Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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
Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 .
(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.
1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 1, Part 1 | 1 July 2015. | 1 July 2015 |
Schedule 1, Part 2, Divisions 1 and 2 | 1 July 2015. | 1 July 2015 |
Schedule 1, Part 2, Division 3 | Immediately after the commencement of the provisions covered by table item 3. | 1 July 2015 |
Schedule 1, Part 3 | Immediately after the commencement of item 4 of Schedule 8 to the However, the provisions do not commence at all if that item 4 commences before 1 July 2015. | Never commenced |
Schedule 1, Part 4 | 1 July 2015. | 1 July 2015 |
Schedules 2 and 3 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 4, Part 1 | The day after this Act receives the Royal Assent. | 26 June 2015 |
Schedule 4, Part 2 | 1 July 2025. | 1 July 2025 |
Schedule 5 | The day after this Act receives the Royal Assent. | 26 June 2015 |
Schedule 6, items 1 and 2 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 6, item 3 | Immediately after the commencement of Part 1 of Schedule 1 to the | 1 January 2014 |
Schedule 6, items 4 to 30 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 6, item 31 | Immediately after the commencement of Schedule 6 to the | 29 June 2013 |
Schedule 6, items 32 to 40 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 6, item 41 | Immediately after the commencement of Part 1 of Schedule 3 to the | 1 July 2012 |
Schedule 6, items 42 to 46 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 6, items 47 to 50 | Immediately after the commencement of items 6 and 8 of Schedule 1 to the | 1 July 2014 |
Schedule 6, items 51 to 63 | The day this Act receives the Royal Assent. | 25 June 2015 |
Schedule 6, item 64 | Immediately after the commencement of Part 2 of Schedule 2 to the | 25 February 2015 |
Schedule 6, Part 2 | Immediately after the commencement of section 6 of the | 1 July 2014 |
Schedule 7 | The day this Act receives the Royal Assent. | 25 June 2015 |
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 definition, substitute:
contribution , in relation to an RSA, has the same meaning as in theRetirement Savings Accounts Act 1997 .
Repeal the definition.
Repeal the definition.
Repeal the items.
8 Subsection 3(1) (paragraph (fa) of the definition of prudential regulation framework law ) Repeal the paragraph.
Omit “
1997 ;”, substitute “1997 .”.
Repeal the paragraph.
Omit “, RSA is short for retirement savings account and FHSA is short for first home saver account”, substitute “and RSA is short for retirement savings account”.
12
Subsection 56(1) (subparagraph (e)(ii) of the definition of protected document ) Omit “Taxation; or”, substitute “Taxation.”.
13
Subsection 56(1) (paragraph (f) of the definition of protected document ) Repeal the paragraph.
14
Subsection 56(1) (subparagraph (e)(ii) of the definition of protected information ) Omit “Taxation; or”, substitute “Taxation.”.
15
Subsection 56(1) (paragraph (f) of the definition of protected information ) Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Repeal the subparagraph.
Omit “, the
Financial Sector (Collection of Data) Act 2001 or theFirst Home Saver Accounts Act 2008 ”, substitute “or theFinancial Sector (Collection of Data) Act 2001 ”.
Omit “or”.
Repeal the subparagraph.
Repeal the subsection.
23
Section 51A (definition of reviewable decision of APRA ) Omit “or the
First Home Saver Accounts Act 2008 ”.
Repeal the subsection.
Repeal the paragraph.
Repeal the note.
Repeal the definition.
28
Section 9 (paragraph (ha) of the definition of managed investment scheme ) Repeal the paragraph.
29
Section 761A (paragraph (da) of the definition of basic deposit product ) Repeal the paragraph.
Repeal the definition.
Repeal the item.
Repeal the paragraph.
Repeal the paragraph.
Repeal the paragraph.
Repeal the subsection.
Repeal the paragraph.
37
Subsection 1016A(1) (paragraph (da) of the definition of relevant financial product ) Repeal the paragraph.
38
Subparagraphs 1017D(1)(b)(iiia) and 1019A(1)(a)(iiia) Repeal the subparagraphs.
39 Section 7 (paragraph (f) of the definition of leviable body ) Omit “entity;”, substitute “entity.”.
40 Section 7 (paragraph (g) of the definition of leviable body ) Repeal the paragraph.
Repeal the definition.
42
Section 7 (paragraph (f) of the definition of levy ) Omit “
1998 ; or”, substitute “1998 .”.
43
Section 7 (paragraph (g) of the definition of levy ) Repeal the paragraph.
Repeal the subsection.
45 Subsection 136(1) (paragraph (hd) of the definition of fringe benefit ) Repeal the paragraph.
Repeal the subsection.
47 Subsection 6(1) (paragraph (h) of the definition of assessment ) Omit “payable); or”, substitute “payable).”.
48 Subsection 6(1) (paragraph (i) of the definition of assessment ) Repeal the paragraph.
Repeal the definition.
Repeal the definition.
51
Subsection 6(1) (paragraph (f) of the definition of full self‑assessment taxpayer ) Omit “year;”, substitute “year.”.
52
Subsection 6(1) (paragraph (g) of the definition of full self‑assessment taxpayer ) Repeal the paragraph.
Omit “superannuation/FHSA”, substitute “superannuation”.
Repeal the section.
Omit “superannuation/FHSA”, substitute “superannuation”.
Omit “or” (last occurring).
Repeal the paragraph.
Insert:
complying superannuation class of taxable income is the life assurance company’s complying superannuation class of taxable income, within the meaning of theIncome Tax Assessment Act 1997 , for the year of income in which the distribution is made.
59
Paragraph 124ZM(6)(a) (definition of complying superannuation/FHSA class of taxable income ) Repeal the definition.
Repeal the paragraph.
61
Section 202A (definition of interest‑bearing account ) Omit “or FHSA”.
62
Section 202A (definition of interest‑bearing deposit ) Omit “or FHSA”.
Omit “an FHSA trust or”.
Repeal the paragraph.
Repeal the item.
66
Section 10‑5 (table item headed “first home saver accounts”) Repeal the item.
67
Section 10‑5 (table item headed “reimbursements”) Omit “
first home saver accounts, ”.
68
Section 11‑55 (table item headed “first home saver accounts”) Repeal the item.
Repeal the section.
Repeal the paragraphs.
Omit “or *FHSA trust”.
72
Subparagraphs 115‑100(b)(iia) and 115‑280(1)(a)(ia) Repeal the subparagraphs.
Omit “or an *FHSA trust”.
Omit “, an FHSA trust”.
Omit “or an *FHSA trust”.
Omit “, an FHSA trust”.
Repeal the paragraphs.
Repeal the subsection, substitute:
(3) Despite item 1 or 2 of the table in subsection (1), no credit arises on that part of the payment that is attributable to a payment of income tax in relation to an *RSA component.
Repeal the paragraph, substitute:
(a) a payment of income tax in relation to an *RSA component;
Omit “or *FHSA trust”.
Repeal the paragraph.
Insert:
complying superannuation class of taxable income means the *complying superannuation class of taxable income of the company for the income year in which the *distribution is made.
83
Subsection 210‑175(2) (definition of complying superannuation/FHSA class of taxable income ) Repeal the definition.
Omit “Australia;”, substitute “Australia.”.
Repeal the paragraphs.
86
Subsection 295‑10(2) (step 4 of the method statement) Repeal the step.
87
Subsection 295‑10(2) (step 5 of the method statement) Omit “and the *FHSA component are”, substitute “is”.
Repeal the section.
Repeal the item.
Repeal the paragraph.
Omit “and the FHSA component (if applicable) are”, substitute “is”.
Omit “sum of the *RSA component and the *FHSA component (if any)”, substitute “*RSA component”.
Omit “and the FHSA component (if any)”.
Omit “and the *FHSA component (if any)”.
Omit “, the
First Home Saver Accounts Act 2008 ”.
Omit “
1997 ;”, substitute “1997 .”.
Repeal the paragraph.
Omit “or FHSAs” (wherever occurring).
Omit “, *FHSA”.
Repeal the paragraph.
Insert:
complying superannuation class rate is the rate of tax imposed on the *complying superannuation class of the company’s taxable income for the income year.
102
Subsection 320‑107(3) (definition of complying superannuation/FHSA class rate ) Repeal the definition.
Repeal the Division.
Repeal the subparagraph.
Insert:
complying superannuation class tax rate means the rate of tax in respect of the *complying superannuation class of the taxable income of a *life insurance company for the income year in which the joining time occurs (see paragraph 23A(b) of theIncome Tax Rates Act 1986 ).
106
Subsection 713‑545(6) (definition of complying superannuation/FHSA class tax rate ) Repeal the definition.
