Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (Cth)
This is a compilation of the
The notes at the end of this compilation (the
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
This Act may be cited as the
Minerals Resource Rent Tax Repeal and Other Measures Act 2014 .
(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.
Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 5 September 2014 |
Schedules 1 to 5 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. | 30 September 2014 (F2014L01256) |
Schedule 6 | The day this Act receives the Royal Assent. | 5 September 2014 |
Schedule 7 | 1 July 2017. | 1 July 2017 |
Schedule 8, items 1 to 11 | 31 December 2016. | 31 December 2016 |
Schedule 8, items 12 and 13 | The day this Act receives the Royal Assent. | 5 September 2014 |
Schedule 8, items 15 to 26 | 31 December 2016. | 31 December 2016 |
Schedule 9, Part 1A | The day this Act receives the Royal Assent. | 5 September 2014 |
Schedule 9, Parts 1 and 2 | 31 December 2016. | 31 December 2016 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Repeal the Act.
Repeal the Act.
Repeal the Act.
Repeal the Act.
Omit:
Minerals Resource Rent Tax Act 2012
Omit “, 3‑15”.
Omit “
1987 ; or”, substitute “1987 .”.
Repeal the paragraph.
Repeal the definition.
Repeal the definition.
11
Part II (paragraph (i) of note to Part heading) Omit “Part X);”, substitute “Part X).”.
12
Part II (paragraph (j) of note to Part heading) Repeal the paragraph.
Repeal the Part.
14
Section 10‑5 (table item headed “minerals resource rent tax”) Repeal the item.
15
Section 12‑5 (table item headed “capital allowances”) Omit:
| 40‑751 |
Repeal the section.
Omit:
• paying minerals resource rent tax; and
Repeal the section.
Repeal the note.
Repeal the note.
21
Subsection 721‑10(2) (table items 75, 80 and 85) Repeal the items.
Repeal the subsection.
Omit “subsections (4) and (5)”, substitute “subsection (5)”.
Omit “those subsections”, substitute “that subsection”.
Repeal the subsection.
Omit “, (1A) and (1AA)”, substitute “and (1A)”.
Repeal the item.
Repeal the following definitions:
(a) definition of
allowance component ;(b) definition of
applicable instalment rate ;(c) definition of
arm’s length consideration .
Repeal the definition, substitute:
base value , of a *depreciating asset, has the meaning given by subsection 40‑70(1).
30
Subsection 995‑1(1) (paragraph (b) of the definition of base year ) Omit “
1953 ; and”, substitute “1953 .”.
31
Subsection 995‑1(1) (paragraph (c) of the definition of base year ) Repeal the paragraph.
32
Subsection 995‑1(1) (definition of benchmark instalment rate ) Repeal the definition, substitute:
benchmark instalment rate has the meaning given by sections 45‑360 and 45‑530 in Schedule 1 to theTaxation Administration Act 1953 .
33
Subsection 995‑1(1) (paragraph (c) of the definition of hold ) Omit “section 420‑12; and”, substitute “section 420‑12.”.
34
Subsection 995‑1(1) (paragraph (d) of the definition of hold ) Repeal the paragraph.
35
Subsection 995‑1(1) (note at the end of the definition of hold ) Repeal the note.
36
Subsection 995‑1(1) (definition of instalment income ) Repeal the definition, substitute:
instalment income has the meaning given by sections 45‑120, 45‑260, 45‑280, 45‑285, 45‑286 and 45‑465 in Schedule 1 to theTaxation Administration Act 1953 .
37
Subsection 995‑1(1) (definition of instalment quarter ) Repeal the definition, substitute:
instalment quarter has the meaning given by section 45‑60 in Schedule 1 to theTaxation Administration Act 1953 .
Repeal the following definitions:
(a) definition of
miner ;(b) definition of
mining expenditure ;(c) definition of
mining loss ;(d) definition of
mining profit ;(e) definition of
mining project interest ;(f) definition of
mining project split ;(g) definition of
mining project transfer ;(h) definition of
mining revenue ;(i) definition of
mining revenue event ;(j) definition of
MRRT ;(k) definition of
MRRT allowance ;(l) definition of
MRRT law ;(m) definition of
MRRT liability ;(n) definition of
MRRT payable ;(o) definition of
MRRT return ;(p) definition of
MRRT year .
