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Act No. 101 of 2006 as made
An Act to amend the law relating to taxation, and for related purposes
Administered by: Treasury
Originating Bill: Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006
Registered 18 Sep 2006
Date of Assent 14 Sep 2006
Table of contents.

 

 

 

 

 

 

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

 

No. 101, 2006

 

 

 

 

 

An Act to amend the law relating to taxation, and for related purposes

  

  


Contents

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

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1—Inoperative provisions repealed on Royal Assent                  3

A New Tax System (Australian Business Number) Act 1999                               3

A New Tax System (Commonwealth‑State Financial Arrangements) Act 1999  3

Fringe Benefits Tax Assessment Act 1986                                                               3

Income Tax Assessment Act 1936                                                                              3

Income Tax Assessment Act 1997                                                                            14

Income Tax Rates Act 1986                                                                                      17

Income Tax (Transitional Provisions) Act 1997                                                 18

Taxation Administration Act 1953                                                                         19

Taxation (Interest on Overpayments and Early Payments) Act 1983             19

Trust Recoupment Tax Assessment Act 1985                                                        20

Schedule 2—Consequential amendments relating to Schedule 1 repeals etc.         21

Part 1—Amendments: general                                                                                    21

Aboriginal Land Rights (Northern Territory) Act 1976                                    21

Airports (Transitional) Act 1996                                                                           21

Air Services Act 1995                                                                                                21

A New Tax System (Australian Business Number) Act 1999                             21

A New Tax System (Bonuses for Older Australians) Act 1999                          22

A New Tax System (Goods and Services Tax) Act 1999                                     22

A New Tax System (Tax Administration) Act (No. 2) 2000                               22

AUSSAT Repeal Act 1991                                                                                        23

Australian Postal Corporation Act 1989                                                             23

Australian Prudential Regulation Authority Act 1998                                      23

Bank Integration Act 1991                                                                                      23

Bankruptcy Act 1966                                                                                                24

Child Support (Registration and Collection) Act 1988                                    24

Corporations Act 2001                                                                                             24

Crimes (Taxation Offences) Act 1980                                                                    25

Crown Debts (Priority) Act 1981                                                                           26

Defence Act 1903                                                                                                       26

Development Allowance Authority Act 1992                                                       26

Export Finance and Insurance Corporation Act 1991                                      26

Financial Corporations (Transfer of Assets and Liabilities) Act 1993          27

Financial Sector (Transfers of Business) Act 1999                                             29

Fringe Benefits Tax Assessment Act 1986                                                             30

Future Fund Act 2006                                                                                              34

Higher Education Funding Act 1988                                                                    34

Higher Education Support Act 2003                                                                     34

Income Tax Act 1986                                                                                                 34

Income Tax Assessment Act 1936                                                                            34

Income Tax Assessment Act 1997                                                                            93

Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991               125

Income Tax Rates Act 1986                                                                                    125

Income Tax (Transitional Provisions) Act 1997                                               127

National Rail Corporation Agreement Act 1992                                              138

Ships (Capital Grants) Act 1987                                                                          138

Snowy Mountains Engineering Corporation Limited Sale Act 1993           138

Social Security Act 1991                                                                                        138

Student Assistance Act 1973                                                                                 141

Superannuation Guarantee (Administration) Act 1992                                  141

Taxation Administration Act 1953                                                                       142

Taxation (Interest on Overpayments and Early Payments) Act 1983           153

Trust Recoupment Tax Assessment Act 1985                                                      156

Veterans’ Entitlements Act 1986                                                                          158

Part 2—Amendments consequential on repeal of heading to Division 1 of Part IIA of the Taxation Administration Act 1953                                                                                                        160

A New Tax System (Commonwealth‑State Financial Arrangements) Act 1999  160

A New Tax System (Goods and Services Tax) Act 1999                                   160

Fringe Benefits Tax Assessment Act 1986                                                           160

General Interest Charge (Imposition) Act 1999                                                160

Income Tax Assessment Act 1936                                                                          160

Income Tax Assessment Act 1997                                                                          161

Income Tax (Transitional Provisions) Act 1997                                               161

Petroleum Resource Rent Tax Assessment Act 1987                                         161

Product Grants and Benefits Administration Act 2000                                    162

Superannuation Contributions Tax (Assessment and Collection) Act 1997 162

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997                                                                                                162

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003         162

Superannuation Guarantee (Administration) Act 1992                                  162

Taxation Administration Act 1953                                                                       163

Termination Payments Tax (Assessment and Collection) Act 1997              163

Schedule 3—Inoperative provisions repealed on 1 January 2008          164

Income Tax Assessment Act 1936                                                                          164

Income Tax Assessment Act 1997                                                                          164

Income Tax (Transitional Provisions) Act 1997                                               165

Taxation Administration Act 1953                                                                       165

Schedule 4—Consequential amendments relating to Schedule 3 repeals   166

Income Tax Assessment Act 1936                                                                          166

Income Tax Assessment Act 1997                                                                          166

Income Tax (Transitional Provisions) Act 1997                                               167

Schedule 5—Inoperative Acts repealed on Royal Assent                           168

Part 1—Repeals                                                                                                             168

A New Tax System (End of Sales Tax) Act 1999                                                168

A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999    168

Debits Tax Act 1982                                                                                                168

Debits Tax Administration Act 1982                                                                    168

Income Tax (Deficit Deferral) Act 1994                                                              168

Income Tax (Untainting Tax) Act 1998                                                               168

New Business Tax System (Venture Capital Deficit Tax) Act 2000               168

Pay‑Roll Tax Assessment Act 1941                                                                       168

Pay‑Roll Tax (Termination Of Commonwealth Tax) Act 1971                       168

Sales Tax Act (No. 1) 1930                                                                                    168

Sales Tax Act (No. 2) 1930                                                                                    168

Sales Tax Act (No. 3) 1930                                                                                    168

Sales Tax Act (No. 4) 1930                                                                                    169

Sales Tax Act (No. 5) 1930                                                                                    169

Sales Tax Act (No. 6) 1930                                                                                    169

Sales Tax Act (No. 7) 1930                                                                                    169

Sales Tax Act (No. 8) 1930                                                                                    169

Sales Tax Act (No. 9) 1930                                                                                    169

Sales Tax Act (No. 10A) 1985                                                                               169

Sales Tax Act (No. 10B) 1985                                                                               169

Sales Tax Act (No. 10C) 1985                                                                               169

Sales Tax Act (No. 11A) 1985                                                                               169

Sales Tax Act (No. 11B) 1985                                                                               169

Sales Tax Amendment (Transitional) Act 1992                                                 169

Sales Tax Assessment Act 1992                                                                             169

Sales Tax Assessment Act (No. 1) 1930                                                               169

Sales Tax Assessment Act (No. 2) 1930                                                               169

Sales Tax Assessment Act (No. 3) 1930                                                               169

Sales Tax Assessment Act (No. 4) 1930                                                               169

Sales Tax Assessment Act (No. 5) 1930                                                               169

Sales Tax Assessment Act (No. 6) 1930                                                               170

Sales Tax Assessment Act (No. 7) 1930                                                               170

Sales Tax Assessment Act (No. 8) 1930                                                               170

Sales Tax Assessment Act (No. 9) 1930                                                               170

Sales Tax Assessment Act (No. 10) 1985                                                             170

Sales Tax Assessment Act (No. 11) 1985                                                             170

Sales Tax (Customs) (Alcoholic Beverages) Act 1997                                     170

Sales Tax (Customs) (Deficit Reduction) Act 1993                                          170

Sales Tax (Customs) (Industrial Safety Equipment) Act 2000                       170

Sales Tax (Customs) (Wine—Deficit Reduction) Act 1993                             170

Sales Tax (Excise) (Alcoholic Beverages) Act 1997                                        170

Sales Tax (Excise) (Deficit Reduction) Act 1993                                              170

Sales Tax (Excise) (Industrial Safety Equipment) Act 2000                           170

Sales Tax (Excise) (Wine—Deficit Reduction) Act 1993                                 170

Sales Tax (Exemptions and Classifications) Act 1935                                     170

Sales Tax (Exemptions and Classifications) Act 1992                                     170

Sales Tax (General) (Alcoholic Beverages) Act 1997                                     170

Sales Tax (General) (Deficit Reduction) Act 1993                                           170

Sales Tax (General) (Industrial Safety Equipment) Act 2000                        171

Sales Tax (General) (Wine—Deficit Reduction) Act 1993                              171

Sales Tax Imposition (Customs) Act 1992                                                          171

Sales Tax Imposition (Excise) Act 1992                                                              171

Sales Tax Imposition (General) Act 1992                                                           171

Sales Tax Imposition (In Situ Pools) Act 1992                                                  171

Sales Tax (Industrial Safety Equipment) (Transitional Provisions) Act 2000 171

Sales Tax (In Situ Pools) (Deficit Reduction) Act 1993                                  171

Sales Tax Procedure Act 1934                                                                              171

Swimming Pools Tax Refund Act 1992                                                                171

Tobacco Charge Act (No. 1) 1955                                                                       171

Tobacco Charge Act (No. 2) 1955                                                                       171

Tobacco Charge Act (No. 3) 1955                                                                       171

Tobacco Charges Assessment Act 1955                                                              171

Wool Tax Act (No. 1) 1964                                                                                    171

Wool Tax Act (No. 2) 1964                                                                                    171

Wool Tax Act (No. 3) 1964                                                                                    171

Wool Tax Act (No. 4) 1964                                                                                    172

Wool Tax Act (No. 5) 1964                                                                                    172

Wool Tax (Administration) Act 1964                                                                   172

Part 2—Consequential amendments                                                                      173

Administrative Decisions (Judicial Review) Act 1977                                     173

A New Tax System (Goods and Services Tax Transition) Act 1999               173

A New Tax System (Wine Equalisation Tax) Act 1999                                     174

ANL Act 1956                                                                                                           174

Australian Hearing Services Act 1991                                                                174

Australian Institute of Aboriginal and Torres Strait Islander Studies Act 1989 175

Australian Institute of Health and Welfare Act 1987                                        175

Australian National Maritime Museum Act 1990                                             175

Australian Postal Corporation Act 1989                                                           175

Australian Securities and Investments Commission Act 2001                        176

Australian Sports Commission Act 1989                                                            176

Bank Integration Act 1991                                                                                    177

Commonwealth Serum Laboratories Act 1961                                                  177

Consular Privileges and Immunities Act 1972                                                  177

Crimes (Taxation Offences) Act 1980                                                                  177

Diplomatic Privileges and Immunities Act 1967                                               183

Freedom of Information Act 1982                                                                         183

Fringe Benefits Tax Assessment Act 1986                                                           184

Income Tax Assessment Act 1997                                                                          184

International Organisations (Privileges and Immunities) Act 1963             185

Overseas Missions (Privileges and Immunities) Act 1995                               185

Primary Industries and Energy Research and Development Act 1989         186

Snowy Mountains Engineering Corporation Act 1970                                   186

Special Broadcasting Service Act 1991                                                              186

Taxation Administration Act 1953                                                                       186

Taxation (Interest on Overpayments and Early Payments) Act 1983           188

Trade Practices Act 1974                                                                                       189

Trans‑Tasman Mutual Recognition Act 1997                                                    189

Wool International Act 1993                                                                                 190

Wool Services Privatisation Act 2000                                                                 190

Schedule 6—Application and saving provisions                                                192

Part 1—Application provisions                                                                                192

Part 2—General saving provisions                                                                          194

Part 3—Other saving provisions and transitional provisions                         197

 


 

 

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

No. 101, 2006

 

 

 

An Act to amend the law relating to taxation, and for related purposes

[Assented to 14 September 2006]

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

14 September 2006

2.  Schedules 1 and 2

The day on which this Act receives the Royal Assent.

14 September 2006

3.  Schedules 3 and 4

1 January 2008.

1 January 2008

4.  Schedules 5 and 6

The day on which this Act receives the Royal Assent.

14 September 2006

Note:          This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


 

Schedule 1Inoperative provisions repealed on Royal Assent

  

1  Repeal

The provisions and parts of provisions specified in this Schedule are repealed.

A New Tax System (Australian Business Number) Act 1999

2  Division 14

A New Tax System (Commonwealth‑State Financial Arrangements) Act 1999

3  Section 16

Fringe Benefits Tax Assessment Act 1986

4  Subsection 136(1) (definition of Australian Airlines)

Income Tax Assessment Act 1936

5  Sections 2 to 4

6  Subsection 6(1) (definition of adopted child)

7  Subsection 6(1) (definition of assessable income from petroleum)

8  Subsection 6(1) (definition of Commonwealth country)

9  Subsection 6(1) (definition of Commonwealth labour market program)

10  Subsection 6(1) (definition of electronic signature)

11  Subsection 6(1) (definition of exempt income from petroleum)

12  Subsection 6(1) (definition of failure to notify penalty)

13  Subsection 6(1) (definition of firearms surrender arrangements)

14  Subsection 6(1) (definition of fishing operations)

15  Subsection 6(1) (definition of forest operations)

16  Subsection 6(1) (definition of horticulture)

17  Subsection 6(1) (definition of income from petroleum)

18  Subsection 6(1) (definition of income tax laws of Papua New Guinea)

19  Subsection 6(1) (definition of late reconciliation statement penalty)

20  Subsection 6(1) (definition of Papua New Guinea)

21  Subsection 6(1) (definition of Papua New Guinea independence day)

22  Subsection 6(1) (definition of pearling operations)

23  Subsection 6(1) (definition of petroleum)

24  Subsection 6(1) (definition of petroleum prospecting or mining information)

25  Subsection 6(1) (definition of petroleum prospecting or mining right)

26  Subsection 6(1) (definition of previous Act)

27  Subsection 6(1) (definition of primary production)

28  Subsection 6(1) (definition of public securities)

29  Subsection 6(1) (definition of reportable fringe benefits amount)

30  Subsection 6(1) (definition of shares)

31  Subsection 6(1) (definition of tainting amount)

32  Subsection 6(1B)

33  Subsections 6(7) to (8)

34  Subsections 6AA(3) to (3C)

35  Paragraph 6AA(4)(d)

36  Section 6G

37  Paragraph 16(4)(ca)

38  Section 17

39  Section 19

40  Sections 22 to 23AAA

Note:       Remade versions of parts of section 23, which is repealed by the above item, are included in the Income Tax Assessment Act 1997 by Schedule 2 to this Act. The provisions concerned (and the remade sections) are: subparagraphs 23(a)(ii) and (vi) (section 768‑100); paragraph 23(b), subparagraphs 23(c)(iii) to (v) and paragraphs 23(u), (v) and (ya) (section 842‑105); and paragraphs 23(kc) and (kca) (section 768‑105). Paragraph 23(jb) has also been remade by Schedule 2 as paragraph 128B(3)(jb) of the Income Tax Assessment Act 1936.

41  Subsection 23AB(1) (definition of work and income support related withholding payments and benefits)

42  Subsection 23AB(6A)

43  Sub‑subparagraph 23AB(7)(a)(ii)(A)

44  Section 23ADA

45  Section 23AE

46  Section 23AL

Note:       A remade version of section 23AL is included in the Income Tax Assessment Act 1997 by item 748 of Schedule 2 to this Act.

47  Sections 23C, 23D and 23H

48  Division 1AA of Part III

49  Sections 24BA and 24BB

50  Section 24N

51  Subsection 24P(7)

52  Section 25

53  Sections 25B to 26AAB

Note:       Remade versions of paragraphs 26(e), (eaa), (ea) and (i), which are repealed by the above item, are included in the Income Tax Assessment Act 1997 by items 627 and 628 of Schedule 2 to this Act.

54  Subsection 26AAC(10)

55  Paragraph 26AB(5)(a)

56  Sections 26B and 26BA

57  Subdivisions B and C of Division 2 of Part III (not including the heading to Subdivision B and not including section 36AAA)

58  Subsection 45(4)

59  Paragraph 45B(8)(g)

60  Sections 45Z to 46

61  Subsection 46A(13)

62  Section 46C

63  Section 46F

64  Division 2A of Part III

65  Section 51

Note:       Remade versions of subsections 51(8) and (9), which are repealed by the above item, are included in the Income Tax Assessment Act 1997 by item 663 of Schedule 2 to this Act.

66  Section 51AB

67  Section 51AE

68  Section 51AG

69  Section 51AL

70  Sections 53 to 62AAV

Note:       Item 813 of Schedule 2 includes a provision in the Income Tax (Transitional Provisions) Act 1997 as a consequence of the repeal of section 57AM by the above item.

71  Subsections 63(1AAA) to (1AA)

72  Subsections 63(1B) to (4)

73  Sections 63A to 63CC

74  Sections 64 and 64A

75  Subsections 65(1AA), (1), (1A), (1D), (1E), (1F), (2) and (3)

76  Section 67

77  Sections 67AA to 70A

Note:       A remade version of subsection 69(7), which is repealed by the above item, is included in the Income Tax Assessment Act 1997 by item 659 of Schedule 2 to this Act.

78  Sections 71 to 73

79  Subsection 73A(6) (definition of consideration received or receivable in respect of the disposal, loss or destruction)

80  Subsection 73B(1) (paragraph (c) of the definition of aggregate research and development amount)

81  Subsection 73B(1) (definition of building expenditure)

82  Subsection 73B(1) (definition of undeducted building expenditure)

83  Subsections 73B(7), (17), (25), (26), (28) to (30), (37) and (38)

84  Section 73D

85  Section 73F

86  Sections 74 to 78AB

Note:       A remade version of sections 74A and 74B, which are repealed by the above item, is included in the Income Tax Assessment Act 1997 by item 660 of Schedule 2 to this Act.

87  Section 78B

88  Section 79C

89  Sections 79E to 81

90  Subsections 82(1A) and (1)

91  Subdivisions B to CA of Division 3 of Part III

92  Subsection 82KH(1C)

93  Subdivisions F to G of Division 3 of Part III

94  Subsection 82R(6)

95  Section 82S

96  Division 4 of Part III

97  Section 93

98  Section 94W

99  Section 94Y

100  Subsection 97A(2) (definition of eligible primary producer)

101  Subsection 97A(2) (definition of owner of a current IED scheme deposit)

102  Section 102AAB (definition of basic statutory interest rate)

103  Section 102AAB (definition of pre‑franking rebate tax)

104  Subdivision C of Division 6AAA of Part III

105  Subsection 102AAZ(3)

106  Section 102AH

107  Subsections 102L(4), (8), (9), (12), (14), (16) and (17)

108  Subsections 102T(4A), (5), (9), (10), (13), (15), (17) and (18)

109  Subsection 103(1) (all definitions except the relevant holding company or holding companies)

110  Subsection 103(1A)

111  Sections 103AA to 107A

112  Paragraph 109ZA(b)

113  Section 109ZD (definition of PAYE earnings)

114  Section 109ZD (definition of work and income support related withholding payments and benefits)

115  Division 9B of Part III

116  Subsection 121F(1) (paragraph (a) of the definition of relevant exempting provision)

117  Divisions 10 to 10A of Part III

118  Subsection 124K(1) (subparagraphs (a)(i) and (iii) of the definition of unit of industrial property)

119  Subsection 124L(2)

120  Subsection 124S(3)

121  Section 124X

122  Sections 124ZAF and 124ZAN

123  Divisions 10C and 10D of Part III

124  Division 10F of Part III

125  Paragraphs 128AAA(2)(c) and (d)

126  Subsection 128A(1) (definition of associated persons)

127  Subsection 128A(1) (definition of bearer debenture)

128  Subsection 128A(8)

129  Paragraphs 128B(3)(c) and (g)

130  Subsection 128B(3B) (definition of finance arrangement)

131  Subsections 128C(1A) to (2)

Note:       Item 342 of Schedule 2 amends subsection 128C(1) as a consequence of the repeal of subsection 128C(1A) by the above item.

132  Subsection 128C(5)

133  Section 128E

134  Sections 128G and 128GA

135  Sections 128H to 128N

136  Subsection 136AE(9)

137  Section 136AG

138  Subsections 156(1A), (4) and (4A)

139  Divisions 16A and 16C of Part III

140  Paragraph 159GJ(1)(a)

141  Subparagraphs 159GJ(2)(a)(i) and (iv)

142  Subparagraphs 159GJ(2)(c)(i) and (iv)

143  Sub‑subparagraph 159GJ(4)(b)(iii)(B)

144  Division 16H of Part III

Note:       Item 844 of Schedule 2 include provisions in the Income Tax (Transitional Provisions) Act 1997 as a consequence of the repeal of Division 16H of Part III by the above item.

145  Subsection 159GZZZC(2)

146  Subsection 159HA(7) (paragraph (b) of the definition of indexable amount)

147  Subdivision AAD of Division 17 of Part III

148  Sections 160AB to 160ACE

149  Subsection 160AE(1) (definition of undistributed amount)

150  Subsection 160AF(4)

151  Section 160AGB

152  Subsection 160AN(4)

153  Parts IIIAA and IIIA

154  Subsection 170(10) (table items 2, 7 to 9, 11, 15 and 19)

155  Section 170AA

156  Section 202A (definition of eligible paying authority)

157  Section 202A (definition of salary or wages)

158  Subsection 202BD(7)

159  Subsection 202DM(2)

160  Sections 205 to 209

161  Sections 214 to 218

162  Section 220

163  Divisions 1AAA to 6A of Part VI

Note 1:    Items 949 and 951 to 956 of Schedule 2 include provisions in the Taxation Administration Act 1953 as a consequence of the repeal of Subdivision C of Division 3B of Part VI by the above item.

Note 2:    A remade version of section 221B, which is repealed by the above item, is included in the Taxation Administration Act 1953 by item 970 of Schedule 2 to this Act.

Note 3:    A remade version of section 221YSA, which is repealed by the above item, is included in the Income Tax Assessment Act 1936 by item 345 of Schedule 2 to this Act.

164  Part VII

165  Section 251Y

166  Sections 258 and 259

Note:       Item 15 of Schedule 6 extends the operation of subsection 265‑45(2) in Schedule 1 to the Taxation Administration Act 1953 as a consequence of the repeal of section 259 by the above item.

167  Subsection 262A(4AB)

168  Section 264CA

169  Subsection 296(3)

170  Section 305

171  Paragraph 399A(1)(a)

172  Subsection 401(2)

173  Subsection 405(2)

174  Section 407

175  Paragraph 427(a)

176  Subsection 461(2)

177  Sections 546 to 549

178  Subsection 555(2) (definition of basic statutory interest rate)

179  Sections 587 and 588

180  Subsection 592(2) (definition of basic statutory interest rate)

181  Section 597

182  Subsection 613(2)

183  Part XII

184  Schedule 1

185  Schedules 2A and 2B

186  Subsection 245‑70(3) in Schedule 2C

187  Subsection 245‑140(1) in Schedule 2C (table items 1, 3, 5, 6, 9 to 13, 15 to 19, 21, 24 and 25)

188  Subsection 245‑140(1A) in Schedule 2C

189  Paragraphs 57‑25(4)(a) to (d), (g), (h), (k) and (l) in Schedule 2D

190  Section 57‑35 (paragraph (d) of the definition of asset)

191  Subdivision 57‑I in Schedule 2D

192  Subsection 57‑85(3) in Schedule 2D (table items 2 to 4, 6, 7A, 8, 10 to 12 and 14A to 17)

193  Subsection 57‑110(2) in Schedule 2D (table items 2, 3, 4, 5A, 6, 8A and 9)

194  Paragraphs 268‑35(2)(a) and (b) in Schedule 2F (including the notes)

195  Paragraph 268‑35(5)(i) in Schedule 2F (including the note)

196  Sections 268‑50 and 268‑55 in Schedule 2F

197  Section 271‑85 in Schedule 2F

198  Section 393‑25 in Schedule 2G (definition of deduction exemption certificate)

199  Subsection 326‑5(5) in Schedule 2H

Income Tax Assessment Act 1997

200  Section 10‑5 (table item headed “development allowance”)

201  Section 10‑5 (table item headed “drought investment allowance”)

202  Section 10‑5 (table item headed “income equalisation deposits”)

203  Section 11‑15 (table item headed “GST Direct Assistance Certificate recipient”)

204  Section 12‑5 (table item headed “composite incomes”)

205  Section 12‑5 (table item headed “development allowance”)

206  Section 12‑5 (table item headed “drought investment allowance”)

207  Section 12‑5 (table item headed “firearms surrender payments”)

208  Section 12‑5 (table item headed “heritage conservation work”)

209  Section 12‑5 (table item headed “promoters recoupment tax”)

210  Section 12‑5 (table item headed “State Bank of NSW”)

211  Section 12‑5 (table item headed “successive deductions”)

212  Section 12‑5 (table item headed “tax file number (TFN) withholding tax”)

213  Section 13‑1 (table item headed “Commonwealth Savings Bank”)

214  Section 13‑1 (table item headed “heritage conservation”)

215  Section 13‑1 (table item headed “loan interest”)

216  Section 17‑25

217  Section 25‑80

218  Paragraphs 26‑55(1)(b), (c) and (e)

219  Section 27‑30

220  Subsection 30‑25(2) (table items 2.2.5 and 2.2.12)

221  Subsection 30‑45(2) (table items 4.2.8 and 4.2.16 to 4.2.18)

222  Subsection 30‑50(2) (table items 5.2.2 to 5.2.10, 5.2.12 to 5.2.15, 5.2.17 to 5.2.20 and 5.2.23)

223  Subsection 30‑70(2) (table items 8.2.1 and 8.2.2)

224  Subsection 30‑80(2) (table items 9.2.9 and 9.2.11)

225  Section 30‑95 (table item 11.2.6)

226  Subsection 30‑100(2) (table item 12.2.3)

227  Section 30‑102 (table items 12A.2.11 and 12A.2.12)

228  Section 30‑105 (table item 13.2.1)

229  Subsection 30‑315(2) (table items 2AA, 2A, 18, 20B, 23A, 25B, 28, 28B, 29, 32, 34A, 59, 64A, 67A, 68A, 72AA, 72B, 72BB, 74A, 81, 94, 97AA, 104A, 104C, 106, 110B, 112A, 112B, 112D, 114A, 118AA and 123A)

230  Section 51‑60

231  Subdivision 61‑G

232  Subsection 70‑40(2) (notes 1 and 2)

233  Subsection 104‑15(4) (note)

234  Subsection 104‑210(1) (note)

235  Section 115‑10 (note)

236  Section 118‑14

237  Paragraphs 165‑55(5)(d), (e) and (i) (including the note after paragraph (i))

238  Subsection 165‑55(6) (note)

239  Subsection 165‑240(7)

240  Section 320‑40

241  Subsection 328‑295(1) (note 2)

242  Subsection 405‑15(1) (note)

243  Section 405‑45 (note)

244  Subsections 405‑50(1) and (3) (note)

245  Section 820‑10 (table item 3)

246  Subsections 820‑445(1) and (2)

247  Subsection 820‑445(3) (heading)

248  Subdivision 820‑F

249  Section 820‑581 (last paragraph of the example)

250  Subdivision 960‑R

251  Subsection 995‑1(1) (paragraph (d) of the definition of BAS provisions)

252  Subsection 995‑1(1) (paragraphs (b) and (c) of the definition of capital allowance)

253  Subsection 995‑1(1) (definition of exempting company)

254  Subsection 995‑1(1) (definition of leasing company)

255  Subsection 995‑1(1) (definition of maximum TC group)

256  Subsection 995‑1(1) (definition of Pre‑GST annual turnover)

257  Subsection 995‑1(1) (definition of priority agreement)

258  Subsection 995‑1(1) (definition of qualified person)

259  Subsection 995‑1(1) (definition of resident TC group)

260  Subsection 995‑1(1) (paragraph (c) of the definition of safe harbour capital amount)

261  Subsection 995‑1(1) (definition of specified management fees)

262  Subsection 995‑1(1) (definition of top entity)

Income Tax Rates Act 1986

263  Subsection 3(1) (definition of reduced notional income)

264  Subsection 12(5)

265  Schedule 9

Income Tax (Transitional Provisions) Act 1997

266  Subsection 20‑1(2) (including the note)

267  Section 20‑5

268  Division 28

269  Section 40‑85

270  Divisions 41 and 42

271  Section 51‑5

272  Subsection 70‑1(1) (second sentence)

273  Section 70‑5

274  Subdivision 104‑B

275  Section 104‑72

276  Section 104‑210

277  Division 115

278  Division 138

279  Division 330

280  Division 373

281  Division 385

282  Division 387

283  Division 400

284  Division 405

285  Section 701‑30

286  Sections 820‑15 to 820‑40

287  Sections 830‑5 and 830‑10

Taxation Administration Act 1953

288  Division 1 of Part IIA (heading)

289  Subsection 8AAB(4) (table items 10 to 29)

290  Divisions 2 and 3 of Part IIA

291  Subsection 12‑45(3) in Schedule 1

292  Subsections 16‑75(1) and (3) in Schedule 1 (notes)

293  Group heading before section 16‑120 in Schedule 1

294  Sections 16‑120 to 16‑135 in Schedule 1

295  Subsection 45‑70(1) in Schedule 1 (note)

296  Group heading before section 45‑170 in Schedule 1

297  Sections 45‑170 to 45‑180 in Schedule 1

298  Subsection 250‑10(1) in Schedule 1 (table item 60)

299  Subsection 250‑10(2) in Schedule 1 (table items 75 and 80)

Taxation (Interest on Overpayments and Early Payments) Act 1983

300  Subsection 3(1) (definition of final instalment day)

301  Subsection 3(1) (definition of instalment taxpayer)

302  Subsection 3(1) (definition of provisional tax)

303  Subsection 3(1) (definition of relevant entity)

304  Section 3C (table items 10, 30, 35, 60, 65, 70 and 75 in the definition of relevant tax)

305  Subparagraph 8A(1)(a)(iv)

306  Subparagraphs 8A(1)(a)(vi) to (x)

307  Subsection 8A(1A)

308  Subparagraphs 8E(1)(d)(ii) and (2)(d)(ii)

309  Subparagraph 8G(1)(d)(ii)

310  Subparagraph 8G(2)(c)(ii)

311  Subsections 8H(1) and (2)

312  Subsection 9(5)

313  Sub‑subparagraphs 10(1)(a)(iii)(B) and (C)

314  Paragraph 10(1)(aa)

315  Section 10A

316  Subparagraphs 12A(1)(a)(ii) and (iii)

317  Sub‑subparagraphs 12A(1)(a)(iv)(D) and (F) to (J)

Trust Recoupment Tax Assessment Act 1985

318  Subsection 4(6)


 

Schedule 2Consequential amendments relating to Schedule 1 repeals etc.