Insert:
complying superannuation asset has the meaning given by subsection 320‑170(6).
complying superannuation asset pool has the meaning given by subsection 320‑170(6).
complying superannuation class :
(a) for a taxable income of a *life insurance company—has the meaning given by section 320‑137; or
(b) for a *tax loss of a *life insurance company—has the meaning given by section 320‑141.
complying superannuation liabilities of a *life insurance company means liabilities of the company under *life insurance policies referred to in subsection 320‑190(1).
complying superannuation life insurance policy means a *life insurance policy that:
(a) is held by:
(i) the trustee of a fund that is a *complying superannuation fund or a *complying approved deposit fund; or
(ii) the trustee of a *pooled superannuation trust; or
(b) is held by an individual and:
(i) provides for an *annuity that is not presently payable, if the annuity was purchased out of a *superannuation lump sum or an *employment termination payment; or
(ii) is so held in the benefit fund of a *friendly society, being a fund that is a *regulated superannuation fund; or
(c) is held by another *life insurance company and is a *complying superannuation asset of that company;
and is not an *excluded complying superannuation life insurance policy.
excluded complying superannuation life insurance policy means a *life insurance policy that:
(a) provides only for *superannuation death benefits, *disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295‑460(c), that are not *participating benefits; or
(b) is an *exempt life insurance policy.
108
Subsection 995‑1(1) (definition of standard component ) Repeal the definition, substitute:
standard component has the meaning given by section 295‑555.
Insert:
complying superannuation class of the taxable income of a life insurance company has the same meaning as in theIncome Tax Assessment Act 1997 .
110
Subsection 3(1) (definition of complying superannuation/FHSA class ) Repeal the definition.
111
Subsection 3(1) (definition of FHSA component ) Repeal the definition.
Repeal the definition.
Repeal the definition.
Repeal the paragraph.
Repeal the subsection.
Omit “superannuation/FHSA”, substitute “superannuation”.
Repeal the section.
Omit “or” (last occurring), substitute “and”.
Repeal the subparagraph.
Omit “be; or”, substitute “be.”.
Repeal the subparagraph.
Omit “(1)”.
Repeal the subsection.
Omit “(1) In”, substitute “In”.
Repeal the subsection.
Omit “or FHSAs (within the meaning of the
First Home Saver Accounts Act 2008 )”.
Repeal the note.
Repeal the subsections.
Repeal the paragraph.
130
Subsection 9(1) (definition of financial investment ) Omit “an investment in an FHSA (within the meaning of the
First Home Saver Accounts Act 2008 ) or”.
131
Subsection 9(1) (paragraph (b) of the definition of investment ) Omit “(9A); or”, substitute “(9A).”.
132
Subsection 9(1) (paragraph (c) of the definition of investment ) Repeal the paragraph.
133
Subsection 9(1) (paragraph (b) of the definition of return ) Omit “investment; or”, substitute “investment.”.
134
Subsection 9(1) (paragraph (c) of the definition of return ) Repeal the paragraph.
Repeal the paragraph.
Repeal the subsection.
137
Subsection 10B(2) (paragraph (ca) of the definition of trust ) Repeal the paragraph.
138
Subsection 23(1) (paragraph (b) of the definition of investment ) Omit “(9A); or”, substitute “(9A).”.
139
Subsection 23(1) (paragraph (c) of the definition of investment ) Repeal the paragraph.
140
Subsection 23(1) (paragraph (b) of the definition of return ) Omit “9(1); or”, substitute “9(1).”.
141
Subsection 23(1) (paragraph (c) of the definition of return ) Repeal the paragraph.
Repeal the paragraph.
Omit “(4)); or”, substitute “(4)).”.
Repeal the paragraph.
Omit “
1997 ;”, substitute “1997 .”.
Repeal the subparagraphs.
Omit “29EB;”, substitute “29EB.”.
Repeal the paragraph.
Omit all the words after paragraph (b).
Repeal the note.
Repeal the items.
Repeal the paragraph.
Repeal the paragraph, substitute:
(b) is not an exempt benefit under section 22 of that Act (about reimbursement of car expenses on the basis of distance travelled).
Omit “or”.
Repeal the paragraph.
Omit “superannuation/FHSA”, substitute “superannuation”.
Omit “year; or”, substitute “year.”.
Repeal the paragraph.
Omit “superannuation/FHSA”, substitute “superannuation”.
Omit “year; or”, substitute “year.”.
Repeal the paragraph.
162
Subsection 45‑330(3) in Schedule 1 (steps 4, 5 and 6 of the method statement) Omit “superannuation/FHSA” (wherever occurring), substitute “superannuation”.
Omit “year; or”, substitute “year.”.
Repeal the paragraph.
165
Subsection 45‑370(3) in Schedule 1 (step 2 of the method statement) Omit “superannuation/FHSA”, substitute “superannuation”.
166
Subsection 250‑10(2) in Schedule 1 (table items 24D, 24E and 38C) Repeal the items.
Repeal the subsections.
Repeal the heading, substitute:
Complying superannuation asset pool—calculation of an amount
Repeal the heading, substitute:
Complying superannuation asset pool—transfer following valuation
Omit “superannuation/FHSA”, substitute “superannuation”.
171
Subsection 355‑65(3) in Schedule 1 (table item 6) Repeal the item.
172
Subsection 355‑65(4) in Schedule 1 (table item 5) Repeal the item.
173
Subsection 355‑65(5) in Schedule 1 (cell at table item 2, column headed “and the record or disclosure …”) Repeal the cell, substitute:
|
Repeal the Division.
Repeal the paragraph.
176
Subsection 5J(1) (definition of financial investment ) Omit “an investment in an FHSA (within the meaning of the
First Home Saver Accounts Act 2008 ) or”.
177
Subsection 5J(1) (paragraph (b) of the definition of investment ) Omit “(6A); or”, substitute “(6A).”.
178
Subsection 5J(1) (paragraph (c) of the definition of investment ) Repeal the paragraph.
179
Subsection 5J(1) (paragraph (aa) of the definition of return ) Repeal the paragraph.
Repeal the paragraph.
Repeal the subsection.
182
Subsection 5Q(1) (paragraph (b) of the definition of investment ) Omit “subsection 5J(6A); or”, substitute “subsection 5J(6A).”.
183
Subsection 5Q(1) (paragraph (c) of the definition of investment ) Repeal the paragraph.
184
Subsection 5Q(1) (paragraph (b) of the definition of return ) Repeal the paragraph.
Repeal the paragraph.
Omit “(4)); or”, substitute “(4)).”.
Repeal the paragraph.
Repeal the following definitions:
(a) definition of
complying superannuation/FHSA asset ;(b) definition of
complying superannuation/FHSA asset pool ;(c) definition of
complying superannuation/FHSA class ;(d) definition of
complying superannuation/FHSA liabilities ;(e) definition of
complying superannuation/FHSA life insurance policy ;(f) definition of
excluded complying superannuation/FHSA life insurance policy ;(g) definition of
FHSA ;(h) definition of
FHSA component ;(i) definition of
FHSA holder ;(j) definition of
FHSA home acquisition payment ;(k) definition of
FHSA ineligibility payment ;(l) definition of
FHSA misuse tax ;(m) definition of
FHSA mortgage payment ;(n) definition of
FHSA payment conditions ;(o) definition of
FHSA provider ;(p) definition of
FHSA trust ;(q) definition of
Government FHSA contribution .
Omit every occurrence of “superannuation/FHSA”, substitute “superannuation”.
Omit every occurrence of “
superannuation/FHSA ”, substitute “superannuation ”.
Omit every occurrence of “
superannuation/FHSA ”, substitute “superannuation ”.
Omit every occurrence of “
superannuation/FHSA ”, substitute “superannuation ”.
193 Division 2 of Part 1 of Schedule 8 (heading specifying First Home Saver Accounts Act 2008 ) Repeal the heading.
Repeal the items.
In this Part:
FHSA Act means theFirst Home Saver Accounts Act 2008 , as in force just before the commencement of this item.
(1) An account, life policy or beneficial interest opened or issued after 7:30 pm (by legal time in the Australian Capital Territory) on 13 May 2014 is not, and never was, an FHSA.
(2) Subitem (1) does not apply if:
(a) the application for that opening or issuing (see paragraph 19(1)(a) of the FHSA Act) was given to the provider before that 7:30 pm; and
(b) the account, life policy or beneficial interest was opened or issued on or before 30 June 2015.
(1) On 1 July 2015, an FHSA ceases to be an FHSA.
(2) Despite subitem (1), the repeals and amendments made by this Schedule do not apply in relation to acts done or omitted to be done, or states of affairs existing:
(a) before 1 July 2015; or
(b) on or after 1 July 2015 as a result of the operation of this Part (including this subitem).
198
Making and amending assessments, and doing other things, in relation to past matters Even though 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:
(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.
199
Saving of provisions about effect of assessments If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, 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.
200
Saving of provisions about FHSA misuse tax, general interest charge and interest If:
(a) a provision or part of a provision that is repealed or amended by this Schedule provides for the payment of:
(i) FHSA misuse tax (within the meaning of the
Income Tax Assessment Act 1997 , as in force just before the commencement of this item); or(ii) general interest charge (within the meaning of the
Taxation Administration Act 1953 ); or(iii) interest under the
Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and(b) in a particular case, the period in respect of which the tax, charge or interest is payable (whether under the provision or under the
Taxation Administration Act 1953 ) has not begun, or has begun but not ended, when the provision is repealed or amended;then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
201
Repeals disregarded for the purposes of dependent provisions (1) If the operation of a provision (the
subject provision ) of any Act or legislative instrument made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.(2) Subitem (1) does not apply to the repeal of a provision of the
Social Security Act 1991 or theVeterans’ Entitlements Act 1986 by this Schedule.