Insert:
petroleum resource rent tax amount means any debt or credit that arises directly under the *petroleum resource rent tax provisions.
Insert:
petroleum resource rent tax provisions means the *petroleum resource rent tax law, other than *BAS provisions.
Repeal the following definitions:
(a) definition of
pre‑mining expenditure ;(b) definition of
pre‑mining project interest ;(c) definition of
pre‑mining revenue ;(d) definition of
rehabilitation tax offset ;(e) definition of
resource rent tax amount ;(f) definition of
resource rent tax provisions ;(g) definition of
split percentage ;(h) definition of
starting base asset ;(i) definition of
starting base return .
Repeal the definition, substitute:
start time of a *depreciating asset has the meaning given by section 40‑60.
43
Subsection 995‑1(1) (definition of taxable mining profit ) Repeal the definition.
44
Subsection 995‑1(1) (definition of taxable resource ) Repeal the definition.
45
Subsection 995‑1(1) (definition of termination value ) Repeal the definition, substitute:
termination value has the meaning given by section 40‑300.
Repeal the Schedule.
47
Section 2 (note at the end of paragraph (b) of the definition of exploration permit ) Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
Omit “However,
petroleum does not include a taxable resource within the meaning of theMinerals Resource Rent Tax Act 2012 .”.
49
Section 2 (note at the end of paragraph (c) of the definition of production licence ) Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because it is limited to the incidental recovery of coal seam gas (see section 2AB).
50
Section 2 (note at the end of paragraph (b) of the definition of retention lease ) Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
Insert:
(1) An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be an authority or right mentioned in paragraph (c) of the definition of
production licence in section 2 if the only recovery of petroleum that is undertaken under the authority or right is recovery of coal seam gas, being recovery that:
(a) is a necessary result of coal mining that the holder of the authority or right carries out under the authority or right; or
(b) is necessary to ensure a safe working environment for coal mining carried out under the authority or right; or
(c) is necessary to minimise the fugitive emission of methane or similar gases during the course of coal mining carried out under the authority or right.
(2) This section does not apply to an authority or right that is the subject of a determination under subsection 2AA(1).
An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be:
(a) an authority or right mentioned in paragraph (b) of the definition of
exploration permit in section 2; or(b) an authority or right mentioned in paragraph (b) of the definition of
retention lease in that section;if, to the extent that the authority or right permits activities of a kind mentioned in a subparagraph of that paragraph, it only permits them as an incident of exploration for resources other than petroleum.
Insert:
(2A) Despite subsection (1), if:
(a) a payment made by a person would, apart from this subsection, be exploration expenditure incurred by the person in relation to a petroleum project; and
(b) the person holds, under an Australian law, an authority or right (however described) that permits activities relating to resources other than petroleum to be carried on in the eligible exploration or recovery area in relation to the project;
the payment is taken, for the purposes of this Act, to be exploration expenditure only to the extent that it would be reasonable to conclude that the purpose of the payment is exploring for petroleum in order to obtain a commercial return from petroleum.
(2B) An authority or right referred to in paragraph (2A)(b) may be a production licence, exploration permit or retention lease, including a production licence to which the petroleum project relates.
(2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend by implication the scope of subsection (1).
After “any of the”, insert “petroleum”.
Repeal the section.
55
Subsection 8AAB(4) (table items 19A, 45A and 45B) Repeal the items.
After “any of the”, insert “petroleum”.
After “any of the”, insert “petroleum”.
58
Section 14ZQ (definition of starting base assessment ) Repeal the definition, substitute:
starting base assessment has the meaning given by clause 23 of Schedule 2 to thePetroleum Resource Rent Tax Assessment Act 1987 .
Repeal the subsections.
Repeal the paragraph.
