Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (Cth)
This is a compilation of the
This compilation was prepared on 2 October 2014.
The notes at the end of this compilation (the
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.
If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.
Contents
This Act may be cited as the
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 .
(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 4 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 1, Part 1 | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 1, Part 2 | 1 July 2013. | 1 July 2013 |
Schedule 2 | The later of:
However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. | 28 June 2013 (paragraph (b) applies) |
Schedule 3 | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 5, Part 1 | The day after this Act receives the Royal Assent. | 29 June 2013 |
Schedule 5, Part 2, Division 1 | The day after this Act receives the Royal Assent. | 29 June 2013 |
Schedule 5, Part 2, Divisions 2 and 3 | 1 July 2013. | 1 July 2013 |
Schedule 5, items 28 to 34 | The day after this Act receives the Royal Assent. | 29 June 2013 |
Schedule 5, item 35 | The later of:
However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. | 29 June 2013 (paragraph (b) applies) |
Schedule 5, items 36 to 38 | The day after this Act receives the Royal Assent. | 29 June 2013 |
Schedule 6 | The day after this Act receives the Royal Assent. | 29 June 2013 |
Schedule 7, items 1 to 136 | Immediately after the commencement of the | 1 July 2012 |
Schedule 7, item 137 | Immediately after the commencement of Part 2 of Schedule 2 to the | 29 September 2012 |
Schedule 7, items 138 to 193 | Immediately after the commencement of the | 1 July 2012 |
Schedule 7, item 194 | Immediately after the commencement of Schedule 2 to the | 1 July 2012 |
Schedule 7, item 195 | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 7, item 196 | Immediately after the commencement of the | 24 November 2011 |
Schedule 7, items 197 to 223 | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 7, item 224 | Immediately after the commencement of item 1 of Schedule 2 to the | 31 January 2013 |
Schedule 7, items 225 to 228 | The day this Act receives the Royal Assent. | 28 June 2013 |
Schedule 7, item 229 | Immediately after the commencement of item 14 of Schedule 1 to the | 22 March 2012 |
Schedule 7, items 230 to 233 | Immediately after the commencement of Division 2 of Part 25 of Schedule 6 to the | 21 March 2012 |
Schedule 7, items 234 to 242 | The day this Act receives the Royal Assent. | 28 June 2013 |
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.
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.
Section 170 of the
Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:
(a) the assessment was made before the commencement of this section; and
(b) the amendment is made within 2 years after that commencement; and
(c) the amendment is made for the purpose of giving effect to items 204 to 208 of Schedule 7 (Miscellaneous amendments) to this Act.
Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.
Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)”.
Omit “section 20H”, substitute “subsection 20H(2), (2AA), (2A) or (3)”.
Omit “subsection 17(1) or (2) or 20F(1) or section 20H, 24E or 24G”, substitute “subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A)”.
Omit “subsection 17(1) or (2) or section 20H or 24G”, substitute “subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.
Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.
Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.
After “as follows”, insert “(unless subsection (3B) or (3C) applies)”.
9
Subsection 307‑142(2) (method statement, step 1, note) Omit “section 20H”, substitute “subsection 20H(2) or (3)”.
10
Subsection 307‑142(2) (method statement, step 1, note) Omit “section 24G”, substitute “subsection 24G(2)”.
Insert:
(3B) The *tax free component is the amount of the benefit, if the *superannuation benefit is paid under subsection 17(2AB) or (2AC), 20H(2AA) or 24G(3A) or (3B) of the
Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).(3C) Despite subsection (3B), the *tax free component is nil, if the *superannuation benefit is paid under subsection 20H(2AA) of the
Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest) in respect of a person who:
(a) is a former temporary resident (within the meaning of that Act) when the payment is made; or
(b) if the person died before the payment is made—was a former temporary resident just before dying.
Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.
Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)”.
After “as follows”, insert “(unless subsection (3A) applies)”.
15
Subsection 307‑300(2) (method statement, step 1, note) Omit “section 20H”, substitute “subsection 20H(2) or (3)”.
16
Subsection 307‑300(2) (method statement, step 1, note) Omit “section 24G”, substitute “subsection 24G(2)”.
Insert:
(3A) The
element taxed in the fund is nil, if the *superannuation benefit is paid under subsection 20H(2AA) of theSuperannuation (Unclaimed Money and Lost Members) Act 1999 (interest).Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC) or 24G(3A) or (3B) of the
Superannuation (Unclaimed Money and Lost Members) Act 1999 , or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307‑142(3B) and (4) of this Act.
Omit “subsection 17(2) and sections 20H and 24G”, substitute “subsections 17(2), 20H(2), (2AA), (2A) and (3) and 24G(2)”.
Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.
Omit “section 20H”, substitute “subsection 20H(2) or (3)”.
Omit “Section 20H provides”, substitute “Subsections 20H(2) and (3) provide”.
Omit “section 17”, substitute “subsection 17(2)”.
Omit “this section in respect of the person”, substitute “subsections (2) and (3) of this section in respect of the person (disregarding an amount paid under subsection (3), to the extent the amount was attributable to interest that would have been payable under subsection (2A) apart from subsection (3))”.
Omit “section 24G”, substitute “subsection 24G(2)”.
Omit “section 17, 24E or 24G”, substitute “subsection 17(1) or (2), section 24E or subsection 24G(2)”.
Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.
Omit “section 20H”, substitute “subsection 20H(2) or (3)”.
Omit “section 17”, substitute “subsection 17(1)”.
Omit “section 20H”, substitute “subsection 20H(2) or (3)”.
Omit “Section 20H provides”, substitute “Subsections 20H(2) and (3) provide”.
Omit “section 24G”, substitute “subsection 24G(2) or (3A)”.
Omit “section 20H”, substitute “subsection 20H(2), (2AA), (2A) or (3)”.
33 Section 11‑15 (at the end of the table item headed “interest”) Add:
Add:
The following amounts are exempt from income tax:
(a) an amount of interest paid under paragraph 69(7AA)(b) of the
Banking Act 1959 ;Note: An amount of interest paid under paragraph 69(7AA)(a) of the
Banking Act 1959 is not ordinary income or statutory income.(b) an amount of interest paid under subsection 1341(3A) of the
Corporations Act 2001 ;(c) an amount of interest paid under subsection 51C(1A) of the
First Home Saver Accounts Act 2008 ;(d) an amount an *FHSA provider contributes or pays under paragraph 51C(2)(b) of the
First Home Saver Accounts Act 2008 because it receives an amount under subsection 51C(1A);(e) an amount of interest paid under paragraph 216(7A)(b) of the
Life Insurance Act 1995 .Note: An amount of interest paid under paragraph 216(7A)(a) of the
Life Insurance Act 1995 is not ordinary income or statutory income.Note: For interest paid under the
Superannuation (Unclaimed Money and Lost Members) Act 1999 , see subsections 307‑142(3B) and (3C).
Repeal the Division.
Insert:
(ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand‑by airline travel value of the benefit at the time the transport starts; or
Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.
Omit “neither paragraph (aa) nor (a)”, substitute “none of the above paragraphs”.
Insert:
(ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand‑by airline travel value of the benefit at the comparison time; or
Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.
Insert:
(ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand‑by airline travel value of the benefit at the comparison time; or
Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.
Repeal the paragraph.
Repeal the heading, substitute:
Omit “eligible fringe benefits”, substitute “in‑house fringe benefits”.
Repeal the subsection, substitute:
(2) Subsection (1) does not apply to an in‑house fringe benefit provided under a salary packaging arrangement.
13
Subsection 136(1) (definition of airline operator ) Repeal the definition.
14
Subsection 136(1) (definition of airline transport benefit ) Repeal the definition.
15
Subsection 136(1) (definition of airline transport fringe benefit ) Repeal the definition, substitute:
airline transport fringe benefit means an in‑house property fringe benefit, or in‑house residual fringe benefit, to the extent that the benefit:
(a) is the provision of transport in a passenger aircraft operated by a carrier and any incidental services on board the aircraft; and
(b) is provided subject to the stand‑by restrictions that customarily apply in relation to the provision of airline transport to employees in the airline industry.
16
Subsection 136(1) (definition of comparison time ) Repeal the definition, substitute:
comparison time , in relation to a residual fringe benefit, means:
(a) if the fringe benefit is constituted by a benefit to which subsection 46(2) applies—the start of the billing period referred to in that subsection in relation to the benefit; or
(b) if the fringe benefit is a period residual fringe benefit—the time when the recipients overall benefit started to be provided; or
(c) if the fringe benefit is an airline transport fringe benefit—the time when the transport starts; or
(d) otherwise—the time when the benefit is provided.
17
Subsection 136(1) (definition of domestic route ) Repeal the definition.
18
Subsection 136(1) (definition of exclusive employee airline transport benefit ) Repeal the definition.