(1) This Division does not limit the operation of section 7 of the
Acts Interpretation Act 1901 .(2) This Division has effect subject to Division 3.
(1) Section 20 of the FHSA Act (including that section as affected by subsection 128A(5)) does not apply, on or after 1 July 2015, in respect of circumstances that arose on or after 1 June 2015.
(2) Section 21 of the FHSA Act does not apply on or after 1 July 2015, even in relation to circumstances that arose before 1 July 2015.
(3) Section 22 of the FHSA Act does not apply, on or after 1 July 2015, in relation to trigger days that occur on or after 17 June 2015.
(1) A Government FHSA contribution is not payable for the 2014‑15 financial year or a later financial year.
(2) The amendments made by this Schedule do not apply in relation to Government FHSA contributions for the 2013‑14 financial year or an earlier financial year.
Example: Subsection 345‑50(3) of the
Income Tax Assessment Act 1997 (which makes Government FHSA contributions not assessable income and not exempt income) applies to a Government FHSA contribution for the 2013‑14 year, even if it is paid after the repeal of that subsection by this Schedule.(3) Despite anything in the FHSA Act or this Schedule, the Commissioner must not pay a Government FHSA contribution after 30 June 2017, unless the relevant income tax return is lodged, or the relevant notice is given, (as mentioned in paragraph 41(2)(a) of the FHSA Act) on or before 30 June 2017.
An individual who, just before the commencement of this item:
(a) had quoted his or her tax file number to an FHSA provider in connection with the operation or the possible future operation of the FHSA Act and the Superannuation Acts; and
(b) holds an FHSA provided by the FHSA provider that is an account;
is treated, from that commencement, as having quoted the individual’s TFN to the FHSA provider in connection with the account under Division 4 of Part VA of the
Income Tax Assessment Act 1936 .
Repeal the subparagraphs, substitute:
(ii) the amount worked out using subsection (7A); or
Repeal the notes.
Repeal the subsection, substitute:
(7A) For the purposes of subparagraph (7)(a)(ii), the amount is equal to 50% of the sum of the following rebates (if any) in respect of the year of income:
(a) any tax offset to which the taxpayer is entitled under Subdivision 61‑A of the
Income Tax Assessment Act 1997 ;(b) any notional tax offset to which the taxpayer is entitled under Subdivision 961‑A of the
Income Tax Assessment Act 1997 .
Repeal the paragraphs, substitute:
(a) if the taxpayer is a resident of the special area in Zone A, or of the special area in Zone B, in the year of income—an amount equal to the sum of:
(i) $1,173; and
(ii) an amount equal to 50% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or
(b) if the taxpayer is a resident of Zone A in the year of income but has not resided or actually been in the special area in Zone A or the special area in Zone B during any part of the year of income—an amount equal to the sum of:
(i) $338; and
(ii) an amount equal to 50% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or
(c) if the taxpayer is a resident of Zone B in the year of income but has not resided or actually been in Zone A or the special area in Zone B during any part of the year of income—an amount equal to the sum of:
(i) $57; and
(ii) an amount equal to 20% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or
Omit “paragraph (e)”, substitute “paragraph (c)”.
6
Subsection 79A(4) (definition of dependent spouse relevant rebate amount ) Repeal the definition.
7
Subsection 79A(4) (definition of relevant rebate amount ) Repeal the definition (including the notes), substitute:
relevant rebate amount , in relation to a taxpayer in relation to a year of income, means the sum of the following rebates (if any):
(a) any tax offset to which the taxpayer is entitled under Subdivision 61‑A of the
Income Tax Assessment Act 1997 ;(b) any notional tax offset to which the taxpayer is entitled under Subdivision 961‑A of the
Income Tax Assessment Act 1997 ;(c) any notional tax offset to which the taxpayer is entitled under Subdivision 961‑B of the
Income Tax Assessment Act 1997 .
Omit “amount; and”, substitute “amount; or”.
Repeal the subparagraph.
Omit “amount; and”, substitute “amount.”
Repeal the paragraph.
Omit “amount; and”, substitute “amount;”.
Repeal the subparagraph.
14
Subsection 79B(6) (definition of concessional rebate amount ) Repeal the definition (including the notes), substitute:
concessional rebate amount , in relation to a taxpayer in relation to a year of income, means the sum of the following rebates (if any):
(a) any tax offset to which the taxpayer is entitled under Subdivision 61‑A of the
Income Tax Assessment Act 1997 ;(b) any notional tax offset to which the taxpayer is entitled under Subdivision 961‑A of the
Income Tax Assessment Act 1997 ;(c) any notional tax offset to which the taxpayer is entitled under Subdivision 961‑B of the
Income Tax Assessment Act 1997 .
15
Subsection 79B(6) (definition of dependent spouse concessional rebate amount ) Repeal the definition.
16
Sections 159J, 159JA, 159K, 159L, 159LA and 159M Repeal the sections.
Insert:
961‑A Dependant (non‑student child under 21 or student) notional tax offset
961‑B Dependant (sole parent of a non‑student child under 21 or student) notional tax offset
This Subdivision provides for a notional tax offset for an income year if you contribute to the maintenance of a non‑student child or a student dependant. The notional tax offset can only be taken into account in working out certain tax offsets under the
Income Tax Assessment Act 1936 .
Entitlement to the notional tax offset 961‑5 Who is entitled to the notional tax offset
Amount of the notional tax offset 961‑10 Amount of the dependant (non‑student child under 21 or student) notional tax offset
961‑15 Reduced amounts of the dependant (non‑student child under 21 or student) notional tax offset
961‑20 Reductions to take account of the dependant’s income
(1) You are entitled to a notional tax offset for an income year if:
(a) you are an individual; and
(b) you are an Australian resident; and
(c) during the year you contribute to the maintenance of another individual (the
dependant ) who:
(i) is less than 25 years of age, and is a full‑time student at a school, college or university; or
(ii) if subparagraph (i) does not apply—is less than 21 years of age; and
(d) during the year:
(i) the dependant is an Australian resident; or
(ii) you had a domicile in Australia.
(2) You may be entitled to more than one notional tax offset for the year under subsection (1) if you contributed to the maintenance of more than one dependant during the year.
Note: The amount of the notional tax offset in relation to each subsequent dependant may only be part of the full amount: see subsection 961‑15(1).
(3) The notional tax offset only affects your income tax liability as provided for by sections 23AB, 79A and 79B of the
Income Tax Assessment Act 1936 .Note: Section 23AB of that Act provides a tax offset for service with an armed force under the control of the United Nations; section 79A provides a tax offset for residents of isolated areas; section 79B provides a tax offset for members of the Defence Force who are serving overseas.
(1) The amount of the notional tax offset to which you are entitled in relation to a dependant under section 961‑5 for an income year is $376.
(2) However, if you are entitled to 2 or more such notional tax offsets for the income year in relation to individuals covered by subparagraph 961‑5(1)(c)(ii), the amount of the notional tax offset under section 961‑5 is:
(a) in relation to the oldest of those individuals—$376; and
(b) in relation to each of the others—$282.
(1) The amount of the notional tax offset under section 961‑10 is reduced by the amount in accordance with subsection (2) of this section if one or more of the following applies:
(a) paragraph 961‑5(1)(c) applies during part only of the year;
(b) paragraph 961‑5(1)(d) applies during part only of the year;
(c) during the whole or part of the year, 2 or more individuals contribute to the maintenance of the dependant;
(d) the dependant only meets the description of the individual covered by subparagraph 961‑5(1)(c)(i) or (ii) for part of the year.
(2) The amount of a notional tax offset is reduced to an amount that, in the Commissioner’s opinion, is a reasonable apportionment in the circumstances, having regard to the applicable matters referred to in paragraphs (1)(a) to (d).
The amount of the notional tax offset under sections 961‑10 and 961‑15 in relation to the dependant for the year is reduced by $1 for every $4 by which the following exceeds $282:
(a) if you contribute to the maintenance of the dependant for the whole of the year—the dependant’s *adjusted taxable income for offsets for the year;
(b) if paragraph (a) does not apply—the dependant’s adjusted taxable income for offsets for that part of the year during which you contribute to the dependant’s maintenance.
This Subdivision provides for a notional tax offset for an income year if you are the sole contributor to the maintenance of a non‑student child or a student dependant. The notional tax offset can only be taken into account in working out certain tax offsets under the
Income Tax Assessment Act 1936 .
Operative provisions 961‑55 Who is entitled to the notional tax offset
961‑60 Amount of the dependant (sole parent of a non‑student child under 21 or student) notional tax offset
961‑65 Reductions to take account of change in circumstances
(1) You are entitled to a notional tax offset for an income year if:
(a) during the year you have the sole care of another individual (the
dependant ) who:
(i) is less than 25 years of age, and is a full‑time student at a school, college or university; or
(ii) if subparagraph (i) does not apply—is less than 21 years of age; and
(b) you are entitled to a notional tax offset under Subdivision 961‑A for the dependant; and
(c) during the year you did
not have a *spouse.(2) Paragraph (1)(c) does not apply if, in the opinion of the Commissioner, because of special circumstances, the paragraph should not apply.