61
Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1 Omit “, *MRRT”.
62
Subsection 18‑10(3) in Schedule 1 (notes 1 and 2) Repeal the notes, substitute:
Note: Section 18‑55 provides a credit for amounts withheld in respect of petroleum resource rent tax.
63
Group heading before section 18‑49 in Schedule 1 Repeal the heading.
Repeal the section.
Repeal the Part.
Repeal the paragraph.
67
Subsection 155‑15(1) in Schedule 1 (table item 4) Repeal the item.
Repeal the subsection, substitute:
(3) This section does not apply if the *assessable amount is the *Division 293 tax payable by you in relation to an income year in relation to your *taxable contributions for the income year.
Repeal the heading, substitute:
Omit “declarations); or”, substitute “declarations).”.
Repeal the paragraph.
Omit “or determination”.
Repeal the section.
Omit “(1)”.
Repeal the subsection.
76
Subsection 250‑10(2) in Schedule 1 (table items 39C, 39D and 136) Repeal the items.
Omit “minerals resource rent tax,”.
Omit “*MRRT,”.
Repeal the section.
Omit “*MRRT,”.
Omit “280‑101,”.
Omit “*MRRT,”.
Repeal the note.
Repeal the note.
Omit “*MRRT law or”.
Omit “MRRT law or”.
87
Subsection 284‑80(1) in Schedule 1 (table items 3 and 4) Omit “, the *MRRT law”.
88
Subsection 284‑80(1) in Schedule 1 (table item 4) Omit “, the MRRT law”.
89
Subsection 284‑90(1) in Schedule 1 (cell at table item 4, column headed “In this situation:”) Repeal the cell, substitute:
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Repeal the paragraph, substitute:
(a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies:
(i) the income tax payable by the entity for the income year, worked out on the basis of the entity’s *income tax return;
(ii) the *petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the
Petroleum Resource Rent Tax Assessment Act 1987 ) most closely corresponding to the income year, worked out on the basis of the entity’s return under Division 1 of Part VI of that Act; or
Repeal the subsection.
Omit “(2AA),”.
Omit “and the MRRT law”.
Repeal the Subdivision.
Repeal the section.
Omit “, 3D”.
Repeal the paragraph.
Omit “(other than a provision about *MRRT)”.
Omit “, the *MRRT law”.
Repeal the subsections.
Omit “, the *MRRT law”.
Omit “and the *MRRT law”.
Omit “or the *MRRT law”.
Omit “and the *MRRT law”.
Omit “or the *MRRT law”.
106
Subsections 444‑30(1), (2) and (3) in Schedule 1 Omit “, the *MRRT law”.
Omit “or the *MRRT law”.
Repeal the Subdivision.
109
Subsection 3(1) (paragraph (d) of the definition of decision to which this Act applies ) Omit “or 160”.
Omit “(1) In”, substitute “In”.
Repeal the item.
Repeal the subsection.
Repeal the heading, substitute:
Before “resource rent tax amount”, insert “petroleum”.
Before “
resource rent tax amount ”, insert “petroleum ”.
Before “resource rent tax amount”, insert “petroleum”.
Before “
resource rent tax amount ”, insert “petroleum ”.
Before “resource rent tax amount”, insert “petroleum”.
Before “
resource rent tax amount ”, insert “petroleum ”.
Insert:
petroleum resource rent tax amount has the same meaning as in subsection 995‑1(1) of the Tax Act.
121
Section 12AF (definition of resource rent tax amount ) Repeal the definition.
The objects of this Part are:
(a) to provide for the winding‑up of the minerals resource rent tax; and
(b) to ensure the administration, collection and recovery of the minerals resource rent tax for the MRRT years ending on or before the day this Schedule commences; and
(c) to continue taxpayers’ rights and obligations relating to MRRT years ending before that commencement.
123
Effect of repeals and amendments on preceding MRRT years (1) Despite the repeals and amendments made by this Schedule, the Acts amended or repealed continue to apply, after the commencement of this Schedule, in relation to any MRRT year ending on or before the day this Schedule commences as if those repeals and amendments had not happened.