19
Subsection 136(1) (definition of extended travel airline transport benefit ) Repeal the definition.
20
Subsection 136(1) (definition of international route ) Repeal the definition.
21
Subsection 136(1) (definition of providers published air fare ) Repeal the definition.
22
Subsection 136(1) (definition of qualifying air fare ) Repeal the definition.
23
Subsection 136(1) (paragraph (a) of the definition of recipients contribution ) Omit “an airline transport fringe benefit,”.
24
Subsection 136(1) (paragraph (a) of the definition of recipients contribution ) Omit “the recipients transport,”.
25
Subsection 136(1) (definition of recipients transport ) Repeal the definition.
Insert:
stand‑by airline travel value , in relation to an airline transport fringe benefit, means:
(a) if the transport is over a domestic route—50% of the carrier’s lowest standard single economy air fare:
(i) for that route; and
(ii) as publicly advertised during the year of tax; or
(b) if the transport is over an international route—50% of the lowest of any carrier’s standard single economy air fare:
(i) for that route; and
(ii) as publicly advertised during the year of tax.
27
Subsection 136(1) (definition of stand‑by value ) Repeal the definition.
Repeal the definition.
Omit “an airline transport fringe benefit,”.
Repeal the paragraph.
The amendments made by this Schedule apply in relation to the provision after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012 of:
(a) transport in aircraft; and
(b) incidental services on board aircraft.
1 Section 11‑55 (after table item headed “employment”) Insert:
| 59‑65 |
2 Section 12‑5 (table item headed “water facilities”) Repeal the item, substitute:
| 26‑100 |
|
Add:
(1) You cannot deduct under this Act *SRWUIP expenditure if the matching *SRWUIP payment is, or is reasonably expected to be, *non‑assessable non‑exempt income (whether for you or for another entity) under section 59‑65.
(2)
SRWUIP expenditure , in respect of a *SRWUIP program, is expenditure that:
(a) you incur that satisfies an obligation under an *arrangement under the program; and
(b) is, or is reasonably expected to be, matched by a *SRWUIP payment in respect of the program.
(3) However, treat the expenditure as if it had never been
SRWUIP expenditure if it is no longer reasonable to expect that the expenditure will be matched by a *SRWUIP payment in respect of the program.
Insert:
The *cost of a *depreciating asset is reduced by any portion of it that consists of expenditure that you cannot deduct because of section 26‑100.
Repeal the subsection, substitute:
Limit on deduction
(3) You cannot deduct more in total than:
(a) for a *water facility—the amount of capital expenditure (disregarding expenditure that you cannot deduct because of section 26‑100 (about water infrastructure improvement expenditure)) incurred on the facility; or
(b) for a *horticultural plant—the amount of capital expenditure incurred on the plant.
After “capital expenditure”, insert “(disregarding expenditure that you cannot deduct because of section 26‑100 (about water infrastructure improvement expenditure))”.
Add:
; or (i) expenditure that you cannot deduct because of section 26‑100 (about water infrastructure improvement expenditure).
Add:
(1) A *SRWUIP payment, in respect of a *SRWUIP program, to an entity that is a participant in the program is not assessable income and is not *exempt income if:
(a) the entity has made a choice under subsection (2) for the program; and
(b) if the payment is an *indirect SRWUIP payment—the entity *derives the payment because it owns an asset (otherwise than under a *financial arrangement) to which the program relates.
Note: One of the requirements for a SRWUIP payment is for the SRWUIP program to be on the published list of SRWUIP programs for the day the payment is made (see subsection 59‑67(5)).
(2) An entity may make a choice for a *SRWUIP program under this subsection if, in an income year:
(a) the entity *derives a *SRWUIP payment in respect of the program but has
not , in an earlier income year:
(i) derived a SRWUIP payment in respect of the program; or
(ii) incurred *SRWUIP expenditure in respect of the program; or
(b) the entity incurs SRWUIP expenditure in respect of the program but has
not , in an earlier income year:
(i) derived a SRWUIP payment in respect of the program; or
(ii) incurred SRWUIP expenditure in respect of the program.
Disregard subsection 26‑100(3) (about expenditure that is never SRWUIP expenditure) for the purposes of this subsection.
(3) The choice must be:
(a) made in the *approved form; and
(b) made:
(i) unless subparagraph (ii) or (iii) applies—on or before the day the entity lodges its *income tax return for the income year; or
(ii) if the Commissioner makes an assessment of the entity’s taxable income for the income year before the entity lodges its income tax return for the income year, and subparagraph (iii) does not apply—on or before the day the Commissioner makes that assessment; or
(iii) within such further time as the Commissioner allows.
The choice cannot be revoked.
Integrity rule
(4) Subsection (1) does not apply if, at the time the entity *derives the *SRWUIP payment in respect of a *SRWUIP program, it is reasonable to conclude that:
(a) the entity will not incur expenditure at least equal to the payment on works required by the program; and
(b) despite not incurring such expenditure, the entity will comply with the program because an *associate of the entity will incur expenditure on those works; and
(c) the associate has not made, and will not make, a choice under subsection (2) for the program.
(1) A
SRWUIP program is a program under the program administered by the Commonwealth known as the Sustainable Rural Water Use and Infrastructure program.(2) A
SRWUIP payment , in respect of a *SRWUIP program, is:
(a) a *direct SRWUIP payment in respect of the program; or
(b) an *indirect SRWUIP payment in respect of the program.
(3) A
direct SRWUIP payment is a payment by the Commonwealth to a participant in a *SRWUIP program to the extent that it is made under that program.(4) An
indirect SRWUIP payment is a payment to a participant in a *SRWUIP program to the extent that it is reasonably attributable to a payment by the Commonwealth under that program.(5) For the purposes of subsections (3) and (4), treat a payment as being made under a *SRWUIP program only if that SRWUIP program is on the published list of SRWUIP programs (see section 59‑70) for the day the payment is made.
(6) However, treat a payment as if it had never been made under a *SRWUIP program to the extent that the Commonwealth seeks to recover the payment.
Example: The Commonwealth seeks to recover half of a payment made under a SRWUIP program. The remaining half is still a payment made under the SRWUIP program.
(1) The *Water Secretary must keep a list of *SRWUIP programs. The list must:
(a) specify the days for which each program is on the list; and
(b) be published on the *Water Department’s website.
Example: A program could be listed for each day on or after 1 July 2011.
Entering SRWUIP programs on the list
(2) The *Water Secretary must enter on the list each *SRWUIP program (and its days) in accordance with a direction under subsection (3).
(3) The Minister and the *Water Minister may jointly direct the *Water Secretary to enter a program (and its days) on the list only if the Water Minister has notified the Minister in writing that the Water Minister is satisfied that the program:
(a) is a *SRWUIP program; and
(b) will generate efficiencies in water use through infrastructure improvements.
(4) A direction under subsection (3) must be in writing and specify the days for which the *SRWUIP program is to be on the list. Some or all of those days may be before the day the direction is given.
Changing the days for which a SRWUIP program is listed
(5) The Minister and the *Water Minister may jointly direct the *Water Secretary to change the list to specify:
(a) additional days (including days before the day the direction is given) for which a *SRWUIP program is on the list; or
(b) the final day (which must be after the day the direction is given) for which a SRWUIP program is on the list.
The *Water Secretary must change the list accordingly.
(6) A direction under subsection (5) must be in writing.
Giving directions
(7) The Minister and the *Water Minister must have regard to the policies and budgetary priorities of the Commonwealth Government in deciding whether to give a direction under subsection (3) or (5).
The *Water Secretary must notify the Commissioner about each payment described in subsection 59‑67(6) that the Commonwealth seeks to recover.
Section 170 of the
Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to an outcome that is consequential on any or all of the following events:
(a) the inclusion of a *SRWUIP program on the published list of SRWUIP programs (see section 59‑70);
(b) the publication of a change to a SRWUIP program’s listing on the published list of SRWUIP programs;
(c) the Commonwealth seeking to recover a payment described in subsection 59‑67(6);
(d) the making of a choice under subsection 59‑65(2);
(e) the event that causes subsection 26‑100(3) to treat expenditure as if it had never been *SRWUIP expenditure;
if the amendment is made at any time during the period of 2 years starting immediately after that event.
Note: Section 170 of the
Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.
Add:
(7) Expenditure does not form part of any element of the
cost base to the extent that section 26‑100 prevents it being deducted.Note: Section 26‑100 denies deductions for certain expenditure on water infrastructure improvements.
Insert:
(9G) Expenditure does not form part of the
reduced cost base to the extent that section 26‑100 prevents it being deducted.Note: Section 26‑100 denies deductions for certain expenditure on water infrastructure improvements.