Part 1Amendments: general

Aboriginal Land Rights (Northern Territory) Act 1976

1  Subsection 64A(2)

Omit “neither subsection 221ZB(1) of the Income Tax Assessment Act 1936 nor section 12‑320 in Schedule 1 to the Taxation Administration Act 1953 applies”, substitute “section 12‑320 in Schedule 1 to the Taxation Administration Act 1953 does not apply”.

Airports (Transitional) Act 1996

2  Section 48A (definition of plant)

Omit “section 42‑18”, substitute “subsection 995‑1(1)”.

3  Sections 49, 49A, 50, 50A, 51, 51A, 52, 53 and 54

Repeal the sections.

Air Services Act 1995

4  Subsection 52(1)

Omit “paragraph 23(d) of the Income Tax Assessment Act 1936”, substitute “section 50‑25 of the Income Tax Assessment Act 1997”.

A New Tax System (Australian Business Number) Act 1999

5  Section 5A (note)

Omit “under subsection 38(1)”.

6  Section 41 (definition of enterprise)

Repeal the definition, substitute:

enterprise has the meaning given by section 9‑20 of the A New Tax System (Goods and Services Tax) Act 1999.

7  Section 41 (definition of entity)

Repeal the definition, substitute:

entity has the meaning given by section 184‑1 of the A New Tax System (Goods and Services Tax) Act 1999.

8  Section 41 (definition of lodged electronically)

Repeal the definition, substitute:

lodged electronically: a document is lodged electronically if it is transmitted to the Registrar in an electronic format approved by the Registrar.

A New Tax System (Bonuses for Older Australians) Act 1999

9  Paragraphs 35(3)(b) and (4)(a)

Before “subsection 221A(1)”, insert “former”.

10  Paragraph 35(4)(b)

Before “section 69”, insert “former”.

11  Paragraph 35(4)(c)

Before “section 74”, insert “former”.

12  Paragraph 36(3)(a)

Before “subsection 221A(1)”, insert “former”.

A New Tax System (Goods and Services Tax) Act 1999

13  Paragraph 9‑20(2)(d)

Omit “subsection 12‑45(3)”, substitute “paragraph 12‑45(1)(e)”.

A New Tax System (Tax Administration) Act (No. 2) 2000

14  Subitem 3(1) of Schedule 1

After “corresponding”, substitute “former”.

15  Subitem 3(1) of Schedule 1 (table, heading to column 3)

Omit “1936 Act provision”, substitute “Former 1936 Act provision”.

16  Subitem 3(1) of Schedule 1 (table item 7)

Repeal the item.

17  Subitem 3(2) of Schedule 1

Before “section 224”, insert “former”.

AUSSAT Repeal Act 1991

18  Subsection 8(2)

Before “sections”, insert “former”.

Australian Postal Corporation Act 1989

19  Subsection 63(2)

Omit “paragraph 23(d) of the Income Tax Assessment Act 1936 or”.

Australian Prudential Regulation Authority Act 1998

20  Subsection 55(3)

Omit “paragraph 23(d) of the Income Tax Assessment Act 1936 or”.

Bank Integration Act 1991

21  Subsection 5(1) (paragraph (d) of the definition of asset)

Repeal the paragraph.

22  Paragraph 22(4)(c)

Omit “, foreign tax credits and dividend rebates under section 46 of the Income Tax Assessment Act 1936”, substitute “and foreign tax credits”.

23  Subsection 22(5)

Omit “Part IIIAA of the Income Tax Assessment Act 1936”, substitute “Part 3‑6 of the Income Tax Assessment Act 1997 (about the imputation system)”.

24  Paragraph 22(5)(b)

Omit “franking year”, substitute “income year”.

Bankruptcy Act 1966

25  Paragraph 109(1A)(b)

Before “subsections”, insert “former”.

26  Paragraph 109(1A)(b)

Before “section”, insert “former”.

Child Support (Registration and Collection) Act 1988

27  Paragraphs 50(2)(a) and (b)

Before “subsection 221YHZD(3)”, insert “former”.

28  Paragraph 72B(4)(b)

Repeal the paragraph, substitute:

                     (b)  money due by the person to the debtor is taken to be money that comes to the person on behalf of the debtor, other than money that is:

                              (i)  a payment of a royalty referred to in Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953; or

                             (ii)  a payment to which section 12‑325 of that Schedule applies (natural resource payments).

Corporations Act 2001

29  Subsection 443BA(2) (definition of remittance provision)

After “following”, insert “former”.

30  Paragraph 459E(5)(aa)

Before “section”, insert “former”.

31  Paragraph 459E(5)(a)

Before “section” (wherever occurring), insert “former”.

32  Paragraphs 459E(5)(b) to (d)

Before “subsection”, insert “former”.

33  Subsection 588F(2) (definition of remittance provision)

After “following”, insert “former”.

34  Paragraphs 588FGA(1)(aa) and (a)

Before “section” (wherever occurring), insert “former”.

35  Paragraphs 588FGA(1)(b) to (d)

Before “subsection”, insert “former”.

Crimes (Taxation Offences) Act 1980

36  Subsection 3(1) (paragraph (aa) of the definition of income tax)

After “under”, insert “former”.

37  Subsection 3(1) (paragraph (b) of the definition of income tax)

Omit “subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3), section 221YDB or”, substitute “former subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3), former section 221YDB or former”.

38  Subsection 3(1) (paragraphs (c) to (cb) of the definition of income tax)

After “under”, insert “former”.

39  Subsection 3(1) (paragraph (d) of the definition of income tax)

Repeal the paragraph, substitute:

                     (d)  any amount payable under former section 220AAE, 220AAM or 220AAR, or former subsection 221EAA(1), of the Income Tax Assessment Act; and

40  Subsection 3(1) (paragraph (f) of the definition of income tax)

After “under”, insert “former”.

41  Subsection 3(1) (paragraph (g) of the definition of income tax)

Before “subsection” (wherever occurring), insert “former”.

42  Subsection 3(1) (paragraph (g) of the definition of income tax)

Before “subparagraph”, insert “former”.

43  Subsection 3(1) (paragraph (g) of the definition of income tax)

Before “section”, insert “former”.

Crown Debts (Priority) Act 1981

44  Section 4

Omit “in the Corporations Act 2001 affects the operation of section, subsections”, substitute “or in the Corporations Act 2001 affects the operation of former subsections”.

45  Section 4

Before “section 221YU”, insert “former”.

Defence Act 1903

46  Subsection 122AA(3)

Repeal the subsection.

Development Allowance Authority Act 1992

47  Chapter 2

Repeal the Chapter.

48  Subsection 93D(1) (definition of relevant exempting provision)

Repeal the definition, substitute:

relevant exempting provision has the meaning given by subsection 121F(1) of the Income Tax Assessment Act 1936.

Export Finance and Insurance Corporation Act 1991

49  Subsection 63(4)

Omit “paragraph 23(d) of the Income Tax Assessment Act 1936 or”.

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

50  Section 3 (paragraph (d) of the definition of asset)

Repeal the paragraph.

51  Paragraph 14A(5)(a)

Repeal the paragraph.

52  Paragraph 15(1)(a)

Omit “25,”.

53  Paragraph 15(1)(b)

Omit “51,”.

54  Subsection 15(2)

Omit “section 51 of the Income Tax Assessment Act 1936 or”.

55  Paragraph 15(3)(a)

Omit “25,”.

56  Paragraph 15(3)(b)

Omit “51,”.

57  Paragraph 16(1)(a)

Omit “section 25 of the Income Tax Assessment Act 1936 or”.

58  Paragraph 16(1)(b)

Omit “section 51 of the Income Tax Assessment Act 1936 or”.

59  Subsection 16(2)

Omit “section 25 of the Income Tax Assessment Act 1936 or”.

60  Paragraph 16(3)(a)

Omit “section 25 or”.

61  Paragraph 16(3)(b)

Omit “section 51 or”.

62  Subparagraph 17(1)(b)(i)

Omit “under section 25 or Division 16E of Part III of the Income Tax Assessment Act 1936 or section”, substitute “under former section 25, or under Division 16E of Part III, of the Income Tax Assessment Act 1936 or under section”.

63  Subparagraph 17(1)(b)(ii)

Omit “under section 51 or Division 16E of Part III of the Income Tax Assessment Act 1936 or section”, substitute “under former section 51, or under Division 16E of Part III, of the Income Tax Assessment Act 1936 or under section”.

64  Paragraph 17(2)(b)

Omit “under section 51 or Division 16E of Part III of the Income Tax Assessment Act 1936 or section”, substitute “under former section 51, or under Division 16E of Part III, of the Income Tax Assessment Act 1936 or under section”.

65  Section 20

Repeal the section.

66  Paragraph 21(1)(c)

Omit “section 28 of the Income Tax Assessment Act 1936 or”.

67  Paragraph 21(1)(d)

Omit “section 51 of the Income Tax Assessment Act 1936 or”.

68  Subparagraph 21(1)(d)(ii)

Omit “section 31 of the Income Tax Assessment Act 1936 or”.

69  Paragraph 21(1)(e)

Omit “section 36 of the Income Tax Assessment Act 1936 and”.

70  Paragraph 21(2)(c)

Omit “the Income Tax Assessment Act 1936 or”.

71  Paragraph 21(2)(d)

Omit “section 51 of the Income Tax Assessment Act 1936 or”.

72  Paragraph 21(2)(e)

Omit “section 36 of the Income Tax Assessment Act 1936 and”.

73  Subsection 22(4) (paragraph (b) of the definition of unrecouped deductions)

Omit “51 or 63”, substitute “63 or former section 51”.

74  Subsection 22(4) (paragraph (d) of the definition of unrecouped deductions)

Before “subsection”, insert “former”.

75  Subdivision A of Division 8 of Part 3

Repeal the Subdivision.

76  Section 26B

Repeal the section.

77  Paragraph 26C(1)(b)

Omit “section 80G of the Income Tax Assessment Act 1936 or”, substitute “former section 80G of the Income Tax Assessment Act 1936 or under”.

78  Paragraph 26C(1)(c)

Before “section”, insert “former”.

79  Schedules 1 and 2

Repeal the Schedules.

Financial Sector (Transfers of Business) Act 1999

80  Subsection 4(1) (paragraph (d) of the definition of asset)

Repeal the paragraph, substitute:

                     (d)  any CGT asset within the meaning of the Income Tax Assessment Act 1997.

Fringe Benefits Tax Assessment Act 1986

81  Paragraph 19(1)(b)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

82  Paragraph 19(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

83  Paragraph 24(1)(b)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

84  Paragraph 24(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

85  Paragraph 34(1)(b)

Omit “, and Subdivisions F and GA of Division 3 of Part III,”.

86  Paragraph 34(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F and GA of Division 3 of Part III,”.

87  Paragraph 37(b)

Omit “, and Subdivisions F and GA of Division 3 of Part III,”.

88  Paragraph 37(b)

Omit “under section 51 of the Income Tax Assessment Act 1936, or section 8‑1 of the Income Tax Assessment Act 1997,”, substitute “section 8‑1 of the Income Tax Assessment Act 1997”.

89  Paragraph 37(c) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F and GA of Division 3 of Part III,”.

90  Paragraph 37(c) (subparagraph (ii) of the definition of RD)

Omit “under section 51 of the Income Tax Assessment Act 1936, or section 8‑1 of the Income Tax Assessment Act 1997,”, substitute “section 8‑1 of the Income Tax Assessment Act 1997”.

91  Paragraph 44(1)(b)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

92  Paragraph 44(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

93  Paragraph 52(1)(b)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

94  Paragraph 52(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “, and Subdivisions F, GA and G of Division 3 of Part III,”.

95  Paragraph 52(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “section 48, 49, 50 or 51 of the Income Tax Assessment Act 1936, or”.

96  Subsection 136(1) (definition of assessable income)

Repeal the definition, substitute:

assessable income has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

97  Subsection 136(1) (definition of associate)

Repeal the definition, substitute:

associate has the meaning given by section 318 of the Income Tax Assessment Act 1936.

Note:          Section 159 of this Act affects the above definition.

98  Subsection 136(1) (definition of basic car rate)

Repeal the definition, substitute:

basic car rate, in relation to a year of tax ending on 31 March in a year, means the rate prescribed for the purposes of section 28‑25 of the Income Tax Assessment Act 1997 in relation to the year of income ending on 30 June in that year.

99  Subsection 136(1) (definition of car)

Repeal the definition, substitute:

car has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

100  Subsection 136(1) (definition of child)

Repeal the definition, substitute:

child has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

101  Subsection 136(1) (definition of deductible expenses)

Repeal the definition, substitute:

deductible expenses, in relation to an allowance paid to an employee, means expenses incurred by the employee in respect of which a deduction is allowable to the employee under section 8‑1 of the Income Tax Assessment Act 1997 (ignoring Divisions 28, 32 and 900 of that Act).

102  Subsection 136(1) (definition of disease)

Repeal the definition, substitute:

disease has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

103  Subsection 136(1) (definition of documentary evidence)

Repeal the definition, substitute:

documentary evidence, in relation to an expense incurred by a person, means a document that would constitute written evidence of the expense obtained in a way described in Subdivision 900‑E of the Income Tax Assessment Act 1997 if the expense were a work expense, and Division 900 of that Act applied to the person.

104  Subsection 136(1) (definition of motor vehicle)

Repeal the definition, substitute:

motor vehicle has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

105  Subsection 136(1) (paragraphs (a) and (b) of the definition of non‑deductible entertainment expenditure)

Repeal the paragraphs, substitute:

                     (a)  section 32‑5 of the Income Tax Assessment Act 1997 applies to it, or would apply if it were incurred in producing assessable income; and

                     (b)  apart from that section, it would be deductible under section 8‑1 of that Act, or would be if it were incurred in producing assessable income;

106  Subsection 136(1) (definition of non‑deductible entertainment expenditure)

Omit “subsection 51AE(5AA) of the Income Tax Assessment Act 1936 and”.

107  Subsection 136(1) (definition of relative)

Repeal the definition, substitute:

relative has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

108  Subsection 136(1) (definition of religious practitioner)

Repeal the definition, substitute:

religious practitioner has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

109  Subsection 136(1) (definition of spouse)

Repeal the definition, substitute:

spouse has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

110  Subsection 136(1) (definition of year of income)

Repeal the definition, substitute:

year of income means an income year (within the meaning of the Income Tax Assessment Act 1997).

111  Subsection 159(1)

Repeal the subsection.

112  Subsection 159(4)

Repeal the subsection, substitute:

             (4)  For the purposes of this Act, section 318 of the Income Tax Assessment Act 1936 has effect as if “a partnership in which the primary entity is a partner” were omitted from paragraphs (1)(b) and (2)(a) of that section and “a partnership in which the primary entity is or was a partner (whether or not the partnership still exists)” were substituted.

Future Fund Act 2006

113  Subsection 31(4) (note)

Omit “section 67‑30”, substitute “Division 63”.

Higher Education Funding Act 1988

114  Subsection 106H(1) (subparagraph (b)(ii) of the definition of HEC repayment income)

Before “section”, insert “former”.

115  Subsection 106U(4)

Repeal the subsection.

Higher Education Support Act 2003

116  Section 154‑75

Repeal the section.

Income Tax Act 1986

117  Subsection 5(2)

Omit “128N, 128NA, 128NB, 128V, 136A or 159C”, substitute “128NA, 128NB or 128V”.

Income Tax Assessment Act 1936

118  Subsection 6(1) (definition of apportionable deductions)

Repeal the definition, substitute:

apportionable deductions has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

119  Subsection 6(1) (definition of assessable income)

Repeal the definition, substitute:

assessable income has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

120  Subsection 6(1)

Insert:

base interest rate has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

121  Subsection 6(1) (definition of business)

Repeal the definition, substitute:

business has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

122  Subsection 6(1) (definition of child)

Repeal the definition, substitute:

child has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

123  Subsection 6(1) (definition of Commonwealth education or training payment)

Repeal the definition, substitute:

Commonwealth education or training payment has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

124  Subsection 6(1) (definition of company)

Repeal the definition, substitute:

company has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

125  Subsection 6(1) (definition of foreign superannuation fund)

Omit “, subject to subsection (7A),”.

126  Subsection 6(1) (at the end of paragraph (b) of the definition of foreign superannuation fund)

Add “(even if pensions are paid out of the fund to the latter persons)”.

127  Subsection 6(1) (definition of friendly society)

Repeal the definition, substitute:

friendly society has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

128  Subsection 6(1)

Insert:

fringe benefit has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

129  Subsection 6(1) (definition of general partner)

Repeal the definition, substitute:

general partner has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

130  Subsection 6(1) (definition of income from personal exertion or income derived from personal exertion)

Omit “section 159GD or”.

131  Subsection 6(1) (at the end of the definition of income tax or tax)

Add “, but, except in section 260, does not include mining withholding tax or withholding tax”.

132  Subsection 6(1) (definition of minerals)

Repeal the definition, substitute:

minerals has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

133  Subsection 6(1) (definition of natural resource)

Repeal the definition, substitute:

natural resource has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

134  Subsection 6(1) (definition of paid‑up share capital)

Repeal the definition, substitute:

paid‑up share capital of a company means the amount standing to the credit of the company’s share capital account reduced by the amount (if any) that represents amounts unpaid on shares.

135  Subsection 6(1)

Insert:

primary production business has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

136  Subsection 6(1) (definition of relative)

Repeal the definition, substitute:

relative has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

137  Subsection 6(1)

Insert:

share in a company has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

138  Subsection 6(1) (definition of spouse)

Repeal the definition, substitute:

spouse has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

139  Subsection 6(1)

Insert:

work and income support related withholding payments and benefits means:

                     (a)  payments from which an amount must be withheld under a provision of Subdivision 12‑B (other than section 12‑55), 12‑C or 12‑D in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); and

                     (b)  amounts included in a person’s assessable income under section 86‑15 of the Income Tax Assessment Act 1997 in respect of which an amount must be paid under Division 13 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not paid); and

                     (c)  non‑cash benefits in relation to which the provider of the benefit must pay an amount to the Commissioner under Division 14 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not paid).

Note:          The payments covered by paragraph (a) are: payments to employees and company directors, payments to office holders, return to work payments, payments under labour hire arrangements, payments of pensions and annuities, eligible termination payments, payments for unused leave, benefit payments, compensation payments and payments specified by regulations.

140  Subsection 6(1) (definition of year of income)

Repeal the definition, substitute:

year of income means an income year as defined in subsection 995‑1(1) of the Income Tax Assessment Act 1997.

141  At the end of subparagraphs 6AA(1)(a)(i) and (ii)

Add “or”.

142  Subparagraph 6AA(1)(a)(iii)

Omit “or”.

143  Subparagraph 6AA(1)(a)(iv)

Repeal the subparagraph.

144  At the end of subparagraphs 6AA(1)(b)(i) and (ii)

Add “or”.

145  Subparagraph 6AA(1)(b)(iii)

Omit “or”.

146  Subparagraph 6AA(1)(b)(iv)

Repeal the subparagraph.

147  Paragraph 6BA(2)(b)

Omit “46 or”.

148  Subparagraph 6BA(3)(b)(i)

Omit “Part IIIA”, substitute “Part 3‑1 or 3‑3 of the Income Tax Assessment Act 1997”.

149  Subsection 6C(2)

Omit “paragraph 23(r) of this Act and”.

150  Subsection 6CA(3)

Omit “paragraph 23(r) and”.

151  Subsection 6F(5) (definition of associate)

Omit “subsection 26AAB(14)”, substitute “section 318”.

152  Subsection 16(4AA) (definition of employee)

Repeal the definition, substitute:

employee means a person who receives, or is entitled to receive, work and income support related withholding payments and benefits.

153  Subsection 16(4AA) (definition of employer)

Repeal the definition, substitute:

employer means a person who pays or is liable to pay work and income support related withholding payments and benefits, and includes:

                     (a)  in the case of an unincorporate body of persons other than a partnership—the manager or other principal officer of that body; and

                     (b)  in the case of a partnership—each partner; and

                     (c)  an Australian government agency as defined in subsection 995‑1(1) of the Income Tax Assessment Act 1997.

154  Subsection 18(1)

Omit “(1)”.

155  Subsection 18(2)

Repeal the subsection.

156  Subsection 23AB(1) (definition of tax deductions unapplied)

Repeal the definition, substitute:

tax deductions unapplied, in relation to a deceased person, means any amounts withheld under Part 2‑5 in Schedule 1 to the Taxation Administration Act 1953 from work and income support related withholding payments and benefits derived by the deceased person in respect of United Nations service:

                     (a)  that have not been credited in payment of income tax; and

                     (b)  in respect of which a payment has not been made by the Commissioner.

157  Subsection 23AB(6)

Omit “paragraph 26(e)”, substitute “section 15‑2 of the Income Tax Assessment Act 1997”.

158  Subsection 23AB(8A)

Omit “23ADA or”.

159  Subsection 23H(4A) (definition of deductible moneys)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

160  Subsection 23H(4A) (definition of deductible 120% moneys)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

161  Subsection 23H(4A) (definition of deductible 133% moneys)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

162  Subsection 23H(4A) (definition of deductible 150% moneys)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

163  Paragraph 23H(5)(a)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

164  Subsection 23H(5)

Omit “the taxpayer under section 124ZAF or 124ZAFA”, substitute “the taxpayer under former section 124ZAF or section 124ZAFA”.

165  Subsection 23H(6)

Omit “124ZAF or”.

166  Subsection 23L(1)

Omit “within the meaning of the Fringe Benefits Tax Assessment Act 1986”.

167  Subsection 23L(1A)

Omit “paragraph 26(eaa) of this Act”, substitute “section 15‑75 of the Income Tax Assessment Act 1997”.

168  Subsection 23L(1A)

Omit “within the meaning of that Act”.

169  Section 24AT (paragraph (c) of the definition of excluded STB)

Omit “(within the meaning of paragraph 23(e))”, substitute “to which any of paragraphs 50‑55(a) to (c) of the Income Tax Assessment Act 1997 applies”.

170  Section 24AT (paragraph (d) of the definition of excluded STB)

Omit “(within the meaning of paragraph 23(ea))”, substitute “to which any of paragraphs 50‑55(a) to (c) of the Income Tax Assessment Act 1997 applies”.

171  Subsection 24B(1) (definition of prescribed Territory)

Repeal the definition, substitute:

prescribed Territory means Norfolk Island.

172  Subsection 24L(5)

Repeal the subsection, substitute:

             (5)  In subsections (1), (3), (4), (4A), (4B) and (4C), Australia, resident and non‑resident have the meanings that those expressions would have if subsection 7A(2) did not refer to Norfolk Island.

173  Paragraph 24P(1)(b)

Repeal the paragraph, substitute:

                     (b)  if there had been a disposal (within the meaning of former Part IIIA) of the asset by the taxpayer on 1 July 1991, that Part would have applied in respect of that disposal (ignoring former section 160ZZF and former Divisions 5A, 7A and 17 of that Part);

174  Subparagraph 24P(1)(c)(i)

Omit “the asset had been disposed of”, substitute “there had been a disposal (within the meaning of former Part IIIA) of the asset”.

175  Subparagraph 24P(1)(c)(iii)

Before “section 24BB”, insert “former”.

176  Subparagraph 24P(1)(c)(iv)

Before “section”, insert “former”.

177  Subsection 24P(5)

Before “section 160ZZU”, insert “former”.

178  Subparagraph 25A(12)(a)(ii)

Omit “or articles within the meaning of section 54”, substitute “within the meaning of section 45‑40 of the Income Tax Assessment Act 1997”.

179  Subsection 26AB(1A) (note)

Omit “Part IIIA of this Act (about CGT) deals”, substitute “former Part IIIA of this Act (about CGT) dealt”.

180  Paragraph 26AB(5)(b)

Omit “mining lease as defined in subsection 88B(7)”, substitute “lease of land granted under a law of a State or Territory relating to mining”.

181  Paragraph 26AB(5)(c)

Omit “is, for the purposes of section 88B”, substitute “was, for the purposes of former section 88B”.

182  Paragraph 26AB(5)(d)

Repeal the paragraph, substitute:

                     (d)  a premium received in connexion with the assignment from the Commonwealth or a State of a lease:

                              (i)  granted in perpetuity or for a term not less than 99 years; or

                             (ii)  with a right of purchase; or

                            (iii)  effecting improvements to be used for residential purposes only.

183  Paragraph 26AD(12)(b)

Before “section”, insert “former”.

184  Paragraph 26AD(13)(b)

Before “section”, insert “former”.

185  Paragraph 26AG(1)(c)

Omit “section 124ZAF or 124ZAFA”, substitute “former section 124ZAF or under section 124ZAFA”.

186  Paragraph 26AG(1)(d)

After “income”, insert “from sources in or out of Australia”.

187  Paragraph 26AG(1)(e)

After “taxpayer”, insert “from sources in or out of Australia”.

188  Subsection 26AG(8)

Repeal the subsection, substitute:

             (8)  If:

                     (a)  a non‑resident taxpayer derives, from sources outside Australia, income in respect of a film; and

                     (b)  but for this subsection, subsection (2) would include the amount in the taxpayer’s assessable income of a year of income;

that subsection does not include in the taxpayer’s assessable income so much of the amount as:

                     (c)  is attributable to the exhibition of the film in the country from sources in which the income was derived; and

                     (d)  is not exempt from income tax in the country from sources in which the income was derived.

189  Subparagraph 26AJ(1)(g)(i)

Omit “within the meaning of the Fringe Benefits Tax Assessment Act 1986”.

190  Subparagraph 26AJ(1)(g)(ii)

Omit “within the meaning of that Act”.

191  Subsection 26AJ(11) (definition of associate)

Omit “26AAB”, substitute “318”.

192  Subsection 27A(1) (paragraph (a) of the definition of CGT exempt component)

Omit “is covered by subsection 160ZZPZE(4)”, substitute “was covered by former subsection 160ZZPZE(4)”.

193  Subsection 27A(1) (paragraph (b) of the definition of CGT exempt component)

Omit “is taken by subsection 160ZZPZJ(4)”, substitute “was taken by former subsection 160ZZPZJ(4)”.