(2) For the purposes of that continued application, any MRRT year that:
(a) started before the commencement of this Schedule; and
(b) would, apart from this subitem, end on or after that commencement;
is taken to end on the day this Schedule commences.
(3) To avoid doubt, for the purposes of that continued application, section 190‑20 of the
Minerals Resource Rent Tax Act 2012 applies in relation to an MRRT year referred to in subitem (2) whether or not the MRRT year is an accounting period referred to in section 190‑10 of that Act.Note 1: Section 190‑20 of the
Minerals Resource Rent Tax Act 2012 (to the extent that it continues to apply because of this item) will adjust threshold amounts under that Act in relation to the final MRRT year.Note 2: Subsection 115‑110(2) in Schedule 1 to the
Taxation Administration Act 1953 (to the extent that it continues to apply because of this item) will adjust instalment quarters under that Act in relation to the final MRRT year.
124
Continuation of Commissioner’s power to make certain legislative instruments (1) Despite the repeal by this Act of section 117‑5 in Schedule 1 to the
Taxation Administration Act 1953 , the Commissioner’s power under subsection 117‑5(5) in that Schedule to make legislative instruments continues after that repeal.(2) This item does not affect any other powers of the Commissioner under Schedule 1 to the
Taxation Administration Act 1953 , as it continues to apply because of item 123 of this Schedule.
Repeal the Division.
Repeal the Division.
3
Subsection 6(1) (definition of loss carry back tax offset ) Repeal the definition.
Omit “or 160”.
Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Omit “, (ca)(i)”.
Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Repeal the item.
Omit “1”.
Repeal the note.
17
Section 36‑25 (table dealing with tax losses of corporate tax entities) Omit:
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18
Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 1) Repeal the item, substitute:
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19
Section 36‑25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1) Repeal the item, substitute:
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Repeal the item.
Omit “and”.
Repeal the paragraph.
Repeal the heading.
Repeal the section.
Repeal the section.
Omit “a *loss carry back tax offset, or”.
Omit “(about R&D),”, substitute “(about R&D)”.
Repeal the paragraph.
Omit “or 160”.
Omit “amount; or”, substitute “amount.”.
Repeal the paragraph.
Omit “forward; or”, substitute “forward.”.
Repeal the paragraph.
Repeal the definition.
35
Subsection 995‑1(1) (definition of income tax liability ) Repeal the definition.
36
Subsection 995‑1(1) (definition of interest in membership interests ) Repeal the definition.
37
Subsection 995‑1(1) (definition of loss carry back choice ) Repeal the definition.
38
Subsection 995‑1(1) (definition of loss carry back tax offset ) Repeal the definition.
39
Subsection 995‑1(1) (definition of loss carry back tax offset component ) Repeal the definition.
40
Subsection 995‑1(1) (definition of scheme for a disposition ) Repeal the definition.
41
Section 45‑340 in Schedule 1 (method statement, step 1, paragraph (dc)) Repeal the paragraph.
The amendments made by this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences and for later income years.
43
Making and amending assessments, and doing other things, in relation to past matters (1) Even though a part of an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the
Legislative Instruments Act 2003 ):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
(2) This item does not limit the operation of the
Acts Interpretation Act 1901 .
Insert:
960‑20 Utilisation—corporate loss carry back
(1) For the purposes of subsection 960‑20(2) of the
Income Tax Assessment Act 1997 , a tax loss isutilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).(2) For the purposes of subsection 960‑20(4) of that Act, net exempt income for an income year is
utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160‑15(2) of that Act (which was about calculating a loss carry back tax offset component).
Omit “$6,500”, substitute “$1,000”.
Repeal the heading, substitute:
Omit “$6,500”, substitute “$1,000”.
Omit “$6,500”, substitute “$1,000”.
Omit “$6,500”, substitute “$1,000”.
Repeal the example, substitute:
Example: Amanda’s Graphics is a small business entity for the 2014‑15 income year and chooses to use this Subdivision for that year. The business has an opening pool balance of $8,500 for its general small business pool for that year.
