Federal Register of Legislation - Australian Government

Primary content

Taxation Laws Amendment (Budget Measures) Act 1995

  • - C2004A04944
  • No longer in force
Act No. 94 of 1995 as made
An Act to amend the law relating to taxation
Date of Assent 27 Jul 1995
Date of repeal 10 Mar 2016
Repealed by Amending Acts 1990 to 1999 Repeal Act 2016
 

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995
- Assented to 27 July 1995

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - TABLE OF PROVISIONS

CONTENTS
Section
1. Short title
2. Commencement
3. Schedules
SCHEDULE 1
AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993
SCHEDULE 2
AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 2) 1993
SCHEDULE 3
AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992
PART 1-AMENDMENTS COMMENCING ON 9 MAY 1995
PART 2-AMENDMENTS COMMENCING ON 1 JULY 1995
SCHEDULE 4
AMENDMENT OF THE SALES TAX (CUSTOMS) (DEFICIT REDUCTION) ACT 1993
SCHEDULE 5
AMENDMENT OF THE SALES TAX (EXCISE) (DEFICIT REDUCTION) ACT 1993
SCHEDULE 6
AMENDMENT OF THE SALES TAX (GENERAL) (DEFICIT REDUCTION) ACT 1993
SCHEDULE 7
AMENDMENT OF THE SALES TAX (IN SITU POOLS) (DEFICIT
REDUCTION) ACT 1993
SCHEDULE 8
AMENDMENT OF THE SALES TAX ASSESSMENT AMENDMENT (DEFICIT
REDUCTION) ACT 1993
SCHEDULE 9
AMENDMENTS OF THE SALES TAX ASSESSMENT ACT 1992 RELATING TO
INFORMATION FOR THE PROTECTION OF TAXPAYERS
SCHEDULE 10
AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - LONG TITLE

An Act to amend the law relating to taxation

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SECT 1
Short title

1. This Act may be cited as the Taxation Laws Amendment (Budget Measures) Act 1995.


(Minister's second reading speech made in-
House of Representatives on 8 June 1995
Senate on 20 June 1995)

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SECT 2
Commencement

2.(1) Subject to this section, this Act is taken to have commenced on 9 May 1995.


(2) Part 2 of Schedule 3 commences, or is taken to have commenced, on 1 July 1995.


(3) Schedule 9 commences on the day on which this Act receives the Royal Assent.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SECT 3
Schedules

3. The Acts specified in the Schedules are amended in accordance with the applicable items in the Schedules and the other items in the Schedules have effect according to their terms.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 1

SCHEDULE 1 Section 3
AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993
1. Subsection 37(3):
Omit ", the 1995-96 year of income or the 1996-97 year of income,".
2. Subsection 37(4):
Omit ", the 1995-96 year of income or the 1996-97 year of income,".

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 2

SCHEDULE 2 Section 3
AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 2) 1993
1. Subsections 2(2), (3) and (4):
Omit the subsections, substitute:
"(2) Subdivision B of Division 3 of Part 3 commences on 1 July
1995.
"(3) The following provisions commence on 1 July 1997:
(a) Subdivision D of Division 3 of Part 3;
(b) Subdivision C of Division 2 of Part 4.".
2. Subdivision B of Division 3 of Part 3 (heading):
Add at the end "and 1996-97".

Back to Top

3. Subdivision C of Division 3 of Part 3:
Repeal the Subdivision.
4. Subdivision B of Division 2 of Part 4 (heading):
Add at the end ", 1995-96 and 1996-97".
5. Subsection 18(2):
Add at the end ", of the 1995-96 year of income and of the 1996-97
year of income.".
6. Subdivisions C and D of Division 2 of Part 4:
Repeal the Subdivisions, substitute:
"Subdivision C-Rate for 1997-98 and later years
Rates of tax payable by companies
"19.(1) Section 23 of the Principal Act is amended by omitting from
paragraph (4)(b) "33%" and substituting "39%".
"(2) The amendment made by subsection (1) applies to assessments in
respect of income of the 1997-98 year of income and of all later years
of income.".