194  Subsection 27A(1) (paragraph (jaa) of the definition of eligible termination payment)

Omit “is taken to be an ETP by”, substitute “was taken to be an ETP by former”.

195  Subsection 27A(14)

Before “section 24BA”, insert “former”.

196  Subsection 27A(14A)

Before “section 24BB”, insert “former”.

197  Paragraphs 36AAA(1)(a), (1AA)(a), (1A)(a), (2A)(a) and(4A)(a)

Omit “business of primary production”, substitute “primary production business”.

198  Subparagraphs 36AAA(5)(b)(iii) and (6)(b)(ii)

Omit “business of primary production”, substitute “primary production business”.

199  Paragraph 36AAA(8)(a)

Omit “business of primary production”, substitute “primary production business”.

200  Subparagraph 36AAA(9)(b)(iii)

Omit “business of primary production”, substitute “primary production business”.

201  Subsection 36AAA(12)

Omit “business of primary production” (wherever occurring), substitute “primary production business”.

202  Paragraphs 36AAA(13)(c), (e) and (f) and 14(d)

Omit “business of primary production”, substitute “primary production business”.

203  Subsection 36AAA(15)

Omit “business of primary production”, substitute “primary production business”.

204  Subsection 36AAA(17)

Before “paragraph 36(8)(b)”, insert “former”.

205  Subsection 45(2)

Omit “an unfranked dividend”, substitute “a dividend that is unfrankable (within the meaning of subsection 995‑1(1) of the Income Tax Assessment Act 1997) and”.

206  Subsection 45(2)

Omit “46 or”.

207  Subsection 45(3)

Omit “160AQF or 160AQFA”, substitute “202‑5 or 208‑60 of the Income Tax Assessment Act 1997.

208  Paragraph 45A(4)(e)

Omit “be entitled to a rebate under”, substitute “have been entitled to a rebate under former”.

209  Subsection 45C(1)

Omit “46 or”.

210  Paragraph 45C(5)(b)

Before “section”, insert “former”.

Note:       The heading to subsection 45C(5) is altered by inserting “former” before “section”.

211  Subsection 45C(5)

Omit “arising under section 160AQCB, 160AQCNA or 160AQCNB”, substitute “arising under that former section”.

212  Subsection 46A(5B)

Before “Division”, insert “former”.

213  Paragraph 46FA(1)(c)

Repeal the paragraph, substitute:

                     (c)  ignoring the amendments made by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006, but for subsection 46AB(1) or 46AC(2) or subparagraph 46F(2)(a)(i) of this Act as in force just before the commencement of those amendments, the resident company would have been entitled to a rebate under section 46 of this Act as so in force in respect of the unfranked amount of the original dividend; and

214  Paragraph 46FB(4)(c)

Repeal the paragraph, substitute:

                     (c)  ignoring the amendments made by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006, but for subsection 46AB(1) or 46AC(2) or subparagraph 46F(2)(a)(i) of this Act as in force just before the commencement of those amendments, the company would have been entitled to a rebate under section 46 of this Act as so in force in respect of the unfranked amount of the dividend.

215  Subsection 51AD(1) (definition of associate)

Omit “26AAB”, substitute “318”.

216  Subsection 51AD(17)

Omit “section 67 of this Act or”.

217  Paragraph 51AD(17)(a)

Omit “subsection 67(2) of this Act or”.

218  Subsection 51AD(18)

Omit “section 68 of this Act or”.

219  Subsection 51AF(2) (definition of employee)

Repeal the definition, substitute:

employee means a person who receives, or is entitled to receive, work and income support related withholding payments and benefits.

220  Subsection 51AF(2) (definition of employer)

Repeal the definition, substitute:

employer means a person who pays or is liable to pay work and income support related withholding payments and benefits, and includes:

                     (a)  in the case of an unincorporate body of persons other than a partnership—the manager or other principal officer of that body; and

                     (b)  in the case of a partnership—each partner; and

                     (c)  an Australian government agency as defined in subsection 995‑1(1) of the Income Tax Assessment Act 1997.

221  Paragraph 51AH(1)(c)

Omit “paragraph 26(eaa)”, substitute “section 15‑75 of the Income Tax Assessment Act 1997”.

222  Subsection 51AH(2)

After “Expressions”, insert “(other than “fringe benefit”)”.

223  Subsection 51AJ(2)

Omit “(other than “recipients contribution”)”, substitute “(other than “recipients contribution” and “fringe benefit”)”.

224  Subsection 63(1A)

Omit “(1A)”.

225  Paragraph 63E(3)(c)

Omit “subsection 63(3) of this Act or”.

226  Paragraph 63F(1)(b)

Omit “or under section 51 or 63 of this Act”, substitute “, under former section 51 of this Act or under section 63”.

227  Subparagraph 63G(a)(i)

Omit “under section 51 or 63”, substitute “under former section 51 of this Act, under section 63 of this Act or under section 8‑1 or 25‑35 of the Income Tax Assessment Act 1997”.

228  Paragraph 65(1B)(a)

Omit “and Division 4 of Part VI”.

229  Subsection 73A(4)

Omit “consideration received or receivable in respect of the disposal, loss or destruction”, substitute “termination value of the building or part”.

230  Subsection 73A(4)

Omit “disposal, loss or destruction occurs”, substitute “disposal or destruction occurs”.

231  Subsection 73A(4)

Omit “consideration relates to the disposal, loss or destruction”, substitute “termination value relates to the disposal or destruction”.

232  Subsection 73A(4)

Omit “of the consideration”, substitute “of the termination value”.

233  Subsection 73A(6)

Insert:

termination value has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

234  Subsection 73B(1AA)

Omit “, 73CA and 73D”, substitute “and 73CA”.

235  Subsection 73B(1) (paragraph (d) of the definition of aggregate research and development amount)

Omit “Division 10D of this Part, or”.

236  Subsection 73B(1) (definition of associate)

Omit “26AAB”, substitute “318”.

237  Paragraph 73B(2C)(c)

Omit “, petroleum”.

238  Paragraphs 73B(3A)(c) and (d)

Omit “, 73CA and 73D”, substitute “and 73CA”.

239  Paragraph 73B(3A)(da)

Omit “subsections 73C(2A) and 73D(2A) do”, substitute “subsection 73CA(2A) does”.

240  Paragraph 73B(3A)(f)

Omit “, 73CA and 73D”, substitute “and 73CA”.

241  Subsection 73B(4)

Repeal the subsection, substitute:

             (4)  Subject to subsection (5), if, during a year of income:

                     (a)  an eligible company commences to use a unit of plant exclusively for the purpose of the carrying on by or on behalf of the company of research and development activities; and

                     (b)  the eligible company has incurred an amount of plant expenditure in respect of the unit;

that amount is, in relation to the unit, taken to be an amount of qualifying plant expenditure in relation to the company in relation to the year of income and each of the 2 succeeding years of income.

242  Subsection 73B(5)

Repeal the subsection, substitute:

             (5)  If:

                     (a)  apart from this subsection, there would be an amount of qualifying plant expenditure in relation to a unit of plant owned by an eligible company in relation to a year of income; and

                     (b)  at any time during the year of income, the company ceases to use that unit of plant exclusively for the purpose of the carrying on by or on behalf of the company of research and development activities;

there is no amount of qualifying plant expenditure in relation to that unit of plant in relation to the year of income or any succeeding year of income.

243  Subsection 73B(5A)

Repeal the subsection, substitute:

          (5A)  This section does not apply to expenditure incurred by an eligible company in the acquisition or construction of a building or of an extension, alteration or improvement to a building.

244  Subsection 73B(17A)

Omit “, (15) or (17)”, substitute “or (15)”.

245  Subsection 73B(20)

Omit “, (22), (28) and (30)”, substitute “and (22)”.

246  Paragraphs 73B(23)(d), (24)(d) and (24B)(d)

Before “section”, insert “former”.

247  Paragraph 73B(27)(a)

Before “subsection”, insert “former”.

248  Paragraph 73B(27)(b)

Repeal the paragraph, substitute:

                     (b)  the company sells or otherwise disposes of the building, extension, alteration or improvement more than 5 years after the day on which it began to use the building, extension, alteration or improvement exclusively for the purpose of the carrying on by or on behalf of the company of research and development activities;

249  Paragraph 73B(27)(c)

Before “Division 10D” (wherever occurring), insert “former”.

250  Paragraph 73B(31)(a)

Omit “, a building or an extension, alteration or improvement to a building”.

251  Paragraph 73CA(2)(a)

Omit “and section 73D”.

252  Paragraph 73E(1)(c)

Before “section”, insert “the former”.

253  Subsection 73E(10)

Omit “, 73CB or 73D”, substitute “or 73CB”.

254  Subsection 82(2)

Omit “(2)”.

255  Subsection 82(2)

Omit “or has been allowed or is allowable as a deduction in assessments under the previous Act”.

256  Subsection 82AAC(3) (definition of associate)

Omit “26AAB”, substitute “318”.

257  Subparagraph 82AAD(3)(a)(ii)

Omit “subsection 26AAB(14)”, substitute “section 318”.

258  Subsection 82AAF(4) (definition of associate)

Omit “26AAB”, substitute “318”.

259  Subsection 82AAQ(1)

Omit “or the previous Act”.

260  Subsection 82KH(1) (paragraph (o) of the definition of relevant expenditure)

Omit “or section 64 of this Act”.

261  Paragraph 82KH(1AB)(b)

Before “section”, insert “former”.

262  Paragraph 82KZM(1)(c)

Omit “section 51,”, substitute “former section 51 or section”.

263  Paragraphs 82KZN(c) and 82KZO(c)

Before “section 51”, insert “former”.

264  Subsection 82P(2)

Omit “subparagraphs 82S(1)(d)(ii) and”, substitute “subparagraph”.

265  Subsections 82R(1) and 82T(1)

Omit “sections 82S and”, substitute “section”.

266  Subsection 95(1) (definition of net income)

Omit “Division 16C or”.

267  Subparagraph 97(3)(c)(i)

Omit “section 23 of this Act or”.

268  Paragraph 97A(1)(b)

Omit “the owner of a current IED scheme deposit or”.

269  Paragraph 97A(1)(c)

Omit “an eligible primary producer or a primary producer, as the case requires,”, substitute “a primary producer”.

270  Paragraph 97A(1A)(b)

Omit “the owner of a current IED scheme deposit or”.

271  Paragraph 97A(1A)(c)

Omit “an eligible primary producer or a primary producer, as the case requires,”, substitute “a primary producer”.

272  Paragraph 97A(1A)(c)

Omit “business of primary production”, substitute “primary production business”.

273  Section 102AAB

Insert:

base interest rate for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953.

274  Section 102AAB (definition of depreciation provision)

Repeal the definition, substitute:

depreciation provision means:

                     (a)  any provision of Division 40 of the Income Tax Assessment Act 1997 (other than Subdivision 40‑E); or

                     (b)  any provision of Division 43 of that Act.

275  Section 102AAB (paragraphs (a) and (b) of the definition of weighted statutory interest rate)

Omit “basic statutory” (wherever occurring), substitute “base”.

276  Subsection 102AAE(2)

Omit “section 23 of this Act or”.

277  Subsection 102AAK(11)

Omit “(other than section 102AAN)”.

278  Paragraph 102AAM(1)(c)

Omit “so much of the distributed amount as is not a rebatable section 99B amount for the purposes of section 102AAN”, substitute “the distributed amount”.

279  Paragraph 102AAM(5)(b)

Repeal the paragraph, substitute:

                     (b)  at the base interest rate.

280  Paragraph 102AAM(6)(d)

Repeal the paragraph, substitute:

                     (d)  so much of the tax payable in respect of the year of income as is attributable to the aggregate of the principal amounts (ignoring any tax offset under Part 3‑6 of the Income Tax Assessment Act 1997).

281  Subsection 102AAM(12)

Omit “an instalment taxpayer (as defined in subsection 221AZK(1)) or”.

282  Paragraph 102AAM(13A)(a)

Omit “an instalment taxpayer (as defined in subsection 221AZK(1)) or”.

283  Paragraph 102AAM(13A)(c) (note)

Omit “and paragraph 221AZS(c)”.

284  Subsection 102AAM(14)

Omit “170AA, 172, 174, 204, 205, 206, 208, 209, 214, 215, 216, 254, 255, 258 and 259, and Division 1C of Part VI”, substitute “172, 174, 204, 254 and 255”.

285  Subsection 102AAW(1)

Omit “38 to 43 (inclusive),”.

286  Paragraph 102AAZBA(d)

Omit “subsection 160M(9) or (10) of this Act, or section 104‑170 of the Income Tax Assessment Act 1997 (CGT event I2),”, substitute “section 104‑170 of the Income Tax Assessment Act 1997 (CGT event I2)”.

287  Paragraph 102AF(1)(a)

Omit “within the meaning of subsection 221A(1)”.

288  Subsection 102A(1) (definition of associate)

Omit “subsection 26AAB(14)”, substitute “section 318”.

289  Subsection 102L(2)

Omit “45Z, 46, 46A, 46B, 46C, 46E and 46F”, substitute “46A, 46B, and 46E”.

290  Paragraphs 102L(2)(a) and (b)

Omit “46 or”.

291  Subsection 102L(6)

Omit “or Division 1A of Part VI (other than subsection 221AA(1) or section 221AC)”.

292  Subsection 102L(10)

Omit “, section 128B or Division 4 of Part VI (other than subsection 221YK(2))”, substitute “or section 128B”.

293  Subsection 102L(11)

Omit “128B or Division 4 of Part VI (other than subsection 221YK(2))”, substitute “section 128B”.

294  Subsection 102T(2)

Omit “45Z, 46, 46A, 46B, 46C, 46E and 46F”, substitute “46A, 46B, and 46E”.

295  Paragraphs 102T(2)(a) and (b)

Omit “46 or”.

296  Subsection 102T(7)

Omit “or Division 1A of Part VI (other than subsection 221AA(1) or section 221AC)”.

297  Subsection 102T(11)

Omit “paragraph 23(jb), subsection 44(1), section 128B or Division 4 of Part VI (other than subsection 221YK(2))”, substitute “subsection 44(1) or section 128B”.

298  Subsection 102T(12)

Omit “in paragraph 23(jb), subsection 44(1), section 128A or 128B or Division 4 of Part VI (other than subsection 221YK(2))”, substitute “44(1), or in section 128A or 128B,”.

299  Subsection 103A(5A)

Repeal the subsection, substitute:

          (5A)  The Commissioner may, under subsection (5), form an opinion that it is reasonable that a company should be treated as a public company for the purposes of subsection (1) in relation to a year of income notwithstanding that the forming of such an opinion by the Commissioner would impose on the company a liability to pay a greater amount of income tax than the company would otherwise be liable to pay.

300  Subsection 108(1)

Omit “and Division 4 of Part VI”.

301  Subparagraph 108(3)(c)(ii)

Omit “26AAB”, substitute “318”.

302  Paragraph 109(1)(d)

Omit “and Division 4 of Part VI”.

303  Subparagraph 109(2)(b)(ii)

Omit “26AAB”, substitute “318”.

304  Section 121AS (table item 5, column headed “Event”)

Before “Part IIIA” (wherever occurring), insert “former”.

Note:       The heading to section 121AS is amended by omitting “Part IIIA” and substituting “CGT”.

305  Subsection 121G(10)

Repeal the subsection, substitute:

           (10)  For the purposes of the application of subsection (8), a reference to a deduction that is allowable in calculating the net income of a partnership does not include a reference to a deduction allowable to the partnership in respect of expenditure taken under sections 70‑90 and 70‑95 and subsection 70‑100(3) of the Income Tax Assessment Act 1997 to have been incurred in the acquisition of trading stock by the partnership.

306  Subsection 124K(1) (definition of film)

Repeal the definition, substitute:

film has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

307  Subsection 124K(1) (definition of Senior Executive Service office)

Repeal the definition, substitute:

Senior Executive Service office has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

308  Subsection 124K(1) (subparagraph (a)(iv) of the definition of unit of industrial property)

Omit “patent, copyright or design”, substitute “copyright”.

309  Paragraph 124K(2)(a)

Omit “of the previous Act or”.

310  Subparagraph 124K(2)(b)(iv)

Omit “paragraph 124ZAF(1)(c) or”, substitute “former paragraph 124ZAF(1)(c) or paragraph”.

311  Paragraph 124KA(1)(b)

Omit “section 124ZAF or”, substitute “former section 124ZAF or section”.

Note:       The heading to section 124KA is altered by omitting “section 124ZAF or 124ZAFA” and substituting “former section 124ZAF or section 124ZAFA”.

312  Paragraph 124L(1)(a)

Repeal the paragraph, substitute:

                     (a)  became the owner of the unit by reason of being the first owner of the copyright to which the unit relates and, before the unit came into existence, incurred expenditure of a capital nature directly in relation to producing the work or other subject‑matter in which the copyright subsists; or

313  At the end of paragraph 124L(1)(b)

Add “or”.

314  Paragraph 124N(2)(a)

Omit “patent or copyright, or the registration of the design,”, substitute “copyright”.

315  Paragraph 124N(2)(b)

Omit “patent, copyright or design”, substitute “copyright”.

316  Paragraph 124R(2)(b)

Omit “devising the invention, producing the work or other subject‑matter in which the copyright subsists or producing the design, as the case may be,”, substitute “producing the work or other subject‑matter in which the copyright subsists”.

317  Subsection 124S(2)

Omit “patent, copyright or design, as the case may be,”, substitute “copyright”.

318  Subsections 124V(1), (2) and (3)

Omit “patent, copyright or design”, substitute “copyright”.

319  Paragraph 124WA(1)(c)

Omit “section 124ZAF or”, substitute “former section 124ZAF or section”.

Note:       The heading to section 124WA is amended by omitting “section 124ZAF or” and substituting “former section 124ZAF or section”.

320  Subsection 124WA(7)

Omit “section 124ZAF or”, substitute “former section 124ZAF or section”.

321  Section 124Y

Omit “patent, copyright or design”, substitute “copyright”.

322  Subsection 124ZAA(1) (definition of feature film)

Repeal the definition, substitute:

feature film has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

323  Subsection 124ZAA(1) (definition of film)

Repeal the definition, substitute:

film has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

324  Paragraph 124ZAA(7)(b)

Before “paragraph”, insert “former”.

325  Paragraph 124ZAA(7)(c)

Omit “paragraph 221ZN(1)(a), being an amount to which subsection 221ZN(4) applies”, substitute “former paragraph 221ZN(1)(a), being an amount to which former subsection 221ZN(4) applied”.

326  Subsection 124ZAE(2)

Omit “sections 124ZAF and”, substitute “section”.

327  Paragraph 124ZAO(1)(a)

Omit “124ZAF or”.

328  Paragraph 124ZAO(2)(b)

Omit “, but for section 23H,”.

329  Section 124ZM

Repeal the section, substitute:

124ZM  Treatment distributions to shareholders in PDF

Unfranked part of distribution exempt from income tax

             (1)  If a company makes a distribution to a shareholder at a time when the company is a PDF, the unfranked part of the distribution is exempt from income tax.

Rest of section deals with franked part

             (2)  The rest of this section applies to the franked part of the distribution.

Usual case

             (3)  Subsection (4) applies if the assessable income of a year of income of a taxpayer who or that is:

                     (a)  a company or a natural person (other than a company or natural person in the capacity of a trustee); or

                     (b)  a corporate unit trust in relation to that year of income; or

                     (c)  a public trading trust in relation to that year of income; or

                     (d)  an eligible entity within the meaning of Part IX in relation to that year of income;

would (apart from subsection (4)) include:

                     (e)  the franked part of the distribution; or

                      (f)  any of the franked part of the distribution that flows indirectly to the taxpayer.

This subsection does not apply to cases dealt with in subsections (5) and (6).

             (4)  Subject to subsection (7), the following is exempt income of the taxpayer:

                     (a)  if paragraph (3)(e) applies—the franked part;

                     (b)  if paragraph (3)(f) applies—so much of the franked part of the distribution as flows indirectly to the taxpayer.

Taxpayers who qualify for venture capital franking tax offset

             (5)  If a taxpayer (other than a life assurance company) is entitled to a tax offset in relation to the distribution under section 210‑170 of the Income Tax Assessment Act 1997, then:

                     (a)  so much of the franked part of the distribution as equals the part of the distribution that is franked with a venture capital credit is exempt income of the taxpayer; and

                     (b)  if the franked part exceeds the amount so exempt—the excess is, subject to subsection (7), exempt income of the taxpayer.

             (6)  If a life assurance company is entitled to a tax offset in relation to the distribution under section 210‑170 of the Income Tax Assessment Act 1997, then:

                     (a)  so much of the franked part of the distribution as equals the amount worked out using the following formula is exempt income of the life assurance company:

                            where:

                            complying superannuation class of taxable income is the life assurance company’s complying superannuation class of taxable income, within the meaning of subsection 995‑1(1) of the Income Tax Assessment Act 1997, for the year of income in which the distribution is made.

                            venture capital franked part is the part of the distribution that is franked with a venture capital credit.

                            total income is the life assurance company’s assessable income for the year of income in which the distribution is made; and

                     (b)  if the franked part exceeds the amount so exempt—the excess is, subject to subsection (7), exempt income of the life assurance company.

No exemption if return prepared on basis that amount assessable

             (7)  Subsection (4) and paragraphs (5)(b) and (6)(b) do not exempt, and are taken never to have exempted, an amount if the taxpayer’s return of income of the year of income is prepared on the basis that the amount is included in the taxpayer’s assessable income of that year.

Where partner entitled to deduction for amount flowing indirectly

             (8)  If:

                     (a)  any of the franked part of the distribution flows indirectly to a taxpayer who is a partner in a partnership; and

                     (b)  apart from this subsection, the amount that flows indirectly would be allowable as a deduction from the taxpayer’s assessable income of a year of income; and

                     (c)  the taxpayer is of a kind mentioned in any of paragraphs (3)(a) to (d);

the amount that flows indirectly is not allowable as a deduction from that assessable income.

             (9)  Subsection (8) does not prevent, and is taken never to have prevented, an amount from being allowable as a deduction if the taxpayer’s return of income of the year of income is prepared on the basis that the amount is so allowable.

Where trustee assessed on amount flowing indirectly

           (10)  If:

                     (a)  any of the franked part of the distribution flows indirectly to the trustee of a trust estate; and

                     (b)  apart from this subsection, the trustee would be liable under section 98, 99 or 99A to be assessed and pay tax on the amount that flows indirectly;

the trustee is not liable under that section to be assessed and to pay tax on the amount that flows indirectly.

           (11)  Subsection (10) does not prevent, and is taken never to have prevented, the trustee from being liable under that section to be assessed and to pay tax on an amount if the trustee elects to be so liable.

           (12)  An election must be made in the trustee’s return of income of the trust estate for the year of income concerned.

Interpretation

           (13)  In this section:

flows indirectly has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

part of a distribution that is franked with a venture capital credit has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

330  Paragraph 126(1)(c)

Omit “, 128G, 128GA”.

331  Paragraph 128AAA(2)(ba)

Omit “128FA; and”, substitute “128FA.”.

332  Subsection 128A(1A)

Omit “and 128NA:”, substitute “, 128NA and 128NBA:”.

333  Subsection 128A(4)

Repeal the subsection, substitute:

             (4)  In section 260, income tax or tax includes withholding tax.

334  Paragraph 128A(1A)(c)

Omit “and 128NA”, substitute “, 128NA and 128NBA”.

335  Subparagraph 128B(3)(a)(i)

Omit “paragraph 23(jb) of this Act or”.

336  Subparagraph 128B(3)(h)(iv)

Omit “specified in section 128E or to which section 128EA, 128F, 128FA, 128G, 128GA or 128GB”, substitute “to which section 128EA, 128F, 128FA or 128GB”.

337  After paragraph 128B(3)(j)

Insert:

                     (jb)  income that:

                              (i)  is derived by a non‑resident that is a foreign superannuation fund; and

                             (ii)  consists of interest, or consists of dividends or non‑share dividends paid by a company that is a resident; and

                            (iii)  is exempt from income tax in the country in which the non‑resident resides; or

338  Subparagraph 128B(3A)(b)(ii)

Omit “finance”, substitute “financing”.

339  Subsection 128B(3B)

Insert:

financing arrangement has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

340  Paragraph 128B(9C)(c)

Omit “or section 128E”.

341  Paragraph 128B(9C)(d)

Omit “subsection 221YS(1) of this Act, or section 18‑30 in Schedule 1 to the Taxation Administration Act 1953,” substitute “section 18‑30 in Schedule 1 to the Taxation Administration Act 1953”.

342  Subsection 128C(1)

Omit “or of such further period as the Commissioner, in special circumstances, allows”.

343  Section 128D

After “128B(3)(ga)”, insert “or (jb)”.

344  Section 128D

Omit “, section 128G, section 128GA”.

345  After section 128NB

Insert:

128NBA  Credits in respect of amounts assessed under Division 16E of Part III

When section applies

             (1)  This section applies if:

                     (a)  the amount of any withholding tax that has become payable by a taxpayer on a payment of interest under, or in relation to the transfer of, a qualifying security has been paid; and

                     (b)  there is a net Division 16E amount (see subsection (5)) in relation to the taxpayer in relation to:

                              (i)  if the payment of interest is a payment in relation to the transfer of the qualifying security—the security; or

                             (ii)  if the payment of interest is such a payment by virtue of the application of section 128AC in relation to an attributable agreement payment within the meaning of that section—the attributable agreement payment; or

                            (iii)  in any other case—the payment of interest; and

                     (c)  the amount of the withholding tax payable on the interest exceeds the amount that would have been payable on the interest if the interest were reduced by the net Division 16E amount.

Entitlement to apply for credit

             (2)  The taxpayer may apply to the Commissioner for a credit of an amount equal to the excess.

Requirements for application

             (3)  The application must be in the approved form.

Entitlement to credit

             (4)  If the Commissioner is satisfied as to the matters mentioned in paragraphs (1)(a), (b) and (c), the applicant is entitled to a credit of an amount equal to the excess.

Net Division 16E amount

             (5)  For the purposes of this section, if:

                     (a)  the sum of all amounts (if any) included in the assessable income of the taxpayer of any years of income in relation to the qualifying security, attributable agreement payment or payment of interest under section 159GQ;

exceeds:

                     (b)  the sum of all amounts (if any) allowable as deductions from the assessable income of the taxpayer of any years of income in relation to the security or the payment, as the case may be, under that section;

there is a net Division 16E amount equal to the excess.

346  Subsection 128U(1) (paragraph (b) of the definition of minerals)

After “petroleum”, insert “(within the meaning of the Income Tax Assessment Act 1997)”.

347  Subsections 128U(2) and (3)

Repeal the subsections, substitute:

             (2)  In section 260, income tax or tax includes mining withholding tax.

             (3)  For the purposes of this Division, a mining payment is taken to include any amount that has been, or purports to have been, withheld from the mining payment for the purposes of section 12‑320 in Schedule 1 to the Taxation Administration Act 1953.

348  Section 139DE

Omit “and paragraph 26(e)”, substitute “of this Act and section 15‑2 of the Income Tax Assessment Act 1997”.

Note:       The heading to section 139DE is altered by omitting “section 21A or paragraph 26(e)” and substituting “other provisions”.

349  Subsection 139GA(1)

Repeal the subsection, substitute:

             (1)  The expression employee means:

                     (a)  a person who receives, or is entitled to receive, work and income support related withholding payments and benefits; or

                     (b)  a person who is engaged in foreign service.

350  Subsection 139GA(3)

Repeal the subsection, substitute:

             (3)  The expression employer means:

                     (a)  in the case of an unincorporate body of persons other than a partnership—the manager or other principal officer of that body; and

                     (b)  in the case of a partnership—each partner; and

                     (c)  an Australian government agency as defined in subsection 995‑1(1) of the Income Tax Assessment Act 1997; and

                     (d)  a person who is engaged in foreign service.

351  Section 139GE

Repeal the section, substitute:

139GE  Meaning of associate

                   The expression associate has the same meaning as it would have in section 318 if references in that section to subsection (1) included a reference to subsection (1A) and the following subsection were inserted before subsection (1):

          (1A)  For the purposes of this Part, if an entity holds (whether directly or indirectly through one or more interposed companies, partnerships or trusts) a share in a company, or a right to acquire a share in a company, the company is an associate of the entity.