During that year, Amanda acquired a new computer for $2,000. The taxable purpose proportion of its adjustable value is:
$2,000 x 80% business use estimate = $1,600
Amanda also sold her business car for $9,600 during that year. The car was used 100% in the business.
To work out whether she can deduct an amount under this section, Amanda uses this calculation:
$8,500 + $1,600 ‑ $9,600 = $500
Because the result is less than $1,000, Amanda can deduct the $500 for the income year. The pool’s closing balance for the year is zero.
Omit “$6,500”, substitute “$1,000”.
Omit “$6,500”, substitute “$1,000”.
Repeal the heading, substitute:
Special rule for assets costing less than $1,000
Repeal the heading, substitute:
Special rule for expenditure on assets costing less than $1,000
(1) Subject to subitems (2) and (3), the amendments made by this Schedule apply to a depreciating asset if:
(a) the asset was first installed ready for use, for a taxable purpose, on or after the application day; or
(b) the asset was first used, for a taxable purpose, on or after the application day, but was not installed ready for use prior to the application day.
(2) The amendments made by item 4 of this Schedule apply to an amount if the amount is included in the second element of the cost of a depreciating asset at any time on or after the application day.
(3) The amendments made by items 5 and 6 of this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences or for a later income year.
(4) In this item:
application day means 1 January in the income year before the income year in which this Schedule commences.
Repeal the subsection.
2
Section 328‑200 (method statement, step 2, paragraph (c)) Omit “, and subsection 328‑237(2) (if relevant),”.
Repeal the heading.
Repeal the section.
Omit “, subsection 328‑190(2) (assets that will be pooled) or subsection 328‑237(2) (certain motor vehicles)”, substitute “or subsection 328‑190(2) (assets that will be pooled)”.
Omit “, 328‑190(2) or 328‑237(2)”, substitute “or 328‑190(2)”.
Omit “, 328‑190(2) or 328‑237(2)”, substitute “or 328‑190(2)”.
(1) The amendments made by this Schedule apply to a depreciating asset that is a motor vehicle if:
(a) the asset was first installed ready for use, for a taxable purpose, on or after the application day; or
(b) the asset was first used, for a taxable purpose, on or after the application day, but was not installed ready for use prior to the application day.
(2) In this item:
application day means 1 January in the income year before the income year in which this Schedule commences.
1
Section 12‑5 (table item headed “capital allowances”) Omit:
| 40‑80(1) and (1A), 40‑730 |
| Subdivision 40‑B |
| Subdivision 40‑B |
substitute:
| 40‑80(1), 40‑730 |
Before “Your”, insert “(1)”.
Omit “or *geothermal exploration information”.
Add:
(2) Your assessable income includes an amount you receive for providing *geothermal exploration information you have to another entity if:
(a) you continue to have the information; and
(b) the information is, and continues to be, relevant to:
(i) *geothermal energy extraction that you carry on or propose to carry on; or
(ii) a *business that you carry on that includes *exploration or prospecting for *geothermal energy resources from which energy can be extracted by geothermal energy extraction; and
(c) the amount you receive is not assessable as *ordinary income under section 6‑5.
It does not matter whether the information is generally available or not.
(3)
Geothermal exploration information is geological, geophysical or technical information that:
(a) relates to the presence, absence or extent of *geothermal energy resources in an area; or
(b) is likely to help in determining the presence, absence or extent of such resources in an area.
(4)
Geothermal energy extraction means operations that are for:
(a) the extraction of energy from *geothermal energy resources; and
(b) the *purpose of producing assessable income.
Repeal the paragraphs.
Repeal the item.
Repeal the subsection.
Repeal the subsection, substitute:
Exception: mining, quarrying or prospecting information
(5) This section does not apply to *mining, quarrying or prospecting information.
Repeal the item.
Omit “or *geothermal energy extraction”.
Omit “or geothermal energy extraction”.
Omit “or *geothermal energy extraction”.
Omit “or *geothermal energy extraction”.
