Tax Laws Amendment (2011 Measures No. 9) Act 2012 (Cth)

Tax Laws Amendment (2011 Measures No. 9) Act 2012

No. 12, 2012 as amended

Compilation start date: 28 June 2013

Includes amendments up to: Act No. 110, 2014

About this compilation

The compiled Act

This is a compilation of the Tax Laws Amendment (2011 Measures No. 9) Act 2012 as amended and in force on 28 June 2013. It includes any amendment affecting the compiled Act to that date.

This compilation was prepared on 22 October 2014.

The notes at the end of this compilation (the endnotes) include information about amending Acts and instruments and the amendment history of each amended provision.

Uncommenced provisions and amendments

If a provision of the compiled Act is affected by an uncommenced amendment, the text of the uncommenced amendment is set out in the endnotes.

Application, saving and transitional provisions for amendments

If the operation of an amendment is affected by an application, saving or transitional provision, the provision is identified in the endnotes.

Modifications

If a provision of the compiled Act is affected by a textual modification that is in force, the text of the modifying provision is set out in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled Act has expired or otherwise ceased to have effect in accordance with a provision of the Act, details of the provision are set out in the endnotes.

Contents

An Act to amend the law relating to taxation and superannuation, and for other purposes

1Short title

This Act may be cited as the Tax Laws Amendment (2011 Measures No. 9) Act 2012.

2Commencement

(1)
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	21 March 2012
2. Schedule 1	The day after this Act receives the Royal Assent.	22 March 2012
3. Schedule 2	The day this Act receives the Royal Assent.	21 March 2012
4. Schedule 3	1 July 2012.	1 July 2012
5. Schedules 4 and 5	The day this Act receives the Royal Assent.	21 March 2012
6. Schedule 6, Part 1, Divisions 1 and 2	The day this Act receives the Royal Assent.	21 March 2012
7. Schedule 6, item 7	At the same time as item 42 of Schedule 1 to the Australian Citizenship (Transitionals and Consequentials) Act 2007 commences.	1 July 2007
8. Schedule 6, items 8 and 9	Immediately after the commencement of section 2 of the Tax Laws Amendment (2006 Measures No. 3) Act 2006.	30 June 2006
9. Schedule 6, Part 1, Division 4	At the same time as item 29 of Schedule 1 to the Tax Laws Amendment (Transfer of Provisions) Act 2010 commences.	1 July 2010
10. Schedule 6, Parts 2 and 3	The day this Act receives the Royal Assent.	21 March 2012
11. Schedule 6, Part 4	Immediately after the commencement of item 1 of Schedule 1 to the A New Tax System (Pay As You Go) Act 1999.	22 December 1999
12. Schedule 6, Part 5, Division 1	Immediately after the commencement of item 140 of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007.	15 March 2007
13. Schedule 6, Part 5, Division 2	The day this Act receives the Royal Assent.	21 March 2012
14. Schedule 6, Parts 6 to 8	The day this Act receives the Royal Assent.	21 March 2012
15. Schedule 6, Part 9	The day after this Act receives the Royal Assent.	22 March 2012
16. Schedule 6, Part 10, Division 1	The day after this Act receives the Royal Assent.	22 March 2012
17. Schedule 6, Part 10, Division 2	Immediately after the commencement of the provision(s) covered by table item 16.	22 March 2012
18. Schedule 6, Part 11, Division 1	The day this Act receives the Royal Assent.	21 March 2012
19. Schedule 6, Part 11, Division 2	Immediately after the commencement of the provision(s) covered by table item 18.	21 March 2012
20. Schedule 6, Part 11, Division 3	The later of: (a) immediately after the commencement of the provision(s) covered by table item 19; and (b) the commencement of item 17 of Schedule 1 to the Social Security Amendment (Supporting Australian Victims of Terrorism Overseas) Act 2012. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.	22 January 2013 (paragraph (b) applies)
21. Schedule 6, item 144	Immediately after the commencement of item 16 of Schedule 10 to the Clean Energy (Household Assistance Amendments) Act 2011. However, the provision(s) do not commence at all if that item 16 commences before or at the same time as the provision(s) covered by table item 18.	14 May 2012
22. Schedule 6, item 145	Immediately after the commencement of item 2 of Schedule 10 to the Clean Energy (Household Assistance Amendments) Act 2011.	14 May 2012
23. Schedule 6, items 146 to 148	Immediately after the commencement of the provision(s) covered by table item 19. However, the provision(s) do not commence at all if item 2 of Schedule 10 to the Clean Energy (Household Assistance Amendments) Act 2011 does not commence before that time.	Do not commence
24. Schedule 6, Part 12, Division 1	The day this Act receives the Royal Assent.	21 March 2012
25. Schedule 6, Part 12, Division 2	Immediately after the commencement of the provision(s) covered by table item 24.	21 March 2012
26. Schedule 6, Part 13	The day after this Act receives the Royal Assent.	22 March 2012
27. Schedule 6, Parts 14 to 18	The day this Act receives the Royal Assent.	21 March 2012
28. Schedule 6, item 179	At the same time as item 169 of Schedule 3 to the Tax Laws Amendment (2008 Measures No. 4) Act 2008 commences.	3 October 2008
29. Schedule 6, item 180	Immediately after the commencement of item 115 of Schedule 5 to the Tax Laws Amendment (2010 Measures No. 1) Act 2010.	3 June 2010
30. Schedule 6, items 181 and 182	At the same time as item 169 of Schedule 3 to the Tax Laws Amendment (2008 Measures No. 4) Act 2008 commences.	3 October 2008
31. Schedule 6, Parts 20 to 31	The day this Act receives the Royal Assent.	21 March 2012