352  Section 140C (definition of associate)

Omit “26AAB”, substitute “318”.

353  Section 140C (paragraph (a) of the definition of payer)

Before “subsection” (wherever occurring), insert “former”.

354  Subsection 140M(6)

Before “subsection 160ZZPZE(4)”, insert “former”.

355  Paragraph 140N(4)(a)

Before “subsection 160ZZPZE(4)”, insert “former”.

356  Subsection 140P(3)

Before “subsection 160ZZPZE(4)”, insert “former”.

357  Section 140ZJA

Before “subsection 160ZZPZE(4)”, insert “former”.

358  Subparagraph 149A(1)(b)(ii)

Omit “an abnormal income amount as specified in section 158L”, substitute “above‑average special professional income within the meaning of the Income Tax Assessment Act 1997”.

359  Subsection 156(1) (definition of assessable primary production income)

Omit “business of primary production” (wherever occurring), substitute “primary production business”.

360  Subsection 156(6) (definition of assessable primary production income)

Omit “business of primary production” (wherever occurring), substitute “primary production business”.

361  Subsections 157(2) and (3)

Omit “business of primary production”, substitute “primary production business”.

362  Subsection 159GE(1) (definition of associate)

Repeal the definition, substitute:

associate means, in relation to a person other than an exempt public body, any person who is an associate, within the meaning of section 318, in relation to the person or, in relation to an exempt public body:

                     (a)  a partner of the exempt public body or a partnership in which the exempt public body is a partner; or

                     (b)  if a partner of the exempt public body is a natural person otherwise than in the capacity of trustee—the spouse or a child of that partner; or

                     (c)  a trustee of a trust where the exempt public body, or another entity that is an associate of the exempt public body because of paragraph (a), (b) or (d), benefits under the trust; or

                     (d)  a company where:

                              (i)  the company is sufficiently influenced by:

                                        (A)  the exempt public body; or

                                        (B)  another entity that is an associate of the exempt public body because of paragraph (a), (b) or (c); or

                                        (C)  another company that is an associate of the exempt public body because of another application of this paragraph; or

                                        (D)  2 or more entities covered by the preceding sub‑subparagraphs; or

                             (ii)  a majority voting interest in the company is held by:

                                        (A)  the exempt public body; or

                                        (B)  the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and paragraphs (a), (b) and (c); or

                                        (C)  the exempt public body and the entities that are associates of the exempt public body because of subparagraph (i) of this paragraph and because of paragraphs (a), (b) and (c).

Subsections 318(6) and (7) apply for the purposes of paragraphs (a) to (d) in the same way as those subsections apply for the purposes of section 318.

363  Subsection 159GE(1) (paragraph (a) of the definition of capital expenditure deduction)

Before “Division”, insert “the former”.

364  Subsection 159GE(1) (paragraph (a) of the definition of Division 10, 10AA or 10A property)

Before “Division”, insert “the former”.

365  Subsection 159GE(1) (paragraph (b) of the definition of Division 10, 10AA or 10A property)

Before “paragraph”, insert “the former”.

366  Subsection 159GE(1) (paragraph (c) of the definition of Division 10, 10AA or 10A property)

Before “subsection”, insert “the former”.

367  Subsection 159GE(1) (definition of Division 10AAA property)

Before “Division 10AAA of this Part”, insert “the former”.

368  Subsection 159GE(1) (definition of Division 10C or 10D property)

Before “Division 10C or 10D or for which”, insert “the former”.

369  Subsection 159GE(1) (paragraph (a) of the definition of eligible amount)

Repeal the paragraph, substitute:

                     (a)  where the item is an item of eligible depreciation property—the amount that:

                              (i)  was the cost of the item of property within the meaning of Division 40, or the former Division 42, of the Income Tax Assessment Act 1997 to the taxpayer who holds it; or

                             (ii)  would have been the cost of the item of property to the taxpayer for the purposes of that Division if that Division had applied in relation to the item of property; and

370  Subsection 159GE(1) (paragraph (a) of the definition of eligible depreciation property)

Before “section”, insert “ the former”.

371  Paragraphs 159GF(3)(a) to (e)

Before “Division”, insert “the former”.

372  Subsection 159GF(4)

Before “Division 10AAA of this Part”, insert “the former”.

373  Subsection 159GF(5)

Before “Division 10C or 10D of this Part”, insert “the former”.

374  Sub‑subparagraph 159GJ(1)(c)(iii)(C)

Before “paragraph 56(1)(a)”, insert “the former”.

375  Sub‑subparagraph 159GJ(1)(c)(iii)(C)

Omit “Division 3 of this Part”, substitute “the former section 62 of this Act”.

376  Subparagraph 159GJ(2)(a)(iii)

Omit “or” (last occurring).

377  Subparagraph 159GJ(2)(c)(iii)

Omit “or” (last occurring).

378  Paragraph 159GJ(3)(a)

Repeal the paragraph, substitute:

                     (a)  no deduction is allowable to any taxpayer under section 40‑830 of the Income Tax Assessment Act 1997 for a project amount that is transport capital expenditure within the meaning of that Act in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income in which the whole or a part of the application period occurs; and

379  Paragraph 159GJ(3)(c)

Repeal the paragraph, substitute:

                     (c)  for the purposes of the application of section 40‑830 of the Income Tax Assessment Act 1997, for a project amount that is transport capital expenditure within the meaning of that Act, in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income after the year of income in which this Division ceases to apply—it is taken to be a requirement of that section that the deduction allowable under that section in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as worked out in accordance with paragraph (b).

380  Paragraph 159GJ(4)(a)

Omit “under Division 10C or 10D of this Part, or”.

381  Subparagraph 159GJ(4)(b)(i)

Omit “Division 10C or 10D, of this Part, or under Division 43 of the Income Tax Assessment Act 1997, as appropriate”, substitute “Division 43 of the Income Tax Assessment Act 1997”.

382  Subparagraph 159GJ(4)(b)(ii)

Omit “Division 10C or 10D of this Part, or under Division 43 of the Income Tax Assessment Act 1997,” substitute “Division 43 of the Income Tax Assessment Act 1997”.

383  At the end of sub‑subparagraph 159GJ(4)(b)(iii)(A)

Add “and”.

384  Sub‑subparagraph 159GJ(4)(b)(iii)(C)

Omit “Division 10C or 10D of this Part, or under Division 43 of the Income Tax Assessment Act 1997, as appropriate,”, substitute “Division 43 of the Income Tax Assessment Act 1997”.

385  Paragraph 159GJ(4)(d)

Omit “Division 10C or 10D of this Part, or of Division 43 of the Income Tax Assessment Act 1997,” (wherever occurring), substitute “Division 43 of the Income Tax Assessment Act 1997”.

386  Paragraphs 159GJ(5)(a) and (c)

Omit “the former Division 380, or Division 40,”, substitute “Division 40”.

387  Paragraph 159GL(2)(a)

Before “Division 10C or 10D of this Part”, insert “the former”.

388  Paragraph 159GM(b)

Repeal the paragraph, substitute:

                     (b)  the expenditure by reason of which the item of property is eligible capital expenditure property is the amount that:

                              (i)  was the cost of the item of property to the taxpayer who incurred the expenditure for the purpose of the former Subdivision 42‑B, or Subdivision 40‑C, of the Income Tax Assessment Act 1997; or

                             (ii)  would have been the cost to the taxpayer for the purpose of that Subdivision if it applied in relation to the item of property;

389  Subsection 159GZZZC(1) (definition of associate)

Repeal the definition, substitute:

associate has the same meaning as in section 318.

390  Subsection 159GZZZZH(4)

Omit “205, 206, 208, 209, 214, 215, 216, 254, 255, 258 and 259”, substitute “254 and 255 and former sections 215 and 216”.

391  Subsections 159HA(1) and (6A)

Omit “, 159K”.

392  Subsection 159HA(7) (at the end of paragraph (a) of the definition of indexable amount)

Add “or”.

393  Subsection 159J(6) (paragraph (aa) of the definition of separate net income)

Omit “Part IIIA of this Act or”.

394  Subsection 159ZR(1) (definition of associate)

Omit “26AAB”, substitute “318”.

395  Subsection 159ZR(1) (at the end of paragraph (a) of the definition of normal taxable income)

Add “and”.

396  Subsection 159ZR(1) (paragraph (b) of the definition of normal taxable income)

Repeal the paragraph, substitute:

                     (b)  the taxable income were reduced by any above‑average special professional income included in the taxable income under section 405‑15 of the Income Tax Assessment Act 1997; and

397  Subsection 159ZR(1) (paragraph (c) of the definition of normal taxable income)

Omit “section 160ZO of this Act or”.

398  Subsection 160AF(8) (definition of average rate of Australian tax)

Repeal the definition, substitute:

average rate of Australian tax, in relation to a taxpayer, means an amount per dollar worked out by dividing:

                     (a)  the amount of income tax that would be assessed under this Act in respect of the taxpayer’s taxable income of the year of income if the taxpayer was not entitled to:

                              (i)  any rebate of tax (other than a rebate under subsection 23AB(7), section 79A or 79B or Subdivision A of Division 17 of Part III, or under an Act imposing income tax for the year of tax); or

                             (ii)  any credit against the taxpayer’s liability for tax;

by:

                     (b)  a number equal to the number of whole dollars in that taxable income.

399  Subsection 160AFD(9) (subparagraph (b)(ii) of the definition of assessable foreign income)

Omit “Part IIIA of this Act or”.

400  Paragraphs 160AGA(1)(a) and (b)

Repeal the paragraphs, substitute:

                     (a)  a non‑resident taxpayer derives an amount from sources outside Australia; and

                     (b)  the amount or a part of the amount (which amount or part is the eligible amount) is included in the taxpayer’s assessable income of a year of income under subsection 26AG(2); and

401  Paragraph 160AGA(3)(b)

Repeal the paragraph, substitute:

                     (b)  the amount of the Australian tax paid in respect of the eligible amount;

402  Paragraph 160ZZZJ(1)(b)

Omit “either section 221YL of this Act or”.

403  Subsection 160ZZZJ(2)

Omit “section 221YL of this Act or Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953 (as the case may be)”, substitute “Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953”.

404  Subsection 163A(8)

Omit “205, 206, 208, 209, 214, 215, 216, 254, 255, 258 and 259”, substitute “254 and 255 and former sections 215 and 216”.

405  Subsection 163A(9) (definition of instalment taxpayer)

Before “Division”, insert “former”.

406  Subsection 163A(9) (definition of relevant entity)

Before “Division”, insert “former”.

407  Subsection 166A(1)

Before “Division 1B”, insert “former”.

408  Subsection 166A(1)

Omit “applies”, substitute “applied”.

409  Paragraph 166A(2)(aa)

Before “Division 1C”, insert “former”.

410  Paragraph 166A(2)(aa)

Omit “applies” (wherever occurring), substitute “applied”.

411  Subsection 170(9D)

Omit “Part IIIA of this Act or”.

412  Subsection 170(10A)

Omit “73D,”.

413  Subsection 177B(2)

Omit “Division 16C of Part III or the operation of”.

414  Subparagraph 177C(2)(a)(i)

Omit “other than section 160ZP or 160ZZO”.

415  Subsection 202BD(1)

Omit “, or eligible paying authority in relation to, the applicant, the Commissioner may give to the payer or eligible paying authority”, substitute “the applicant, the Commissioner may give to the payer”.

416  Subsection 202BD(5)

Omit “or eligible paying authority”.

417  Paragraph 202D(8)(b)

Omit “and Division 3B of Part VI of this Act”.

418  Subsection 202DDB(1)

Omit “of Division 3B of Part VI of this Act, and for the purposes of”.

419  Paragraph 202EE(1)(c)

Omit “make a deduction under subsection 221YL, or withhold an amount under Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953,”, substitute “withhold an amount under Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953”.

420  Paragraph 202EE(1)(d)

Omit “make such a deduction, or withhold such an amount,”, substitute “withhold such an amount”.

421  Subsection 222AFA(5)

Omit “Sections 220AAZA, 221YHZJ and 221YR of this Act, and Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953, provide”, substitute “Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953 provides”.

422  Subsection 222AFB(1) (definition of person)

Repeal the definition, substitute:

person means an entity within the meaning of the Income Tax Assessment Act 1997 or a government body.

423  Subsection 222AFB(1) (paragraph (a) of the definition of remittance provision)

Before “Division”, insert “former”.

424  Subsection 222AFB(1) (paragraph (a) of the definition of remittance provision)

Before “sections”, insert “former”.

425  Subsection 222AFB(1) (paragraph (c) of the definition of remittance provision)

Before “Division”, insert “former”.

426  Subsection 222AFB(1) (paragraph (c) of the definition of remittance provision)

Before “subsections”, insert “former”.

427  Subsection 222AFB(1) (paragraph (d) of the definition of remittance provision)

Before “Division”, insert “former”.

428  Subsection 222AFB(1) (paragraph (d) of the definition of remittance provision)

Before “subsection”, insert “former”.

429  Subsection 222ANA(1)

Omit “1AAA, 3B, 4 or”.

430  Subsection 222ANA(4)

Omit “Sections 220AAZA, 221YHZJ and 221YR of this Act, and Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953, provide”, substitute “Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953 provides”.

431  Subsection 251R(7)

Omit “, section 102AAN, Division 17 of Part III and sections 160AQU, 160AQX, 160AQY and 160AQZ”, substitute “and Division 17 of Part III”.

432  Subsection 254(2)

Omit “ section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB, additional tax under Part VII”, substitute “former section 170AA, subsection 204(3), former subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3) or former section 221YDB, additional tax under former Part VII”.

433  Subsection 255(2A)

Omit “by way of a natural resource payment within the meaning of Division 3B of Part VI of this Act, or section 12‑325 in Schedule 1 to the Taxation Administration Act 1953 (as the case requires),”, substitute “from which an amount must be withheld under section 12‑325 in Schedule 1 to the Taxation Administration Act 1953 (about natural resource payments)”.

434  Subsection 255(4)

Omit “section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB, additional tax under Part VII”, substitute “former section 170AA, subsection 204(3), subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3) or former section 221YDB, additional tax under former Part VII”.

435  Subsection 262A(4AA)

Omit “section 59AA, 122R, 123F, 124AO or 124W”, substitute “former section 59AA, 122R, 123F or 124AO or under section 124W”.

436  Paragraph 262A(4ACA)(a)

Before “subsection”, insert “former”.

437  Subsection 262A(4AC)

Omit “subsection 58(1), 73AA(1), 73E(1), 73F(1), 73G(1), 122JAA(1), 122JG(1), 123BBA(1), 123BF(1), 124AMAA(1), 124GA(1), 124JD(1) or 124PA(1)”, substitute “former subsection 58(1), subsection 73AA(1), 73E(1), 73F(1) or 73G(1), former subsection 122JAA(1), 122JG(1), 123BBA(1), 123BF(1), 124AMAA(1), 124GA(1) or 124JD(1) or subsection 124PA(1)”.

438  Paragraph 262A(4AC)(a)

Omit “section 58, 73AA, 73E, 73F, 73G, 122JAA, 122JG, 123BBA, 123BF, 124AMAA, 124GA, 124JD or 124PA”, substitute “former section 58, section 73AA, 73E, 73F or 73G, former section 122JAA, 122JG, 123BBA, 123BF, 124AMAA, 124GA or 124JD or section 124PA”.

439  Subsection 262A(4AE)

Omit “makes an election under paragraph 54A(1)(a)”, substitute “made an election under former paragraph 54A(1)(a)”.

440  Paragraph 262A(4AF)(a)

Before “Division”, insert “former”.

441  Subparagraph 262A(4AF)(b)(i)

Omit “or are allowable to the transferor under”, substitute “to the transferor under former”.

442  Subparagraph 262A(4AF)(b)(ii)

Omit “or are allowable to any of the prior successive owners or lessees under”, substitute “to any of the prior successive owners or lessees under former”.

443  Paragraph 262A(4AF)(c)

Omit “Division 10C of Part III will apply”, substitute “former Division 10C of Part III applies”.

444  Paragraph 262A(4AH)(a)

Before “Division”, insert “former”.

445  Subparagraph 262A(4AH)(b)(i)

Omit “or are allowable to the transferor under”, substitute “to the transferor under former”.

446  Subparagraph 262A(4AH)(b)(ii)

Omit “or are allowable to any of the prior successive owners or lessees under”, substitute “to any of the prior successive owners or lessees under former”.

447  Paragraph 262A(4AH)(c)

Omit “Division 10D of Part III will apply”, substitute “former Division 10D of Part III applies”.

448  Paragraph 262A(4AJA)(b)

Omit “or is allowable under”, substitute “under former”.

449  Subsection 265A(5) (definition of tax deductions unapplied)

Repeal the definition, substitute:

tax deductions unapplied, in relation to a deceased person, means the total of any amounts withheld under paragraph 12‑45(1)(c) in Schedule 1 to the Taxation Administration Act 1953 from amounts earned by the deceased person as a member of the Defence Force where:

                     (a)  the amounts have not been credited in payment of income tax; and

                     (b)  the Commissioner has not made a payment in respect of them.

450  Subparagraph 274(1)(aa)(ii)

Omit “(within the meaning of subsection 221A(1))”.

451  Section 277A

Omit “(within the meaning of the Fringe Benefits Tax Assessment Act 1986)”.

452  Section 300

Repeal the section, substitute:

300  Rebates

             (1)  The trustee of a fund that is an eligible superannuation fund or an eligible ADF in relation to a year of income is not entitled to a rebate as provided by section 46A.

             (2)  The trustee of a PST is not entitled to a rebate as provided by section 46A.

453  Subsection 310(3)

Before “Division”, insert “former”.

454  Section 317 (definition of CGT roll‑over provisions)

Omit “section 160ZZF and Divisions 5A, 5B, 7A and 17 of”, substitute “former section 160ZZF and Divisions 5A, 5B, 7A and 17 of former”.

455  Section 317 (paragraph (a) of the definition of depreciation provision)

Before “sections”, insert “former”.

456  Section 317 (paragraph (a) of the definition of depreciation provision)

Before “Divisions”, insert “former”.

457  Paragraph 389(a)

Omit “and 23AK, sections 38 to 43 (inclusive) and 128D”, substitute “, 23AK and 128D”.

458  Subsection 396(2)

Repeal the subsection, substitute:

             (2)  A reference in subsection (1) to a non‑taxable Australian asset is a reference to a CGT asset other than one that has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997).

459  Paragraph 398(3)(a)

Before “sections”, insert “former”.

460  Paragraph 399(1)(c)

Omit “this Act is further modified by disregarding subsections 160M(13) and (14), and”.

461  Paragraph 399(1)(d)

Omit “for the purpose of applying Part IIIA of this Act in accordance with the preceding paragraphs, the trust is a resident trust estate, or a resident unit trust, as the case may be and,”.

462  Paragraph 401(1)(a)

Omit “to take into account the amount of consideration received, entitled to be received or taken to be received, by the eligible CFC in respect of the disposal of an asset, or”.

Note:       The heading to section 401 is altered by omitting “disposal consideration or”.

463  Paragraph 401(1)(b)

Omit “disposal or”.

464  Paragraph 401(1)(c)

Omit “consideration or”.

465  Paragraph 401(1)(c)

Omit “disposal or”.

466  Paragraph 401(3)(b)

Omit “disposal of the asset, or the CGT event,”, substitute “CGT event”.

467  Paragraph 401(3)(c)

Omit “the consideration in respect of the disposal or”.

468  Paragraph 401(3)(c)

Omit “the consideration or”.

469  Paragraph 401(3)(d)

Omit “the consideration in respect of the disposal or”.

470  Subparagraph 401(3)(d)(i)

Omit “the consideration or”.

471  Subparagraph 401(3)(d)(ii)

Repeal the subparagraph, substitute:

                             (ii)  if subparagraph (i) does not apply—only a proportion of each surplus (after any application of paragraph (b)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula:

                                   where:

                                   total grossed‑up surplus means the sum of the grossed‑up amounts of the attribution surpluses (after any application of paragraph (b)).

472  Section 408A

Repeal the section, substitute:

408A  Certain events before commencing day ignored

                   For the purposes of applying this Act in calculating the attributable income of an eligible CFC, if the eligible CFC’s commencing day is after 30 June 1995, Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 do not apply to CGT events involving the eligible CFC before the end of the commencing day.

473  Subsection 413(3)

Before “Division 10C or 10D”, insert “former”.

474  Paragraph 418A(1)(f)

Omit “if subsection 160M(8) of this Act, or section 104‑160 of the Income Tax Assessment Act 1997 (CGT event I1),”, substitute “if section 104‑160 of the Income Tax Assessment Act 1997 (CGT event I1)”.

475  Subparagraph 423(2)(a)(i)

Before “Part IIIA”, insert “former”.

476  Subparagraph 423(3)(b)(i)

Before “Part”, insert “former”.

477  Subsection 424(2)

Omit “Part IIIA of this Act or”.

478  Subsection 431(5)

Before “section” (wherever occurring), insert “former”.

479  Subsection 438(3)

Omit “Part IIIA of this Act and”.

480  Subsection 438(3A)

Omit “Part IIIA of this Act or”.

481  Subsection 438(4)

Omit “not a taxable Australian asset within the meaning of Part IIIA of this Act, or”.

482  Sub‑subparagraph 439(1)(a)(iii)(A)

Before “section 54”, insert “the former”.

483  Paragraph 461(1)(a)

Omit “to take into account the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset, or”.

Note:       The heading to section 461 is altered by omitting “disposal consideration” and substituting “capital proceeds”.

484  Paragraph 461(1)(b)

Omit “disposal or”.

485  Paragraph 461(1)(c)

Omit “consideration or”.

486  Paragraphs 461(1)(c), (d) and (g)

Omit “disposal or”.

487  Paragraph 461(3)(a)

Omit “the disposal of the asset, or”.

488  Paragraph 461(3)(b)

Omit “the consideration in respect of the disposal or”.

489  Paragraph 461(3)(b)

Omit “the consideration or”.

490  Paragraph 461(3)(c)

Omit “the consideration in respect of the disposal or”.

491  Subparagraph 461(3)(c)(i)

Omit “the consideration or”.

492  Subparagraph 461(3)(c)(ii)

Repeal the subparagraph, substitute:

                             (ii)  if subparagraph (i) does not apply—only a proportion of each surplus (after any application of paragraph (a)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula:

                                   where:

                                   total surplus means the sum of the attribution surpluses (after any application of paragraph (a)).

493  Subsection 555(2) (paragraphs (a) and (b) of the definition of Deemed rate of return)

Omit “basic statutory”, substitute “base”.

494  Subparagraphs 570(1)(a)(i) and (ii)

Repeal the subparagraphs, substitute:

                              (i)  a depreciating asset within the meaning of Division 40 of the Income Tax Assessment Act 1997; or

                             (ii)  industrial property within the meaning of Division 10B of Part III of this Act; or

495  Paragraph 570(1)(b)

Omit “plant, articles,”.

496  Subsection 592(2) (paragraphs (a) and (b) of the definition of Deemed rate of return)

Omit “basic statutory”, substitute “base”.

497  Paragraph 613(1)(a)

Omit “to take into account the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset, or”.

Note:       The heading to section 613 is altered by omitting “disposal consideration” and substituting “capital proceeds”.

498  Paragraph 613(1)(b)

Omit “disposal”, substitute “CGT event”.

499  Paragraph 613(1)(c)

Omit “consideration or” (first occurring).

500  Paragraph 613(1)(c)

Omit “disposal or”.

501  Paragraph 613(1)(c)

Omit “consideration or” (second occurring).

502  Paragraph 613(1)(d)

Omit “the disposal or”.

503  Subsection 613(3)

Omit “the disposal of the asset or”.

504  Subsection 245‑15(2) in Schedule 2C

Omit “within the meaning of the Fringe Benefits Tax Assessment Act 1986”.

505  Subsection 57‑25(2) in Schedule 2D

Repeal the subsection, substitute:

Deemed disposal and re‑purchase

             (2)  Subject to subsection (5), in determining for the purposes of this Act (other than the excluded provisions mentioned in subsection (4)) whether an amount is included in, or allowable as a deduction from, the assessable income of the transition taxpayer in respect of the disposal, the transition taxpayer is taken:

                     (a)  to have sold, immediately before the transition time, each of its assets; and

                     (b)  to have purchased each of its assets again at the transition time for consideration equal to the asset’s adjusted market value at the transition time.

506  Paragraph 57‑25(4)(j) in Schedule 2D

Omit “and”.

507  Subsection 57‑85(3) in Schedule 2D (table item 1, column 4)

Omit “Section 67”, substitute “Former section 67”.

508  Subsection 57‑85(3) in Schedule 2D (table item 9, column 4)

Omit “Section 78”, substitute “Former section 78”.

509  Subsection 57‑85(3) in Schedule 2D (table item 18, column 4)

Omit “Section 124J”, substitute “Former section 124J”.

510  Subsection 57‑85(3) in Schedule 2D (table item 19)

Repeal the item, substitute:

19

Capital allowances

Division 40

 

511  Section 57‑90 in Schedule 2D

Omit “or the corresponding deduction provision”.

512  Paragraphs 57‑100(a) and (b) in Schedule 2D

Omit “or the corresponding deduction provision (as appropriate)”.

513  Subsection 57‑110(2) in Schedule 2D (table item 1, column headed “Deduction rule to which the balancing adjustment provision relates”)

Before “Divisions”, insert “former”.

514  Subsection 57‑130(1) in Schedule 2D

Omit “Subdivisions 57‑I and 57‑J”, substitute “Subdivision 57‑J”.

515  Paragraph 42A‑20(2)(d) in Schedule 2E

Before “subsection”, insert “former”.

516  Subparagraph 42A‑90(4)(a)(ii) in Schedule 2E

Before “subsection”, insert “former”.

517  Subparagraph 42A‑105(4)(a)(ii) in Schedule 2E

Before “subsection”, insert “former”.

518  Section 42A‑115 in Schedule 2E (definition of motor car or car)

Repeal the definition, substitute:

motor car or car means a car within the meaning of subsection 995‑1(1) of the Income Tax Assessment Act 1997, other than one mentioned in subsection 40‑230(2) of that Act (about cars modified to carry disabled people).

519  Section 42A‑120 in Schedule 2E

Before “section 57AF”, insert “former”.

520  Subsections 266‑60(6) and 266‑185(6) in Schedule 2F

Omit “Part VII”, substitute “Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953”.

521  Paragraph 268‑35(2)(c) in Schedule 2F

Repeal the paragraph, substitute:

                     (c)  deductions for expenditure, deductions for which are spread over 2 or more years, but not full year deductions (see subsection (5));

522  Paragraph 268‑35(5)(a) in Schedule 2F

Omit “under section 51 (Losses and outgoings), or”.

523  Paragraph 268‑35(5)(b) in Schedule 2F

Omit “under section 63 (Bad debts), or”.

524  Paragraph 268‑35(5)(c) in Schedule 2F

Omit “under section 51, or”.

525  Paragraph 268‑35(5)(d) in Schedule 2F

Repeal the paragraph, substitute:

                     (d)  deductions allowable under Division 30 of the Income Tax Assessment Act 1997;

526  Paragraph 268‑35(5)(f) in Schedule 2F (note)

Omit “sections 79E, 79F, 80, 80AAA and 80AA, and”.

527  Subsection 268‑35(6) in Schedule 2F (note)

Omit “section 59, and subsection 330‑485(2)”, substitute “Subdivision 40‑D”.

528  Paragraph 268‑40(3)(a) in Schedule 2F (note)

Omit “section 26B, and”.

529  Paragraph 268‑40(3)(b) in Schedule 2F (note)

Omit “sections 36, 36AAA and 36AA”, substitute “section 36AAA”.

530  Paragraph 268‑40(3)(c) in Schedule 2F (note)

Omit “section 70A, and”.

531  Subsection 268‑40(4) in Schedule 2F

Omit “under section 26BA (Double wool clips), or under section 385‑185 (Election to defer including profit on second wool clip) of the Income Tax Assessment Act 1997,”, substitute “under section 385‑185 (Election to defer including profit on second wool clip) of the Income Tax Assessment Act 1997”.

532  Paragraph 268‑45(4)(a) in Schedule 2F

Omit “under section 51 (Losses and outgoings), or”.