Omit “or that extraction”.
Repeal the heading.
Repeal the subsections.
Repeal the subsection, substitute:
(3) Also, you cannot deduct expenditure under subsection (1) to the extent that it forms part of the *cost of a *depreciating asset.
Omit “and for *geothermal energy resources”.
Omit “, or of extracting energy from geothermal energy resources,”.
Omit “materials; and”, substitute “materials.”.
Repeal the paragraph.
Repeal the subsections.
Omit “or (1A)”.
Repeal the section.
Insert:
(aa) an authority, licence, permit or entitlement under an Australian law to prospect or explore for *geothermal energy resources in an area; or
After “minerals”, insert “or geothermal energy resources”.
After “(a)”, insert “, (aa)”.
Insert:
(aa) an authority, licence, permit or entitlement under an Australian law to extract energy from *geothermal energy resources in an area; or
After “minerals”, insert “, or extract energy from geothermal energy resources,”.
After “(a)”, insert “, (aa)”.
Repeal the paragraph.
Omit “or (1A)”.
Omit “Subsections 40‑80(1) and (1A), which are in that Subdivision, provide”, substitute “Subsection 40‑80(1), which is in that Subdivision, provides”.
34
Subsection 995‑1(1) (definition of geothermal energy extraction ) Omit “40‑730(7B)”, substitute “15‑40(4)”.
35
Subsection 995‑1(1) (definition of geothermal energy extraction right ) Repeal the definition.
36
Subsection 995‑1(1) (definition of geothermal energy resources ) Repeal the definition, substitute:
geothermal energy resources means matter occurring naturally within the Earth and containing energy as heat.
37
Subsection 995‑1(1) (definition of geothermal exploration information ) Omit “40‑730(9)”, substitute “15‑40(3)”.
38
Subsection 995‑1(1) (definition of geothermal exploration right ) Repeal the definition.
(1) The amendments of sections 40‑30, 40‑80 and 40‑290 of the
Income Tax Assessment Act 1997 by this Schedule do not affect deductions or balancing adjustments for geothermal exploration rights or geothermal exploration information that started to be held before the income year in which this Schedule commences.(2) The amendments of sections 40‑630 and 40‑650 of the
Income Tax Assessment Act 1997 , and the repeal of subsection 40‑730(2A) of that Act, by this Schedule apply to expenditure incurred during the income year in which this Schedule commences or a later income year.(3) The amendments by this Schedule affecting sections 112‑38 and 124‑710 of the
Income Tax Assessment Act 1997 apply in relation to authorities, licences, permits and entitlements held during the income year in which this Schedule commences or a later income year.
Repeal the subsection, substitute:
(2) The charge percentage for a quarter in a year described in an item of the table is the number specified in column 2 of the item.
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The amendment made by this Schedule applies for the purpose of calculations under section 19 of the
Superannuation Guarantee (Administration) Act 1992 for quarters starting on or after 1 July 2015.
Omit:
• Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation contribution. It also tells you how much the low income superannuation contribution is.
Repeal the Part.
Omit “Part 2A,”.
Repeal the note.
5
Section 56 (definition of concessional contributions ) Repeal the definition.
6
Section 56 (definition of low income superannuation contribution ) Repeal the definition.
(1) The amendments made by this Schedule apply in relation to concessional contributions for financial years starting on or after 1 July 2017.
(2) However, section 12G of the
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 ceases to apply, in relation to low income superannuation contributions for any quarter or financial year, at the commencement of this Schedule.Note: Section 12G requires the Commissioner to give reports to the Minister for presenting to the Parliament. This subitem ensures that reporting under that section is required up to, but not after, the commencement of this Schedule.
(3) For the purposes of this item,
concessional contributions has the same meaning as in theIncome Tax Assessment Act 1997 .
9
Transitional—Deadlines for the final financial year for a LISC
Determining that a LISC is payable (1) The Commissioner must not determine under section 13 of the
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 that a low income superannuation contribution is payable unless the Commissioner becomes satisfied, before 1 July 2019, that the contribution is payable.