(3) The notional tax offset only affects your income tax liability as provided for by sections 79A and 79B of the
Income Tax Assessment Act 1936 .Note: Section 79A of that Act provides a tax offset for residents of isolated areas; section 79B provides a tax offset for members of the Defence Force who are serving overseas.
The amount of the notional tax offset to which you are entitled under section 961‑55 for an income year is $1,607.
Note: The amount of the offset under this section applies regardless of whether you have one or more dependants that satisfy section 961‑55.
(1) The amount of the notional tax offset under section 961‑60 is reduced in accordance with subsection (2) if:
(a) paragraph 961‑55(1)(a) applies during only part of the year; or
(b) paragraph 961‑55(1)(c) does not apply because of subsection 961‑55(2).
(2) The amount of the notional tax offset is reduced to an amount that, in the Commissioner’s opinion, is a reasonable apportionment in the circumstances, having regard to the matters referred to in paragraphs (1)(a) and (b).
Omit “Sections 159J, 159L and 159Q apply”, substitute “Section 159Q applies”.
Repeal the subsection.
Repeal the items.
21
Subsection 159P(4) (paragraphs (c), (ca) and (d) of the definition of dependant ) Repeal the paragraphs.
22
Subsection 159P(4) (at the end of the definition of dependant ) Add:
; or (g) a person in respect of whom the taxpayer is entitled to a notional tax offset under Subdivision 961‑A of the
Income Tax Assessment Act 1997 .
Omit “would be entitled to a rebate in respect of that child under section 159J in the person’s assessment in respect of income of that year of income but for subsections 159J(1A) and (1F)”, substitute “is entitled to a notional tax offset in respect of that child under Subdivision 961‑A of the
Income Tax Assessment Act 1997 ”.
24 Section 13‑1 (table item headed “child/housekeeper”) Repeal the item.
Omit:
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| Subdivision 61‑A |
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substitute:
| Subdivision 61‑A |
26 Section 13‑1 (table items headed “housekeeper”, “parent/parent‑in‑law” and “spouse”) Repeal the items.
Omit “Australia; and”, substitute “Australia.”.
Repeal the paragraphs.
Repeal the note.
Repeal the paragraphs, substitute:
(b) is entitled to a tax offset under Subdivision 61‑A of the
Income Tax Assessment Act 1997 for the year of income in respect of the person’s child (within the meaning of that Act); or(c) is entitled to a notional tax offset under Subdivision 961‑B of the
Income Tax Assessment Act 1997 for the year of income;
Repeal the paragraphs, substitute:
(b) is entitled to a tax offset under Subdivision 61‑A of the
Income Tax Assessment Act 1997 for the year of income in respect of the person’s child (within the meaning of that Act); or(c) is entitled to a notional tax offset under Subdivision 961‑B of the
Income Tax Assessment Act 1997 for the year of income;
32
Subsection 8(5) (definition of family income threshold ) Repeal the definition, substitute:
family income threshold , in relation to a person (therelevant person ), means $35,261 increased by $3,238 for each person covered by paragraph 961‑5(1)(c) of theIncome Tax Assessment Act 1997 in respect of whom:
(a) in a case to which paragraph (b) does not apply—the relevant person; or
(b) if the relevant person was a married person on the last day of the year of income—the relevant person or the spouse of the relevant person;
is entitled to a notional tax offset under Subdivision 961‑A of the
Income Tax Assessment Act 1997 for the year of income.
Repeal the items, substitute:
Repeal the section.
Repeal the subsection.
Add:
Note: Clause 31 of Schedule 1 to the
A New Tax System (Family Assistance) Act 1999 reduces the standard rate for the family tax benefit to take account of shared care percentages.
Before “during”, insert “the other individual is your spouse, and,”.
Omit “is reasonable”, substitute “is a reasonable apportionment”.
The amendments made by Parts 1 and 2 of this Schedule apply in relation to assessments for the 2014‑15 income year and later income years.
The amendments made by Part 3 of this Schedule apply in relation to assessments for the 2012‑13 income year and later income years.
After “subsection (4)”, insert “(subject to subsection (4A))”.
Insert:
(4A) However, paragraph (1)(c) does not apply to a trading activity done by an OBU if:
(a) the thing traded in affected the OBU’s total participation interest (within the meaning of the
Income Tax Assessment Act 1997 ) in another entity; and(b) just before the trading activity:
(i) the OBU’s total participation interest in the other entity was at least 10%; or
(ii) any of the thing traded in was held by the OBU, and was not recorded in the OBU’s accounting records as held for trading in accordance with accounting standards (within the meaning of that Act).
(4B) For the purposes of subsection (4A), disregard rights on winding‑up.
Repeal the paragraph, substitute:
(a)
OB activity (sections 121D, 121EA and 121EAA) together with the related definition ofoffshore person (section 121E); and
Insert:
non‑OB accounting records has the meaning given by subsection 121EAA(3).
Omit “, provided that the requirement relating to the OBU in section 121EA is met”, substitute “(subject to sections 121EA and 121EAA)”.
Insert:
(1) An OBU may, when it does a thing that would otherwise be an OB activity of the OBU, choose to have the thing not be an
OB activity .
Accounting records
(2) The OBU recording the thing in the OBU’s non‑OB accounting records is sufficient evidence of the making of the choice, if the OBU uses money in the thing.
Note 1: The OBU must maintain accounting records, separate from its non‑OB accounting records, in respect of money used in its OB activities: see subsection 262A(1A).
Note 2: Subsection (2) of this section and subsection 262A(1A) do not apply if the OBU does not use money in the thing, but the OBU must keep documents containing particulars of the choice: see paragraph 262A(2)(b).
Note 3: Subsection (2) does not prevent the OBU from correcting a mistake in its accounting records.
(3) The OBU’s
non‑OB accounting records are the OBU’s accounting records, other than the accounting records maintained in respect of money used in the OBU’s OB activities under subsection 262A(1A).
Grouping
(4) The OBU is treated as having chosen under subsection (1) to have a thing (the
transaction ) done by the OBU not be anOB activity if:
(a) it is reasonable to regard the transaction and one or more other things done by the OBU as constituting a single scheme (within the meaning of the
Income Tax Assessment Act 1997 ); and(b) the OBU chooses under subsection (1) to have any of those other things done by the OBU not be an OB activity.
(5) For the purposes of subsection (4), whether the transaction and one or more other things constitute a single scheme is a question of fact and degree determined having regard to the following (whichever are applicable):
(a) the nature of the transaction and the other things;
(b) their terms and conditions (including those relating to any payment or other consideration for them);
(c) the circumstances surrounding their creation and their proposed exercise or performance (including what can reasonably be seen as the purposes of one or more of the entities involved);
(d) whether they can be dealt with separately or must be dealt with together;
(e) normal commercial understandings and practices in relation to them (including whether they are regarded commercially as separate things or as a group or series that forms a whole);
(f) the objects of this Division.
(6) In applying subsection (5), have regard to the matters mentioned in paragraphs (5)(a) to (f) both:
(a) in relation to the transaction and other things separately; and
(b) in relation to the transaction and other things in combination with each other.
Omit “121EA”, substitute “121EAA”.
Insert:
statutory income has the meaning given by theIncome Tax Assessment Act 1997 .
Repeal the paragraph, substitute:
(b) special income and allowable deduction definitions relating to OB activities (sections 121EDA to 121EF).
10
Section 121C (definition of assessable OB income ) Repeal the definition, substitute:
assessable OB income has the meaning given by subsection 121EE(2).
Insert:
OB income has the meaning given by section 121EDA.
Omit “For the purposes of section 121D, a reference in that section”, substitute “A reference”.
Insert:
OB income
(1) Subject to subsections (2) to (5), the
OB income of an OBU of a year of income is so much of the OBU’s ordinary income and statutory income of the year of income as is:
(a) derived from OB activities of the OBU or the part of the OBU to which paragraph 121EB(1)(c) applies; or
(b) included in the statutory income because of such activities.
(2) Subsection (1) does not apply to amounts included under Part 3‑1 of the
Income Tax Assessment Act 1997 (about capital gains).(3) Subsection (1) does not apply to the extent that the money lent, invested or otherwise used in carrying on the OB activities is non‑OB money of the OBU.
(4) A typical example of an amount covered by the exception in subsection (3) is interest derived from the OB activity of lending money to an offshore person, where the money lent is non‑OB money.
Reduction of OB income because of certain investment activities
(5) Ordinary or statutory income that:
(a) would otherwise be taken into account under subsection (1); and
(b) is derived from an investment activity (within the meaning of subsection 121D(6A) or (6B)) included in OB activities of the OBU or the part of the OBU to which paragraph 121EB(1)(c) applies;
is reduced by the average Australian asset percentage (within the meaning of subsection 121DA(2)) of the portfolio investment concerned.
Repeal the subsections, substitute:
Assessable OB income
(2) The
assessable OB income of an OBU is so much of the OBU’s OB income of the year of income as is assessable income.