533  Paragraph 268‑45(4)(b) in Schedule 2F

Omit “under section 63 (Bad debts), or”.

534  Paragraph 268‑45(4)(c) in Schedule 2F

Omit “section 51, or under Division 8 (which is about deductions) of the Income Tax Assessment Act 1997,” substitute “Division 8 (which is about deductions) of the Income Tax Assessment Act 1997”.

535  Subsection 268‑70(2) in Schedule 2F (note)

Omit “268‑50 or”.

536  Paragraph 271‑60(5)(a) in Schedule 2F

Before “section 63B”, insert “former”.

537  Paragraph 271‑60(5)(c) in Schedule 2F

Before “Part IIIA”, insert “former”.

538  Paragraph 271‑60(5)(c) in Schedule 2F

Before “subsection 160ZC(5)”, insert “former”.

539  Paragraph 271‑60(5)(e) in Schedule 2F

Before “section 50C”, insert “former”.

540  Paragraph 271‑60(5)(f) in Schedule 2F

Before “section 50C” (wherever occurring), insert “former”.

541  Paragraph 271‑60(5)(f) in Schedule 2F

Before “subsection 50D(2)”, insert “former”.

542  Paragraph 271‑60(5)(f) in Schedule 2F

Before “section 50D”, insert “former”.

543  Subsections 272‑90(6) and (7) in Schedule 2F

Repeal the subsections, substitute:

Funds

             (6)  A fund, authority or institution in Australia that is mentioned in item 1 or 2 of the table in section 30‑15 of the Income Tax Assessment Act 1997 is a member of the primary individual’s family group in relation to the conferral or distribution if, assuming that a deduction were allowable under Division 30 of that Act in respect of the conferral or distribution, section 78A of this Act would not prevent any of the deduction being allowable.

Certain tax exempt bodies

             (7)  An institution, hospital, trustee, society, association, club, or fund, all of whose income is exempt under:

                     (a)  section 50‑5, 50‑10 or 50‑20 of the Income Tax Assessment Act 1997; or

                     (b)  item 6.1 or 6.2 of the table in section 50‑30, or item 9.1 or 9.2 of the table in section 50‑45, of the Income Tax Assessment Act 1997;

is a member of the primary individual’s family group in relation to the conferral or distribution if, assuming that a deduction were allowable under Division 30 of that Act in respect of the conferral or distribution, section 78A of this Act would not prevent any of the deduction being allowable.

544  Paragraph 272‑90(8)(a) in Schedule 2F

Omit “under paragraph 23(e), or”.

545  Paragraph 272‑90(8)(b) in Schedule 2F

Omit “mentioned in any of the tables in subsection 78(4), covered by paragraph 78(5)(a) or”.

546  Section 272‑140 in Schedule 2F (paragraphs (a) and (b) of the definition of tax loss)

Before “section”, insert “former”.

547  Subsection 393‑15(4) in Schedule 2G (note 2)

Repeal the note, substitute:

Note 2:       Under Part 2‑5 in Schedule 1 to the Taxation Administration Act 1953 (about pay as you go withholding), a deduction may nevertheless be required to be made from the actual payment.

548  Paragraph 393‑30(3)(a) in Schedule 2G (note)

Omit “Division 6A of Part VI”, substitute “section 12‑140 in Schedule 1 to the Taxation Administration Act 1953”.

549  Paragraph 393‑50(5)(a) in Schedule 2G

Omit “sections 221ZXB, 221ZXD and”, substitute “section”.

550  Paragraph 393‑50(5)(a) in Schedule 2G (note)

Omit “the transfer will not be subject to a deduction under Division 6A of Part VI and”.

551  Paragraph 393‑50(5)(c) in Schedule 2G

Omit “(including for the purposes of section 221ZXB)”.

552  Paragraph 393‑50(5)(c) in Schedule 2G (note)

Omit “, and how much of a deduction under Division 6A of Part VI is required”.

553  Paragraph 393‑60(4)(b) in Schedule 2G

Omit “under Part IIIA (Capital gains and capital losses)”.

554  Paragraph 326‑70(1)(b) in Schedule 2H

Repeal the paragraph, substitute:

                     (b)  other shares (non‑demutualisation bonus shares) in the same company, or an interest in such shares, where the shares are bonus equities mentioned in Subdivision 130‑A of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original equities mentioned in that Subdivision.

555  Subsection 326‑70(2) in Schedule 2H

Omit “any of the original shares mentioned in Division 8 of Part IIIA or”.

556  Paragraphs 326‑100(1)(e), 326‑105(1)(e), 326‑110(1)(d) and 326‑115(c) in Schedule 2H

Omit “Division 8 of Part IIIA of this Act or”.

557  Paragraph 326‑135(1)(b) in Schedule 2H

Repeal the paragraph, substitute:

                     (b)  other shares (non‑demutualisation bonus shares) in the same company, or an interest in such shares, where the shares are bonus equities mentioned in Subdivision 130‑A of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original equities mentioned in that Subdivision.

558  Subsection 326‑135(2) in Schedule 2H

Omit “any of the original shares mentioned in Division 8 of Part IIIA of this Act, or”.

559  Paragraphs 326‑155(1)(d), 326‑160(1)(d) and 326‑165(c) in Schedule 2H

Omit “Division 8 of Part IIIA of this Act or”.

560  Section 326‑190 in Schedule 2H

Repeal the section, substitute:

326‑190  Extinguishment of right to shares in demutualised entity by the issue of the shares

             (1)  If, under the direct method of demutualisation or the holding company method of demutualisation, shares in a demutualised entity are issued to an existing member, Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event constituted by the extinguishment of the member’s right to have the shares issued to the member.

             (2)  If, under the combined direct and holding company method of demutualisation, shares in a demutualised entity or in a holding company are issued to an existing member, Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event constituted by the extinguishment of the member’s rights to have the shares issued to the member.

561  Section 326‑205 in Schedule 2H

Omit “neither Part IIIA of this Act nor Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 apply in respect of any disposal, or any CGT event, as the case may be,”, substitute “Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event”.

562  Subsection 326‑215(2) in Schedule 2H

Repeal the subsection, substitute:

             (2)  Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 do not apply in respect of the change in rights.

563  Subsection 326‑220(4) in Schedule 2H (definition of disposal)

Before “section”, insert “former”.

564  Subsection 326‑220(4) in Schedule 2H (paragraph (a) of the definition of rollover provision)

Before “section”, insert “former”.

565  Section 326‑225 in Schedule 2H

Omit “for the purposes of section 160ZL or”.

Income Tax Assessment Act 1997

566  Subsection 3‑5(3) (note to question 3)

Omit “, 214A”.

567  Section 10‑5 (table item headed “barter transactions”)

Omit “26(e)”, substitute “15‑2”.

568  Section 10‑5 (table item headed “car expenses”)

Omit “26(eaa)”, substitute “15‑70”.

569  Section 10‑5 (table item headed “defence forces”)

Omit “26(ea)”, substitute “15‑2”.

570  Section 10‑5 (table item headed “elections”)

Omit “74A(4)”, substitute “25‑65”.

571  Section 10‑5 (table item headed “employment”)

Omit “26(e), 26(ea)”, substitute “15‑2”.

572  Section 10‑5 (table item headed “insurance”)

Omit “26(i), 26AH”, substitute “26AH, 15‑75”.

573  Section 10‑5 (table item headed “leases”)

Omit:

crown leases used for primary production, assignment
of ........................................................................................


88A(3)

improvements made by lessee to land ................................

87

574  Section 10‑5 (table item headed “leases”)

Omit:

premiums on old leases .........................................................

84

575  Section 10‑5 (table item headed “partnerships”)

Omit:

see also development allowance, drought investment allowance and leases

 

substitute:

see also leases

 

576  Section 10‑5 (table item headed “profits”)

Omit:

business partly in Australia and partly overseas .............

43(1)

577  Section 10‑5 (table item headed “trusts”)

Omit:

deceased estates, your interest in income of .....................

26(b)

578  Section 10‑5 (table item headed “trusts”)

Omit “26(b),”.

579  Section 10‑5 (table item headed “wool clips”)

Omit “26BA”, substitute “385‑135, 385‑155”.

580  Section 11‑15 (table item headed “credit unions”)

Omit “23G”, substitute “23G”.

581  Section 11‑15 (table item headed “education”)

Omit “23(ya)”, substitute “842‑105”.

582  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

Australian Federal Police member in Cambodia, pay and allowance ..........................................................................


23ADA

583  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

Commonwealth Government Officer, official salary and foreign income ..................................................................


23(a)(vi)

substitute:

Commonwealth of Nations country officer, official salary and foreign income ..........................................................


768‑100

584  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(a)(ii)” (first occurring), substitute “768‑100”.

585  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(u)”, substitute “842‑105”.

586  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(v)”, substitute “842‑105”.

587  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(a)(ii)” (second occurring), substitute “768‑100”.

588  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(c)(iv)” (first occurring), substitute “842‑105”.

589  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

expert, non‑resident, remuneration of .................................

23(b)

substitute:

expert, foreign resident, remuneration of ............................

842‑105

590  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(c)(iv)” (second occurring), substitute “842‑105”.

591  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

government representative and members of the entourage, non‑resident, income of ..............................


23(c)(iii)

substitute:

government representative and members of the entourage, foreign resident, income of .........................


842‑105

592  Section 11‑15 (table item headed “foreign aspect of income taxation”)

Omit:

non‑resident, foreign sourced income ................................

23(r)

593  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

Papua New Guinea pension, Papua New Guinea resident .............................................................................................


23(kd)

594  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

persecution victim, pensions etc. ........................................

23(kc)

substitute:

persecution victim, payments to ..........................................

768‑105

595  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit “23(c)(v)”, substitute “842‑105”.

596  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

resistance fighter and victim of wartime persecution, payments to ......................................................................


23AL

resistance fighter and victim of wartime persecution, pension and etc. of ..........................................................


23(kca)

substitute:

resistance fighter and victim of wartime persecution, payments to ......................................................................


768‑105

597  Section 11‑15 (table item headed “foreign aspects of income taxation”)

Omit:

superannuation fund, non‑resident, interest and dividend income of ..........................................................


23(jb)

598  Section 11‑15 (table item headed “social security or like payments”)

Omit “24AIC and”.

599  Section 11‑15 (table item headed “social security or like payments”)

Omit:

persecution victim, pension etc. for ....................................

23(kc)

substitute:

persecution victim, payments to ..........................................

768‑105

600  Section 11‑15 (table item headed “social security or like payments”)

Omit:

resistance fighter and victim of wartime persecution, pension and etc. for .........................................................


23(kca)

substitute:

resistance fighter and victim of wartime persecution, payments to ......................................................................


768‑105

601  Section 11‑55 (table item headed “firearms surrender arrangements”)

Omit:

depreciated value, consideration exceeds .............................

59(2AAA)

602  Section 11‑55 (table item headed “foreign aspects of income taxation”)

Before:

withholding tax, dividend royalty or interest subject to ......

128D

insert:

superannuation fund, foreign, interest and dividend income of ............................................................................................


128B(3)(jb)

603  Section 12‑5 (table item headed “banks”)

Omit:

Commonwealth Savings Bank of Australia .........................

160ABB

604  Section 12‑5 (table item headed “capital allowances”)

Omit:

intellectual property ................................................................

Subdivision 40‑B

substitute:

intellectual property ................................................................

Subdivisions 40‑B and 40‑I

605  Section 12‑5 (table item headed “capital allowances”)

Omit:

trading ships, special depreciation .......................................

57AM

606  Section 12‑5 (table item headed “Commonwealth places windfall tax”)

Omit “26‑17”, substitute “26‑17”.

607  Section 12‑5 (table item headed “copyrights”)

Omit “68A”, substitute “Subdivisions 40‑B and 40‑I”.

608  Section 12‑5 (table item headed “designs”)

Omit “68A”, substitute “Subdivisions 40‑B and 40‑I”.

609  Section 12‑5 (table item headed “dividends”)

Omit:

debt dividends .........................................................................

67AA

610  Section 12‑5 (table item headed “election expenses”)

Omit “74A, 74B”, substitute “25‑65, 25‑70”.

611  Section 12‑5 (table item headed “film income”)

Omit:

exempt film income ...................................................................

23H

612  Section 12‑5 (table item headed “franchise fees windfall tax”)

Omit “26‑15”, substitute “26‑15”.

613  Section 12‑5 (table item headed “leases”)

Omit:

improvements on leased land and premiums, leases assigned or surrendered before 23 October 1964 and for mining leases assigned or surrendered before 10 May 1968 .......................................................................




83 to 89, 88A(3)

614  Section 12‑5 (table item headed “mining”)

Repeal the item, substitute:

mining

 

see capital allowances

 

615  Section 12‑5 (table item headed “non‑resident trust estates”)

Omit “section 79E, 79F, 80, 80AAA or 80AA”, substitute “Division 36”.

616  Section 12‑5 (table item headed “patents”)

Omit “68A”, substitute “Subdivisions 40‑B and 40‑I”.

617  Section 12‑5 (table item headed “primary production”)

Omit:

drought investment allowance, generally ............................

625 to 684

618  Section 12‑5 (table item headed “primary production”)

Omit:

income equalisation deposits ................................................

159GA to 159GDA

land, preparing, clearing, ploughing or draining land for use in primary production and other activities .............


75A

619  Section 12‑5 (table item headed “public trading trusts”)

Omit:

debt dividends, application of section 67AA .....................

102T(4A)

620  Section 12‑5 (table item headed “superannuation guarantee charge”)

Omit “51(9)”, substitute “26‑95”.

621  Section 12‑5 (table item headed “superannuation levy”)

Repeal the item, substitute:

superannuation supervisory levy

 

late lodgment amount, no deduction for...............................

26‑90

622  Section 12‑5 (table item headed “tax avoidance schemes”)

Omit “136AG”, substitute “136AF”.

623  Section 12‑5 (table item headed “transfer pricing”)

Omit “136AG”, substitute “136AF”.

624  Section 13‑1 (table item headed “foreign tax”)

Omit:

shipping income, credit for overseas tax paid .......................

160AGB(3)

625  Section 13‑1 (table item headed “private health insurance”)

Omit “Subdivisions 61‑G and 61‑H”, substitute “Subdivision 61‑H”.

626  Section 13‑1 (table item headed “trusts”)

Omit:

non‑resident trust estate, winding‑up.....................................

102AAN

627  Before section 15‑3

Insert:

15‑2  Allowances and other things provided in respect of employment or services

             (1)  Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

             (2)  This is so whether the things were *provided in money or in any other form.

             (3)  However, the value of the following are not included in your assessable income under this section:

                     (a)  an *eligible termination payment;

                     (b)  an amount to which section 26AC or 26AD (about termination payments for unused leave) of the Income Tax Assessment Act 1936 applies;

                     (c)  a *dividend or *non‑share dividend;

                     (d)  an amount that is assessable as *ordinary income under section 6‑5.

Note:          Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non‑assessable non‑exempt income.

628  At the end of Division 15

Add:

15‑70  Reimbursed car expenses

                   Your assessable income includes a reimbursement mentioned in section 22 of the Fringe Benefits Tax Assessment Act 1986 (about exempt car expense payment benefits) that, but for that section, would be a *fringe benefit *provided to you.

15‑75  Bonuses

                   Your assessable income includes any amount you receive as or by way of bonus on a *life insurance policy, other than a reversionary bonus.

Note:          Reversionary bonuses are covered by section 6‑5 of this Act if they are ordinary income and, if not, by section 26AH of the Income Tax Assessment Act 1936.

629  Subsection 20‑30(1) (table)

After table item 1.6, insert:

1.6A

25‑65

election expenses, local governing body

630  Subsection 20‑30(2) (table items 2.1 and 2.2, column headed “Provision”)

Omit “51(1) (so far as it allows you”, substitute “Former 51(1) (so far as it allowed you”.

631  Subsection 20‑30(2) (table item 2.4, column headed “Provision”)

Before “69”, insert “Former”.

632  Subsection 20‑30(2) (table item 2.5, column headed “Provision”)

Before “70A(3)”, insert “Former”.

633  Subsection 20‑30(2) (table item 2.6, column headed “Provision”)

Before “71”, insert “Former”.

634  Subsection 20‑30(2) (table item 2.7, column headed “Provision”)

Before “72”, insert “Former”.

635  Subsection 20‑30(2) (table item 2.7A, column headed “Provision”)

Before “72A”, insert “Former”.

636  Subsection 20‑30(2) (table item 2.9, column headed “Provision”)

Before “74”, insert “Former”.

637  Subsection 20‑30(2) (table)

After table item 2.9, insert:

2.9A

Former 74A

election expenses, local governing body

638  Subsection 20‑30(2) (table item 2.10, column headed “Provision”)

Before “75AA(1)”, insert “Former”.

639  Subsection 20‑30(2) (table item 2.11, column headed “Provision”)

Before “75B(2)”, insert “Former”.

640  Subsection 20‑30(2) (table item 2.12, column headed “Provision”)

Before “75D(2)”, insert “Former”.

641  Subsection 20‑30(2) (table item 2.13, column headed “Provision”)

Before “82AB”, insert “Former”.

642  Subsection 20‑30(2) (table item 2.14, column headed “Provision”)

Before “82BB”, insert “Former”.

643  Subsection 20‑30(2) (table item 2.15, column headed “Provision”)

Before “82BK”, insert “Former”.

644  Subsection 20‑30(2) (table items 2.17 to 2.19, column headed “Provision”)

Before “Division”, insert “Former”.

645  Subsection 20‑30(2) (table item 2.20, column headed “Provision”)

Before “124BA”, insert “Former”.

646  Subsection 20‑30(2) (table item 2.21, column headed “Provision”)

Before “124ZZF”, insert “Former”.

647  Subsection 20‑30(2) (table item 2.22, column headed “Provision”)

Before “124ZZG”, insert “Former”.

648  Subsection 20‑30(2) (table item 2.23, column headed “Provision”)

Before “628”, insert “Former”.

649  Subsection 20‑30(2) (table item 2.24, column headed “Provision”)

Before “636”, insert “Former”.

650  Subsection 20‑55(1) (table item 1)

Before “26(j)”, insert “former”.

651  Subsection 20‑55(1) (table item 2)

Before “26(k)”, insert “former”.

652  Subsection 20‑55(1) (table item 3)

Before “63(3)”, insert “former”.

653  Subsection 20‑55(1) (table item 4)

Before “69(8)”, insert “former”.

654  Subsection 20‑55(1) (table item 5)

Before “70A(5)”, insert “former”.

655  Subsection 20‑55(1) (table item 6)

Before “72(2)”, insert “former”.

656  Subsection 20‑55(1) (table item 6A)

Before “72A(4)(a)”, insert “former”.

657  Subsection 20‑55(1) (table item 7)

Before “74(2)”, insert “former”.

658  Subsection 20‑55(2)

Omit “Section”, substitute “Former section”.

659  At the end of section 25‑5

Add:

Expenditure by trustee of deceased estate

             (8)  If:

                     (a)  after you die, the trustee of your deceased estate incurs expenditure; and

                     (b)  had you incurred the expenditure before you died, you could have deducted it under subsection (1);

for the purposes of assessing the trustee for the income year in which you died, the expenditure is an allowable deduction under that subsection.

660  After section 25‑60

Insert:

25‑65  Local government election expenses

             (1)  You can deduct expenditure you incur in contesting an election for membership of a *local governing body, but you cannot deduct more than $1,000 per election. You deduct the expenditure for the income year in which you incur it.

             (2)  However, you can deduct more than the $1,000 limit if:

                     (a)  you have received an amount as *recoupment of the expenditure; and

                     (b)  some or all of that amount is included in your assessable income for an income year; and

                     (c)  the total of your deductions for the election would be less than the $1,000 limit if you disregarded so much (the assessed recoupment) of the expenditure as equals the amount so included in your assessable income.

In that case:

                     (d)  the assessed recoupment is disregarded in applying the $1,000 limit; and

                     (e)  the further amount that you can deduct because of paragraph (d) is deducted for the income year referred to in paragraph (b).

Example:    Chris is elected to the Bunyip Shire Council. In the 2007‑08 income year he incurs expenditure of $1,200 in contesting the election, of which he deducts $1,000 (the limit under subsection (1)).

                   In 2008‑09, Chris receives $360 as an assessable recoupment of the expenditure. $300 of that is included in his assessable income by section 20‑35 (as extended by section 20‑50).

                   Because of the assessable recoupment, $300 of the expenditure is disregarded under paragraph (2)(d) in applying the $1,000 limit. As a result, Chris’s deductions are treated as being only $700, which is less than the limit. This does not affect his original deduction for 2007‑2008, but it means he can deduct the previously undeducted $200, for 2008‑09 (see paragraph (2)(e)).

                   This triggers a further application of section 20‑35 (as extended by section 20‑50) to include the remaining $60 of the assessable recoupment in Chris’s assessable income for 2008‑09. His total deductions (net of recoupment included in assessable income) come to $840, which is the same as his original expenditure (net of recoupment).

Note:          An amount you receive as recoupment of expenditure may be included in your assessable income as an assessable recoupment under Subdivision 20‑A, as ordinary income under section 6‑5 or as statutory income under some other provision.

661  Subsection 25‑70(1)

After “25‑60”, insert “or 25‑65”.

662  Paragraph 26‑55(2)(c)

Omit “Division 16C (Income equalisation deposits) of Part III of, or Schedule 2G (Farm management deposits) to,”, substitute “Schedule 2G (Farm management deposits) to”.

663  At the end of Division 26

Add:

26‑90  Superannuation supervisory levy

                   You cannot deduct under this Act so much of a levy imposed by the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 as represents the late lodgment amount (within the meaning of section 6 of that Act).

26‑95  Superannuation guarantee charge

                   You cannot deduct under this Act a charge imposed by the Superannuation Guarantee Charge Act 1992.

664  Subsection 40‑215(2)

Repeal the subsection, substitute:

             (2)  Subsection (1) does not apply to deductions for research and development plant expenditure (sections 73B and 73BA of the Income Tax Assessment Act 1936).

Note:          Subsection (2) does not have the effect that deductions for the same amount of any such expenditure will be allowable under both this Division and section 73B or 73BA. Such an outcome is prevented by subsection 40‑25(2) (including as applied by section 73BC for the purposes of section 73BA) and subsections 73B(20) and 73BA(7).

665  Paragraph 43‑40(1)(a)

Before “Division 10C”, insert “former”.

666  Subparagraph 43‑70(2)(f)(ii)

Before “Division 10”, insert “the former”.

667  Subparagraph 43‑70(2)(f)(ii)

Omit “deal”, substitute “dealt”.

668  Subparagraph 43‑70(2)(f)(iv)

Before “section”, insert “the former”.

669  Subparagraph 43‑70(2)(f)(iv)

Omit “allow”, substitute “allowed”.

670  Subparagraph 43‑70(2)(f)(v)

Before “section”, insert “the former”.

671  Subparagraph 43‑70(2)(f)(v)

Omit “allow”, substitute “allowed”.

672  Subparagraph 43‑70(2)(f)(vi)

Before “section”, insert “the former”.

673  Subparagraph 43‑70(2)(f)(vi)

Omit “allow”, substitute “allowed”.

674  Paragraph 43‑70(2)(h)

Before “Subdivision”, insert “the former”.

675  Section 43‑250 (method statement, paragraph (c) of step 2)

Before “Division”, insert “former”.

676  Subsection 70‑30(4) (table item 2, column headed “In this case:”)

Before “Part IIIA”, insert “former”.

677  Subsection 70‑30(4) (table item 3, column headed “The cost is:”)

Before “Part IIIA”, insert “former”.

678  Subsection 70‑30(4) (table item 3, column headed “The cost is:”)

Before “section 160ZG”, insert “former”.

679  Subsection 104‑25(3) (note)

Before “section 160ZL”, insert “former”.

680  Subsection 104‑40(5) (note 2)

Before “Part IIIA”, insert “former”.

681  Subsection 104‑70(5) (note)

Before “section 160ZM”, insert “former”.

682  Subsection 104‑135(3) (note 2)

Before “section 160ZL”, insert “former”.

683  Subsection 104‑175(1) (note)

Before “section 160ZZO”, insert “former”.

684  Subsection 104‑185(1) (note 2)

Before “Part IIIA”, insert “former”.

685  Subsection 104‑190(1) (note)

Before “Part IIIA”, insert “former”.

686  Subsection 108‑5(2) (note 2)

Before “Part IIIA”, insert “former”.

687  Subsection 108‑75(2) (note)

Before “sections”, insert “former”.

688  Paragraph 110‑45(6)(a)

Before “section”, insert “former”.

689  Subparagraph 110‑45(6)(b)(ii)

Before “Division”, insert “former”.

690  Paragraph 110‑45(6)(b)

Before “subsections”, insert “former”.

691  Paragraph 110‑50(6)(a)

Before “section”, insert “former”.

692  Subparagraph 110‑50(6)(b)(ii)

Before “Division”, insert “former”.

693  Paragraph 110‑50(6)(b)

Before “subsections”, insert “former”.

694  Subparagraph 110‑55(3)(b)(iii)

Before “subsection”, insert “former”.

695  Subparagraph 110‑60(1)(b)(iii)

Before “subsection”, insert “former”.

696  Section 112‑97 (table items 10 and 11)

Repeal the items, substitute:

10

CGT event happens to CGT asset used in gold mining

First element of cost base and reduced cost base

section 112‑100 of the Income Tax (Transitional Provisions) Act 1997

697  Subsection 115‑20(2) (example)

Omit “Section”, insert “Former section”.

698  Section 118‑30

Repeal the section, substitute:

118‑30  Film copyright

             (1)  A *capital gain or *capital loss you make from a *CGT event relating to your interest in the copyright in a film is disregarded if an amount is included in your assessable income under section 26AG (about film proceeds) of the Income Tax Assessment Act 1936 because of the event.

             (2)  If you are a partner in a partnership, a *capital gain or *capital loss you make from a *CGT event relating to the partnership’s interest in the copyright in a film is disregarded if an amount is included in the assessable income of a partner (including you) under section 26AG of that Act because of the event.

             (3)  If you are absolutely entitled to an interest in the copyright in a film as against the trustee of a trust (disregarding any legal disability), a *capital gain or *capital loss you make from a *CGT event relating to the interest is disregarded if an amount is included in your assessable income or the net income of the trust under section 26AG of that Act because of the event.

699  Subsection 121‑25(4) (note 1)

Before “section 160ZZPI”, insert “former”.

700  Section 136‑25 (note)

Before “section 160ZZN”, insert “former”.

701  Subparagraph 149‑10(b)(i)

Before “subsection”, insert “former”.

702  Subparagraph 149‑10(b)(ii)

Before “Part IIIA”, insert “former”.

703  Paragraph 165‑60(3)(a) (note)

Omit “of this Act and section 26B of the Income Tax Assessment Act 1936”.

704  Paragraph 165‑60(3)(b) (note)

Omit “sections 36, 36AAA and 36AA”, substitute “section 36AAA”.

705  Subsection 170‑220(4) (note 2)

Before “subsection”, insert “former”.

706  Subsection 170‑225(6) (note)

Before “subsections”, insert “former”.

707  Subsection 180‑10(7)

Omit “Part VII of the Income Tax Assessment Act 1936”, substitute “Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953”.

708  Subsection 180‑20(5)

Omit “Part VII of the Income Tax Assessment Act 1936”, substitute “Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953”.

709  Paragraph 202‑45(b)

Omit “paragraph 24BB(a)”, substitute “subsection 24B(1)”.

710  Paragraph 207‑145(1)(a)

Before “Part IIIAA”, insert “former”.

711  Paragraph 207‑150(1)(a)

Before “Part IIIAA”, insert “former”.

712  Paragraph 210‑170(1)(e)

Before “Part IIIAA”, insert “former”.

713  Paragraph 240‑15(a)

Omit “and Part IIIA of the Income Tax Assessment Act 1936”.

714  Paragraph 243‑15(1)(c)

Omit “(other than development allowance or drought investment allowance)”.

715  Subsection 243‑35(2) (method statement, step 1)

Omit “(other than development allowance or drought investment allowance)”.

716  Subsection 243‑55(1)

Omit “(other than development allowance or drought investment allowance)”.

717  Subsection 243‑65(3) (method statement, steps 1, 3 and 4)

Omit “(other than development allowance or drought investment allowance)”.