Determining that an underpaid amount of LISC is payable (2) The Commissioner must not determine under section 19 of the
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 that an underpaid amount is to be paid unless the Commissioner becomes satisfied, before 1 July 2019, that the amount paid is less than the correct amount of low income superannuation contribution.
1
Subsection 23(1) (definition of income support bonus ) Repeal the definition.
2
Subsection 23(1) (definition of income support bonus test day ) Repeal the definition.
Repeal the paragraph.
Repeal the Part.
Repeal the item.
Repeal the item.
Repeal the subsection.
Repeal the section.
9
Subsection 47(1) (paragraph (l) of the definition of lump sum benefit ) Omit “payment; or”, substitute “payment.”.
10
Subsection 47(1) (paragraph (m) of the definition of lump sum benefit ) Repeal the paragraph.
Repeal the section.
Repeal the item.
Repeal the item.
15
Section 11‑15 (table item headed “social security or like payments”) Omit:
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Omit “
1991 ; or”, substitute “1991 .”.
Repeal the paragraph.
Repeal the subsection.
Repeal the paragraph.
Repeal the subsection.
Repeal the item.
Repeal the item.
Omit “, training and learning bonus or income support bonus”, substitute “or training and learning bonus”.
24
Section 123TC (paragraph (f) of the definition of category I welfare payment ) Repeal the paragraph.
25
Section 123TC (paragraph (aa) of the definition of category Q welfare payment ) Repeal the paragraph.
(1) If, before the commencement of this item, a person was, under Part 2.18B of the
Social Security Act 1991 , qualified for an income support bonus on an income support bonus test day occurring before that commencement, then, despite the amendments made by Parts 1 and 2 of this Schedule, that Act and theSocial Security (Administration) Act 1999 , as in force immediately before that commencement, continue to apply on and after that commencement in relation to that qualification.(3) Despite the amendment made by item 18, subsection 52‑10(1M) of the
Income Tax Assessment Act 1997 , as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under theSocial Security Act 1991 .(4) Despite the amendment made by item 20, subsection 52‑65(1K) of the
Income Tax Assessment Act 1997 , as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under the scheme prepared under Part VII of theVeterans’ Entitlements Act 1986 .(5) Despite the amendment made by item 22, item 16A of the table in section 52‑114 of the
Income Tax Assessment Act 1997 , as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under the scheme determined under section 258 of theMilitary Rehabilitation and Compensation Act 2004 .(6) Despite the amendments made by items 24 and 25:
(a) paragraph (f) of the definition of
category I welfare payment in section 123TC of theSocial Security (Administration) Act 1999 , as in force immediately before the commencement of this item; and(b) paragraph (aa) of the definition of
category Q welfare payment in that section as so in force;continue to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement.
1A
At the end of subsection 35UA(1) (before the note) Add:
; and (d) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Add:
; and (g) the affected parent’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Insert:
(2A) For the purposes of paragraph (2)(g), the
affected parent is the person:(a) who is a parent of the other individual, being a parent within the meaning of paragraph (b) of the definition of
parent in subsection 5(1) of theSocial Security Act 1991 ; and
(b) who is nominated in writing by the Secretary.
Add:
; and (h) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Add:
; and (h) the other individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Insert:
(4AA) Paragraph (4)(h) does not apply if the instalment referred to in paragraph (4)(a) is an instalment of disability support pension and the other individual is permanently blind.
Add:
; and (h) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Add:
; and (g) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Add:
; and (i) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
Insert:
(3A) Paragraph (3)(i) does not apply if the instalment referred to in paragraph (3)(a) is an instalment of disability support pension and the individual is permanently blind.
Repeal the heading, substitute:
After “family tax benefit”, insert “, schoolkids bonus”.