Insert:
(ga) a *water entitlement, to the extent that the CGT event happens because an entity *derives a *SRWUIP payment that is *non‑assessable non‑exempt income under section 59‑65;
(gb) a *SRWUIP payment you derive that is non‑assessable non‑exempt income under section 59‑65;
Insert:
direct SRWUIP payment has the meaning given by subsection 59‑67(3).
Insert:
indirect SRWUIP payment has the meaning given by subsection 59‑67(4).
Insert:
SRWUIP expenditure has the meaning given by subsections 26‑100(2) and (3).
Insert:
SRWUIP payment has the meaning given by subsection 59‑67(2).
Insert:
SRWUIP program has the meaning given by subsection 59‑67(1).
Insert:
Water Secretary means the Secretary of the *Water Department.
The amendments made by this Schedule apply in relation to payments made on or after 1 April 2010 by the Commonwealth under a SRWUIP program.
(1) This item applies if, apart from this item, a choice under subsection 59‑65(2) of the
Income Tax Assessment Act 1997 must be made on or before the day this Schedule commences.(2) Despite paragraph 59‑65(3)(b) of that Act, the choice must be made and given to the Commissioner:
(a) within the 2 year period starting at that commencement; or
(b) within such further time as the Commissioner allows.
Note: The requirements for making the choice must still be satisfied (see subsection 59‑65(2) of that Act). This item does not change the income years referred to in that subsection.
Insert:
Insert:
Guide to Division 160
160‑A Object of this Division
160‑B Entitlement to and amount of loss carry back tax offset
160‑C Loss carry back choice
A corporate tax entity can choose to “carry back” a tax loss it has for the current year, or for the preceding income year, against the income tax liability it had for either of the 2 income years preceding the current year.
The entity gets a refundable tax offset for the current year that is a proxy for the tax the entity would save if it deducted the loss in the income year to which the loss is “carried back”.
The refundable tax offset is capped at the lesser of $1,000,000 multiplied by the corporate tax rate, and the entity’s franking account balance.
160‑5 Object of this Division
The object of this Division is to reduce the tax disincentive for corporate tax entities to take sensible investment risks. The Division does this by allowing such entities to offset their tax losses against their income tax liabilities for the 2 previous income years through a refundable tax offset.
160‑10 Entitlement to loss carry back tax offset
160‑15 Amount of loss carry back tax offset
An entity is entitled to a *tax offset (the
loss carry back tax offset ) for the *current year if the following conditions are satisfied:
(a) the entity is a *corporate tax entity throughout the current year;
Note: See also section 160‑25.
(b) either or both of the following income years were *loss years:
(i) the current year;
(ii) the income year just before the current year (the
middle year );(c) the entity had an *income tax liability for either or both of the following income years:
(i) the middle year;
(ii) the income year just before the middle year (the
earliest year );(d) any of the following requirements are satisfied for the current year and each of the 5 income years before the current year:
(i) the entity has lodged its *income tax return for the year;
(ii) the entity was not required to lodge an income tax return for the year;
(iii) the Commissioner has made an assessment of the entity’s income tax for the year;
(e) the entity makes a *loss carry back choice for the current year in accordance with Subdivision 160‑C.
Note 1: The entity is entitled to only one loss carry back tax offset for the current year. However, that offset has 2 components, one relating to the earliest year and one relating to the middle year: see section 160‑15.
Note 2: The loss carry back tax offset is a refundable tax offset: see section 67‑23.
(1) The amount of the entity’s *loss carry back tax offset for the *current year is the least of the following amounts:
(a) the sum of the *loss carry back tax offset components for the earliest year and the middle year;
(b) the entity’s *franking account balance at the end of the current year;
(c) $1,000,000 multiplied by the *corporate tax rate for the current year.
(2) For the purposes of working out the amount of the entity’s *loss carry back tax offset for the *current year, the entity’s
loss carry back tax offset component for an income year is worked out as follows:
Method statement
Step 1. Start with the amount of the *tax loss the entity *carries back to the income year (or the sum of the amounts of the tax losses the entity carries back to the income year).
Note: If no amount is carried back to the income year, the step 1 amount, and the
loss carry back tax offset component for the income year, are nil.Step 2. Reduce the step 1 amount by the entity’s *net exempt income for the income year.
Note: Do not reduce the step 1 amount by the entity’s net exempt income to the extent the net exempt income has already been utilised: see section 960‑20.
Step 3. Multiply the step 2 amount by the *corporate tax rate for the *current year.
Step 4. The entity’s
loss carry back tax offset component for the income year is so much of the entity’s *income tax liability for the income year as does not exceed the step 3 amount.
Example: Redom Pty Ltd has at the end of the 2013‑14 income year:
(a) a tax loss of $900,000 for that year and a franking account balance of $280,000; and
(b) for the 2011‑12 income year—an income tax liability of $120,000 and net exempt income of $5,000; and
(c) for the 2012‑13 income year—an income tax liability of $210,000.
Redom chooses to carry back $405,000 of its tax loss for the 2013‑14 year to the 2011‑12 year and $495,000 of that loss to the 2012‑13 year.
Redom’s loss carry back tax offset for the 2013‑14 year is $268,500, worked out as follows:
(a) an offset component for the 2011‑12 income year of $120,000, calculated by starting with the $405,000 carried back, reducing that at step 2 by $5,000, and multiplying the result by 30%.
(b) an offset component for the 2012‑13 income year of $148,500, calculated by starting with the $495,000 carried back and multiplying the result by 30%.
The sum of the 2 components is $268,500 (which is less than Redom’s $280,000 franking account balance at the end of the 2013‑14 year). If that sum had exceeded that balance, the amount of the offset would have been limited under paragraph (1)(b) to that balance.
Income tax liability for earliest year already utilised
(3) For the purposes of applying step 4 of the method statement in subsection (2) to work out the entity’s *loss carry back tax offset component for the earliest year, disregard so much of the entity’s *income tax liability for the earliest year as has previously been included (for the purpose of working out the entity’s entitlement to a *loss carry back tax offset for the middle year) in a loss carry back tax offset component.
Foreign residents
(4) Paragraph (1)(b) does not apply if the entity was a foreign resident (other than an *NZ franking company) for:
(a) if the entity *carries back an amount to the earliest year—more than half of the earliest year; and
(b) if the entity carries back an amount to the middle year—more than half of the middle year.
160‑20 Loss carry back choice
160‑25 Entity must have been a corporate tax entity during relevant years
160‑30 Transferred tax losses etc. not included
160‑35 Integrity rule—no loss carry back tax offset if scheme entered into
(1) The entity may make a
loss carry back choice for the *current year that specifies:
(a) how much of the entity’s *tax loss for the current year (if any) is to be carried back to the earliest year; and
(b) how much of the entity’s tax loss for the middle year (if any) is to be carried back to the earliest year; and
(c) how much of the entity’s tax loss for the current year (if any) is to be carried back to the middle year.
(2) The choice must be made in the *approved form by:
(a) the day the entity lodges its *income tax return for the *current year; or
(b) such later day as the Commissioner allows.
(1) The entity cannot *carry back an amount of a *tax loss to the earliest year unless the entity was a *corporate tax entity throughout the earliest year (disregarding any period when the entity was not in existence) and the middle year.
(2) The entity cannot *carry back an amount of a *tax loss to the middle year unless the entity was a *corporate tax entity throughout the middle year (disregarding any period when the entity was not in existence).
Note: The entity must be a corporate tax entity throughout the current year: see paragraph 160‑10(a).
The entity cannot *carry back an amount of a *tax loss for an income year, to the extent that the loss:
(a) was transferred to or from the entity under Division 170 or Subdivision 707‑A (about certain company groups); or
(b) exceeds the amount that would be the entity’s tax loss for the year if section 36‑55 (about excess franking offsets) were disregarded.
No loss carry back tax offset if scheme entered into
(1) The *corporate tax entity cannot *carry back an amount of a *tax loss to an income year (the
gain year ) if:
(a) there is a *scheme for a disposition of *membership interests, or an *interest in membership interests, in:
(i) the corporate tax entity; or
(ii) an entity that has a direct or indirect interest in the corporate tax entity; and
(b) the scheme is entered into or carried out during the period:
(i) starting at the start of the gain year; and
(ii) ending at the end of the *current year; and
(c) the disposition results in a change in who controls, or is able to control, (whether directly, or indirectly through one or more interposed entities) the voting power in the corporate tax entity; and
(d) another entity receives, in connection with the scheme, a *financial benefit calculated by reference to one or more *loss carry back tax offsets to which it was reasonable, at the time the scheme was entered into or carried out, to expect the corporate tax entity would be entitled; and
(e) having regard to the relevant circumstances of the scheme, it would be concluded that a person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a purpose (whether or not the dominant purpose but not including an incidental purpose) of enabling the corporate tax entity to get a loss carry back tax offset.