718  Subsection 328‑295(1) (note 1)

Omit “Note 1”, substitute “Note”.

719  Paragraph 375‑805(2)(a)

Omit “sections 124ZAF and”, substitute “section”.

720  Paragraph 405‑30(3)(c)

Repeal the paragraph, substitute:

                     (c)  a *net capital gain.

721  Paragraph 705‑47(1)(a)

Before “section”, insert “former”.

722  Paragraph 705‑47(1)(b)

Repeal the paragraph, substitute:

                     (b)  former Subdivision 57‑I, and Subdivision 57‑J, in Schedule 2D to the Income Tax Assessment Act 1936 (about depreciation and capital allowance deductions);

723  Subparagraph 705‑47(2)(b)(i)

Before “section”, insert “former”.

724  Subparagraph 705‑47(2)(b)(ii)

Repeal the subparagraph, substitute:

                             (ii)  former Subdivision 57‑I, and Subdivision 57‑J, in Schedule 2D to the Income Tax Assessment Act 1936 (about depreciation and *capital allowance deductions);

725  Subsection 705‑47(2) (note 2)

Omit “Section 61A of, or Subdivision 57‑I or 57‑J in”, substitute “Former section 61A of, or former Subdivision 57‑I or Subdivision 57‑J in”.

726  Paragraphs 705‑50(2)(b) and (3)(b)

Omit “section 46 or 46A”, substitute “section 46A or former section 46”.

727  Subsection 705‑57(3)

Before “subsection”, insert “former”.

728  Subsection 705‑57(3)

Before “Part IIIA”, insert “former”.

729  Paragraph 705‑57(4)(b)

Before “subsection”, insert “former”.

730  Paragraph 705‑57(4)(b)

Before “Part IIIA”, insert “former”.

731  Paragraph 705‑65(3)(b)

Before “subsection”, insert “former”.

732  Subparagraph 705‑93(1)(a)(ii)

Before “section 160ZZO of the”, insert “former”.

733  Subparagraph 705‑147(3)(a)(ii)

Before “section 160ZZO of the”, insert “former”.

734  Subsection 705‑150(1)

Before “section 160ZZO”, insert “former”.

735  Paragraph 705‑150(2)(a)

Before “section”, insert “former”.

736  Subparagraph 705‑150(2)(b)(ii)

Before “section”, insert “former”.

737  Subparagraph 705‑155(4)(b)(i)

Before “section”, insert “former”.

738  Subsection 705‑155(6)

After “Also, if”, insert “former”.

739  Paragraph 705‑155(6)(a)

Before “subsection 160ZK(5)”, insert “former”.

740  Subsection 705‑155(6)

Before “subsection 160ZK(5) of the Income Tax Assessment Act 1936, or”, insert “former”.

741  Paragraph 705‑163(6)(f)

Before “sections”, insert “former”.

742  Subsection 705‑190(2)

Omit “section 46 or 46A”, substitute “section 46A or former section 46”.

743  Subparagraph 705‑227(3)(a)(ii)

Before “section 160ZZO of the”, insert “former”.

744  Subparagraph 716‑855(b)(ii)

Before “section”, insert “former”.

745  Section 716‑855

After “Subdivision 126‑B or”, insert “former”.

746  Subsection 721‑10(2) (table item 5)

Before “section 160ARDZ”, insert “former”.

747  Subsection 721‑10(2) (table item 5)

Before “Part IIIAA”, insert “former”.

748  Before Subdivision 768‑G

Insert:

Subdivision 768‑BSome items of income that are exempt from income tax

Table of sections

768‑100    Foreign government officials in Australia

768‑105    Compensation arising out of Second World War

768‑100  Foreign government officials in Australia

             (1)  The amounts of *ordinary income and *statutory income covered by the table are exempt from income tax. In some cases, the exemption is subject to exceptions or special conditions, or both.

Note 1:       Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6‑20. The note to subsection 6‑15(2) describes some of the other consequences of it being exempt income.

Note 2:       Even if an exempt payment is made to you, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936.

 

Exempt amounts

Item

If you are:

the following amounts are exempt from income tax:

subject to these exceptions and special conditions:

1

(a) a representative in Australia of the government of a foreign country; or

(b) a member of the official staff of such a representative;

and you are neither an Australian citizen nor ordinarily resident in Australia

(a) your official salary; and

(b) your *ordinary income, and your *statutory income, from a source outside Australia

(a) no Convention listed in subsection (2) applies to the representative; and

(b) the country concerned grants in relation to Australia exemptions from taxes on income that correspond with the exemption in this item

2

(a) an officer of the government of a *Commonwealth of Nations country; and

(b) temporarily in Australia to render service on behalf of that country, or an *Australian government agency, in accordance with an *arrangement between the governments of that country and of the Commonwealth or of a State or Territory

(a) your official salary; and

(b) your *ordinary income, and your *statutory income, from a source outside Australia

that country exempts from income tax the salaries of officers of the government of the Commonwealth temporarily in that country for similar purposes in accordance with a similar arrangement

             (2)  The Conventions are:

                     (a)  the Vienna Convention on Diplomatic Relations, as having the force of law because of the Diplomatic Privileges and Immunities Act 1967;

                     (b)  the Vienna Convention on Consular Relations, as having the force of law because of the Consular Privileges and Immunities Act 1972.

Note:          Those Conventions have the force of law in Australia because of those Acts and achieve substantially the same effect as item 1 of the table: see Article 34 of the Vienna Convention on Diplomatic Relations and Article 49 of the Vienna Convention on Consular Relations.

768‑105  Compensation arising out of Second World War

             (1)  A payment to you is exempt from income tax if:

                     (a)  you are an Australian resident at the time when it would otherwise be included in your assessable income; and

                     (b)  the payment is from a source in a foreign country; and

                     (c)  the payment is in connection with:

                              (i)  any wrong or injury; or

                             (ii)  any loss of, or damage to, property; or

                            (iii)  any other detriment;

                            suffered by you or another individual as a result of:

                            (iv)  persecution by the National Socialist regime of Germany during the National Socialist period; or

                             (v)  persecution during the Second World War by any other enemy of the Commonwealth or by a regime covered by subsection (3); or

                            (vi)  flight from persecution mentioned in subparagraph (iv) or (v); or

                           (vii)  participation in a resistance movement during the Second World War against forces of the National Socialist regime of Germany or against forces of any other enemy of the Commonwealth; and

                     (d)  the payment is not directly or indirectly from any of your *associates.

Note:          An example of a detriment covered by subparagraph (c)(iii) is if you lost the opportunity to qualify for a pension because your period of contribution was cut short because you had to flee persecution by the National Socialist regime.

Duration of Second World War

             (2)  Subsection (1) applies to:

                     (a)  the period immediately before the Second World War; and

                     (b)  the period immediately after the Second World War;

in the same way as it applies to the period of the Second World War.

Regimes associated with an enemy of the Commonwealth

             (3)  This subsection covers a regime that was:

                     (a)  in alliance with; or

                     (b)  occupied by; or

                     (c)  effectively controlled by; or

                     (d)  under duress from; or

                     (e)  surrounded by;

either or both of the following:

                      (f)  the National Socialist regime of Germany;

                     (g)  any other enemy of the Commonwealth.

Legal personal representative

             (4)  Subsection (1) applies to a payment to:

                     (a)  your *legal personal representative; or

                     (b)  a trust established by your will;

in a corresponding way to the way in which it would have applied if:

                     (c)  the payment had been to you; and

                     (d)  if the payment is made after your death—you were still alive.

749  Subsection 820‑39(4) (note 1)

Repeal the note, substitute:

Note 1:       While an entity meets the conditions in subsection (3), it is treated for the purposes of this Division as not being a member of a consolidated group or MEC group (see section 820‑584).

750  Paragraph 820‑40(1)(c)

Before “section 67”, insert “former”.

751  Subsection 820‑85(1) (note 4)

Repeal the note, substitute:

Note 4:       A consolidated group or MEC group may be an outward investing entity (non‑ADI) to which this Subdivision applies: see Subdivisions 820‑FA and 820‑FB.

752  Subsection 820‑185(1) (note 6)

Repeal the note, substitute:

Note 6:       A consolidated group or MEC group may be an inward investing entity (non‑ADI) to which this Subdivision applies: see Subdivisions 820‑FA and 820‑FB.

753  Subsection 820‑300(1) (note 4)

Repeal the note, substitute:

Note 4:       A consolidated group or MEC group may be an outward investing entity (ADI) to which this Subdivision applies: see Subdivisions 820‑FA and 820‑FB.

754  At the end of subsection 820‑395(1)

Add:

Note 4:       A consolidated group or MEC group may be an inward investing entity (ADI) to which this Subdivision applies: see Subdivision 820‑FB.

755  Section 820‑445 (heading)

Repeal the heading, substitute:

820‑445  How this Subdivision interacts with Subdivision 820‑FA

756  Subsection 820‑445(3)

Omit “(3)”.

757  After Division 830

Insert:

Division 842Exempt Australian source income and gains of foreign residents

Table of Subdivisions

842‑B    Some items of Australian source income of foreign residents that are exempt from income tax

Subdivision 842‑BSome items of Australian source income of foreign residents that are exempt from income tax

Guide to Subdivision 842‑B

842‑100  What this Subdivision is about

If you are a foreign resident, some of the income you derive while in Australia, or from Australian sources, may be exempt income.

Table of sections

842‑105    Amounts of Australian source ordinary income and statutory income that are exempt

842‑105  Amounts of Australian source ordinary income and statutory income that are exempt

                   The amounts of *ordinary income and *statutory income covered by the table are exempt from income tax. In some cases, the exemption is subject to exceptions or special conditions, or both.

Note 1:       Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6‑20. The note to subsection 6‑15(2) describes some of the other consequences of it being exempt income.

Note 2:       Even if an exempt payment is made to you, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936.

 

Exempt amounts

Item

If you are:

the following amounts are exempt from income tax:

subject to these exceptions and special conditions:

1

a foreign resident

 

your remuneration paid by an *Australian government agency

the remuneration is paid to you:

(a) for expert advice to that agency; or

(b) as a member of a Royal Commission

2

a foreign resident who is:

(a) the representative of the government of a foreign country, visiting Australia on behalf of that government; or

(b) a member of the entourage of such a representative

your *ordinary income, and your *statutory income, in your official capacity as such a representative or member

none

3

a foreign resident visiting Australia:

(a) in the capacity of representative of any society or association established for educational, scientific, religious or philanthropic purposes; and

(b) for the purpose of attending an international conference, or for the purpose of carrying on investigation or research for the society or association

your *ordinary income, and your *statutory income, in that capacity

none

4

a foreign resident visiting Australia:

(a) in the capacity of representative of the media outside Australia; and

(b) for the purpose of reporting the proceedings relating to any of the matters referred to in items 2 and 3

your *ordinary income, and your *statutory income, in that capacity

none

5

a member of the naval, military or air forces of the government of a foreign country

pay and allowances you earn in Australia as a member of those forces

the pay and allowances are not paid or provided by the Commonwealth

6

a foreign resident visiting Australia

your *ordinary income, and your *statutory income, that:

(a) is from an occupation you carry on while in Australia; and

(b) is not exempt from income tax in the country where you are ordinarily resident

in the opinion of the Treasurer, the visit and occupation are principally directed to assisting in the defence of Australia

7

(a) a foreign resident pursuing in Australia a course of study or training; and

(b) in Australia for the sole purpose of pursuing that course

your *ordinary income, and your *statutory income, by way of a scholarship, bursary, or other educational allowance, provided by the Commonwealth

none

758  Paragraph 900‑30(7)(b)

Omit “of this Act or section 74A (about local governing body election expenses) of the Income Tax Assessment Act 1936”, substitute “or section 25‑65 (about local government election expenses)”.

759  Paragraph 900‑220(2)(b)

Omit “paragraph 26(eaa) of the Income Tax Assessment Act 1936”, substitute “section 15‑70”.

760  Subsection 995‑1(1) (definition of adjusted average equity capital)

Omit “820‑562,”.

761  Subsection 995‑1(1) (definition of annual payer)

Omit “, 45‑155 or”, substitute “or 45‑155 or former section”.

762  Subsection 995‑1(1) (definition of average equity capital)

Omit “, 820‑575”.

763  Subsection 995‑1(1)

Insert:

Commonwealth of Nations country means:

                     (a)  a foreign country that is a member of the Commonwealth of Nations; or

                     (b)  a colony, overseas territory or protectorate of such a member; or

                     (c)  a territory for whose international relations such a member is responsible;

other than one declared by the regulations not to be a Commonwealth of Nations country.

764  Subsection 995‑1(1) (note to definition of cost)

Before “section”, insert “former”.

765  Subsection 995‑1(1) (definition of inward investing entity (non‑ADI))

Omit “820‑550,”.

766  Subsection 995‑1(1) (definition of inward investment vehicle (financial))

Omit “820‑550,”.

767  Subsection 995‑1(1) (definition of inward investment vehicle (general))

Omit “, 820‑550”.

768  Subsection 995‑1(1) (definition of large withholder)

Omit “sections 16‑95 and 16‑125 “, substitute “section 16‑95”.

769  Subsection 995‑1(1) (definition of local governing body)

Repeal the definition, substitute:

local governing body means a local governing body established by or under a *State law or *Territory law.

770  Subsection 995‑1(1) (definition of medium withholder)

Omit “and 16‑135”.

771  Subsection 995‑1(1)

Insert:

natural resource means minerals or any other non‑living resource of the land, sea‑bed or sea.

772  Subsection 995‑1(1) (definition of outward investing entity (ADI))

Omit “820‑550,”.

773  Subsection 995‑1(1) (definition of outward investing entity (non‑ADI))

Omit “820‑550,”.

774  Subsection 995‑1(1) (definition of outward investor (financial))

Omit “820‑550,”.

775  Subsection 995‑1(1) (definition of outward investor (general))

Omit “, 820‑550”.

776  Subsection 995‑1(1) (paragraph (b) of the definition of safe harbour capital amount)

Omit “and”.

777  Subsection 995‑1(1)

Insert:

TFN withholding tax means tax payable in accordance with section 14‑55 in Schedule 1 to the Taxation Administration Act 1953.

Note:          The tax is imposed by the Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991.

778  Subsection 995‑1(1)

Insert:

untaxable Commonwealth entity means an untaxable Commonwealth entity as defined by section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999.

Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991

779  Section 4

Omit “221YHZR of the Income Tax Assessment Act 1936”, substitute “section 14‑55 in Schedule 1 to the Taxation Administration Act 1953”.

Income Tax Rates Act 1986

780  Paragraph 3(2)(a)

Omit “, reduced notional income” (wherever occurring).

781  Paragraph 13(2)(b)

Omit “or Part I of Schedule 9, as the case requires,”.

782  Subparagraphs 15(2)(a)(ii) and (b)(ii)

Omit “or Part II of Schedule 9, as the case requires,”.

783  Clauses 1 and 2 of Part I of Schedule 10

Omit “or Part I of Schedule 9, as the case requires,”.

784  Part II of Schedule 10

Omit “or Part II of Schedule 9, as the case requires,”.

785  Clause 1 of Part I of Schedule 11

Omit “or Part I of Schedule 9, as the case requires,”.

786  Sub‑subparagraphs 3(c)(i)(B) and (C) of Part I of Schedule 11

Repeal the sub‑subparagraphs, substitute:

                                        (B)  if sub-subparagraph (A) does not apply—the reduced taxable income; and

787  Paragraph 3(d) of Part I of Schedule 11

Omit “, reduced notional income”.

788  Clause 1 of Part II of Schedule 11

Omit “or Part II of Schedule 9, as the case requires,”.

789  Sub‑subparagraphs 3(c)(i)(B) and (C) of Part II of Schedule 11

Repeal the sub‑subparagraphs, substitute:

                                        (B)  if sub-subparagraph (A) does not apply—the reduced taxable income; and

790  Paragraph 3(d) of Part II of Schedule 11

Omit “, reduced notional income”.

791  Clause 1 of Part I of Schedule 12

Omit “or Part I of Schedule 9, as the case requires,”.

792  Clause 1 of Part II of Schedule 12

Omit “or Part II of Schedule 9, as the case requires,”.

Income Tax (Transitional Provisions) Act 1997

793  Subsection 20‑1(1)

Omit “(1)”.

794  Subsection 20‑105(1) (note 2)

Omit “are”, substitute “were”.

795  Subsection 20‑105(2)

Before “subsection”, insert “former”.

796  Section 20‑110

Before “section 59”, insert “former”.

797  Section 20‑115 (table items 1 to 3)

Omit “Section”, substitute “Former section”.

798  Section 20‑115 (table item 3)

Before “subsection”, insert “former”.

799  Section 20‑115 (table item 4)

Omit “Section”, substitute “Former section”.

800  Section 20‑115 (table item 4)

Before “subsection”, insert “former”.

801  Section 20‑115 (table items 5 and 6)

Omit “Subsection”, substitute “Former subsection”.

802  At the end of Division 25

Add:

25‑65  Local government election expenses

                   Section 25‑65 of the Income Tax Assessment Act 1997 applies to the 2006‑07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005‑06 income year or an earlier income year, it applies as if:

                     (a)  it had applied to all income years before the 2006‑07 income year; and

                     (b)  an allowable deduction for the expenditure under section 74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section 25‑65 of the Income Tax Assessment Act 1997.

Note:          This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections 74A(4) and (5) of the Income Tax Assessment Act 1936, the expenditure will be disregarded in applying the $1,000 per election deduction limit: see subsection 25‑65(2) of the Income Tax Assessment Act 1997.

803  Section 34‑5 (heading)

Repeal the heading, substitute:

34‑5  Things done under former section 51AL of the Income Tax Assessment Act 1936

804  Subsection 34‑5(1)

Before “section”, insert “former”

805  Subsection 34‑5(2) (table items 1 to 3, column headed “This:”)

Before “subsection”, insert “former”.

806  Paragraph 40‑50(1)(a)

Omit “; and”, substitute “or could have deducted an amount under that Subdivision if you had used the road or building for the purpose of producing assessable income; and”.

807  Subsection 40‑70(2)

Before “section”, insert “former”.

808  Paragraph 40‑230(1)(b)

Before “section”, insert “former”.

809  Subparagraph 40‑285(2)(a)(ii)

Before “section”, insert “former”.

810  After section 40‑288

Insert:

40‑289  Surrendered firearms

                   If a balancing adjustment event for a firearm that you hold occurs because you surrender it after the commencement of this section under *firearms surrender arrangements, any amount by which its termination value exceeds its adjustable value is not included in your assessable income under subsection 40‑285(1) of the Income Tax Assessment Act 1997.

811  Paragraph 40‑525(b)

Before “section”, insert “former”.

812  Paragraph 40‑645(3)(b)

Before “section”, insert “former”.

813  At the end of Division 40

Add:

Subdivision 40‑JShips depreciated under section 57AM of the Income Tax Assessment Act 1936

Table of sections

40‑830      Ships depreciated under section 57AM of the Income Tax Assessment Act 1936

40‑830  Ships depreciated under section 57AM of the Income Tax Assessment Act 1936

             (1)  This section applies if:

                     (a)  you have deducted or can deduct amounts for a ship under section 57AM of the Income Tax Assessment Act 1936 as in force before its repeal by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006; and

                     (b)  you hold the ship when this section commences.

             (2)  Division 40 of the Income Tax Assessment Act 1997 applies to the ship after the commencement of this section.

             (3)  For the purposes of that application:

                     (a)  the cost of the ship when this section commences is its cost under the Income Tax Assessment Act 1936 just before that time; and

                     (b)  the ship’s adjustable value when this section commences is its depreciated value under the Income Tax Assessment Act 1936 just before that time; and

                     (c)  paragraphs 40‑285(1)(a) and (2)(a) have effect as if amounts you have deducted or can deduct under section 57AM of the Income Tax Assessment Act 1936, as in force before its repeal, are taken to be part of the ship’s decline in value under Subdivision 40‑B of the Income Tax Assessment Act 1997.

814  Paragraph 70‑10(2)(b)

Before “subsection”, insert “former”.

815  Subsection 70‑10(3)

Before “subsection”, insert “former”.

816  Paragraph 70‑10(4)(a)

Before “subsection”, insert “former”.

817  Subsection 70‑55(2)

Before “section”, insert “former”.

818  Paragraph 70‑55(3)(b)

Before “section”, insert “former”.

819  Section 70‑55 (notes 1 and 2)

Omit “Section”, substitute “Former section”.

820  Subsection 70‑70(1)

Before “Subdivision”, insert “former”.

821  Subsection 70‑70(3) (heading)

Repeal the heading, substitute:

Effect of election under former subsection 31(5) of the Income Tax Assessment Act 1936 on valuation of interests in FIFs

822  Subsection 70‑70(3)

Before “subsection 31(5)”, insert “former”.

823  Subsections 102‑15(2) and (3)

Before “Part IIIA”, insert “former”.

824  Section 102‑20 (definition of capital gain)

Before “Part IIIA”, insert “former”.

825  Section 102‑20 (definition of capital loss)

Before “Part IIIA”, insert “former”.

826  Section 102‑20 (definition of net capital gain)

Before “Part IIIA”, insert “former”.

827  Section 104‑25

Before “section”, insert “former”.

828  Paragraph 104‑40(a)

Before “Part IIIA”, insert “former”.

829  Paragraph 104‑70(1)(b)

Before “section”, insert “former”.

830  Paragraph 104‑70(1)(d)

Before “Division”, insert “former”.

831  Subsection 104‑70(3)

Before “section”, insert “former”.

832  Section 104‑135

Before “section”, insert “former”.

833  Subsection 104‑175(1)

Before “section 160ZZO”, insert “former”.

834  Paragraph 104‑175(2)(a)

Before “section”, insert “former”.

835  Paragraph 104‑175(2)(b)

Before “paragraphs”, insert “former”.

836  Subsection 104‑175(3)

Before “Part IIIA”, insert “former”.

837  Section 104‑185 (heading)

Repeal the heading, substitute:

104‑185  Change of status of replacement asset for a roll‑over under Division 17A of former Part IIIA of the 1936 Act or Division 123 of the 1997 Act

838  Paragraph 104‑185(a)

Before “Part IIIA”, insert “former”.

839  Section 104‑190 (heading)

Repeal the heading, substitute:

104‑190  Change of circumstances where a share or interest is a replacement asset for a roll‑over under Division 17A of former Part IIIA of the 1936 Act or Division 123 of the 1997 Act

840  Paragraph 104‑190(a)

Before “Part IIIA”, insert “former”.

841  Section 104‑205

Before “section”, insert “former”.

842  Paragraph 108‑5(b)

Before “section”, insert “former”.

843  Subsections 108‑75(1) to (4)

Before “section”, insert “former”.

844  At the end of Division 112

Add:

Subdivision 112‑BSpecial rules

112‑100  Effect of terminated gold mining exemptions

             (1)  This section affects how to work out a capital gain or capital loss you make from a CGT event that happens to a CGT asset after 31 December 1990 if:

                     (a)  before 1 January 1991, you used the asset (other than on a prior holding of it) solely for the purpose of producing exempt income, and principally for the purpose of producing exempt income to which former paragraph 23(o) or former subsection 23C(1) of the Income Tax Assessment Act 1936 (about income from producing or selling gold) applied; and

                     (b)  you owned the asset continuously from the end of 31 December 1990 until the CGT event.

Capital gain

             (2)  For the purposes of working out a capital gain you make from the CGT event, if the asset’s market value at the end of 31 December 1990 was more than its cost base at that time, the first element of its cost base at that time is that market value.

Capital loss

             (3)  The rest of this section has effect for the purposes of working out a capital loss you make from the CGT event.

             (4)  If the asset’s market value at the end of 31 December 1990 was less than its reduced cost base at that time, the first element of its reduced cost base at that time is that market value.

             (5)  In applying section 110‑55 of the Income Tax Assessment Act 1997 (about reduced cost base):

                     (a)  treat your notional deductions (within the meaning of Subdivision B or C of former Division 16H of Part III of the Income Tax Assessment Act 1936) as amounts you have deducted; and

                     (b)  disregard the effect of former sections 159GZZO and 159GZZZ of that Act.

845  Section 121‑15

Before “section”, insert “former”.

846  Subsections 121‑25(1) and (2)

Before “subsection” (first occurring), insert “former”.

847  Paragraph 126‑100(1)(a)

Before “section”, insert “former”.

848  Paragraph 136‑25(b)

Before “Part IIIA”, insert “former”.

849  Paragraph 136‑25(b)

Before “section”, insert “former”.

850  Paragraphs 149‑5(1)(c) and (2)(b)

Before “Part IIIA”, insert “former”.

851  Section 170‑220

Before “subsection”, insert “former”.

852  Section 170‑225

Before “subsections”, insert “former”.

853  Section 201‑1

Before “Part IIIAA”, insert “Former”.

854  Section 205‑1

Omit “account under Part IIIAA”, substitute “account under former Part IIIAA”.

855  Subparagraphs 205‑1(b)(i) and (ii)

Before “Part IIIAA”, insert “former”.

856  Section 205‑5

Before “Part IIIAA”, insert “former”.

857  Section 205‑5 (note)

Before “section”, insert “former”.

858  Subsection 205‑10(1)

Before “Part IIIAA”, insert “former”.

859  Subsection 205‑10(2)

Before “Part IIIAA”, insert “former”.

860  Paragraph 205‑10(2)(a)

Before “section”, insert “former”.

861  Subsection 205‑15(1)

Before “Part IIIAA”, insert “former”.

862  Subsection 205‑15(2)

After “class under”, insert “former”.

863  Paragraph 205‑15(2)(a)

After “company under”, insert “former”.

864  Subsection 205‑15(4)

After “class under”, insert “former”.

865  Paragraph 205‑15(4)(a)

After “company under”, insert “former”.

866  Subparagraph 205‑75(1)(b)(i)

Omit “section 160AQK or of”, substitute “former section 160AQK or of former section”.

867  Section 205‑80 (heading)

Repeal the heading, substitute:

205‑80  Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936

868  Subsection 205‑80(1)

After “Division 5”, insert “of former Part IIIAA”.

869  Subsection 205‑80(1)

Before “section” (second occurring), insert “former”.

870  Subsection 205‑80(2)

Omit “Section”, substitute “Former section”.

871  Subsection 208‑111(1)

Before “Part IIIAA”, insert “former”.

872  Subsection 208‑111(2)

Before “Part IIIAA”, insert “former”.

873  Subsection 208‑111(2) (note)

Before “sections”, insert “former”.

874  Subsection 208‑111(3)

Before “Part IIIAA”, insert “former”.

875  Subsection 208‑111(3) (note)

Before “sections”, insert “former”.

876  Subsection 208‑111(4)

Before “Part IIIAA”, insert “former”.

877  Subsection 208‑111(4) (note)

Before “section 160AQCNO”, insert “former”.

878  Subsection 208‑111(5)

Before “Part IIIAA”, insert “former”.

879  Subsection 208‑111(5) (note)

Before “section 160AQCNO”, insert “former”.

880  Section 210‑1

After “PDF under”, insert “former”.

881  Subparagraphs 210‑1(b)(i) and (ii)

Before “Part”, insert “former”.

882  Section 210‑5

Before “Part”, insert “former”.

883  Subsections 210‑10(1) and (2)

Before “Part”, insert “former”.

884  Paragraph 210‑10(2)(a)

Omit “arises under”, substitute “arose under former”.

885  Subsection 210‑15(1)

Before “Part IIIAA”, insert “former”.

886  Subsection 210‑15(2)

Omit “surplus under Part IIIAA”, substitute “surplus under former Part IIIAA”.

887  Paragraph 210‑15(2)(a)

Before “Part IIIAA”, insert “former”.

888  Subsection 210‑15(4)

Omit “deficit under Part IIIAA”, substitute “deficit under former Part IIIAA”.

889  Paragraph 210‑15(4)(a)

Before “Part IIIAA”, insert “former”.

890  Paragraph 219‑40(1)(a)

Before “section”, insert “former”.

891  Paragraph 219‑45(1)(a)

Before “section”, insert “former”.

892  Subsection 219‑45(2) (note)

Before “sections 160AQCNCE”, insert “former”.

893  Subsection 219‑45(2) (note)

Before “section 160AQCNCE”, insert “former”.

