Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to amend the Income Tax Act 1986, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 16 Feb 2007
Introduced HR 07 Feb 2007

2004‑2005‑2006‑2007

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Income Tax Amendment Bill 2007

 

No.      , 2007

 

(Treasury)

 

 

 

A Bill for an Act to amend the Income Tax Act 1986, and for related purposes

  

  


Contents

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

2............ Commencement.................................................................................. 1

3............ Schedule(s).......................................................................................... 1

Schedule 1—Amendment of the Income Tax Act 1986                                     3

Income Tax Act 1986                                                                                                   3

 


A Bill for an Act to amend the Income Tax Act 1986, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Income Tax Amendment Act 2007.

2  Commencement

                   This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.

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                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1Amendment of the Income Tax Act 1986

  

Income Tax Act 1986

1  Subsection 5(2)

Omit “27GA,”.

2  After subsection 5(2)

Insert:

          (2A)  This Act does not impose tax payable in accordance with section 301‑175 or 306‑15 of the Income Tax Assessment Act 1997.

3  Subsection 5(4)

Omit “an eligible entity within the meaning of Part IX of the Assessment Act”, substitute “a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997)”.

4  Paragraph 5(4)(a)

Omit “taxable contributions within the meaning of Part IX of the Assessment Act”, substitute “contributions that are included in assessable income under Subdivision 295‑C of the Income Tax Assessment Act 1997”.

5  Subsection 5(5)

Omit “Part IX of the Assessment Act”, substitute “the Income Tax Assessment Act 1997”.

6  Subsection 5(5)

Omit “section 288A”, substitute “table item 2 in section 295‑320”.

7  Subsection 5(6)

Omit “resident superannuation fund”, substitute “Australian superannuation fund”.

8  Subsection 5(6)

Omit “section 288B”, substitute “table item 3 in section 295‑320”.

9  Application

The amendments made by this Schedule apply to the 2007‑2008 income year and later years.