Repeal the subsection, substitute:
General OB deduction
(4) A deduction that:
(a) is none of the following:
(i) a loss deduction;
(ii) an apportionable deduction;
(iii) an exclusive OB deduction;
(iv) an exclusive non‑OB deduction; and
(b) is allowable from the OBU’s assessable income of the year of income;
is a
general OB deduction to the extent that:
(c) it is incurred in gaining or producing the OB income of the OBU; or
(d) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the OB income of the OBU.
Omit “subsection 121EE(2)”, substitute “subsection 121EDA(3)”.
Repeal the definition, substitute:
eligible contract means:
(a) any of the following:
(i) a futures contract;
(ii) a forward contract;
(iii) an options contract;
(iv) a swap contract;
(v) a cap, collar, floor or similar contract; or
(b) a loan contract; or
(c) a securities lending or repurchase arrangement; or
(d) a non‑deliverable forward foreign currency contract.
Insert:
OB advisory activity has the meaning given by section 121DC.
OB eligible contract activity has the meaning given by section 121DB.
OB leasing activity has the meaning given by section 121DD.
offshore property means property that:
(a) cannot be in Australia; or
Example: Land outside Australia.
(b) is used, or will be used:
(i) wholly outside Australia; or
(ii) in Australia to an extent that is not material.
Repeal the paragraph, substitute:
(d) an OB eligible contract activity (see section 121DB); or
Repeal the paragraph, substitute:
(f) an OB advisory activity (see section 121DC); or
Insert:
(ga) an OB leasing activity (see section 121DD); or
After “lending money”, insert “, or making commitments to lend money,”.
Add:
; or (e) acting as an arranger in a syndicated lending arrangement that includes a borrowing or lending activity to which paragraph (a), (b), (c) or (d) applies.
Repeal the paragraphs, substitute:
(a) providing a guarantee or letter of credit to an offshore person in relation to activities that are, or will be, conducted:
(i) wholly outside Australia; or
(ii) in Australia to an extent that is not material; or
(b) underwriting a risk for an offshore person in respect of:
(i) offshore property; or
(ii) an event, if the likelihood of the event happening in Australia is not material; or
Repeal the paragraph, substitute:
(d) issuing a performance bond to an offshore person in relation to activities that are, or will be, conducted:
(i) wholly outside Australia; or
(ii) in Australia to an extent that is not material;
Insert:
(aa) trading with any person in non‑deliverable forward foreign currency contracts; or
Add:
; or (i) trading with an offshore person in commodities, or in options or rights in respect of commodities, if:
(i) the commodities, options or rights are not mentioned in another paragraph of this subsection; and
(ii) the trading is incidental to an OB eligible contract activity.
Repeal the subsection.
Omit “subsection 121DA(5)); and”, substitute “subsection 121DA(5)).”.
Repeal the paragraph.
Repeal the subsection.
Insert:
An
OB eligible contract activity is entering into an eligible contract (other than a loan contract that is not a securities lending or repurchase arrangement) with:
(a) an offshore person; or
(b) if the eligible contract is a non‑deliverable forward foreign currency contract—any person.
(1) An
OB advisory activity is giving investment or other financial advice to an offshore person, including advice about disposing of an investment.(2) Giving advice about the making of a particular investment is not an
OB advisory activity unless the investment is of a kind mentioned in subsection 121D(6) (Investment activity).(3) Subsection (2) does not exclude giving advice about a particular investment of a different kind if doing so is incidental to advising on an investment of a kind mentioned in subsection 121D(6) (for example for the purpose of comparison or because the investments are commercially related).
(4) To avoid doubt, for the purposes of this section, advice about disposing of an investment is not advice about the making of the investment.
(1) An
OB leasing activity is leasing activity with an offshore person involving offshore property.(2) Without limiting subsection (1),
OB leasing activity includes entering into:
(a) any arrangement (within the meaning of section 51AD) under which a right to use offshore property is granted by the owner to another person; or
(b) any arrangement (within the meaning of that section) under which a right to use offshore property, being a right derived directly or indirectly from a right mentioned in paragraph (a) in relation to the property, is granted by a person to another person;
with an offshore person.
Add:
Arm’s length pricing
(4) For the purposes of this Division, treat an amount that, because of subsections (1) to (3):
(a) is included in the OBU’s OB income; or
(b) is an allowable OB deduction of the OBU;
as being the amount that would be so included, or that would be the amount of the allowable OB deduction, were the OBU and the permanent establishments mentioned in paragraph (1)(d) dealing with each other at arm’s length.
(5) For the purposes of determining the effect subsection (4) has in relation to the amount that is included or allowable, work out the arm’s length dealing so as best to achieve consistency with:
(a) the documents covered by section 815‑235 of the
Income Tax Assessment Act 1997 (Guidance); and(b) subject to paragraph (a), the documents covered by section 815‑135 of that Act.
(1) The amendments made by this Schedule (other than Part 2) apply in relation to years of income starting on or after 1 July 2015.
(2) The amendments made by Part 2 apply in relation to a thing an OBU does on or after 1 July 2015.
1 Section 11‑5 (table item headed “primary or secondary resources, and tourism”) Before:
| 50‑40 |
insert:
| 50‑40 |
Add:
8.4 | Global Infrastructure Hub Ltd | only amounts included in assessable income: (a) on or after 24 December 2014; and (b) before 1 July 2019 |
3 Section 11‑5 (table item headed “primary or secondary resources, and tourism”) Omit:
| 50‑40 |
Repeal the item.
1 Subsection 30‑50(2) (table items 5.2.32 and 5.2.33) Omit “1 January 2015”, substitute “1 January 2018”.
Repeal the item, substitute:
Schedule 4, Part 2, Division 1 | 1 July 2022. | 1 July 2022 |
Repeal the heading, substitute:
Repeal the diagram, substitute:
Omit “from you”, substitute “you make”.
Omit “trusts”, substitute “trust”.
4 Subsection 136(1) (subparagraph (b)(iii) of the definition of in‑house residual fringe benefit ) Omit “property”, substitute “benefits”.
Repeal the table, substitute:
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Omit “Australia”, substitute “the indirect tax zone”.
Omit “Australia”, substitute “the indirect tax zone”.
Omit “Australia”, substitute “the indirect tax zone”.
Repeal the definition.
Insert:
indirect tax zone has the meaning given by section 195‑1 of the *GST Act.
11
Section 110‑5 (paragraph (d) of the definition of taxable fuel ) Omit “Australia”, substitute “the indirect tax zone”.
The amendments of the
Fuel Tax Act 2006 made by this Part apply to taxable fuel acquired, manufactured or imported on or after 1 July 2015.
13 Section 13‑1 (table item headed “primary production”) Omit:
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substitute:
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14 Section 13‑1 (table item headed “social security and other benefit payments”) Omit:
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substitute:
|
Omit “*carrying on”, substitute “carrying on”.
Omit “*carry on”, substitute “carry on”.
Omit “*carrying on”, substitute “carrying on”.
Omit “*carried on”, substitute “carried on”.
Omit “*carrying on”, substitute “carrying on”.
Omit “*carry on”, substitute “carry on”.
Omit “*carry on”, substitute “carry on”.
Omit “*carried on”, substitute “carried on”.
Omit “*carried on”, substitute “carried on”.
Omit “*carry on”, substitute “carry on”.
Omit “*carried on”, substitute “carried on”.
Omit “*carrying on”, substitute “carrying on”.
After “of the old company”, insert “or a *demerger subsidiary of the old company”.
The amendment of section 83A‑130 of the
Income Tax Assessment Act 1997 made by this Part applies in relation to ESS interests acquired on or after 1 July 2009.
29
Section 104‑5 (cell at table item dealing with CGT event K1, column headed “Event number and description”) Omit “*Kyoto unit or an *Australian carbon credit unit”, substitute “Kyoto unit or an Australian carbon credit unit”.
30
Section 112‑97 (table item 18A, column headed “In this situation”) Omit “*Kyoto unit”, substitute “Kyoto unit”.
Omit “items 2 and 3”, substitute “items 2 and 2A”.
32
Subsection 316‑65(1) (definitions of embedded value of the friendly society’s other business (if any) and market value of the friendly society’s health insurance business (if any) ) Omit “*carried on”, substitute “carried on”.
33
Paragraphs 415‑15(3)(b) and 415‑20(1)(b) and (2)(b) Omit “*carries on”, substitute “carries on”.
Omit “*carrying on”, substitute “carrying on”.
35
Subsection 995‑1(1) (definition of available frankable profits ) Omit “give”, substitute “given”.
36
Subsection 995‑1(1) (paragraph (a) of the definition of foreign resident life insurance policy ) Omit “*carrying on”, substitute “carrying on”.
Insert:
taxable dealing , in relation to *wine, has the meaning given by section 33‑1 of the *Wine Tax Act.
wine has the meaning given by Subdivision 31‑A of the *Wine Tax Act.
38
Subsection 995‑1(1) (definition of wine taxable dealing ) Repeal the definition.
39 Section 12B (the section 12B inserted by item 1 of Schedule 1 to the Income Tax Rates Amendment (Temporary Flood and Cyclone Reconstruction Levy) Act 2011 ) Renumber as section 12C.