894  Subsection 219‑45(2) (note)

Before “section 160APVN”, insert “former”.

895  Section 375‑105

Before “section”, insert “former”.

896  Subsection 701‑50(3) (table item 1, column headed “If, because of the circumstances described in paragraphs (2)(a) and (b):”)

Before “section”, insert “former”.

897  Subsection 701‑50(3) (table item 1, column headed “If, because of the circumstances described in paragraphs (2)(a) and (b):”)

Before “Subdivision”, insert “former”.

National Rail Corporation Agreement Act 1992

898  Paragraph 8(d)

Omit “or of paragraph 23(d) of the Income Tax Assessment Act 1936”.

Ships (Capital Grants) Act 1987

899  Paragraph 25(b)

Before “section”, insert “former”.

Snowy Mountains Engineering Corporation Limited Sale Act 1993

900  Subsection 37(2)

Before “sections”, insert “former”.

901  Subsection 37(5)

Omit “that Act”, substitute “the Income Tax Assessment Act 1997”.

Social Security Act 1991

902  Subsection 10A(2) (note to the definition of associate)

Omit “26AB”, substitute “318”.

903  Paragraph 10B(4)(c)

Omit “Division 1AA of Part 3 of the Income Tax Assessment Act 1936 or”.

904  Subsection 23(1) (definition of exempt spousal maintenance income)

Omit “paragraph 23(1) or”.

905  Subsection 23(1) (note to the definition of exempt spousal maintenance income)

Omit “paragraph 23(1) or”.

906  Subsection 1061ZZFG(1)

Omit “(1)”.

907  Subsection 1061ZZFG(1)

Omit “Division 1 of Part VI”, substitute “section 204”.

908  Subsection 1061ZZFG(1) (note 1)

Repeal the note.

909  Subsection 1061ZZFG(1) (note 2)

Omit “Note 2”, substitute “Note”.

910  Subsection 1061ZZFG(2)

Repeal the subsection.

911  Paragraph 1075(1)(a)

Omit “section 51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “section 8‑1 of the Income Tax Assessment Act 1997”.

912  Paragraphs 1075(1)(b) and (ba)

Repeal the paragraphs, substitute:

                     (b)  amounts that relate to the business and can be deducted in respect of plant (within the meaning of the Income Tax Assessment Act 1997) under Division 40 of that Act; and

913  Subsections 1075(3) and (4)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate,”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

914  Subparagraph 1185K(3)(d)(i)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

915  Subparagraphs 1185K(3)(d)(ii) and (iia)

Repeal the subparagraphs, substitute:

                             (ii)  amounts that relate to a relevant farm asset and can be deducted in respect of plant (within the meaning of the Income Tax Assessment Act 1997) under Division 40 of that Act; and

916  Paragraph 1208B(1)(a)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

917  Paragraphs 1208B(1)(b) and (ba)

Repeal the paragraphs, substitute:

                     (b)  amounts that relate to the business or investment and can be deducted in respect of plant (within the meaning of the Income Tax Assessment Act 1997) under Division 40 of that Act; and

918  Paragraph 1209C(1)(a)

Omit “section 51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “section 8‑1 of the Income Tax Assessment Act 1997”.

919  Paragraphs 1209C(1)(b) and (ba)

Repeal the paragraphs, substitute:

                     (b)  amounts that relate to the primary production enterprise and can be deducted in respect of plant (within the meaning of the Income Tax Assessment Act 1997) under Division 40 of that Act; and

Student Assistance Act 1973

920  Subsection 12ZN(1)

Omit “(1)”.

921  Subsection 12ZN(1)

Omit “Division 1 of Part VI”, substitute “section 204”.

922  Subsection 12ZN(1) (note 1)

Repeal the note.

923  Subsection 12ZN(1) (note 2)

Omit “Note 2”, substitute “Note”.

924  Subsection 12ZN(2)

Repeal the subsection.

Superannuation Guarantee (Administration) Act 1992

925  Subsection 12(10)

Repeal the subsection, substitute:

           (10)  A person covered by paragraph 12‑45(1)(e) in Schedule 1 to the Taxation Administration Act 1953 (about members of local governing bodies subject to PAYG withholding) is an employee of the body mentioned in that paragraph.

926  Subparagraph 24(4)(a)(ii)

Omit “subsection 26AAB(14)”, substitute “section 318”.

927  Subparagraph 25(2)(a)(ii)

Omit “subsection 26AAB(14)”, substitute “section 318”.

928  Section 29

Omit “paragraph 23(s) of the Income Tax Assessment Act 1936 or”.

Taxation Administration Act 1953

929  Subsection 3E(11) (definition of company)

Omit “same meaning as in section 6 of the Income Tax Assessment Act 1936”, substitute “meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997”.

930  Part IIA (heading)

Repeal the heading, substitute:

Part IIAThe general interest charge

931  Section 8AAA

Omit “Division”, substitute “Part”.

932  Paragraph 8J(2)(ga)

Omit “79(1)(b) or (c) or”.

933  Paragraph 8J(2)(k)

Omit all the words after “1985)”.

934  Paragraph 8J(18)(a)

Repeal the paragraph, substitute:

                     (a)  a depositor gives a financial institution a statement that a specified amount or no amount will be included in the depositor’s assessable income under section 393‑15 of Schedule 2G to the Income Tax Assessment Act 1936 (about repayments of farm management deposits); and

935  Subsection 8J(19)

Omit “Division 6A of Part VI of”, substitute “Schedule 2G to”.

936  Subsection 8J(19)

Omit “that Division”, substitute “that Schedule”.

937  Sub‑subparagraph 8WC(1)(b)(iii)(B)

Omit “under subsection 221YHZD(1B) of that Act, or”.

938  Sub‑subparagraph 8WC(1)(b)(iii)(C)

Omit “221YHZR of that Act”, substitute “14‑55 in Schedule 1 to this Act”.

939  Section 8ZE (note)

Omit “226G of the Income Tax Assessment Act 1936”, substitute “284‑75 in Schedule 1”.

940  Subsection 14ZS(2)

Before “Part IIIAA”, insert “former”.

941  Subsection 14ZS(2)

Before “section 163B”, insert “former”.

942  Subsection 14ZS(2)

Before “Part VII”, insert “former”.

943  Paragraph 14ZS(2)(a)

Before “section”, insert “former”.

944  At the end of section 11‑1 in Schedule 1

Add:

              ; and (f)  *TFN withholding tax.

945  Paragraph 12‑45(1)(e) in Schedule 1

Repeal the paragraph, substitute:

                     (e)  a member of a *local governing body where there is in effect, in accordance with section 446‑5, a unanimous resolution by the body that the remuneration of members of the body be subject to withholding under this Part.

946  Subsection 12‑45(1) in Schedule 1 (note)

Omit “subsection (2) and”.

947  Subsection 12‑45(2) in Schedule 1

Omit all the words after “member of a”, substitute “*local governing body unless it is one to which paragraph (1)(e) applies.”.

948  Subsection 12‑140(2) in Schedule 1 (note)

Omit “12‑155”, substitute “12‑150”.

949  Section 12‑150 in Schedule 1

Repeal the section, substitute:

12‑150  Limited application of section 12‑140 to payment under financial arrangement

             (1)  This section limits the extent to which section 12‑140 applies to a payment in respect of a *Part VA investment if the investment is a qualifying security (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 (about gains accruing on securities)) and:

                     (a)  is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or

                     (b)  is of a kind mentioned in item 3 of that table and is non‑transferable.

Note:          Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted.

             (2)  Section 12‑140 applies to the payment only to the extent that is covered by one or both of these paragraphs:

                     (a)  so much of the payment as consists of periodic interest (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936);

                     (b)  if the payment became payable at the end of the term (within the meaning of that Division) of the investment—so much of the payment as does not exceed what section 159GQ of that Act would include in the *investor’s assessable income for the income year in which that term ended.

Note:          This limitation ensures that an amount is not withheld from payment of an amount in respect of which TFN withholding tax is payable. See Subdivision 14‑B.

             (3)  The adoption (under section 18 of the Income Tax Assessment Act 1936) of an accounting period ending on a day other than 30 June is disregarded for the purposes of:

                     (a)  paragraph (2)(b) of this section; and

                     (b)  the application of Division 16E of Part III of that Act for the purposes of that paragraph.

950  Section 12‑255 in Schedule 1

Repeal the section, substitute:

12‑255  Interest payment derived by lender in carrying on business through overseas permanent establishment

                   An entity must withhold an amount from interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936) it pays if it has been notified under section 12‑260 of this Act that this section applies to the interest.

Note:          For limits on the amount to be withheld, see section 12‑300.

951  Division 14 in Schedule 1 (heading)

Repeal the heading, substitute:

Division 14Non‑cash benefits, and accruing gains, for which amounts must be paid to the Commissioner

952  Before section 14‑1 in Schedule 1

Insert:

Subdivision 14‑ANon‑cash benefits

953  Section 14‑1 in Schedule 1 (heading)

Repeal the heading, substitute:

14‑1  Object of this Subdivision

954  Section 14‑1 in Schedule 1

Omit “this Division”, substitute “this Subdivision”.

955  At the end of Division 14 in Schedule 1

Add:

Subdivision 14‑BAccruing gains

14‑50  Object of this Subdivision

                   The object of this Subdivision is to put the parties to a *Part VA investment with an accruing gain in a position similar to what would have been their position under Subdivision 12‑E (Payments where TFN or ABN not quoted) if the *investment body had paid the gain in money to the *investor at the end of the income year.

14‑55  Liability for TFN withholding tax

             (1)  *TFN withholding tax is payable if:

                     (a)  in relation to a *Part VA investment, an amount (the accrued gain) is included in the *investor’s assessable income for an income year under section 159GQ of the Income Tax Assessment Act 1936 (about gains accruing on securities); and

                     (b)  the investment:

                              (i)  is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or

                             (ii)  is of a kind mentioned in item 3 of that table and is non‑transferable; and

                     (c)  the term of the investment does not end during the income year; and

                     (d)  section 12‑140 would have required the *investment body to withhold an amount (the TFN withholding amount) from a payment of the accrued gain to the investor, if the investment body had made the payment at the end of the income year and section 12‑150 had not been enacted.

Note:          Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted.

             (2)  The amount of *TFN withholding tax is equal to the TFN withholding amount.

             (3)  The *TFN withholding tax is payable jointly and severally by the *investor and the *investment body.

             (4)  However, if the *investment body is the Commonwealth or an *untaxable Commonwealth entity:

                     (a)  the *TFN withholding tax is payable by the *investor; and

                     (b)  the investor is taken to have authorised the investment body to pay the TFN withholding tax on the investor’s behalf.

             (5)  The *TFN withholding tax is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(a).

Note 1:       When it is due and payable, the TFN withholding tax is payable to the Commissioner: see paragraph 255‑5(1)(b).

Note 2:       An entity by whom it is payable must pay it to the Commissioner in accordance with Subdivision 16‑B: see subsection 16‑70(3). If any of it remains unpaid, the entity is liable to pay general interest charge: see section 16‑80.

Note 3:       The Commissioner may defer the time at which TFN withholding tax becomes due and payable: see section 255‑10.

             (6)  The adoption (under section 18 of the Income Tax Assessment Act 1936) of an accounting period ending on a day other than 30 June is disregarded for the purposes of:

                     (a)  this section; and

                     (b)  the application of Division 16E of Part III of that Act for the purposes of this section.

14‑60  Investment body may recover TFN withholding tax from investor

             (1)  The *investment body may recover from the *investor as a debt any of the *TFN withholding tax that it pays.

             (2)  The *investment body is entitled to set off an amount that it can recover from the *investor under this section against:

                     (a)  a debt due by it to the investor; or

                     (b)  an amount that is accruing to the investor, or stands to the investor’s credit, in respect of the *Part VA investment, even if the amount is not yet due.

14‑65  Application of rules in Division 18

                   These provisions:

                     (a)  subsection 18‑15(1) and sections 18‑20 and 18‑25 (about credits for amounts withheld from withholding payments); and

                     (b)  section 18‑80 (about refunds when exemption declaration not given);

apply as if any of the *TFN withholding tax that has been paid were an amount withheld under subsection 12‑140(1) from a *withholding payment covered by that subsection and made to the *investor during:

                     (c)  unless the *investor has adopted (under section 18 of the Income Tax Assessment Act 1936) an accounting period ending on a day other than 30 June—the income year referred to in paragraph 14‑55(1)(a); or

                     (d)  if the investor has adopted such an accounting period—the income year in which the TFN withholding tax is paid.

Note:          Unless the investor has adopted such an accounting period, the credit under section 18‑15, 18‑20 or 18‑25 will be in respect of the income year before the one in which the TFN withholding tax is paid.

14‑75  Overpayment of TFN withholding tax

                   If *TFN withholding tax has been overpaid:

                     (a)  the Commissioner must refund the amount overpaid; and

                     (b)  the *investor is not entitled to a credit under section 18‑15, 18‑20 or 18‑25 in respect of the amount overpaid.

14‑85  Other laws do not exempt from TFN withholding tax

             (1)  A provision of a law passed before the commencement of this section that purports to exempt an entity from liability to pay *TFN withholding tax, or to pay taxes that include TFN withholding tax, does not exempt that entity from liability to pay TFN withholding tax.

             (2)  A provision of a law passed at or after the commencement of this section that purports to exempt an entity from liability to pay taxes under the laws of the Commonwealth, or to pay certain taxes under those laws that include *TFN withholding tax, is not to be interpreted as exempting the entity from liability to pay TFN withholding tax, unless it specifically mentions TFN withholding tax.

956  Subsection 16‑70(2) in Schedule 1 (not including the note)

Repeal the subsection, substitute:

             (2)  An entity that must pay an amount to the Commissioner under Division 13 or Subdivision 14‑A must do so in accordance with section 16‑85.

             (3)  An entity that must pay an amount to the Commissioner under Subdivision 14‑B must do so in accordance with sections 16‑80 and 16‑85.

957  Section 16‑80 in Schedule 1

After “16‑70(1)” insert “or (3)”.

958  Paragraph 16‑95(1)(a) in Schedule 1

Omit “because of section 16‑125”.

959  Paragraph 16‑100(1)(a) in Schedule 1

Omit “because of section 16‑135”.

960  Subsection 18‑30(2) in Schedule 1 (note)

Omit “section 221YSA”, substitute “section 128NBA”.

961  Subsection 45‑115(1) in Schedule 1

Omit “For the amount of an instalment you are liable to pay for 2000‑01 or 2001‑02, see section 45‑175.”.

962  Paragraph 45‑235(1)(a) in Schedule 1

Before “paragraph”, insert “former”.

963  Subsection 45‑235(2) in Schedule 1

Before “paragraph”, insert “former”.

964  Subsection 45‑355(2) in Schedule 1

Omit “or 45‑175(1)(b)”.

965  Subsection 45‑525(3) in Schedule 1

Omit “or 45‑175(1)(b)”.

966  Subsection 250‑10(2) in Schedule 1 (after table item 90)

Insert:

95

TFN withholding tax

14‑55 in Schedule 1

Taxation Administration Act 1953

967  Subsection 250‑10(2) (after table item 155)

Insert:

157

trust recoupment tax

4(1), so far as it applies section 204 of the Income Tax Assessment Act 1936

Trust Recoupment Tax Assessment Act 1985

968  At the end of subsection 265‑45(2) in Schedule 1

Add:

Note:          Item 15 of Schedule 6 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 has the effect that, in addition to its normal application in relation to tax‑related liabilities arising on or after 1 July 2000, subsection (2) also applies to such liabilities arising before that date, where amounts of the liabilities are paid after the commencement of that item.

969  Subsection 340‑10(2) in Schedule 1 (table item 3, column headed “Provision(s)”)

Omit “or subsections 204(3),”, substitute “, subsection 204(3) or former subsection”.

970  At the end of Part 5‑45 in Schedule 1

Add:

Division 446Local governing bodies

Guide to Division

446‑1  What this Division is about

A local governing body can resolve that its members are subject to Pay As You Go withholding. This also results in the members being treated as employees for a wide range of other taxation purposes.

Table of sections

Operative provisions

446‑5        Requirements for unanimous resolutions by local governing bodies

Operative provisions

446‑5  Requirements for unanimous resolutions by local governing bodies

When section applies

             (1)  This section applies to the following unanimous resolutions made by a *local governing body:

                     (a)  a resolution that the remuneration of members of the body be subject to withholding under Part 2‑5 (about Pay As You Go withholding);

                     (b)  a resolution cancelling a resolution covered by paragraph (a).

Note:          Item 14 of Schedule 6 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 provides that this section also applies to resolutions in force just before the repeal of the predecessor of this section (section 221B of the Income Tax Assessment Act 1936).

When resolution takes effect

             (2)  The resolution must specify a day as the day on which the resolution takes effect. The specified day must be within the 28‑day period beginning on the day after the day on which the resolution was made.

Resolution not affected by change in membership of body

             (3)  The resolution continues in force in spite of a change in the membership of the *local governing body.

Commissioner to be notified of resolution

             (4)  The *local governing body must give written notice of the resolution to the Commissioner within 7 days after the resolution was made.

Eligible local governing bodies to be notified in Gazette

             (5)  If the Commissioner is notified of the resolution, the Commissioner must cause to be published in the Gazette a notice setting out:

                     (a)  the name of the *local governing body; and

                     (b)  the day on which the resolution takes effect.

When resolution applies for purposes of affected provisions

             (6)  This table sets out when the resolution applies for the purposes of particular provisions whose operation it affects.

 

When the resolution applies

Item

If the resolution affects the operation of ...

the resolution applies to ...

1

section 12‑45

amounts that become payable after the day on which the resolution takes effect

2

Subdivision AB of Division 17 of Part III of the Income Tax Assessment Act 1936 (about tax offset for lump sum payments in arrears)

*ordinary income *derived, and amounts that become *statutory income, after the day on which the resolution takes effect

3

sections 26‑30 and 34‑5 of the Income Tax Assessment Act 1997 (about deductions for relatives’ travel expenses and non‑compulsory uniforms)

expenditure incurred after the day on which the resolution takes effect

4

Divisions 28 and 900 of the Income Tax Assessment Act 1997 (about car expenses and substantiation)

expenses incurred after the day on which the resolution takes effect

5

section 130‑90 of the Income Tax Assessment Act 1997 (about capital gains tax and employee share trusts)

*shares and rights to which a beneficiary becomes absolutely entitled after the day on which the resolution takes effect

6

provisions of the Fringe Benefits Tax Assessment Act 1986 relating to assessments

(a) in the case of a loan benefit within the meaning of the Fringe Benefits Tax Assessment Act 1986—a loan made after the day on which the resolution takes effect;

(b) in the case of a housing benefit within the meaning of that Act—the subsistence, after the day on which the resolution takes effect, of the housing right concerned;

(c) in the case of a residual benefit within the meaning of that Act that is *provided during a period—so much of the period as occurs after the day on which the resolution takes effect;

(d) any other *fringe benefit provided after the day on which the resolution takes effect.

7

Division 4 of Part II of the Income Tax Rates Act 1986 (about pro‑rating the tax‑free threshold)

amounts that become assessable income after the day on which the resolution takes effect

8

the provisions of the Child Support (Registration and Collection) Act 1988

*ordinary income *derived, and amounts that become *statutory income, after the day on which the resolution takes effect

9

section 9‑20 of the A New Tax System (Goods and Services Tax) Act 1999 (about the meaning of enterprise)

activities, or series of activities, done after the day on which the resolution takes effect

10

Division 111 of the A New Tax System (Goods and Services Tax) Act 1999 (about reimbursement of employees)

reimbursements made after the day on which the resolution takes effect

Taxation (Interest on Overpayments and Early Payments) Act 1983

971  Subsection 3(1) (paragraph (b) of the definition of income tax crediting amount)

Before “section”, insert “former”.

972  At the end of subparagraph 8A(1)(a)(vb)

Add “and”.

973  Paragraph 8A(1)(b)

Repeal the paragraph, substitute:

                     (b)  the payment is made more than 14 days before the day (the appropriate due day) on which the tax, debt, interest, amount or instalment concerned becomes due and payable;

974  Subsection 8A(2)

Omit “or section 20B of the Loan (Income Equalisation Deposits) Act 1976”.

975  Paragraphs 8B(1)(a) and (b)

Omit “a relevant entity, an instalment taxpayer or”.

976  Section 8C

Omit “such annual rate or rates as are provided for by section 214A of the Tax Act”, substitute “the base interest rate (within the meaning of the Tax Act)”.

977  Paragraphs 8E(1)(a) and (2)(a)

Omit “a relevant entity, an instalment taxpayer or”.

978  Paragraph 8G(1)(a)

Omit “a relevant entity, an instalment taxpayer or”.

Note:       The heading to section 8G is altered by omitting “relevant entities, instalment taxpayers and”.

979  Paragraphs 8G(1)(e) and (f)

Repeal the paragraphs, substitute:

                     (e)  if the person furnishes the return of income for the year of income 30 days or more before the due date for payment of the assessed tax—the first crediting occurs 30 days or more after the day on which the person furnishes the return; and

                      (f)  if the person furnishes the return of income for the year of income after 30 days or more before the due date for payment of the assessed tax—the first crediting occurs after the due date for payment of the assessed tax;

980  Paragraph 8G(2)(a)

Omit “a relevant entity, an instalment taxpayer or”.

981  Paragraph 8H(3)(d)

Repeal the paragraph, substitute:

                     (d)  on so much of the excess as is not attributable to payments mentioned in paragraph (b), for the period from the beginning of the due date for payment of assessed tax until the end of the day on which the later crediting occurs.

Note:       The heading to section 8H is altered by omitting “relevant entities, instalment taxpayers and”.

982  Section 8I

Omit “such annual rate or rates as are provided for by section 214A of the Tax Act”, substitute “the base interest rate (within the meaning of the Tax Act)”.

983  Sections 8P, 8T, 8X and 8ZB

Omit “such annual rate or rates as are provided for by section 214A of the Income Tax Assessment Act”, substitute “the base interest rate (within the meaning of the Tax Act)”.

984  Paragraph 9(6)(b)

Omit “an offset”, substitute “a tax offset”.

985  Subsection 9(7)

Repeal the subsection, substitute:

             (7)  In subsection (6), franking deficit tax and tax offset have the meanings given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

986  Paragraph 10(1)(a)

Omit “if paragraph (aa) does not apply—”.

987  Sub‑subparagraph 10(1)(a)(iii)(A)

Omit “, or 105,”.

988  At the end of sub‑subparagraphs 10(1)(a)(iii)(A) and (AA)

Add “or”.

989  At the end of sub‑subparagraph 10(1)(a)(iii)(D)

Add “and”.

990  Paragraph 10(1)(b)

Omit “such annual rate or rates as are provided for by section 214A of the Tax Act”, substitute “the base interest rate (within the meaning of the Tax Act)”.

991  Subparagraph 12A(1)(a)(i)

Omit “, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) and section 221YDB”, substitute “and subsection 204(3)”.

992  Sub‑subparagraph 12A(1)(a)(iv)(E)

Omit “or”, substitute “and”.

993  Subsection 12A(2)

Omit “or section 20B of the Loan (Income Equalisation Deposits) Act 1976”.

994  Section 12C

Omit “such annual rate or rates as are provided for by section 214A of the Tax Act”, substitute “the base interest rate (within the meaning of the Tax Act)”.

995  Section 12AE

Omit “annual rate or rates provided for in section 214A of the Tax Act”, substitute “base interest rate (within the meaning of the Tax Act)”.

Trust Recoupment Tax Assessment Act 1985

996  Subsection 3(1) (definition of associate)

Omit “section 26AAB”, substitute “section 318”.

997  Subsection 3(1) (definition of applied penalty tax)

Omit “additional tax under Part VII of the Assessment Act”, substitute “a penalty under Part 4‑25 in Schedule 1 to the Taxation Administration Act 1953”.

998  Subsection 3(1) (definition of late payment tax)

Omit “additional tax under section 207 of the Assessment Act”, substitute “general interest charge under Part IIA of the Taxation Administration Act 1953”.

999  Subsection 4(1)

Omit “Division 1 of Part VI”, substitute “section 204”.

1000  Subsection 4(1)

Omit “and regulations made under that Act”, substitute “Part IIA of, and Part 4‑15 in Schedule 1 to, the Taxation Administration Act 1953, and regulations made under those Acts”.

1001  Subsection 4(2)

After “Assessment Act”, insert “or of the Taxation Administration Act 1953”.

1002  Subsection 4(4)

After “Assessment Act”, insert “or section 3C of the Taxation Administration Act 1953”.

1003  Subsection 4(6)

Omit “section 209 of the Assessment Act, or subsection 255‑5(2) in Schedule 1 to the Taxation Administration Act 1953,”, substitute “subsection 255‑5(2) in Schedule 1 to the Taxation Administration Act 1953”.

1004  Subsection 4(9)

After “Assessment Act”, insert “ or of the Taxation Administration Act 1953”.

1005  Paragraph 7(8)(b)

Omit “and Division 4 of Part VI”.

1006  Subsection 10(2)

Omit “section 209 of the Assessment Act”, substitute “Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953”.

Veterans’ Entitlements Act 1986

1007  Paragraph 46C(1)(a)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

1008  Paragraph 46C(1)(b)

Repeal the paragraph.

1009  Subparagraph 49J(3)(f)(i)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

1010  Subparagraph 49J(3)(f)(ii)

Repeal the subparagraph.

1011  Paragraph 52ZZO(1)(a)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

1012  Paragraph 52ZZO(1)(b)

Repeal the paragraph.

1013  Paragraph 52ZZZO(1)(a)

Omit “51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate”, substitute “8‑1 of the Income Tax Assessment Act 1997”.

1014  Paragraph 52ZZZO(1)(b)

Repeal the paragraph.

1015  Subsections 58J(1) and (2)

Omit “section 218 of the Income Tax Assessment Act, or”.

1016  Subsection 58J(2) (note)

Repeal the note.


 

Part 2Amendments consequential on repeal of heading to Division 1 of Part IIA of the Taxation Administration Act 1953

1017  Amendments

The specified provisions and parts of provisions of the Acts listed in this Part are amended by omitting “Division 1 of”.

A New Tax System (Commonwealth‑State Financial Arrangements) Act 1999

1018  Section 4 (definition of general interest charge)

A New Tax System (Goods and Services Tax) Act 1999

1019  Section 195‑1 (definition of general interest charge)

Fringe Benefits Tax Assessment Act 1986

1020  Subsection 93(2) (note)

1021  Subsection 136(1) (definition of general interest charge)

General Interest Charge (Imposition) Act 1999

1022  Subsection 3(2) (definition of general interest charge)

Income Tax Assessment Act 1936

1023  Section 6 (definition of general interest charge)

1024  Section 102UP (note)

1025  Subsection 128C(3) (note)

1026  Section 163AA (note)

1027  Subsection 170AA(4) (note)

1028  Subsection 172(2) (note 1)

1029  Subsection 204(3) (note 1)

1030  Subsection 215(6) (note 1)

1031  Subsection 216(3) (note 1)

1032  Subsection 220(5) (note 1)

1033  Subsection 222AJA(3) (note)

1034  Subsection 251M(1) (note 1)

1035  Subsection 254(2) (note 1)

1036  Subsection 255(4) (note 1)

1037  Section 271‑80 in Schedule 2F (note)

Income Tax Assessment Act 1997

1038  Section 214‑155 (note)

1039  Subsection 995‑1(1) (definition of general interest charge)

Income Tax (Transitional Provisions) Act 1997

1040  Section 214‑105 (note)

Petroleum Resource Rent Tax Assessment Act 1987

1041  Section 2 (definition of general interest charge)

1042  Subsection 65(1) (note)

1043  Subsection 85(1) (note)

Product Grants and Benefits Administration Act 2000

1044  Section 5 (definition of general interest charge)

1045  Subsection 35(2) (note)

Superannuation Contributions Tax (Assessment and Collection) Act 1997

1046  Subsection 21(1) (note)

1047  Section 22 (note)

1048  Subsection 25(1) (note)

1049  Subsection 25A(2) (note)

1050  Section 43 (definition of general interest charge)

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

1051  Subsection 18(1) (note)

1052  Subsection 21(1) (note)

1053  Section 38 (definition of general interest charge)

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003

1054  Subsection 25(4) (definition of general interest charge)

Superannuation Guarantee (Administration) Act 1992

1055  Section 6 (definition of general interest charge)

1056  Subsection 49(1) (note)

Taxation Administration Act 1953

1057  Section 2 (definition of general interest charge)

1058  Subsection 40(1) (note)

1059  Section 298‑25 in Schedule 1 (note)

Termination Payments Tax (Assessment and Collection) Act 1997

1060  Subsection 13(1) (note)

1061  Subsection 16(1) (note)

1062  Subsection 16A(2) (note)

1063  Section 31 (definition of general interest charge)


 

Schedule 3Inoperative provisions repealed on 1 January 2008

  

1  Repeal

The provisions and parts of provisions specified in this Schedule are repealed.

