 of the Income Tax Assessment Act 1997 is about the effect of transferring a loss from a joining entity to a head company of a consolidated group.
173 Application of item relating to trustees of family trusts
The amendment made by item 72 of this Schedule applies in accordance with subitem 17(3) of Schedule 10 to the Taxation Laws Amendment Act (No. 2) 2000.
174 Application of amendments relating to MDOs
Section 165‑212D of the Income Tax Assessment Act 1997 (as inserted by item 76 of this Schedule), and items 152 and 160 of this Schedule, apply in respect of:
(a) any tax loss that is incurred in an income year (whether before or after the commencement of this item); and
(b) any net capital loss that is made in an income year (whether before or after the commencement of this item); and
(c) any deduction in respect of a bad debt that is claimed in an income year (whether before or after the commencement of this item).
175 Application of amendment relating to entry history rule
Section 165‑212E of the Income Tax Assessment Act 1997 (as inserted by item 76 of this Schedule) applies on and after 1 July 2002.
176 Application of amendment relating to disallowing excluded losses etc. of insolvent companies
The amendment made by item 103 of this Schedule applies in respect of administrations that begin on or after the day on which this Act receives the Royal Assent.
Schedule 2
26 General application
The amendments made by Part 1, and items 15, 17 and 18, of this Schedule apply to income years starting on or after 1 July 2005.
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.
(5) Section 802‑40 of the Income Tax Assessment Act 1997, as inserted by item 1, does not apply to the first year.
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.
(4) Section 802‑40 of the Income Tax Assessment Act 1997, as inserted by item 1, does not apply to the first year.
Schedule 3
5 Application
The amendments made by this Schedule apply to amounts incurred after 29 April 2005.
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.
Tax Laws Amendment (2005 Measures No. 4) Act 2005 (No. 160, 2005)
Schedule 1
14 Application of certain amendments
(1) The amendments made by items 1 to 10 of this Schedule apply in relation to assessments for income years that start on or after 1 July 2005.
Schedule 2
12 Application
The amendment made by item 4 applies in relation to gifts made on or after 20 May 2005.
Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005
(No. 161, 2005)
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 2
13 Application
The amendments made by this Schedule apply to production expenditure incurred on and after 1 July 2004.
Schedule 3
33 Application
The amendments made by this Schedule apply on and after 1 July 2002.
Schedule 6
13 Application of amendments
(1) The amendments made by the items in this Part, other than item 6, apply to:
(a) schemes entered into on or after 1 July 2005; and
(b) schemes entered into before 1 July 2005, in so far as they continue to exist on and after 1 July 2005.
(2) The amendment made by item 6 applies in accordance with item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001, as though the amendment were one of the debt and equity test amendments within the meaning of item 118 of that Schedule.
25 Application of amendments made by items 14 to 24
The amendments made by items 14 to 24 apply in accordance with item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001, as though those amendments were debt and equity test amendments within the meaning of item 118 of that Schedule.
Tax Laws Amendment (2005 Measures No. 6) Act 2006 (No. 13, 2006)
Schedule 1
2 Application
The amendment made by this Schedule applies on and after 1 July 2002.
Schedule 2
4 Application
The amendments made by this Schedule apply in relation to income years commencing on or after 1 July 2000.
Schedule 3
3 Application
The amendments made by this Schedule apply in relation to assessments for income years that start on or after 1 July 2007.
Offshore Petroleum (Repeals and Consequential Amendments) Act 2006
(No. 17, 2006)
The following provision commences on proclamation:
Schedule 2
42 Application—paragraph 40‑865(1)(b) of the Income Tax Assessment Act 1997
The amendment of paragraph 40‑865(1)(b) of the Income Tax Assessment Act 1997 made by this Schedule applies 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
(1) Sections 768‑910, 768‑945, 768‑960, 768‑965, 768‑970 and 768‑975 of the Income Tax Assessment Act 1997 apply for an income year that begins on or after the start‑up day.
(2) Sections 768‑915, 768‑920, 768‑925, 768‑930, 768‑935 and 768‑940 of the Income Tax Assessment Act 1997 and items 20 and 21 of this Schedule apply if the relevant CGT event happens on or after the start‑up day.
(3) For the purposes of sections 768‑920, 768‑925, 768‑930, 768‑935, 768‑940 and 768‑945 of the Income Tax Assessment Act 1997, items 8, 9 and 10 of this Schedule apply if:
(a) the relevant CGT event happens on or after the start‑up day; and
(b) the relevant matching shares or rights were acquired on or after 1 July 2004.
(4) Section 768‑950 of the Income Tax Assessment Act 1997 and items 26, 30 and 33 of this Schedule apply to an individual becoming an Australian resident on or after the start‑up day.
(5) Section 768‑955 of the Income Tax Assessment Act 1997 applies to an individual ceasing to be a temporary resident (but remaining an Australian resident) on or after the start‑up day.
(6) For the purposes of section 768‑955 of the Income Tax Assessment Act 1997, items 8, 9 and 10 of this Schedule apply if:
(a) the individual ceases to be a temporary resident (but remains an Australian resident) on or after the start‑up day; and
(b) the relevant CGT asset is a matching share or right that was acquired on or after 1 July 2004.
(7) Section 768‑980 of the Income Tax Assessment Act 1997 applies to a payment of interest made on or after the day on which this Act receives the Royal Assent.
(9) In this item:
start‑up day means the 1 July next following the day on which this Act receives the Royal Assent.
Schedule 2
51 Application
(1) The amendments made by Part 1 of this Schedule apply to expenditure incurred on or after 1 July 2005.
(2) The amendments made by Part 2 of this Schedule apply to CGT events happening on or after 1 July 2005.