Relevant circumstances
(2) For the purposes of paragraph (1)(e), the relevant circumstances of the *scheme for a disposition include the following:
(a) the extent to which the *corporate tax entity continued to conduct the same activities after the scheme as it did before the scheme;
(b) if the corporate tax entity continued to use the same assets after the scheme as it did before the scheme—the extent to which those assets were assets for which equivalents were not readily available at the time of the scheme;
(c) the matters referred to in subparagraphs 177D(b)(i) to (viii) of the
Income Tax Assessment Act 1936 (applying subparagraph 177D(b)(iv) as if the reference to Part IVA of that Act were instead a reference to this section).
Application of this section to non‑share equity interests
(3) This section:
(a) applies to a *non‑share equity interest in the same way as it applies to a *membership interest; and
(b) applies to an *equity holder in the same way as it applies to a *member.
Insert:
income tax liability , of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4‑10(3)) for the financial year applicable to the entity under subsection 4‑10(2).
Insert:
interest in membership interests has the same meaning as in section 177EA of theIncome Tax Assessment Act 1936.
Insert:
scheme for a disposition , in relation to *membership interests or an *interest in membership interests, has the same meaning as in section 177EA of theIncome Tax Assessment Act 1936.
Insert:
160‑A Application of Division 160 of the Income Tax Assessment Act 1997
160‑1 Application of Division 160 of the
Income Tax Assessment Act 1997 160‑5 Modification for 2012‑13 income year—no carry back to 2010‑11 income year
Division 160 of the
Income Tax Assessment Act 1997 applies to assessments for the 2012‑13 income year and later income years.
(1) This section applies to assessments for the 2012‑13 income year.
(2) Despite subsection 160‑15(2) of the
Income Tax Assessment Act 1997 , an entity’s loss carry back tax offset component for the 2010‑11 income year is treated as being nil.
Repeal the section.
The amendment made by item 7 does not apply in relation to an objection made before the commencement of this item.
Insert:
tax offset refund , of yours for an income year, means a refund you can get as mentioned in item 40 of the table in subsection 63‑10(1) (refundable tax offsets) for the income year.
Add:
67‑L Notices of totals of tax offset refunds for 2012‑13 income year
Giving notices 67‑100 Notices of total of tax offset refunds
67‑105 Deemed notices
67‑110 Requests for notices
67‑115 Effect of notices
Amending notices 67‑120 Amendment of notices
Validity of notices, evidence and review 67‑125 Validity of notices
67‑130 Evidence
67‑135 Review of notices
(1) The Commissioner may at any time give you a notice specifying:
(a) the amount the Commissioner has ascertained as being the total of your tax offset refunds for the 2012‑13 income year; or
(b) that the Commissioner has ascertained that you can get no such refunds for the 2012‑13 income year.
(2) The notice may be included in any notice the Commissioner gives to you, including a notice of assessment.
(3) The Commissioner may give you the notice electronically if you are required to lodge, or have lodged, your income tax return for the income year electronically.
(1) This section applies if:
(a) an entity is a self‑assessment entity for the 2012‑13 income year; and
(b) the entity lodges its income tax return for the 2012‑13 income year at a particular time; and
(c) just before that time, the Commissioner has not already given the entity a notice under section 67‑100.
(2) The Commissioner is taken:
(a) to have ascertained, in accordance with what the entity specified in the return:
(i) an amount as being the total of the entity’s tax offset refunds for the income year; or
(ii) that the entity can get no such refunds for the income year; and
(b) to have given the entity a notice to that effect under section 67‑100 on the day on which the entity lodges the return.
(1) You may request the Commissioner in the approved form to give you a notice under this Subdivision.
(2) The Commissioner must comply with the request if:
(a) the Commissioner has not already given you a notice under this Subdivision; and
(b) you make the request on or after:
(i) the day you lodge your income tax return for the income year; or
(ii) if you were not required to lodge an income tax return for the income year—the day after the end of the income year; and
(c) you make the request before the end of:
(i) if the Commissioner has given or gives you a notice of assessment for the income year—the period within which you may object against the assessment under paragraph 14ZW(1)(aa) of the
Taxation Administration Act 1953 ; or(ii) otherwise—2 years after the end of the income year; or
(iii) in any case—such further period as the Commissioner allows.
(3) The Commissioner is treated, for the purposes of section 67‑135, as having given you, on the 60th day after you make the request, a notice specifying that the Commissioner has ascertained that you can get no tax offset refunds for the income year, if the Commissioner has not complied with the request by that 60th day.
(1) Your entitlement to a tax offset refund, and the time by which the refund must be applied in accordance with Divisions 3 and 3A of Part IIB of the
Taxation Administration Act 1953 , do not depend on, and are not in any way affected by, the giving of a notice under this Subdivision.(2) An ascertainment mentioned in subsection 67‑100(1) is not an assessment for the purposes of the income tax law.
The Commissioner may amend a notice at any time. An amended notice is a notice for all purposes of this Subdivision.
The validity of a notice is not affected by non‑compliance with the provisions of this Act or of any other taxation law.
(1) The production of:
(a) a notice given under this Subdivision; or
(b) a document under the hand of the Commissioner, a Second Commissioner, or a Deputy Commissioner, purporting to be a copy of a notice given under this Subdivision;
is, except in proceedings under Part IVC of the
Taxation Administration Act 1953 on a review or appeal relating to the notice, conclusive evidence that the notice was given and of the particulars in it.
(2) The production of a document under the hand of the Commissioner, a Second Commissioner, or a Deputy Commissioner, purporting to be a copy of or extract from a notice given under this Subdivision is evidence of the matters set out in the document to the same extent as the original would have been evidence of those matters.
(1) You may object, in the manner set out in Part IVC of the
Taxation Administration Act 1953 , against a notice given to you under this Subdivision if you are dissatisfied with the notice.(2) Section 14ZV of the
Taxation Administration Act 1953 applies to an amended notice in the same way as it applies to an amended determination.(3) Despite subsection 14ZW(1) of that Act (and without limiting subsections 14ZW(2) and (3)), you must lodge the objection with the Commissioner before the end of:
(a) if the Commissioner gives you a notice of assessment for the income year—the period within which you may object against the assessment; or
(b) if the Commissioner does not give you a notice of assessment—the period within which you may have objected against an assessment under subsection 14ZW(1) if the Commissioner had given you notice of the assessment on the day the Commissioner gave you the notice under this Subdivision.
11 Subsection 6(1) (paragraphs (a) to (d) of the definition of assessment ) Repeal the paragraphs, substitute:
(a) the ascertainment:
(i) of the amount of taxable income (or that there is no taxable income); and
(ii) of the tax payable on that taxable income (or that no tax is payable); and
(iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
Note 1: A taxpayer does not have a taxable income if the taxpayer’s deductions equal or exceed the taxpayer’s assessable income: see subsection 4‑15(1) of the
Income Tax Assessment Act 1997 .Note 2: A taxpayer may have no tax payable on an amount of taxable income if that income is below the tax‑free threshold or if the taxpayer’s tax offsets reduce the taxpayer’s basic income tax liability to nil.
(b) for a taxpayer that is the trustee of a unit trust that is a corporate unit trust (within the meaning of section 102J)—the ascertainment:
(i) of the net income of the trust (within the meaning of section 102D) (or that there is no net income); and
(ii) of the tax payable on that net income (or that no tax is payable); and
(iii) of the total of the taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
(c) for a taxpayer that is the trustee of a unit trust that is a public trading trust (within the meaning of section 102R)—the ascertainment:
(i) of the net income of the trust (within the meaning of section 102M) (or that there is no net income); and
(ii) of the tax payable on that net income (or that no tax is payable); and
(iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
(d) for a taxpayer that is the trustee of a trust estate (other than a trustee to which paragraph (b) or (c) applies or the trustee of a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust)—the ascertainment:
(i) of so much of the net income of the trust estate as is net income in respect of which the trustee is liable to pay tax (or that there is no net income in respect of which the trustee is so liable); and
(ii) of the tax payable on that net income (or that no tax is payable); and
(iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
Insert:
tax offset refund has the meaning given by theIncome Tax Assessment Act 1997 .
Insert:
(ba) the total of its tax offset refunds for that year of income (or that it can get no such refund for that year of income); or
Repeal the section, substitute:
From the returns, and from any other information in the Commissioner’s possession, or from any one or more of these sources, the Commissioner must make an assessment of:
(a) the amount of the taxable income (or that there is no taxable income) of any taxpayer; and
(b) the amount of the tax payable thereon (or that no tax is payable); and
(c) the total of the taxpayer’s tax offset refunds (or that the taxpayer can get no such refunds).