Income Tax Assessment Act 1936

2  Subsection 6(1) (definition of live stock)

3  Subdivision B of Division 2 of Part III

4  Subsection 45(2) (second sentence)

5  Subsection 45C(1) (second sentence)

6  Sections 46A to 46E

7  Subsection 102L(2)

8  Subsection 102T(2)

9  Section 128EA

10  Division 8 of Part IX

Income Tax Assessment Act 1997

11  Subsection 30‑45(2) (table item 4.2.30)

12  Subsection 30‑50(2) (table items 5.2.1, 5.2.21, 5.2.22 and 5.2.25)

13  Subsection 30‑80(2) (table items 9.2.10, 9.2.13 and 9.2.14)

14  Section 30‑105 (table items 13.2.8 to 13.2.10)

15  Subsection 30‑315(2) (table items 9A, 38A, 49A, 50D, 75A, 97AAAA, 97AAA, 105A, 110, 110AA and 112AF)

16  Paragraph 820‑40(1)(c) (including the note)

17  Section 820‑591

18  Section 820‑617

19  Subsection 995‑1(1) (notes 1 and 2 to paragraph (b) of the definition of value)

Income Tax (Transitional Provisions) Act 1997

20  Sections 70‑35 to 70‑41

Taxation Administration Act 1953

21  Subsection 446‑5(1) in Schedule 1 (note)


 

Schedule 4Consequential amendments relating to Schedule 3 repeals

  

Income Tax Assessment Act 1936

1  Subsection 6BA(3)

Omit all the words from and including “If” to and including “46A;”, substitute “If the bonus shares are issued for no consideration and are not a dividend or taken to be a dividend,”.

2  Paragraph 126(1)(c)

Omit “none of sections 128EA,”, substitute “neither of sections”.

3  Subparagraph 128B(3)(h)(iv)

Omit “128EA,”.

4  Section 128D

Omit “section 128EA,”.

5  Paragraph 268‑40(3)(b) in Schedule 2F (note)

Omit “section 36AAA, and”.

Income Tax Assessment Act 1997

6  Paragraph 165‑60(3)(b) (note)

Omit “of this Act and section 36AAA of the Income Tax Assessment Act 1936”.

7  Paragraphs 705‑50(2)(b) and (3)(b)

Omit “section 46A or former section 46”, substitute “former section 46 or 46A”.

8  Subsection 705‑190(2)

Omit “section 46A or former section 46”, substitute “former section 46 or 46A”.

9  Paragraph 820‑40(1)(b)

Omit “and”.

10  Section 820‑601

Omit “820‑617”, substitute “820‑615”.

11  Subsections 820‑603(6) and 820‑611(2)

Omit “820‑617”, substitute “820‑615”.

Income Tax (Transitional Provisions) Act 1997

12  Paragraph 70‑10(4)(b)

Before “Subdivision”, insert “former”.


 

Schedule 5Inoperative Acts repealed on Royal Assent

Part 1Repeals

Repeal of Acts

The Acts specified in this Part are repealed.

A New Tax System (End of Sales Tax) Act 1999

A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999

Debits Tax Act 1982

Debits Tax Administration Act 1982

Income Tax (Deficit Deferral) Act 1994

Income Tax (Untainting Tax) Act 1998

New Business Tax System (Venture Capital Deficit Tax) Act 2000

Pay‑Roll Tax Assessment Act 1941

Pay‑Roll Tax (Termination Of Commonwealth Tax) Act 1971

Sales Tax Act (No. 1) 1930

Sales Tax Act (No. 2) 1930

Sales Tax Act (No. 3) 1930

Sales Tax Act (No. 4) 1930

Sales Tax Act (No. 5) 1930

Sales Tax Act (No. 6) 1930

Sales Tax Act (No. 7) 1930

Sales Tax Act (No. 8) 1930

Sales Tax Act (No. 9) 1930

Sales Tax Act (No. 10A) 1985

Sales Tax Act (No. 10B) 1985

Sales Tax Act (No. 10C) 1985

Sales Tax Act (No. 11A) 1985

Sales Tax Act (No. 11B) 1985

Sales Tax Amendment (Transitional) Act 1992

Sales Tax Assessment Act 1992

Sales Tax Assessment Act (No. 1) 1930

Sales Tax Assessment Act (No. 2) 1930

Sales Tax Assessment Act (No. 3) 1930

Sales Tax Assessment Act (No. 4) 1930

Sales Tax Assessment Act (No. 5) 1930

Sales Tax Assessment Act (No. 6) 1930

Sales Tax Assessment Act (No. 7) 1930

Sales Tax Assessment Act (No. 8) 1930

Sales Tax Assessment Act (No. 9) 1930

Sales Tax Assessment Act (No. 10) 1985

Sales Tax Assessment Act (No. 11) 1985

Sales Tax (Customs) (Alcoholic Beverages) Act 1997

Sales Tax (Customs) (Deficit Reduction) Act 1993

Sales Tax (Customs) (Industrial Safety Equipment) Act 2000

Sales Tax (Customs) (Wine—Deficit Reduction) Act 1993

Sales Tax (Excise) (Alcoholic Beverages) Act 1997

Sales Tax (Excise) (Deficit Reduction) Act 1993

Sales Tax (Excise) (Industrial Safety Equipment) Act 2000

Sales Tax (Excise) (Wine—Deficit Reduction) Act 1993

Sales Tax (Exemptions and Classifications) Act 1935

Sales Tax (Exemptions and Classifications) Act 1992

Sales Tax (General) (Alcoholic Beverages) Act 1997

Sales Tax (General) (Deficit Reduction) Act 1993

Sales Tax (General) (Industrial Safety Equipment) Act 2000

Sales Tax (General) (Wine—Deficit Reduction) Act 1993

Sales Tax Imposition (Customs) Act 1992

Sales Tax Imposition (Excise) Act 1992

Sales Tax Imposition (General) Act 1992

Sales Tax Imposition (In Situ Pools) Act 1992

Sales Tax (Industrial Safety Equipment) (Transitional Provisions) Act 2000

Sales Tax (In Situ Pools) (Deficit Reduction) Act 1993

Sales Tax Procedure Act 1934

Swimming Pools Tax Refund Act 1992

Tobacco Charge Act (No. 1) 1955

Tobacco Charge Act (No. 2) 1955

Tobacco Charge Act (No. 3) 1955

Tobacco Charges Assessment Act 1955

Wool Tax Act (No. 1) 1964

Wool Tax Act (No. 2) 1964

Wool Tax Act (No. 3) 1964

Wool Tax Act (No. 4) 1964

Wool Tax Act (No. 5) 1964

Wool Tax (Administration) Act 1964


 

Part 2Consequential amendments

Administrative Decisions (Judicial Review) Act 1977

2  Paragraph (e) of Schedule 1

Omit “Debits Tax Administration Act 1982”.

3  Paragraph (e) of Schedule 1

Omit “Pay‑roll Tax Assessment Act 1941”.

4  Paragraph (e) of Schedule 1

Omit “Acts providing for the assessment of sales tax”.

5  Paragraph (e) of Schedule 1

Omit “Wool Tax (Administration) Act 1964”.

A New Tax System (Goods and Services Tax Transition) Act 1999

6  Subsection 5(3) (table items 1 to 3AA)

Repeal the items.

7  Subsection 5(3) (table items 5 to 7)

Repeal the items.

8  Paragraphs 6A(2)(c) to (e)

Repeal the paragraphs.

9  Sections 8 and 16 to 16C

Repeal the sections.

10  At the end of section 17

Add:

             (5)  In this section:

assessable goods has the same meaning as in the former Sales Tax Assessment Act 1992.

11  Subsection 18(2)

Before “section 16”, insert “former”.

12  Sections 19B and 20

Repeal the sections.

13  Schedule 1

Repeal the Schedule.

A New Tax System (Wine Equalisation Tax) Act 1999

14  Paragraph 5‑25(3)(c)

After “of the”, insert “former”.

15  Paragraph 5‑25(3)(d)

After “of the”, insert “former”.

16  Paragraph 5‑25(3)(d)

After “under the”, insert “former”.

17  At the end of paragraph 5‑25(3)(d)

Add:

Note:       Section 5 ensured that goods subject to sales tax under the pre‑1992 sales tax law were not also taxable under the 1992 sales tax law.

ANL Act 1956

18  Section 61 (paragraphs (a) and (b) of the definition of tax)

Repeal the paragraphs.

Australian Hearing Services Act 1991

19  Subsection 53(1)

Omit “(1)”.

20  Subsection 53(2)

Repeal the subsection.

Australian Institute of Aboriginal and Torres Strait Islander Studies Act 1989

21  Section 39

Omit “(including taxation under the Debits Tax Act 1982)”.

Australian Institute of Health and Welfare Act 1987

22  Section 26

Omit “(including taxation under the Bank Account Debits Tax Act 1982)”.

Australian National Maritime Museum Act 1990

23  Subsection 49(1)

Omit “(1)”.

24  Subsection 49(2)

Repeal the subsection.

Australian Postal Corporation Act 1989

25  Section 90E (definition of sales tax on imports)

Repeal the definition.

26  Subparagraph 90K(3)(b)(ii)

Repeal the subparagraph.

27  Sub‑subparagraph 90S(1)(b)(ii)(B)

Repeal the sub‑subparagraph.

28  Subsection 90S(5)

Omit “, (B)”.

29  Subsection 90S(5)

Omit “, sales tax,”.

30  Subparagraph 90T(5)(b)(ii)

Repeal the subparagraph.

31  Subsection 90T(6)

Omit “, sales tax,”.

Australian Securities and Investments Commission Act 2001

32  Paragraph 139(1)(a)

Omit “a law imposing sales tax, the Debits Tax Act 1982 or”.

33  Paragraph 165(1)(a)

Omit “a law imposing sales tax, the Debits Tax Act 1982 or”.

Australian Sports Commission Act 1989

34  Subsection 50(1)

Omit “(including taxation under the Debits Tax Act 1982)”.

35  Subsection 50(1)

Omit “(other than laws relating to sales tax)”.

36  Subsection 50(2)

Repeal the subsection.

37  Subsection 50(3)

Omit “or (2)”.

38  Subsection 51(1)

Omit “(including taxation under the Debits Tax Act 1982)”.

39  Subsection 51(1)

Omit “(other than laws relating to sales tax)”.

40  Subsection 51(2)

Repeal the subsection.

41  Subsection 51(3)

Omit “or (2)”.

Bank Integration Act 1991

42  Subsection 5(1) (paragraph (a) of the definition of tax)

Repeal the paragraph.

Commonwealth Serum Laboratories Act 1961

43  Section 31 (paragraphs (a) and (b) of the definition of tax)

Repeal the paragraphs.

Consular Privileges and Immunities Act 1972

44  Sections 8 and 8A

Repeal the sections.

Crimes (Taxation Offences) Act 1980

45  Subsection 3(1) (definition of Australian installation)

Repeal the definition, substitute:

Australian installation means an installation (within the meaning of the Customs Act 1901) that is deemed by section 5C of the Customs Act 1901 to be part of Australia.

46  Subsection 3(1) (definition of old sales tax)

Repeal the definition.

47  Subsection 3(1) (definition of Sales Tax Assessment Acts)

Repeal the definition.

48  Subsection 3(1) (definition of Training Guarantee (Administration) Act)

Repeal the definition.

49  Subsection 3(1) (definition of training guarantee charge)

Repeal the definition.

50  Paragraph 3(2)(a)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

51  Paragraph 3(2)(b)

Omit “future old sales tax”, substitute “future income tax”.

52  Subparagraphs 3(2)(b)(i) and (ii)

Omit “the old sales tax”, substitute “the income tax”.

53  Sub‑subparagraph 3(2)(b)(ii)(B)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

54  Paragraph 3(2)(c)

Omit “old sales tax moneys”, substitute “income tax moneys”.

55  Subparagraph 3(2)(c)(i)

Omit “the old sales tax”, substitute “the income tax”.

56  Subparagraph 3(2)(c)(ii)

Omit “further sales tax”, substitute “further income tax”.

57  Subparagraphs 3(2)(c)(ii), (iii) and (iv)

Omit “any of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

58  Subparagraph 3(2)(c)(v)

Omit “old sales tax, further sales tax”, substitute “income tax, further income tax”.

59  Subsection 3(3)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

60  Paragraph 3(4)(e)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

61  Subsection 3(5)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

62  Subsections 4(2), (2A) and (3)

Repeal the subsections.

63  Part II (heading)

Repeal the heading (not including the note), substitute:

Part IIOffences relating to income tax

64  Part II (paragraphs (a), (b) and (e) of note to heading)

Repeal the paragraphs.

65  Subsection 5(1)

Omit “old sales tax”, substitute “income tax”.

66  Paragraphs 5(2)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

67  Subsection 6(1)

Omit “old sales tax”, substitute “income tax”.

68  Paragraphs 6(2)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

69  Subsection 7(1)

Omit “old sales tax”, substitute “income tax”.

70  Paragraphs 7(2)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

71  Paragraph 8(a)

Omit “old sales tax”, substitute “income tax”.

72  Sub‑subparagraph 8(b)(i)(A)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

73  Subparagraph 8(b)(ii)

Omit “old sales tax”, substitute “income tax”.

74  Subparagraph 8(b)(iii)

Omit “if old sales tax”, substitute “if income tax”.

75  Subparagraph 8(b)(iii)

Omit “when the old sales tax”, substitute “when the income tax”.

76  Sub‑subparagraphs 8(b)(iii)(A), (B) and (C)

Omit “old sales tax”, substitute “income tax”.

77  Sub‑subparagraph 8(b)(iii)(C)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

78  Paragraph 8(c)

Omit “old sales tax”, substitute “income tax”.

79  Subsection 10(1)

Omit “old sales tax”, substitute “income tax”.

80  Paragraph 10(2)(a)

Omit “old sales tax”, substitute “income tax”.

81  Paragraph 10(2)(b)

Omit “some one or other of the Sales Tax Assessment Acts, that the old sales tax moneys, or part of the old sales tax moneys”, substitute “the Income Tax Assessment Act, that the income tax moneys, or part of the income tax moneys”.

82  Subsection 10(2)

Omit “old sales tax moneys or the part of the old sales tax”, substitute “income tax moneys or the part of the income tax”.

83  Subsection 10(3)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

84  Subsection 10(3)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

85  Paragraph 11(1)(a)

Omit “old sales tax”, substitute “income tax”.

86  Paragraph 11(1)(a)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

87  Paragraphs 11(1)(b), (c) and (d)

Omit “old sales tax”, substitute “income tax”.

88  Subsection 12(1)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

89  Subsection 12(1)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

90  Subsection 12(2)

Omit “to the old sales tax moneys”, substitute “to the income tax moneys”.

91  Paragraphs 12(2)(a) and (b)

Omit “old sales tax” (wherever occurring), substitute “income tax”.

92  Parts IIA and III

Repeal the Parts.

93  Paragraphs 14(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

94  Paragraph 14(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

95  Paragraph 14(1)(d)

Omit “old sales tax”, substitute “income tax”.

96  Paragraphs 15(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

97  Paragraph 15(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

98  Paragraph 15(1)(d)

Omit “old sales tax”, substitute “income tax”.

99  Part VI

Repeal the Part.

100  Paragraphs 17(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

101  Paragraph 17(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

102  Paragraph 17(1)(d)

Omit “old sales tax”, substitute “income tax”.

103  Paragraphs 18(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

104  Paragraph 18(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

105  Paragraph 18(1)(d)

Omit “old sales tax”, substitute “income tax”.

106  Paragraphs 19(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

107  Paragraph 19(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

108  Paragraph 19(1)(d)

Omit “old sales tax”, substitute “income tax”.

109  Paragraphs 20(1)(a) and (b)

Omit “old sales tax”, substitute “income tax”.

110  Paragraph 20(1)(c)

Omit “some one or other of the Sales Tax Assessment Acts”, substitute “the Income Tax Assessment Act”.

111  Paragraph 20(1)(d)

Omit “old sales tax”, substitute “income tax”.

Diplomatic Privileges and Immunities Act 1967

112  Sections 10 and 10A

Repeal the sections.

Freedom of Information Act 1982

113  Schedule 3

Omit “Debits Tax Administration Act 1982, subsection 7(2)”.

114  Schedule 3

Omit “Sales Tax Assessment Act (No. 1) 1930, subsection 10(2)”.

115  Schedule 3

Omit “Sales Tax Procedure Act 1934, subsection 4A(3)”.

116  Schedule 3

Omit “Sales Tax Assessment Act 1992, subsection 110(2)”.

117  Schedule 3

Omit “Tobacco Charges Assessment Act 1955, subsections 10(2) and (5)”.

118  Schedule 3

Omit “Wool Tax (Administration) Act 1964, subsections 8(2) and (5)”.

Fringe Benefits Tax Assessment Act 1986

119  Subsection 136(1) (subparagraph (a)(i) of the definition of cost price)

Repeal the subparagraph, substitute:

                              (i)  where the car was manufactured by the person—the amount for which the car could reasonably have been expected to have been sold by the person by wholesale under an arm’s length transaction at or about the time when the car was applied to the person’s own use; or

120  Subsection 136(1) (subparagraph (a)(iii) of the definition of cost price)

Omit “sales tax or”.

121  Subsection 136(1) (subparagraph (b)(i) of the definition of cost price)

Repeal the subparagraph, substitute:

                              (i)  where the accessory was manufactured by the person who held the car at the time of the fitting—the amount for which the accessory could reasonably have been expected to have been sold under an arm’s length transaction by the person by wholesale at or about the time when the accessory was applied to the person’s own use; and

122  Subsection 136(1) (subparagraph (b)(iii) of the definition of cost price)

Omit “sales tax or”.

123  Subsection 136(1) (definition of sales tax)

Repeal the definition.

Income Tax Assessment Act 1997

124  Section 17‑30

Repeal the section, substitute:

17‑30  Special credits because of indirect tax transition

                   A special credit under section 19A of the A New Tax System (Goods and Services Tax Transition) Act 1999 is assessable income at the time it is attributed to a *tax period (for a credit under section 19A).

125  Subsection 995‑1(1) (paragraph (c) of the definition of BAS provisions)

Omit “system); and”, substitute “system).”.

126  Subsection 995‑1(1) (paragraph (e) of the definition of BAS provisions)

Repeal the paragraph.

International Organisations (Privileges and Immunities) Act 1963

127  Section 11A

Repeal the section.

128  At the end of paragraph 7(a) of Part I of the Third Schedule

Add “and”.

129  Paragraph 7(b) of Part I of the Third Schedule

Repeal the paragraph.

Overseas Missions (Privileges and Immunities) Act 1995

130  Paragraph 12(1)(a)

Repeal the paragraph.

Note:       The heading to section 12 is altered by omitting “sales tax,”.

131  Subsection 12(2)

Omit “sales tax,”.

Primary Industries and Energy Research and Development Act 1989

132  Subsection 4(1) (definition of tobacco levy)

Repeal the definition.

133  Subsection 32(1)

Omit “Subject to subsection (3), where”, substitute “If”.

134  Subsection 32(3)

Repeal the subsection.

135  Subsection 110(1)

Omit “Subject to subsection (3), where”, substitute “If”.

136  Subsection 110(3)

Repeal the subsection.

Snowy Mountains Engineering Corporation Act 1970

137  Section 39M (paragraphs (a) and (b) of the definition of tax)

Repeal the paragraphs.

Special Broadcasting Service Act 1991

138  Section 68

Omit all the words after “Territory”.

Taxation Administration Act 1953

139  Subsection 8AAB(5) (table items 5 to 7, 21 and 22)

Repeal the items.

140  Subsection 8B(5)

Repeal the subsection.

141  Paragraph 8C(1)(c)

Repeal the paragraph.

142  Paragraphs 8J(2)(f), (g), (m), (n) and (na)

Repeal the paragraphs.

143  Paragraph 8J(2)(pa)

Omit “Act; or”, substitute “Act.”.

144  Paragraphs 8J(2)(q) to (r)

Repeal the paragraphs.

145  Section 14ZQ (definition of appealable objection decision)

Repeal the definition, substitute:

appealable objection decision means an objection decision other than one made on a taxation objection under section 14E of this Act.

146  Section 14ZQ (paragraphs (c) to (f) of the definition of delayed administration (beneficiary) objection)

Repeal the paragraphs.

147  Section 14ZQ (definition of ineligible sales tax remission decision)

Repeal the definition.

148  Section 14ZQ (definition of registration‑type sales tax decision)

Repeal the definition.

149  Section 14ZQ (definition of reviewable objection decision)

Repeal the definition, substitute:

reviewable objection decision means an objection decision that is not an ineligible income tax remission decision.

150  Section 14ZQ (definition of Sales Tax Assessment Act)

Repeal the definition.

151  Subsection 14ZR(2)

Omit all the words after paragraph (b), substitute:

               and (c)  the objection decision is to any extent an ineligible income tax remission decision;

then, this Part has effect, in relation to any review or appeal, as if so much of the objection decision as consists of one or more ineligible income tax remission decisions were taken to be a separate objection decision.

152  Section 14ZT

Repeal the section.

153  Paragraph 14ZZB(1)(a)

Omit “(other than a reviewable objection decision that relates to a registration‑type sales tax decision)”.

154  Subsection 14ZZB(2)

Omit “(other than a reviewable objection decision that relates to a registration‑type sales tax decision)”.

155  Section 14ZZH

Repeal the section.

156  Sections 14ZZM and 14ZZR

Omit “(other than a registration‑type sales tax decision)”.

157  Section 250‑10(2) in Schedule 1 (table items 150 to 165)

Repeal the items.

Taxation (Interest on Overpayments and Early Payments) Act 1983

158  Subsection 3(1) (subparagraph (d)(ii) of the definition of decision to which this Act applies)

Omit “assessment; or”, substitute “assessment.”.

159  Subsection 3(1) (paragraph (e) of the definition of decision to which this Act applies)

Repeal the paragraph.

160  Subsection 3(1) (definition of objection)

Repeal the definition, substitute:

objection means a taxation objection within the meaning of Part IVC of the Taxation Administration Act 1953.

161  Subsection 3(4)

Repeal the subsection.

162  Section 3C (table items 100, 105, 115, 125, 130, 135 and 140 in the definition of relevant tax)

Repeal the items.

163  Section 12

Repeal the section.

Trade Practices Act 1974

164  Section 75AT (paragraph (a) of the definition of New Tax System changes)

After “of the”, insert “former”.

165  Section 75AT (paragraph (b) of the definition of New Tax System changes)

After “in the”, insert “former”.

Trans‑Tasman Mutual Recognition Act 1997

166  Paragraph 1(1)(c) of Part 1 of Schedule 1

Omit “wholesale sales tax (Commonwealth) and”.

167  Clause 5 of Part 2 of Schedule 1

Omit “Sales Tax Assessment Act 1992 of the Commonwealth”.

168  Clause 5 of Part 2 of Schedule 1

Omit “Sales Tax (Exemptions and Classifications) Act 1992 of the Commonwealth”.

Wool International Act 1993

169  Title

Omit “through payments of wool tax”.

170  Section 3

Omit “through payments of wool tax”.

171  Section 4 (definition of Administration Act)

Repeal the definition.

172  Section 4 (definition of carpet wool)

Repeal the definition.

173  Section 4 (definition of sale value)

Repeal the definition.

174  Section 4 (definition of wool tax)

Repeal the definition.

175  Section 4 (definition of Wool Tax Act)

Repeal the definition.

176  Part 7

Repeal the Part.

Wool Services Privatisation Act 2000

177  Section 7 (definition of wool tax)

Repeal the definition.

178  Paragraph 31(1)(a)

Omit “wool tax and”.

179  Subsections 31(5) and (6)

Repeal the subsections, substitute:

Overall limit on appropriation for category A payments

             (5)  For category A payments, the total limit on the appropriation is the total amount of wool levy received by the Commonwealth. For this purpose, amounts received by the Commonwealth as penalties for late payment of wool levy are to be treated as amounts of wool levy.

Overall limit on appropriation for category B payments

             (6)  For category B payments, the total limit on the appropriation is the total amount of wool levy received by the Commonwealth. For this purpose, amounts received by the Commonwealth as penalties for late payment of wool levy are not to be treated as amounts of wool levy.


 

Schedule 6Application and saving provisions

Part 1Application provisions

1  Application of Schedule 1 and 2 amendments

Except as mentioned in items 2 and 3, the repeals and amendments made by Schedules 1 and 2 apply:

                     (a)  so far as they affect assessments—to assessments for the 2006‑07 income year and all later income years; and

                     (b)  otherwise—to acts done or omitted to be done, or states of affairs existing, after the commencement of the repeals and amendments.

2  Application of Schedule 2 withholding tax amendments

The amendments made by items 337, 343 and 344 of Schedule 2 apply to income derived in the 2006‑07 income year and later income years.

3  Application of TFN withholding tax amendments

(1)        The amendment made by item 949 of Schedule 2 applies to payments made on or after the day on which this Act receives the Royal Assent.

(2)        The repeal of Subdivision C of Division 3B of Part VI of the Income Tax Assessment Act 1936 by item 163 of Schedule 1 to this Act, and the insertion of section 14‑55 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act, apply to the 2006‑07 income year and later income years.

(3)        The insertion of sections 14‑50, 14‑60, 14‑65, 14‑75 and 14‑85 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act applies to tax payable in accordance with former section 221YHZR of the Income Tax Assessment Act 1936 as if:

                     (a)  the tax were TFN withholding tax (payable under section 14‑55 in that Schedule); and

                     (b)  section 14‑55 in that Schedule applied to the income year in respect of which the tax is payable.

4  Application of Schedule 3 and 4 amendments

The repeals and amendments made by Schedules 3 and 4 apply:

                     (a)  so far as they affect assessments—to assessments for the 2007‑08 income year and all later income years; and

                     (b)  otherwise—to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.

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.


 

Part 2General saving provisions

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.


 

Part 3Other saving provisions and transitional provisions

12  Continued operation of repealed section 215 of the Income Tax Assessment Act 1936

If, just before the repeal of section 215 of the Income Tax Assessment Act 1936 by Schedule 1 to this Act, that section applied to:

                     (a)  a liquidator of a company that was being wound up; or

                     (b)  a receiver for debenture holders who had taken possession of assets of a company; or

                     (c)  an agent for a non‑resident who had been required by the agent’s principal to wind up the business or realise the assets of the principal;

the section continues so to apply in spite of the repeal.

13  Continued operation of repealed sections 216 and 220 of the Income Tax Assessment Act 1936

If, just before the repeal of section 216 or 220 of the Income Tax Assessment Act 1936 by Schedule 1 to this Act, that section applied to a deceased taxpayer, the section continues so to apply in spite of the repeal.

14  Resolutions to which section 221B of the Income Tax Assessment Act 1936 applies

If a resolution to which section 221B of the Income Tax Assessment Act 1936 applied was in force just before the repeal of that section by Schedule 1 to this Act, section 446‑5 in Schedule 1 to the Taxation Administration Act 1953 (as inserted by item 970 of Schedule 2 to this Act) applies to the resolution after the repeal.

15  Extended operation of subsection 265‑45(2) in Schedule 1 to the Taxation Administration Act 1953

In addition to the operation that it has apart from this item, subsection 265‑45(2) in Schedule 1 to the Taxation Administration Act 1953 also applies to an amount of a liability (within the meaning of that subsection) that a person pays after the repeal of section 259 of the Income Tax Assessment Act 1936 by item 166 of Schedule 1 to this Act, if the liability arose before 1 July 2000.

 

 

 

 

 

[Minister’s second reading speech made in—

House of Representatives on 22 June 2006

Senate on 16 August 2006]

(86/06)