Add:
If:
(a) an individual’s eligibility under Division 1A of Part 3 of the Family Assistance Act for schoolkids bonus on a bonus test day is required to be determined; and
(b) information about the amount of adjusted taxable income needed for the determination of the eligibility is not available (for example, because the taxable income of the individual or another individual cannot be known until after the end of the relevant income year); and
(c) the individual gives the Secretary an estimate of the amount needed; and
(d) the Secretary considers the estimate to be reasonable;
the Secretary may determine the individual’s eligibility on the basis of the estimate.
Repeal the definition.
2
Subsection 3(1) (definition of current education period ) Repeal the definition.
3
Subsection 3(1) (paragraph (f) of the definition of family assistance ) Omit “supplement; or”, substitute “supplement.”.
4
Subsection 3(1) (paragraph (g) of the definition of family assistance ) Repeal the paragraph.
5
Subsection 3(1) (paragraph (ba) of the definition of FTB child ) Repeal the paragraph.
6
Subsection 3(1) (definition of previous education period ) Repeal the definition.
7
Subsection 3(1) (definition of primary school amount ) Repeal the definition.
8
Subsection 3(1) (definition of relevant schoolkids bonus child ) Repeal the definition.
9
Subsection 3(1) (definition of schoolkids bonus ) Repeal the definition.
10
Subsection 3(1) (definition of secondary school amount ) Repeal the definition.
Repeal the Division.
Repeal the Division.
Repeal the heading, substitute:
Omit “, schoolkids bonus”.
13
Clause 2 of Schedule 4 (table items 17AB and 17AC) Repeal the items.
14
Subclause 3(1) of Schedule 4 (table items 17AB and 17AC) Repeal the items.
Repeal the Division.
Repeal the paragraph.
Omit “, single income family supplement or schoolkids bonus”, substitute “or single income family supplement”.
18
Subsection 93A(6) (paragraph (ab) of the definition of family assistance payment ) Repeal the paragraph.
19
Section 219TA (paragraph (ca) of the definition of relevant benefit ) Repeal the paragraph.
Repeal the subsection.
21
Section 11‑15 (table item headed “family assistance”) Omit:
| 52‑150 |
Omit “, ETR payment or schoolkids bonus”, substitute “or ETR payment”.
Repeal the Subdivision.
(1) If, before the commencement of this item, an individual was, under Division 1A of Part 3 of the Assistance Act, eligible for schoolkids bonus on a bonus test day occurring before that commencement, then, despite the amendments made by Part 1 of this Schedule, the Assistance Act and the Administration Act, as in force immediately before that commencement, continue to apply on and after that commencement in relation to that eligibility.
(2) Despite the amendment made by item 22, section 52‑150 of the
Income Tax Assessment Act 1997 , as in force immediately before the commencement of that item, continues to apply on and after that commencement in relation to payments of schoolkids bonus made before, on or after that commencement.(3) Despite the amendment made by item 23, Subdivision DG of Division 5 of Part 3B of the
Social Security (Administration) Act 1999 , as in force immediately before the commencement of that item, continues to apply on and after that commencement in relation to payments of schoolkids bonus made before, on or after that commencement.
(4) In this item:
Administration Act means theA New Tax System (Family Assistance) (Administration) Act 1999 .
Assistance Act means theA New Tax System (Family Assistance) Act 1999 .
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
The
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev…) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = | Sch = Schedule(s) |
LIA = | Sdiv = Subdivision(s) |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | |
No. = Number(s) | commenced or to be commenced |
Minerals Resource Rent Tax Repeal and Other Measures Act 2014 | 96, 2014 | 5 Sept 2014 | Sch 1–5: 30 Sept 2014 (s 2(1) item 2) Sch 7: 1 July 2017 (s 2(1) item 4) Sch 8 (items 1–11, 15–26) and Sch 9 (items 1–24): 31 Dec 2016 (s 2(1) items 5, 7, 9) Remainder: 5 Sept 2014 (s 2(1) items 1, 3, 6, 8) | |
Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 | 81, 2016 | 29 Nov 2016 | Sch 4 (items 7, 8): 2 Jul 2017 (s 2(1) item 3) | — |
item 7................................. | am No 81, 2016 |
item 8................................. | rep No 81, 2016 |
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