Schedule 3
17 Application
The amendments made by this Schedule apply in relation to conduct engaged in on or after the day on which this Act receives the Royal Assent.
Family Law Amendment (Shared Parental Responsibility) Act 2006
(No. 46, 2006)
Schedule 4
129 Definition of commencement
In this Part:
commencement means the time at which Part 3 of this Schedule commences.
138A Application of amendments of the Income Tax Assessment Act 1997
The amendments made by items 113A and 113B of this Schedule apply to gifts made on or after commencement.
Tax Laws Amendment (2006 Measures No. 2) Act 2006 (No. 58, 2006)
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 1
3 Application
The amendments made by this Schedule apply in relation to the 2005‑2006 income year and later income years.
Schedule 3
7 Application
The amendments made by this Schedule apply in relation to options exercised on or after 27 May 2005.
Schedule 4
6 Application
(1) The amendments made by this Schedule apply in relation to CGT events that happen after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.
(2) The amendments made by this Schedule apply in relation to balancing adjustment events that occur after 30 June 2001.
(3) Former section 42‑293 of the Income Tax Assessment Act 1997 applies in relation to balancing adjustment events that occurred during the period:
(a) starting just after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; and
(b) ending just before 1 July 2001;
as if the amendments made by this Schedule to section 40‑365 of that Act were made (with any necessary changes) to former section 42‑293.
(4) To avoid doubt:
(a) those necessary changes to those amendments include the following:
(i) item 1 applies in relation to former paragraph 42‑293(2)(c);
(ii) references in item 1 to the original asset are taken to be references to the original plant;
(iii) item 2 applies in relation to former section 42‑293; and
(b) a choice under former subsection 42‑293(1) may be made after the commencement of this item in relation to those amendments; and
(c) the Commissioner may allow, after the commencement of this item, a further period under former subsection 42‑293(3) in relation to those amendments.
Schedule 5
3 Application
The amendments made by items 1 and 2 apply to assessments for the 2004‑05 income year and later income years.
Schedule 7
55 Application
The amendment made by item 54 applies to assessments for the 2006‑07 income year and later income years.
69 Application
The amendments made by items 62 to 68 apply to assessments for the 2006‑07 income year and later income years.
92 Application
The amendments made by items 86 to 91 apply to assessments for the 2006‑07 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.
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 5
2 Application
The amendment made by item 1 of this Schedule applies to assessments for the 2005‑06 income year and later income years.
Schedule 11
23 Application of amendments
The amendments made by this Schedule apply to gifts made on or after 1 July 2006.
24 Transitional provision for item 7
If, immediately before the commencement of item 7 of this Schedule, there is a declaration in force by the Treasurer under section 30‑85 that a public fund is a relief fund, the declaration is taken to be a declaration that the public fund is a developing country relief fund.
International Tax Agreements Amendment Act (No. 1) 2006 (No. 100, 2006)
Schedule 1
11 Application
The amendments made by this Schedule apply to claims for assistance in collection of foreign tax debts made after the day on which this Act receives the Royal Assent.
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.
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.
5 Application of Schedule 5 amendments
The repeals and amendments made by Schedule 5 apply 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.
Australian Participants in British Nuclear Tests (Treatment) (Consequential Amendments and Transitional Provisions) Act 2006 (No. 136, 2006)
Schedule 2
1 Claims made on or after 19 June 2006—eligibility to be provided with treatment
(1) If:
(a) a person made a claim on or after 19 June 2006 but before the commencement of the Australian Participants in British Nuclear Tests (Treatment) Act 2006; and
(b) had the claim been made after that commencement, it would have been a claim made, in accordance with section 6 of that Act, for a determination that he or she is an eligible person (within the meaning of that Act);
the claim is taken, for the purposes of that Act, to be a claim made under section 8 of that Act for such a determination.
(2) The Commission may, under section 13 of that Act, approve the provision of treatment that was provided before the claim was made, but must not approve the provision of treatment that was provided before 19 June 2006.
2 Claims made on or after 19 June 2006—entitlement to travelling expenses
(1) If:
(a) a person made a claim on or after 19 June 2006 but before the commencement of the Australian Participants in British Nuclear Tests (Treatment) Act 2006; and
(b) had the claim been made after that commencement, it would have been a claim made, in accordance with section 6 of that Act, for a determination that he or she is entitled to be paid travelling expenses under Part 3 of that Act;
the claim is taken, for the purposes of that Act, to be a claim made under section 21 of that Act for such a determination.
(2) The person can, under Part 3 of that Act, be entitled to be paid travelling expenses in connection with travel that occurred before the claim was made, but not in connection with travel that occurred before 19 June 2006.
3 Application of amendments to the Income Tax Assessment Act 1997
The amendments made by items 5 and 6 of Schedule 1 apply to assessments for the 2006‑07 year of income and later years of income.
Tax Laws Amendment (2006 Measures No. 4) Act 2006 (No. 168, 2006)
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
10 Application
(1) The amendment made by item 1 of this Schedule applies to CGT events that happen after the day on which this Act receives the Royal Assent.
(2) The amendments made by items 2 to 9 of this Schedule apply to CGT events that:
(a) are trigger events for the purposes of Subdivision 126‑A of the Income Tax Assessment Act 1997; and
(b) happen after the day on which this Act receives the Royal Assent.
11 Transitional
The reference in paragraph 126‑5(1)(e) or 126‑15(1)(e) of the Income Tax Assessment Act 1997 to section 13H of the Family Law Act 1975 includes a reference to section 19D or 19E of that Act as in force immediately before the commencement of item 36 of Schedule 4 to the Family Law Amendment (Shared Parental Responsibility) Act 2006.
Schedule 3
2 Application of amendment made by item 1
The amendment made by item 1 applies to distributions made 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.