Repeal the paragraph, substitute:
(c) the Commissioner is taken to have made an assessment of:
(i) the taxable income or net income (or an assessment that there is no taxable income or net income); and
(ii) the tax payable on that income (or that no tax is payable); and
(iii) the total of the taxpayer’s tax offset refunds for the year of income (or that the taxpayer can get no such refunds);
in accordance with what the taxpayer specified in the return;
Repeal the subsection, substitute:
(1) The Commissioner may at any time during any year, or after its expiration, make an assessment of:
(a) the taxable income derived (or that there is no taxable income) in that year or any part of it by any taxpayer; and
(b) the tax payable thereon (or that no tax is payable); and
(c) the total of the taxpayer’s tax offset refunds for that year or that part of it (or that the taxpayer can get no such refunds).
Insert:
Amendment increases total of tax offset refunds
(1) If, by reason of an amendment of an assessment, the total of a person’s tax offset refunds is increased, the Commissioner must apply the amount of the increase in accordance with Divisions 3 and 3A of Part IIB of the
Taxation Administration Act 1953 .Note: Interest on the amount of the increase may be payable under the
Taxation (Interest on Overpayments and Early Payments) Act 1983 .
Amendment reduces total of tax offset refunds
(2) If:
(a) by reason of an amendment of an assessment, the total of a person’s tax offset refunds is reduced; and
(b) as a result, an amount applied in accordance with Divisions 3 and 3A of Part IIB of the
Taxation Administration Act 1953 before the amendment was excessive;the person is liable to pay to the Commonwealth the amount of the excess. The amount is due 21 days after the Commissioner gives the person notice of the amended assessment.
Note: For provisions about collection and recovery of the amount, see Part 4‑15 in Schedule 1 to the
Taxation Administration Act 1953 .
(3) If any of the amount (the
overpayment ) the person is liable to pay under subsection (2) remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
(a) starts at the beginning of the day on which the overpayment was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the overpayment;
(ii) general interest charge on any of the overpayment.
Note: The general interest charge is worked out under Part IIA of the
Taxation Administration Act 1953 .
Omit “payable;”, substitute “payable.”.
Omit “unless the taxpayer is seeking an increase in the taxpayer’s liability”.
Add:
(3) Subsection (2) does not prevent the taxpayer from objecting against an assessment if the taxpayer is seeking an increase in:
(a) the taxpayer’s liability; or
(b) the total of the taxpayer’s tax offset refunds.
Add:
Note: The total of your tax offset refunds for later income years is included in your assessment for those years: see Part IV of the
Income Tax Assessment Act 1936 .
Insert:
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23 Subsection 250‑10(1) in Schedule 1 (after table item 50) Insert:
The amendments made by this Division apply to assessments made on or after 1 July 2013 for the 2013‑14 income year or later income years.
Repeal the paragraph, substitute:
(b) the applicant has the burden of proving:
(i) if the taxation decision concerned is an assessment—that the assessment is excessive or otherwise incorrect and what the assessment should have been; or
(ii) in any other case—that the taxation decision concerned should not have been made or should have been made differently.
Repeal the paragraph, substitute:
(b) the appellant has the burden of proving:
(i) if the taxation decision concerned is an assessment—that the assessment is excessive or otherwise incorrect and what the assessment should have been; or
(ii) in any other case—that the taxation decision should not have been made or should have been made differently.
The amendments made by this Division apply to an assessment if:
(a) the assessment is made on or after 1 July 2013; and
(b) in the case of an assessment that relates to an income year or other accounting period:
(i) the income year is the 2013‑14 income year or a later income year; or
(ii) the other accounting period commences on or after 1 July 2013.
Insert:
loss carry back tax offset has the same meaning as in theIncome Tax Assessment Act 1997 .
Insert:
(baa) a loss carry back tax offset being allowable to the taxpayer where the whole or a part of that loss carry back tax offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer if the scheme had not been entered into or carried out; or
Insert:
(ea) in a case where paragraph (baa) applies—the amount of the whole of the loss carry back tax offset or of the part of the loss carry back tax offset, as the case may be, referred to in that paragraph; and
Insert:
(ca) a loss carry back tax offset being allowable to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, allowable to the taxpayer if the scheme had not been entered into or carried out, where:
(i) the allowance of the loss carry back tax offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and
(ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or
After “(c)(i)”, insert “, (ca)(i)”.
Insert:
(caa) the allowance of a loss carry back tax offset to a taxpayer; or
Insert:
(fa) the loss carry back tax offset would not have been allowable; or
Insert:
(ca) the whole or a part of a loss carry back tax offset not being allowable to the taxpayer;
Add “or”.
Insert:
(ca) in the case of a tax benefit that is referable to a loss carry back tax offset, or a part of a loss carry back tax offset, being allowable to the taxpayer—determine that the whole or a part of the loss carry back tax offset, or the part of the loss carry back tax offset, as the case may be, is not to be allowable to the taxpayer; or
Insert:
(ca) if, in the opinion of the Commissioner:
(i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a loss carry back tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a loss carry back tax offset to the relevant taxpayer; and
(ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a loss carry back tax offset to the relevant taxpayer;
determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a loss carry back tax offset to the relevant taxpayer; or
After “of a scheme include”, insert “the following”.
Omit “carried forward to a later”, substitute “unutilised (within the meaning of the
Income Tax Assessment Act 1997 ) at the end of the relevant”.
Omit “deduct in”, substitute “utilise in that or”.
Omit “so much of your *net exempt income as is not applied for that income year under section 35‑15 (about non‑commercial business activities) or section 36‑10 or 36‑15 (about tax losses)”, substitute “your *net exempt income for that year (after *utilising the net exempt income under section 35‑15 (about non‑commercial business activities) or section 36‑10 or 36‑15 (about tax losses))”.
Omit “so much of your *net exempt income as is not applied for that income year under section 36‑10 or 36‑15 (about tax losses)”, substitute “your *net exempt income for that year (after *utilising the net exempt income under section 36‑10 or 36‑15 (about tax losses))”.
Omit “which you may be able to deduct in a later income year”.
Add:
Note: You may be able to utilise the tax loss in that or a later income year.
After “Note”, insert “1”.
Add:
Note 2: A tax loss can be deducted only to the extent that it has not already been utilised: see subsection 960‑20(1).
Repeal the subsections (including the note).
Add:
Note 1: A tax loss can be deducted under this section only to the extent that it has not already been utilised: see subsection 960‑20(1).
Note 2: A corporate tax entity may also be able to carry a loss back to an earlier income year: see Division 160.
Repeal the subsections (including the note).
Omit “deduct”, substitute “*utilise”.
Omit “deducted”, substitute “*utilised”.
Omit “using certain losses that are carried forward”, substitute “utilising certain losses of earlier income years”.
Repeal the note.
Repeal the section, substitute:
In working out if you have a *net capital gain, your *net capital losses are applied in the order in which you made them.
Note 1: A net capital loss can be applied only to the extent that it has not already been utilised: see subsection 960‑20(1).
Note 2: For applying a net capital loss for the 1997‑98 income year or an earlier income year, see section 102‑15 of the
Income Tax (Transitional Provisions) Act 1997 .
Repeal the note.
Omit “Note 2”, substitute “Note”.
Omit “an undeducted *tax loss or undeducted”, substitute “a *tax loss or”.
Omit “an unapplied *net capital loss or unapplied”, substitute “a *net capital loss or”.
Omit “an undeducted *tax loss or unapplied”, substitute “a *tax loss or”.
Omit “deduct”, substitute “*utilise”.
Repeal the subsection, substitute:
Loss company can only transfer what it cannot use itself
(1) The amount transferred cannot exceed what would be the amount of the *loss company’s *unutilised *tax loss at the end of the *deduction year if the loss company utilised the tax loss to the greatest extent possible.
Omit “apply”, substitute “*utilise”.
Omit “the amount of the loss company’s *net capital loss that, apart from the transfer, the loss company would carry forward to the next income year after the application year”, substitute “what would be the amount of the *loss company’s *unutilised *net capital loss at the end of the application year if the loss company utilised the net capital loss to the greatest extent possible”.
Omit “loss company would carry forward the
whole of the net capital loss”, substitute “whole of the net capital loss would be unutilised”.
Repeal the heading, substitute:
Omit “but not utilised”.
Omit “(1)”.
Repeal the subsection.
Omit “(1)”.
Repeal the subsection.
Insert:
960‑20 Utilisation
(1) None of the following can be *utilised, to the extent it has already been utilised:
(a) a *tax loss;
(b) a *net capital loss;
(c) *net exempt income.
Utilisation of losses
(2) A *tax loss is
utilised to the extent that:
(a) it is deducted from an amount of assessable income or *net exempt income; or
(b) it is reduced by applying a *total net forgiven amount; or
(c) it is *carried back.