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 3

SCHEDULE 3 Section 3
AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992
PART 1-AMENDMENTS COMMENCING ON 9 MAY 1995
1. Section 5 (definition of permanent microchip):
Omit the definition.
2. Subsections 14(1) and (2):
Omit "permanent".
3. Section 42A:
Repeal the section, substitute:
Luxury motor vehicles
"42A. The taxable value of a taxable dealing with goods covered by
Item 1 of Schedule 6 to the Exemptions and Classifications Act, other
than goods to which section 49 of this Act applies, is reduced by:
35.787%
-
Motor vehicle depreciation limit for the financial
year in which the taxable dealing happens
4. Application
The amendments made by this Part apply to dealings with goods after
7.30 p.m., by legal time in the Australian Capital Territory, on 9 May
1995.
PART 2-AMENDMENTS COMMENCING ON 1 JULY 1995
5. Section 42A:
Omit "35.787%", substitute "34.296%".
6. Application
The amendment made by this Part applies to dealings with goods on or
after 1 July 1995.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 4

SCHEDULE 4 Section 3
AMENDMENT OF THE SALES TAX (CUSTOMS)
(DEFICIT REDUCTION) ACT 1993
1. Item 2 of Schedule 2:
Omit the item.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 5

SCHEDULE 5 Section 3
AMENDMENT OF THE SALES TAX (EXCISE)
(DEFICIT REDUCTION) ACT 1993
1. Item 2 of Schedule 2:
Omit the item.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 6

SCHEDULE 6 Section 3
AMENDMENT OF THE SALES TAX (GENERAL)
(DEFICIT REDUCTION) ACT 1993
1. Item 2 of Schedule 2:
Omit the item.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 7

SCHEDULE 7 Section 3
AMENDMENT OF THE SALES TAX (IN SITU POOLS)
(DEFICIT REDUCTION) ACT 1993
1. Item 2 of Schedule 2:
Omit the item.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 8

SCHEDULE 8 Section 3
AMENDMENT OF THE SALES TAX ASSESSMENT AMENDMENT
(DEFICIT REDUCTION) ACT 1993
1. First and second items of the Schedule:
Omit the items.

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 9

SCHEDULE 9 Section 3
AMENDMENTS OF THE SALES TAX ASSESSMENT ACT 1992 RELATING TO
INFORMATION FOR THE PROTECTION OF TAXPAYERS
1. After section 130:
Insert:
Information for the protection of taxpayers
"130B. Where a Minister makes a public statement which announces
that it is the intention of the Government to introduce into a House
of the Parliament a bill relating to a sales tax law to operate from a
date before the enactment of the bill, the Commissioner must, within 7
days of that Minister making the statement, publish, for the
information of taxpayers in each State and Territory, a public notice,
in plain English, in at least 2 newspapers circulating generally in
that State or Territory, as the case may be, which shall include the
following:
(a) a statement of the intention of the Commonwealth Government to
introduce the bill;
(b) details of what the bill will contain and how and when its
provisions will be applied, if and when it comes into force;
(c) a warning that the bill is subject to enactment by both Houses
of the Parliament and, if enacted, is to operate retrospectively from
a date or dates specified in the bill;
(d) an explanation of why it is necessary that the bill be enacted
retrospectively; and
(e) details of hotlines, addresses or other sources from which
taxpayers may obtain further information.
Taxpayers protection not be repealed except by express words
"130C. It is the intention of the Parliament that section 130B is
not to be amended or repealed other than by the express words of an
Act of the Parliament.".

TAXATION LAWS AMENDMENT (BUDGET MEASURES) ACT 1995 No. 94 of 1995 - SCHEDULE 10

SCHEDULE 10 Section 3
AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
1. Subsection 221YA(1) (definition of provisional tax uplift factor):
Omit the definition, substitute:
"provisional tax uplift factor:
(a) in relation to the 1995-96 year of income-means 8%; and
(b) in relation to a later year of income-means, until the
Parliament otherwise provides, 10%.".
2. Application
The amendment made by this Schedule applies in relation to provisional
tax (including instalments) payable for the 1995-96 year of income and
for all later years of income.