Omit “
12B ”, substitute “12C ”.
Omit “*mining operations”, substitute “mining operations”.
Insert:
(1) Without limiting its effect apart from this section, this Act also has effect as provided by this section.
(2) This Act also has the effect it would have if its operation in relation to product stewardship (oil) benefits were expressly confined to an operation limited to product stewardship (oil) benefits in relation to external affairs.
(3) This Act also has the effect it would have if its operation in relation to product stewardship (oil) benefits were expressly confined to an operation limited to product stewardship (oil) benefits in relation to taxation.
Omit “approved form”, substitute “approved form,”.
Omit “the prescribed information”, substitute “a statement, in the approved form,”.
Omit “approved form”, substitute “approved form,”.
Omit “the prescribed information”, substitute “a statement, in the approved form,”.
Omit “; and; or”, substitute “; or”.
Omit “arrangements.”, substitute “arrangements; and”.
Omit “; and; or”, substitute “; or”.
Omit “arrangements.”, substitute “arrangements; and”.
After “If the recipient”, insert “is”.
Omit “your address for service of documents and”.
Repeal the section.
The amendments of sections 105‑1 and 105‑140 in Schedule 1 to the
Taxation Administration Act 1953 made by this Part apply on and after 1 July 2015.
Omit “or a *wine taxable dealing”, substitute “, or a *taxable dealing in relation to *wine,”.
Omit “*wine taxable dealing”, substitute “*taxable dealing, in relation to *wine,”.
Repeal the paragraph, substitute:
(a) at any time after the date of effect of the endorsement, the entity is not, or was not, entitled to be endorsed; or
After “is not”, insert “, or was not,”.
The amendments of section 426‑55 in Schedule 1 to the
Taxation Administration Act 1953 made by this Part apply to a decision, on or after the commencement of this Part, to revoke an endorsement (regardless of when the endorsement took effect).
Repeal the subsection.
Repeal the Division.
Omit “and subsection 204(3) of the Tax Act”, substitute “of the Tax Act or section 5‑15 of the
Income Tax Assessment Act 1997 ”.
The amendment of section 12A of the
Taxation (Interest on Overpayments and Early Payments) Act 1983 made by this Part is taken to have applied from the commencement of Schedule 1 to theTax Laws Amendment (Transfer of Provisions) Act 2010 .
Omit “Schedule”, substitute “Part of this Schedule”.
Repeal the note, substitute:
Note: The expenditure of relevant money (within the meaning of the
Public Governance, Performance and Accountability Act 2013 ) must comply with the requirements in that Act.
Repeal the section, substitute:
(1) A disclosure by the Commissioner under section 29 of the
Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) must be made to the Minister.(2) Subsection (1) applies in addition to any rules made for the purposes of that section.
(3) For the purposes of this Act and the
Public Governance, Performance and Accountability Act 2013 , the Commissioner is taken not to have complied with section 29 of that Act if the Commissioner does not comply with subsection (1) of this section.
Repeal the paragraph, substitute:
(c) the Commissioner fails, without reasonable excuse, to comply with section 29 of the
Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or
Omit “(the
Account )”.
Repeal the subsection, substitute:
(2) The account is a special account for the purposes of the
Public Governance, Performance and Accountability Act 2013 .
Repeal the heading, substitute:
Omit “Account” (first, second and third occurring), substitute “account”.
Omit “Special Account if any of the purposes of the Account”, substitute “special account if any of the purposes of the special account”.
Repeal the heading, substitute:
Omit “Account” (first and second occurring), substitute “account”.
Repeal the note, substitute:
Note: See section 80 of the
Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).
Repeal the note, substitute:
Note: The expenditure of relevant money (within the meaning of the
Public Governance, Performance and Accountability Act 2013 ) must comply with the requirements in that Act.
Repeal the section, substitute:
(1) A disclosure by a member of the Advisory Board under section 29 of the
Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) must be made to the Minister.(2) Subsection (1) applies in addition to any rules made for the purposes of that section.
(3) For the purposes of this Act and the
Public Governance, Performance and Accountability Act 2013 , the member is taken not to have complied with section 29 of that Act if the member does not comply with subsection (1) of this section.
Repeal the subsections.
Omit “Note 1”, substitute “Note”.
Repeal the note.
Repeal the definition.
Repeal the Subdivision, substitute:
This Subdivision sets out rules about the taxation of some foreign residents (known as IMR entities) that invest into or through Australia.
Income and capital gains from IMR financial arrangements are not subject to Australian income tax. Deductions and capital losses from IMR financial arrangements are disregarded for the purposes of this Act.
Object of this Subdivision 842‑205 Object of this Subdivision
IMR concessions 842‑210 IMR concessions apply only to foreign residents etc.
842‑215 IMR concessions
842‑220 Meaning of
IMR entity 842‑225 Meaning of
IMR financial arrangement
IMR widely held entities 842‑230 Meaning of
IMR widely held entity 842‑235 Rules for determining total participation interests for the purposes of the widely held test
842‑240 Extended definition of
IMR widely held entity —temporary circumstances outside entity’s control
Independent Australian fund managers 842‑245 Meaning of
independent Australian fund manager 842‑250 Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity’s income
The object of this Subdivision is to encourage particular kinds of investment made into or through Australia by some foreign residents that have wide membership, or that use Australian fund managers.
(1) This Subdivision applies only for the purposes of working out the assessable income of an entity (the
foreign entity ) that:
(a) is a foreign resident; and
(b) is
not a trust or partnership.(2) Despite subsection (1), this Subdivision applies in relation to a partnership or trust, to the extent necessary to work out an amount included in the assessable income of the foreign entity.
Note 1: This Subdivision applies, for example, in working out the net income of a partnership or trust, to the extent necessary to work out the assessable income, attributable to that partnership or trust, of a partner or beneficiary who is a foreign resident.
Note 2: This Subdivision could operate in relation to an entity (if it is a partnership or trust) and/or one or more partnerships or trusts interposed between the entity and the foreign resident.
Concessions relating to IMR financial arrangements
(1) The following consequences apply to an *IMR entity for an income year in relation to an *IMR financial arrangement if the requirements of subsection (3) or (5) are met in relation to the year:
(a) what would otherwise be the entity’s assessable income for the year is *non‑assessable non‑exempt income of the entity, to the extent that it is attributable to a return or gain:
(i) from the arrangement (if the arrangement is a *derivative financial arrangement); or
(ii) from the entity disposing of, ceasing to own or otherwise realising the arrangement;
(b) an amount is not deductible by the entity for the year, to the extent that it is attributable to an outgoing or loss:
(i) from the arrangement (if the arrangement is a derivative financial arrangement); or
(ii) from the entity disposing of, ceasing to own or otherwise realising the arrangement;
(c) disregard a *capital gain or *capital loss that is from a *CGT event that happens in the year in relation to the arrangement.
Further concessions relating to permanent establishments
(2) Without limiting subsection (1), the following further consequences apply to an *IMR entity for an income year if the requirements of subsection (5) are met in relation to the year:
(a) income that relates to or arises under the *IMR financial arrangement, and that would otherwise be the entity’s assessable income for the year, is *non‑assessable non‑exempt income of the entity, to the extent that the income:
(i) if the entity is resident in a country that has entered into an *international tax agreement with Australia containing a *business profits article—is treated as having a source in Australia because it is attributable to a permanent establishment (within the meaning of the relevant international tax agreement) of the entity in Australia; or
(ii) if subparagraph (i) does not apply—is treated as having a source in Australia because of subsection 815‑230(1);
(b) an amount is not deductible by the entity for the year, to the extent that it is attributable to gaining income that is non‑assessable non‑exempt income of the entity because of paragraph (a);
(c) disregard a *capital gain or *capital loss that is from a *CGT event that relates to or arises under the IMR financial arrangement, and that happens in the year in relation to a *CGT asset that:
(i) is covered by item 3 of the table in section 855‑15 in relation to the entity; or
(ii) is covered by item 4 of the table in section 855‑15 in relation to the entity because it is an option or right to *acquire a CGT asset covered by item 3 of that table in relation to the entity.
Direct investment by IMR widely held entity
(3) The requirements of this subsection in relation to the year are that:
(a) during the whole of the year, the *IMR entity is an *IMR widely held entity; and
(b) during the whole of the year, the interest of the entity in the issuer of, or counterparty to, the *IMR financial arrangement does not pass the *non‑portfolio interest test (see section 960‑195); and
(c) none of the returns, gains or losses for the year from the arrangement are attributable to:
(i) if the entity is a resident of a country that has entered into an *international tax agreement with Australia containing a *permanent establishment article—a permanent establishment (within the meaning of the relevant international tax agreement) of the entity in Australia; or
(ii) otherwise—a *permanent establishment of the entity in Australia; and
(d) the IMR entity does not, during the year, carry on in Australia a trading business (within the meaning of section 102M of the
Income Tax Assessment Act 1936 ) that relates (directly or indirectly) to the arrangement; and(e) subsection 842‑225(2) does not apply to the IMR financial arrangement.
(4) For the purposes of paragraph (3)(a), disregard any part of the year during which the entity did not exist.