(3) A *net capital loss is
utilised to the extent that:
(a) it is applied to reduce an amount of *capital gains; or
(b) it is reduced by applying a *total net forgiven amount.
Utilisation of net exempt income
(4) *Net exempt income for an income year is
utilised to the extent that:
(a) it is subtracted:
(i) from deductions; or
(ii) under subsection 268‑60(4) in Schedule 2F to the
Income Tax Assessment Act 1936 or subsection 165‑70(4) or 175‑35(4) of this Act;in determining a *tax loss for the income year; or
(b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or
(c) because of it, an amount is reduced under subsection 35‑15(2) (about deferral of deductions from non‑commercial business activities); or
(d) because of it, a quarantined amount is reduced under subsection 26‑47(8); or
(e) it is reduced under subsection 65‑35(3) because of a *tax offset carried forward; or
(f) because of it, an amount is reduced under step 2 of the method statement in subsection 160‑15(2) (which is a step in calculating a loss carry back tax offset component).
Insert:
carry back : youcarry back to an income year so much of a *tax loss for a later income year as you specify in a *loss carry back choice to be carried back to the earlier income year.
36
Subsection 995‑1(1) (definition of current year ) Repeal the definition, substitute:
current year means the income year for which you are working out your assessable income, deductions and *tax offsets.
Insert:
loss carry back choice has the meaning given by section 160‑20.
Insert:
loss carry back tax offset has the meaning given by section 160‑10.
Insert:
loss carry back tax offset component has the meaning given by subsection 160‑15(2).
Insert:
unutilised means not *utilised.
Repeal the definition, substitute:
utilise , a *tax loss, a *net capital loss or *net exempt income, has the meaning given by section 960‑20.
Repeal the heading, substitute:
Omit “undeducted tax loss may be deducted”, substitute “tax loss may be utilised”.
Omit “you can carry it forward to the next income year”, substitute “it is *unutilised at the end of the base year”.
Omit “you can carry it forward to the next income year”, substitute “it is *unutilised at the end of the base year”.
46
Subsection 45‑330(3) in Schedule 1 (paragraph (a) of step 3 of the method statement) Omit “the company can carry them forward to the next income year”, substitute “they are *unutilised at the end of the *base year”.
47
Subsection 45‑330(3) in Schedule 1 (paragraph (a) of step 6 of the method statement) Omit “the company can carry them forward to the next income year”, substitute “they are *unutilised at the end of the *base year”.
48
Subsection 45‑480(2) in Schedule 1 (paragraph (c) of the definition of adjusted net income of the trust ) Omit “can be carried forward for working out the trust’s net income for the next income year”, substitute “is *unutilised at the end of the *base year”.
After “Division 36”, insert “or 160”.
50 Section 13‑1 (after table item headed “long service leave”) Insert:
| Division 160 |
51 Section 36‑25 (at the end of the table item dealing with tax losses of corporate tax entities) Add:
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52 Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 1) Repeal the item, substitute:
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53 Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 2) Omit “deducted in a later income year”, substitute “utilised”.
54 Section 36‑25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1) Repeal the item, substitute:
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Add “and”.
Insert:
(c) section 195‑37 does
not prevent the company from *carrying back its tax loss for the purpose of working out the amount of the company’s *loss carry back tax offset for an income year;
Add:
A company that:
(a) has a *tax loss for an income year; and
(b) is a *PDF at the end of the income year;
cannot *carry back the loss to an earlier income year for the purposes of working out the amount of the company’s *loss carry back tax offset for an income year (the
offset year ) unless the company is a PDF throughout the earlier income year and the offset year.
Insert:
A *limited partnership’s *tax loss for a *loss year cannot be *carried back to an income year during which the partnership was a *VCLP, an *ESVCLP, an *AFOF or a *VCMP.
Insert:
After “applying”, insert “a *loss carry back tax offset, or”.
After “(about R&D)”, insert “,”.
Omit “item 2”, substitute “items 2 and 3”.
Add:
Insert:
(aa) Division 160 (Corporate loss carry back tax offset);
Add “or 160”.
66 Section 45‑340 in Schedule 1 (after paragraph (db) of step 1 of the method statement) Insert:
(dc) Division 160 of the
Income Tax Assessment Act 1997 (the loss carry back tax offset);
Repeal the subsections, substitute:
(4) The following only apply in relation to tax‑related liabilities that are due and payable because a choice has been made, under section 215‑10 of the
Minerals Resource Rent Tax Act 2012 , to apply Division 215 of that Act in relation to the *consolidated group:
(a) items 75, 80 and 85 of the table in subsection (2);
(b) items 40 and 65 of that table to the extent that it relates to tax‑related liabilities to which the items referred to in paragraph (a) apply.
(5) The following only apply in relation to tax‑related liabilities that are due and payable because a choice has been made, under section 58N of the
Petroleum Resource Rent Tax Assessment Act 1987 , to apply Division 8 of Part V of that Act in relation to the *consolidated group:
(a) items 95, 100, 105 and 110 of the table in subsection (2);
(b) items 40 and 65 of that table to the extent that they relate to tax‑related liabilities to which the items referred to in paragraph (a) apply.
(6) Without limiting subsections (4) and (5), in the application of this section in relation to a *MEC group because of section 719‑2, the items referred to in those subsections also apply in relation to tax‑related liabilities of the *provisional head company of the MEC group.
Insert:
petroleum resource rent tax law means:
(a) the
Petroleum Resource Rent Tax Assessment Act 1987 ; and(b) any Act that imposes *petroleum resource rent tax; and
(c) the
Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
Insert:
resource rent tax amount means any debt or credit that arises directly under the *resource rent tax provisions.
Insert:
resource rent tax provisions means:
(a) the *MRRT law; and
(b) the *petroleum resource rent tax law;
other than *BAS provisions.
Repeal the subsection, substitute:
(7) Operations or activities are
resource marketing operations , for a mining project interest, to the extent that the operations or activities involve marketing, selling, shipping or delivering of:
(a) *taxable resources in relation to which a *mining revenue event mentioned in paragraph 30‑15(1)(a) or (b) happens; or
(b) things produced using taxable resources in relation to which a mining revenue event mentioned in paragraph 30‑15(1)(c) happens.
Add:
Note: The amount of that mining expenditure is adjusted if an adjustment arises under Division 160 in relation to that mining expenditure: see subsection 160‑15(5).
Before “An amount”, insert “(1)”.
Add:
(2) However, subsection (1) does not apply if the only reason the amount does not relate to a particular *mining revenue event is that paragraph 30‑20(2)(a) prevents the supply from being an *initial supply.
Repeal the note, substitute:
Note: Most of the amounts are covered by this section. However, the following amounts may also be included in a miner’s mining expenditure:
(a) amounts arising as a result of adjustments to take account of changes in circumstances (see Division 160);
(b) amounts arising as a result of changed use of starting base assets (see section 165‑55).
Repeal the formula, substitute:
Repeal the example, substitute:
Example: For the 2013‑14 MRRT year, Pinder Mines Ltd has a total mining profit of $80 million, a group mining profit of $100 million, group MRRT allowances of $10 million and a taper amount of $50 million ($100 million ‑ $50 million). The amount worked out using the formula in subsection (1) is $22 million:((($75 million ‑ $50 million) × 3/2) ‑ $10 million) × 4/5. Multiplying this amount by the MRRT rate gives Pinder Mines Ltd an offset for the year of $4.95 million.
Repeal the note, substitute:
Note: Most of the amounts are covered by this Division. However, the following amounts may also be included in a miner’s pre‑mining expenditure:
(a) amounts arising as a result of adjustments to take account of changes in circumstances (see Division 160);
(b) amounts arising as a result of changed use of starting base assets (see section 165‑55).
Omit “a mining project interest that a miner had at that time”, substitute “the mining project interest”.
Repeal the subparagraphs, substitute:
(i) a valid choice has not been made under section 85‑5 specifying the valuation approach for the mining project interest; or
(ii) a starting base assessment (within the meaning of subitem 15(3) of Schedule 4 to the
Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 ) does not cover the property or right; or(iii) immediately before 1 July 2012, the property or right was not *held by the *entity that, at that time, had the mining project interest (or held the *pre‑mining project interest from which the mining project interest *originated); or
(iv) the property or right did not exist before 1 July 2012.
Insert:
(3A) For the purposes of subparagraphs (3)(b)(iii) and (iv), if:
(a) the asset is, or includes, the rights and interests that constitute the mining project interest; and
(b) the mining project interest did not exist immediately before 1 July 2012; and
(c) the mining project interest *originates from one or more *pre‑mining project interests, or one or more parts of pre‑mining project interests, that existed immediately before 1 July 2012;
assume that the mining project interest is a continuation of the pre‑mining project interest.
