2004-2005-2006

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006

No. , 2006

(Treasury)

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



Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006 No. , 2006

Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006 No. , 2006
Contents

 

1 Short title 1

 

2 Commencement 1

 

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Schedule 1--Inoperative provisions repealed on Royal Assent 3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

Schedule 2 Consequential amendments relating to Schedule 1 repeals etc.

Part 1 Amendments: general

Consequential amendments relating to Schedule 1 repeals etc. Schedule 2
Amendments: general Part 1


Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006 No. , 2006

Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006 No. , 2006

Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006 No. , 2006
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 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.

 

2. Schedules 1 and 2
The day on which this Act receives the Royal Assent.

 

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.

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 1--Inoperative 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 2--Consequential amendments relating to Schedule 1 repeals etc.

Part 1--Amendments: 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, a