Indirect investment through independent Australian fund manager
(5) The requirements of this subsection in relation to the year are that:
(a) the *IMR financial arrangement was made, on the *IMR entity’s behalf, by an entity that is an *independent Australian fund manager for the IMR entity for the income year (see section 842‑245); and
(b) if the issuer of, or counterparty to:
(i) the IMR financial arrangement referred to in paragraph (a), if it is a *financial arrangement; or
(ii) otherwise—the IMR financial arrangement to which that arrangement relates;
is an Australian resident, or a *resident trust for CGT purposes—during the whole of the year, the interest of the entity in the issuer or counterparty does not pass the *non‑portfolio interest test (see section 960‑195); and
(c) the IMR entity does not, during the year, carry on in Australia a trading business (within the meaning of section 102M of the
Income Tax Assessment Act 1936 ) that relates (directly or indirectly) to the arrangement.
Withholding taxes etc.
(6) If what would otherwise be the *IMR entity’s assessable income is *non‑assessable non‑exempt income of the entity because of subsection (1) or (2), for the purposes of determining an entity’s liability to pay, in relation to that income:
(a) *withholding tax; or
(b) an amount that must be withheld under Division 12 in Schedule 1 to the
Taxation Administration Act 1953 (even if the amount is not withheld);assume that any *independent Australian fund manager for the IMR entity is not a *permanent establishment of the IMR entity.
(7) For the purposes of subparagraphs (2)(a)(i) and (3)(c)(i), an entity is taken to be a resident of a country that has entered into an *international tax agreement with Australia if the entity is such a resident within the meaning of that agreement.
An entity is an
IMR entity for an income year if the entity:
(a) is not an Australian resident at all times during the income year; and
(b) is not a *resident trust for CGT purposes for the income year.
(1) A *financial arrangement is an
IMR financial arrangement unless it is or relates to a *CGT asset that is:
(a) *taxable Australian real property (see section 855‑20); or
(b) an *indirect Australian real property interest (see section 855‑25).
(2) Without limiting subsection (1), a sub‑underwriting arrangement that is not a *financial arrangement is an
IMR financial arrangement if it was entered into by an *IMR entity for the purpose of providing for the entity to invest or trade in a financial arrangement that is an IMR financial arrangement under subsection (1).
(1) An
IMR widely held entity is any of the following:
(a) a *foreign life insurance company;
(b) an entity that is covered by paragraph 12‑402(3)(a), (b), (c), (d), (f), (g) or (h) in Schedule 1 to the
Taxation Administration Act 1953 ;(c) an entity of a kind specified in regulations made for the purposes of this paragraph.
(2) Without limiting subsection (1) of this section, an entity is an
IMR widely held entity if:
(a) either:
(i) no other entity has a *total participation interest in the entity of 20% or more (see section 842‑235); or
(ii) there are not 5 or fewer other entities the sum of whose total participation interests in the entity is 50% or more (see section 842‑235); or
(b) the entity has never satisfied the requirements of paragraph (a), but investment in the entity is being actively marketed with the intention that the entity satisfies the requirements of that paragraph; or
(c) the reason for failing to satisfy the requirements of paragraph (a) relates to the entity’s activities and investments being wound down.
(1) For the purposes of subsection 842‑230(2), apply the rules in this section in determining an entity’s *total participation interest in another entity (the
test entity ).(2) If an entity has, through one or more interposed entities, an *indirect participation interest in the test entity, treat each of those interposed entities as having a *total participation interest in the test entity of nil.
(3) If the test entity is a trust, do not treat an object of the trust as having a *direct participation interest or *indirect participation interest in the test entity.
(4) Treat the following (the
affiliated entities ):
(a) an entity;
(b) each of the entity’s *affiliates;
as together being one entity, that has all of the interests and rights of the affiliated entities.
Note: Such interests and rights may give rise to a participation interest in the test entity.
(5) If an entity (the
nominee ) has interests and rights in the capacity of nominee of another entity:
(a) treat the nominee as
not having those interests and rights; and(b) instead, treat the other entity as having those interests and rights (in addition to the other entity’s interests and rights apart from this subsection).
(6) If an entity that has a *direct participation interest or *indirect participation interest in the test entity is an entity covered by:
(a) subsection 842‑230(1); or
(b) paragraph 12‑402(3)(e) in Schedule 1 to the
Taxation Administration Act 1953 (foreign collective investment vehicles with a wide membership);treat the entity’s *total participation interest in the test entity as nil.
(7) The application of subsection (6) to an entity that has a *direct participation interest or *indirect participation interest in the test entity does not affect the *total participation interest in the test entity of any other entity that has a direct participation interest or indirect participation interest in the test entity.
(8) In determining a *direct participation interest of one entity in another entity, disregard paragraph 350(1)(b) of the
Income Tax Assessment Act 1936 (rights of shareholders to vote or participate in certain decision‑making).(9) If the test entity is an *IMR entity and another entity is an independent fund manager for the test entity, in determining the *total participation interest of the other entity, or any entity *connected with the other entity, in the test entity, disregard any direct or indirect entitlements (including contingent entitlements) of the other entity, or connected entity, to remuneration from the test entity:
(a) to the extent that the remuneration is subject to income tax in relation to the income year for which the consequences (if any) under subsection 842‑215(1) or (2) are being determined in relation to the test entity; and
(b) to the extent that the remuneration is subject to taxation in relation to that income year under a *foreign law.
Example: Assume that 4 entities have interests in an IMR entity, as follows:
(a) a life insurance company has a 55% interest;
(b) an endowment fund has a 5% interest;
(c) company A has a 25% interest. It has 2 shareholders (who are not affiliated): shareholder Y holds 60% of the shares and shareholder Z holds 40%;
(d) company B has a 15% interest. It has several shareholders.
The IMR entity is an IMR widely held entity because:
(e) under subsection 842‑235(6), the life insurance company has a total participation interest of nil, as it is covered by paragraph 12‑402(3)(a) in Schedule 1 to the
Taxation Administration Act 1953 ; and(f) the endowment fund has a total participation interest below the 20% threshold in subparagraph 842‑230(2)(a)(i); and
(g) under subsection 842‑235(2), company A’s 25% interest is divided between shareholder Y (15%) and shareholder Z (10%), and company A is treated as having a total participation interest in the IMR entity of nil; and
(h) company B’s 15% interest is below the 20% threshold, so none of its shareholders can have a total participation interest above that threshold. (In these circumstances, it is not necessary to determine the total participation interests for each of those shareholders.)
(Treating the life insurance company’s 55% interest as a total participation interest of nil ensures that no summing of the other total participation interest can exceed the 50% threshold in subparagraph 842‑230(2)(a)(ii).)
Without limiting section 842‑230, an entity is an
IMR widely held entity if:
(a) apart from a particular circumstance, the entity would be an *IMR widely held entity because of section 842‑230; and
(b) the circumstance is temporary; and
(c) the circumstance arose outside the entity’s control; and
(d) it is fair and reasonable to treat the entity as an IMR widely held entity, having regard to the following matters:
(i) the matters in paragraphs (b) and (c);
(ii) the nature of the circumstance;
(iii) the actions (if any) taken by the entity to address or remove the circumstance, and the speed with which such actions are taken;
(iv) any other relevant matter.
(1) An entity (the
managing entity ) is anindependent Australian fund manager for an *IMR entity for an income year if:
(a) the managing entity is an Australian resident; and
(b) the managing entity carries out investment management activities for the IMR entity in the ordinary course of *business; and
(c) the managing entity’s remuneration for carrying out those activities is what the remuneration would be between parties dealing at *arm’s length; and
(d) one or more of the following applies:
(i) the IMR entity is an *IMR widely held entity;
(ii) 70% or less of the managing entity’s income, for the income year, is income received from the IMR entity or entities *connected with the IMR entity;
(iii) if the managing entity has been carrying out investment management activities for 18 months or less—it takes all reasonable steps to ensure that the proportion of its income received from the IMR entity or entities connected with the IMR entity, for the income year in which that 18 month period ends, will be reduced to 70% or less.
(2) In applying paragraph (1)(c), have regard to the documents covered by section 815‑135.
(1) The application of section 842‑215 to an *IMR entity for an income year is modified, as provided by subsection (4) of this section, if:
(a) an entity is an *independent Australian fund manager for the IMR entity; and
(b) that entity, or another entity *connected with the entity, has a direct or indirect right to receive part of the profits of the IMR entity for the year; and
(c) the sum of the amounts that the entity, and any other entity connected with the entity, receive for the year in connection with the entity being that independent Australian fund manager exceeds 20% of the amount (the
unadjusted concessional amount ) worked out under subsection (3); and(d) the requirements of subsection 842‑215(3) in relation to the year are not met.
(2) However, this section does not apply if:
(a) the circumstances giving rise to the requirements of paragraph (1)(c) being met arose outside the control of:
(i) the *IMR entity; or
(ii) the *independent Australian fund manager or any entity *connected with the independent Australian fund manager; and
(b) the independent Australian fund manager, or an entity connected with the independent Australian fund manager, is taking steps to address those circumstances.