Omit “in which a *starting base loss arises”, substitute “for which a *starting base loss arises”.
17
Subsection 80‑45(1) (paragraph (b) of the definition of uplift factor ) Repeal the paragraph, substitute:
(b) if, under Division 85, the market value approach is the valuation approach for the mining project interest:
where:
relevant financial year is:
(i) if the *MRRT year is a *financial year—the MRRT year; or
(ii) if the MRRT year is not a financial year—the financial year corresponding to the MRRT year.
Omit “starting base losses for the mining project interest in the year”, substitute “starting base losses for the mining project interest for the year”.
Add:
Note: Initial base values are separately assessed under Division 155 in Schedule 1 to the
Taxation Administration Act 1953 . Those assessed values are used in working out starting base allowances in all assessments of MRRT liabilities: see item 15 of Schedule 4 to theMinerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .
Add:
Note 3: Initial base values are separately assessed under Division 155 in Schedule 1 to the
Taxation Administration Act 1953 . Those assessed values are used in working out starting base allowances in all assessments of MRRT liabilities: see item 15 of Schedule 4 to theMinerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .
Omit all the words after “assume that”, substitute “the mining project interest is a continuation of the pre‑mining project interest”.
Insert:
(1A) Without limiting subsection (1), assume also that the *market value of the asset on 1 May 2010 was an amount equal to the market value, on that day, of the rights and interests that constitute the *pre‑mining project interest or pre‑mining project interests, or the part or parts, from which the mining project interest *originates.
Omit “this section”, substitute “subsection (1A)”.
Insert:
(5A) For the purposes of subsections (4) and (5), if:
(a) the asset is, or includes, the rights and interests that constitute the mining project interest; and
(b) the mining project interest did not exist on 1 May 2010; and
(c) the mining project interest *originates from one or more *pre‑mining project interests, or one or more parts of pre‑mining project interests, that existed just before 2 May 2010;
assume that the mining project interest is a continuation of the pre‑mining project interest.
Repeal the subsection (including the note), substitute:
(5) However, if one or more of the following applies:
(a) there have been reductions to a *starting base loss relating to the *starting base asset, for that *MRRT year or an earlier MRRT year, under subsection 80‑40(3) or (4);
(b) there have been reductions to a starting base loss relating to the asset, for that MRRT year or an earlier MRRT year, under paragraph 115‑15(2)(b);
the disposal, loss or destruction is taken, for the purposes of that section, to be a disposal, loss or destruction of property in respect of which capital expenditure of the kind referred to in paragraph 27(1)(a) was incurred by the person.
(2) However, if the asset was used, or being constructed for use, before 1 July 2012 only partly in carrying on project activities relating to the project, subclause (1) applies to the disposal, loss or destruction only to the extent that the asset was so used, or being constructed for use.
Omit “section 66”, substitute “subsection 66(1)”.
Insert:
(5A) If:
(a) section 48 or 48A applies in relation to a transaction that has the effect of transferring a person’s entitlement to derive, after the transaction, assessable receipts in relation to a petroleum project; and
(b) the person is a vendor (within the meaning of section 48 or 48A) in relation to the transaction; and
(c) before the transaction, a starting base assessment relating to the project was taken (under subclause (1) or (5B) of this clause) to have been made relating to the person;
after the transaction, subclauses (4) and (5) of this clause apply, in relation to a person who is a purchaser (within the meaning of section 48 or 48A) in relation to the transaction, and cease to apply in relation to the vendor, to the extent that the transaction had the effect of transferring that entitlement to the purchaser.
(5B) To the extent that subclauses (4) and (5) apply because of subclause (5A), the starting base assessment is taken to have been made relating to the purchaser, and not the vendor.
Repeal the paragraph, substitute:
(b) that the entity is required to give the Commissioner under:
(i) any of the BAS provisions (as defined in subsection 995‑1(1) of the
Income Tax Assessment Act 1997 ); or(ii) any of the resource rent tax provisions (as defined in that subsection).
Repeal the subsection, substitute:
(1) This section applies to refunds payable to an entity of RBA surpluses, or excess non‑RBA credits that relate to an RBA, if primary tax debts arising under:
(a) any of the BAS provisions (as defined in subsection 995‑1(1) of the
Income Tax Assessment Act 1997 ); or(b) any of the resource rent tax provisions (as defined in that subsection);
have been allocated to that RBA.
For the purposes of applying section 8AAZLH of the
Taxation Administration Act 1953 in relation to amounts that have been allocated to an RBA in relation to primary tax debts arising under any of the petroleum resource rent tax provisions (as defined in subsection 995‑1(1) of theIncome Tax Assessment Act 1997 ), if:
(a) an entity has not nominated a financial institution account in the approved form as required by subsection 8AAZLH(2) of the
Taxation Administration Act 1953 ; and(b) the Commissioner has information, given to the Commissioner before the commencement of this item, relating to a financial institution account into which refunds may be paid to an entity;
the Commissioner may treat the information as information given by the entity in that approved form.
Insert:
starting base assessment means:
(a) a starting base assessment within the meaning of clause 23 of Schedule 2 to the
Petroleum Resource Rent Tax Assessment Act 1987 ; or(b) a starting base assessment within the meaning of subitem 15(3) of Schedule 4 to the
Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .
171
Subparagraphs 14ZZK(b)(i) and (ii) and 14ZZO(b)(i) and (ii) After “franking assessment”, insert “or a starting base assessment”.
Add:
; and (h) *petroleum resource rent tax.
173
Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1 Omit “or *MRRT”, substitute “,*MRRT or *petroleum resource rent tax”.
Repeal the note, substitute:
Note 1: Section 18‑49 provides a credit for amounts withheld in respect of MRRT.
Note 2: Section 18‑55 provides a credit for amounts withheld in respect of petroleum resource rent tax.
Add:
(1) An entity is entitled to a credit in a year of tax (within the meaning of the
Petroleum Resource Rent Tax Assessment Act 1987 ) if:
(a) one or more *withholding payments covered by section 12‑325 (natural resource payments) from which there are *amounts withheld in respect of *petroleum resource rent tax are made to the entity during the year of tax; and
(b) an assessment has been made of the petroleum resource rent tax payable, or an assessment has been made that no petroleum resource rent tax is payable, by the entity for the year of tax.
(2) The amount of the credit is so much of the total of the *amounts withheld as is withheld in respect of *petroleum resource rent tax.
After “mining revenue”, insert “or pre‑mining revenue”.
Add:
(6) In addition to the *starting base return required under subsection (1) (and the *MRRT returns required under section 117‑5 or 117‑15), you must give the Commissioner such further or fuller starting base returns as the Commissioner directs you to give (including any starting base return in your capacity as agent or trustee).
After “the *MRRT law”, insert “or *petroleum resource rent tax law”.
After “the MRRT law”, insert “or petroleum resource rent tax law”.
180
Subsection 284‑80(1) in Schedule 1 (table item 3) Omit “, or the *MRRT law,”, substitute “, the *MRRT law or the *petroleum resource rent tax law”.
181
Subsection 284‑80(1) in Schedule 1 (table item 4) Omit “, or the *MRRT law,” (first occurring), substitute “, the *MRRT law or the *petroleum resource rent tax law”.
182
Subsection 284‑80(1) in Schedule 1 (table item 4) Omit “*income tax law, or the *MRRT law,” (last occurring), substitute “income tax law, the MRRT law or the petroleum resource rent tax law”.
183
Subsection 284‑90(1) in Schedule 1 (cell at table item 4, column headed “In this situation:”) Repeal the cell, substitute:
|
184 Subsection 3(1) (paragraph (d) of the definition of decision to which this Act applies ) Omit “the liability of the person to tax”, substitute “the liability of the person to relevant tax or other tax”.
Repeal the subsection, substitute:
(2) Without limiting subsection (1), a reference in item 160 of the table to assessed MRRT includes any general interest charge due and payable in relation to such an amount.
Repeal the heading, substitute:
After “BAS amount”, insert “or resource rent tax amount”.
After “
BAS amount ,”, insert “resource rent tax amount ,”.
After “BAS amount”, insert “or resource rent tax amount”.
After “
BAS amount ,”, insert “resource rent tax amount ,”.
After “BAS amount”, insert “or resource rent tax amount”.
After “
BAS amount ,”, insert “resource rent tax amount ,”.
Insert:
resource rent tax amount has the same meaning as in subsection 995‑1(1) of the Tax Act.
Before “20,542”, insert “$”.
195 Subsection 3(1) (paragraph (b) of the definition of income tax ) Before “section 170AA”, insert “former”.
196 Item 4 of Schedule 1 (at the end of the heading) Add “
(before The Schedule) ”.
197 Subsection 136(1) (definition of Chief Executive Centrelink ) Repeal the definition.
Omit “*road user charge”, substitute “road user charge”.
