Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the law relating to taxation, and for related purposes
Administered by: Treasury
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Registered 04 Sep 2014
Introduced HR 04 Sep 2014
Table of contents.

2013‑2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill 2014

 

No.      , 2014

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

  

  


Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Abolishing the mature age worker tax offset                          3

Income Tax Assessment Act 1997                                                                              3

Taxation Administration Act 1953                                                                           3

Schedule 2—Abolishing the seafarer tax offset                                                   4

Income Tax Assessment Act 1997                                                                              4

Shipping Reform (Tax Incentives) Act 2012                                                           4

Schedule 3—Rates of R&D tax offset                                                                       5

Income Tax Assessment Act 1997                                                                              5

Schedule 4—Deductible gift recipients                                                                      6

Income Tax Assessment Act 1997                                                                              6

 

 


A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Tax and Superannuation Laws Amendment (2014 Measures No. 5) Act 2014.

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

Provisions

Commencement

Date/Details

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

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedules 3 and 4

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation 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 1Abolishing the mature age worker tax offset

  

Income Tax Assessment Act 1997

1  Section 13‑1 (table item headed “mature age workers”)

Repeal the item.

2  Subdivision 61‑K

Repeal the Subdivision.

3  Subsection 995‑1(1) (definition of net income from working)

Repeal the definition.

Taxation Administration Act 1953

4  Section 45‑340 in Schedule 1 (method statement, step 1, paragraph (d))

Repeal the paragraph.

5  Section 45‑375 in Schedule 1 (method statement, step 1, paragraph (c))

Repeal the paragraph.

6  Application

The amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.

Schedule 2Abolishing the seafarer tax offset

  

Income Tax Assessment Act 1997

1  Section 13‑1 (table item headed “withholding payments”)

Repeal the item.

2  Subdivision 61‑N

Repeal the Subdivision.

3  Section 67‑23 (table item 13)

Repeal the item.

Shipping Reform (Tax Incentives) Act 2012

4  Section 4 (note)

Omit “, sections 40‑362 and 51‑100 and Subdivision 61‑N”, substitute “and sections 40‑362 and 51‑100”.

5  Application

The amendments made by this Schedule apply to assessments for the 2015‑16 income year and later income years.

Schedule 3Rates of R&D tax offset

  

Income Tax Assessment Act 1997

1  Subsection 355‑100(1) (cell at table item 1, column headed “The percentage is:”)

Repeal the cell, substitute:

43.5%

2  Subsection 355‑100(1) (cell at table item 2, column headed “The percentage is:”)

Repeal the cell, substitute:

38.5%

3  Subsection 355‑100(1) (cell at table item 3, column headed “The percentage is:”)

Repeal the cell, substitute:

38.5%

4  Subsection 355‑100(1) (note)

Omit “45%”, substitute “43.5%”.

5  Application of amendments

The amendments made by this Schedule apply in relation to assessments for income years commencing on or after 1 July 2014.

Schedule 4Deductible gift recipients

  

Income Tax Assessment Act 1997

1  Subsection 30‑25(2) (at the end of the table)

Add:

2.2.43

Australian Schools Plus Ltd

the gift must be made on or after 1 April 2014

2  Subsection 30‑80(2) (after table item 9.2.14)

Insert:

9.2.15

East African Fund

the gift must be made on or after 1 July 2014

3  Section 30‑105 (at the end of the table)

Add:

13.2.21

The Minderoo Foundation Trust

the gift must be made on or after 1 January 2014

4  Section 30‑315 (after table item 25A)

Insert:

25B

Australian Schools Plus Ltd

item 2.2.43

5  Section 30‑315 (after table item 45A)

Insert:

45B

East African Fund

item 9.2.15

6  Section 30‑315 (after table item 72A)

Insert:

72B

Minderoo Foundation Trust

item 13.2.21