(3) Work out the unadjusted concessional amount as follows:
where:
amount not assessable or exempt is the sum of:
(a) the amount (the
842‑215(1)(a) amount ) of the *IMR entity’s income for the income year that is, or would (apart from this section) be, *non‑assessable non‑exempt income of the IMR entity because of paragraph 842‑215(1)(a); and(b) the amount (the
842‑215(2)(a) amount ) of the IMR entity’s income for the income year that is, or would (apart from this section) be, non‑assessable non‑exempt income of the IMR entity because of paragraph 842‑215(2)(a), and not because of paragraph 842‑215(1)(a).
amounts not deductible is the amount obtained by adding together:
(a) the sum of the amounts that are not deductible by the *IMR entity for the income year because of paragraph 842‑215(1)(b); and
(b) the sum of the amounts that are not deductible by the IMR entity for the income year because of paragraph 842‑215(2)(b), and not because of paragraph 842‑215(1)(b); and
(c) the sum of the amounts that would otherwise be deductible by the IMR entity for the income year under section 8‑1 if the income in relation to which they were incurred were not income that is *non‑assessable non‑exempt income of the IMR entity because of paragraph 842‑215(1)(a); and
(d) the sum of the amounts that would otherwise be deductible by the IMR entity for the income year under section 8‑1 if the income in relation to which they were incurred were not income that is non‑assessable non‑exempt income of the IMR entity because of paragraph 842‑215(2)(a), and not because of paragraph 842‑215(1)(a).
disregarded capital gains is the amount obtained by adding together:
(a) the sum (the
842‑215(1)(c) amount ) of the amounts of the *capital gains that:
(i) are from *CGT events that happen in the income year; and
(ii) are, or would (apart from this section) be, disregarded in relation to the *IMR entity, because of paragraph 842‑215(1)(c); and
(b) the sum (the
842‑215(2)(c) amount ) of the amounts of the capital gains that:
(i) are from CGT events that happen in the income year; and
(ii) are, or would (apart from this section) be, disregarded in relation to the IMR entity because of paragraph 842‑215(2)(c), and not because of paragraph 842‑215(1)(c).
disregarded capital losses is the amount obtained by adding together:
(a) the sum of the amounts of the *capital losses that:
(i) are from *CGT events that happen in the income year; and
(ii) are disregarded in relation to the *IMR entity because of paragraph 842‑215(1)(c); and
(b) the sum of the amounts of the capital losses that:
(i) are from CGT events that happen in the income year; and
(ii) are disregarded in relation to the IMR entity because of paragraph 842‑215(2)(c), and not because of paragraph 842‑215(1)(c).
(4) Apply the sum referred to in paragraph (1)(c) to reduce (including reduce to zero) the following amounts:
(a) the 842‑215(1)(a) amount;
(b) the 842‑215(2)(a) amount;
(c) the 842‑215(1)(c) amount;
(d) the 842‑215(2)(c) amount.
Do not apply the sum to reduce an amount referred to in a paragraph (other than paragraph (a)) unless the sum has been applied to reduce to zero the amount referred to in each paragraph preceding that paragraph.
(5) If the 842‑215(1)(c) amount or the 842‑215(2)(c) amount relates to more than one *capital gain, a reduction of the amount under subsection (4) is taken to reduce each of the capital gains by the following amount:
(6) Without limiting the circumstances in which the requirements of paragraph (1)(c) are not met, those requirements are taken not to be met in relation to the *IMR entity for an income year if they are not met in relation to the IMR entity for a period (a
qualifying period ) of up to 5 consecutive income years including the income year (but not including any future income years).(7) In ascertaining for the purposes of subsection (6) whether the requirements of paragraph (1)(c) are not met in relation to the *IMR entity for a qualifying period, assume that the qualifying period is the income year referred to in subsection (1).
(8) For the purposes of paragraphs (1)(b) and (c) (including paragraph (1)(c) as affected by subsections (6) and (7)), disregard any direct or indirect entitlements (including contingent entitlements) of the *independent Australian fund manager, or any entity *connected with the independent Australian fund manager, to remuneration from the *IMR entity:
(a) to the extent that the remuneration is subject to income tax in relation to the income year referred to in subsection (1); and
(b) to the extent that the remuneration is subject to taxation in relation to that income year under a *foreign law.
Before “For”, insert “(1)”.
Add:
(2) In determining whether the partnership carries on business in Australia for the purposes of subparagraph (1)(f)(i), if, for the year of income, the partnership is an IMR entity (within the meaning of the
Income Tax Assessment Act 1997 , but disregarding paragraph 842‑220(a) of that Act), disregard business that:
(a) is carried on by the partnership (either by itself directly or by another entity on its behalf); and
(b) solely relates to IMR financial arrangements (within the meaning of that Act).
Insert:
| 842‑215 |
Repeal the following definitions:
(a) definition of
IMR capital gain ;(b) definition of
IMR capital loss ;(c) definition of
IMR deduction .
Insert:
IMR entity has the meaning given by section 842‑220.
IMR financial arrangement has the meaning given by section 842‑225.
Repeal the following definitions:
(a) definition of
IMR foreign fund ;(b) definition of
IMR income .
Insert:
IMR widely held entity has the meaning given by sections 842‑230 and 842‑240.
independent Australian fund manager has the meaning given by section 842‑245.
Repeal the following definitions:
(a) definition of
non‑IMR Division 6E net income ;(b) definition of
non‑IMR net capital gain ;(c) definition of
non‑IMR net income ;(d) definition of
non‑IMR partnership loss ;(e) definition of
non‑IMR partnership net income ;(f) definition of
pre‑2012 IMR capital gain ;(g) definition of
pre‑2012 IMR income .
The amendments made by this Part (other than item 12) apply in relation to the income years in relation to which, under section 842‑207 of the
Income Tax (Transitional Provisions) Act 1997 as amended by this Act, the new Subdivision 842‑I (within the meaning of that section) applies.
Insert:
(1) The new Subdivision 842‑I applies, or is taken to have applied, in relation to:
(a) the 2015‑16 income year and later income years; and
(b) if an entity chooses to apply the new Subdivision 842‑I in relation to the 2011‑12, 2012‑13, 2013‑14 and 2014‑15 income years—those income years.
(2) In this section:
new Subdivision 842‑I means Subdivision 842‑I (Investment Manager Regime) of theIncome Tax Assessment Act 1997 , as substituted by Schedule 7 to theTax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 .Note: The new Subdivision 842‑I replaced a previous version of that Subdivision, which applied in relation to assessments for the 2010‑11 income year and later income years (see item 17 of Schedule 1 to the
Tax Laws Amendment (Investment Manager Regime) Act 2012 ).
(1) This section applies for the purposes of:
(a) this Subdivision (apart from section 842‑207); and
(b) Subdivision 842‑I (Investment Manager Regime) of the
Income Tax Assessment Act 1997 , as substituted by Schedule 7 to theTax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (thenew IMR Schedule ).(2) Treat an entity as an IMR foreign fund if, and only if:
(a) it is an IMR entity (within the meaning given by section 842‑220 of the
Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and(b) subject to subsection (3) of this section, it is an IMR widely held entity (within the meaning given by sections 842‑230 and 842‑240 of the
Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and(c) the entity chooses to be treated as an IMR foreign fund for those purposes.
(3) Treat subsection 842‑230(1) of the
Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule, asnot applying to the entity.
If an IMR entity makes a choice under paragraph 842‑208(2)(c), section 94T of the
Income Tax Assessment Act 1936 as amended by Schedule 7 to theTax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 , applies to the entity in relation to the income years in relation to which this Subdivision applies to the entity.
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 |
Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 | 70, 2015 | 25 June 2015 | Sch 1 (items 1–192, 195–205): 1 July 2015 (s 2(1) items 2–4, 6) Sch 1 (items 193, 194): never commenced (s 2(1) item 5) Sch 4 (items 1, 2) and Sch 5: 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): Sch 6 (item 3): 1 Jan 2014 (s 2(1) item 10) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) Sch 6 (item 41): 1 July 2012 (s 2(1) item 14) Sch 6 (item 47–50, 65–81): 1 July 2014 (s 2(1) items 16, 19) Sch 6 (item 64): 25 Feb 2015 (s 2(1) item 18) Remainder: 25 June 2015 (s 2(1) items 1, 7, 9, 11, 13, 15, 17, 20) | |
Tax Laws Amendment (Small Business Measures No. 1) Act 2015 | 66, 2015 | 22 June 2015 | Sch 1 (item 31): 1 July 2015 (s 2(1) item 4) Sch 1 (item 32): 22 June 2015 (s 2(1) item 5) | Sch 1 (item 32) |
Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017 | 15, 2017 | 28 Feb 2017 | Sch 4 (item 96): 1 Apr 2017 (s 2(1) item 12) | — |
Treasury Laws Amendment (2019 Measures No. 1) Act 2019 | 49, 2019 | 5 Apr 2019 | Sch 3 (items 2, 3): 1 July 2019 (s 2(1) item 10) | — |
s 2......................................... | am No 15, 2017; No 49, 2019 |
item 114................................. | rs No 66, 2015 |
Part 2 heading......................... | rs No 49, 2019 |
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