199 Subsection 159P(4) (subparagraphs (g)(i) and (ii) of the definition of medical expenses ) After “spectacles”, insert “or contact lenses”.
200 Section 10‑5 (table item headed “balancing adjustment”) Omit “
industrial property, ”.201 Section 10‑5 (table item headed “industrial property”) Repeal the item.
202 Section 10‑5 (table item headed “residual value”) Repeal the item.
203 Section 102‑20 (note 5) (the note 5 inserted by item 69 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 ) Omit “Note 5”, substitute “Note 6”.
Repeal the paragraph, substitute:
(b) the end user is:
(i) an entity that is a foreign resident; or
(ii) an entity that is an Australian resident, to the extent that the entity carries on *business in a foreign country at or through a *permanent establishment of the entity in that country.
Omit “(non‑resident)”, substitute “(foreign resident or business)”.
After “(foreign resident”, insert “or business”.
After “foreign residents”, insert “or businesses”.
The amendments made by items 204 to 207 apply in relation to end users of assets on or after 1 July 2007.
Omit “a non‑arm’s length dealing”, substitute “a dealing that is not at *arm’s length”.
210
Subsection 995‑1(1) (definition of natural resource , first occurring) Repeal the definition.
Insert:
net income phase‑out limit has the meaning given by subsection 14(3).
Insert:
non‑resident phase‑out limit has the meaning given by subsection 15(8).
Insert:
resident phase‑out limit has the meaning given by subsection 13(10).
Omit “$1,307”, substitute “the resident phase‑out limit”.
Omit “$1,307”, substitute “the resident phase‑out limit”.
Add:
(10) The
resident phase‑out limit is the following amount rounded down to the nearest dollar:
Omit “$594”, substitute “the net income phase‑out limit”.
Add:
(3) The
net income phase‑out limit is the following amount rounded down to the nearest dollar:
Omit “$663”, substitute “the non‑resident phase‑out limit”.
Add:
(8) The
non‑resident phase‑out limit is the following amount rounded down to the nearest dollar:
The amendments made by items 211 to 220 apply in relation to the 2012‑13 income year and later income years.
Omit “section 170AA”, substitute “former section 170AA”.
Omit “
(No. 2) ”.
Omit “or (g)” (wherever occurring).
Before “is prescribed”, insert “each trustee of the trust”.
226 Subsection 3C(1) (definition of relevant tax ) (table item 15) Omit “section 170AA of the Tax Act”, substitute “former section 170AA of the
Income Tax Assessment Act 1936 ”.
Omit “or 170AA”, substitute “, or former section 170AA,”.
Add:
(4) Section 170 of the
Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:
(a) the assessment was made before the commencement of Part 28 of Schedule 6 to this Act; and
(b) the amendment is made within 2 years after the commencement of this subsection; and
(c) the amendment is made for the purpose of giving effect to that Part.
Omit “self‑managed superannuation funds”, substitute “self managed superannuation funds”.
Omit “self managed superannuation fund (within the meaning of the
Superannuation Industry (Supervision) Act 1993 )”, substitute “self managed superannuation fund (within the meaning of theSuperannuation Industry Supervision Act 1993 )”.
Omit “self managed superannuation fund (within the meaning of the
Superannuation Industry (Supervision) Act 1993 )”, substitute “self managed superannuation fund (within the meaning of theSuperannuation Industry Supervision Act 1993 )”.
Omit “self managed superannuation fund (within the meaning of the
Superannuation Industry (Supervision) Act 1993 )”, substitute “self managed superannuation fund (within the meaning of theSuperannuation Industry Supervision Act 1993 )”.
Omit “self managed superannuation fund (within the meaning of the
Superannuation Industry (Supervision) Act 1993 )”, substitute “self managed superannuation fund (within the meaning of theSuperannuation Industry Supervision Act 1993 )”.
Repeal the item.
Repeal the Part.
The provisions of the
Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.
1 | Paragraph 43‑170(2)(b) | arm’s length | *arm’s length |
2 | Paragraph 70‑20(b) | arm’s length | *arm’s length |
3 | Paragraph 70‑30(1)(a) | arm’s length | *arm’s length |
4 | Paragraph 70‑110(1)(a) | arm’s length | *arm’s length |
5 | Paragraph 70‑120(6)(b) | arm’s length | *arm’s length |
6 | Paragraph 87‑40(2)(e) | arm’s length | *arm’s length |
7 | Paragraph 112‑20(1)(c) | arm’s length | *arm’s length |
8 | Paragraph 112‑20(2)(a) | arm’s length | *arm’s length |
9 | Subparagraph 116‑30(2)(b)(i) | arm’s length | *arm’s length |
10 | Paragraph 207‑128(1)(e) | arm’s length | *arm’s length |
11 | Subsection 243‑20(7) | arm’s length | *arm’s length |
12 | Paragraph 243‑25(1)(d) | arm’s length | *arm’s length |
13 | Subparagraph 420‑20(1)(b)(i) | arm’s length | *arm’s length |
14 | Subparagraph 420‑30(c)(i) | arm’s length | *arm’s length |
15 | Subsection 620‑40(2) | arm’s length | *arm’s length |
16 | Subparagraph 707‑325(4)(b)(i) | arm’s length | *arm’s length |
17 | Paragraph 775‑120(a) | arm’s length | *arm’s length |
18 | Subparagraph 820‑105(1)(b)(ii) | arm’s length | *arm’s length |
19 | Paragraph 820‑105(3)(h) | arm’s length | *arm’s length |
20 | Subparagraph 820‑215(1)(b)(ii) | arm’s length | *arm’s length |
21 | Paragraph 820‑215(3)(h) | arm’s length | *arm’s length |
22 | Paragraph 820‑315(1)(d) | arm’s length | *arm’s length |
23 | Paragraph 820‑315(3)(f) | arm’s length | *arm’s length |
24 | Paragraph 820‑410(1)(d) | arm’s length | *arm’s length |
25 | Paragraph 820‑410(3)(f) | arm’s length | *arm’s length |
26 | Paragraph 820‑910(3)(d) | arm’s length | *arm’s length |
27 | Paragraph 820‑942(2)(g) | arm’s length | *arm’s length |
28 | Subsections 960‑280(1), (2) and (4) | a quarter | a *quarter |
29 | Subsection 960‑285(6) | a quarter | a *quarter |
Repeal the formula, substitute:
Repeal the formula, substitute:
Repeal the formula, substitute:
Repeal the formula, substitute:
Repeal the formula, substitute:
Repeal the formula, substitute:
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
The abbreviation key in this endnote 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 the compiled law. The information includes commencement information for amending laws and details of 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 level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
ad = added or inserted | pres = present |
am = amended | prev = previous |
c = clause(s) | (prev) = previously |
Ch = Chapter(s) | Pt = Part(s) |
def = definition(s) | r = regulation(s)/rule(s) |
Dict = Dictionary | Reg = Regulation/Regulations |
disallowed = disallowed by Parliament | reloc = relocated |
Div = Division(s) | renum = renumbered |
exp = expired or ceased to have effect | rep = repealed |
hdg = heading(s) | rs = repealed and substituted |
LI = Legislative Instrument | s = section(s) |
LIA = | Sch = Schedule(s) |
mod = modified/modification | Sdiv = Subdivision(s) |
No = Number(s) | SLI = Select Legislative Instrument |
o = order(s) | SR = Statutory Rules |
Ord = Ordinance | Sub‑Ch = Sub‑Chapter(s) |
orig = original | SubPt = Subpart(s) |
|
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 | 88, 2013 | 28 June 2013 | Sch 1 (items 33, 34) and Sch 5 (items 11–27): 1 July 2013 (s 2(1) items 3, 10) Sch 5 (items 1–10, 28–38) and Sch 6: 29 June 2013 (s 2(1) items 8, 9, 11–14) Sch 7 (items 1–136, 138–194): 1 July 2012 (s 2(1) items 15, 17, 18) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) Sch 7 (item 196): 24 Nov 2011 (s 2(1) item 20) Sch 7 (item 224): 31 Jan 2013 (s 2(1) item 22) Sch 7 (item 229): 22 Mar 2012 (s 2(1) item 24) Sch 7 (items 230–233): 21 Mar 2012 (s 2(1) item 25) Remainder: 28 June 2013 (s 2(1) items 1, 2, 4, 5, 19, 21, 23, 26) | |
Minerals Resource Rent Tax Repeal and Other Measures Act 2014 | 96, 2014 | 5 Sept 2014 | Sch 1 (items 53, 122–124): 30 Sept 2014 |
(s 2(1) item 2 and F2014L01256) | Sch 1 (items 122–124) |
Item 169............................. | am No 96, 2014 |
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