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.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4Amendment of assessments

(1)
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 8 of Schedule 6 to this Act; 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 that Part.
(2)
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 Division 1 of Part 10 of Schedule 6 to this Act; 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 that Division.
(3)
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 Division 2 of Part 10 of Schedule 6 to this Act; 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 that Division.
(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.

Schedule 1Form for portability of superannuation

Retirement Savings Accounts Act 1997

Subparagraph 3(1)(a)(ii)

Repeal the subparagraph, substitute:
(ii)
Division 4 of Part 4 (Other provisions relating to the operation of RSAs); and

Subparagraph 3(1)(a)(iii)

Omit “Divisions 2 and 4A”, substitute “the provisions mentioned in subparagraph (e)(ii)”.

Paragraph 3(1)(e)

Repeal the paragraph, substitute:
(e)
the Commissioner of Taxation has the general administration of:
(i)
Division 3 of Part 4 (Portability forms); and
(ii)
Division 2 of Part 11, section 138A, Division 4A of Part 11 and subsection 144(1A) (about tax file numbers).

Subsection 3(1) (note)

Omit “paragraph (e) is that people who acquire information under Divisions 2 and 4A of Part 11”, substitute “a provision being administered by the Commissioner of Taxation (see paragraph (e)) is that people who acquire information under the provision”.
5
Section 16 (at the end of the definition of Regulator)
Add:
; and (d)
the Commissioner of Taxation, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation.

Before section 37

Insert:

Division 1—Object of Part

Before section 38

Insert:

Division 2—Operating standards

After section 39

Insert:

Division 3—Portability forms

39APortability forms

(1)
For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which:
(a)
the holder of an RSA gives to the Commissioner of Taxation a request for the benefits held for the holder in the RSA to be rolled‑over or transferred; and
(b)
the Commissioner may pass the request on to the provider of the RSA.
Note: The standards may require the provider to act on the request. See paragraph 38(2)(h).
(2)
The regulations may provide that the request must be given to the Commissioner in the approved form.
Note: The approved form may require the holder to set out his or her tax file number. See subsection 144(2A).

Division 4—Other provisions relating to the operation of RSAs

At the end of Division 3 of Part 11

Add:

138APortability forms

Requesting tax file numbers
(1)
The Commissioner of Taxation may request a holder of an RSA to quote the holder’s tax file number to the Commissioner in connection with the operation, or the possible future operation, of a scheme prescribed for the purposes of section 39A (Portability forms).
(2)
The holder is not obliged to comply with the request, but the regulations made for the purposes of that section may provide that failure to comply with the request affects whether the Commissioner may pass a request on to the provider of the RSA under the prescribed scheme.
Passing on tax file numbers
(3)
The Commissioner of Taxation may inform the provider of an RSA of the tax file number of a holder of the RSA as part of the Commissioner passing on to the provider a request made by the holder under a scheme prescribed for the purposes of section 39A (Portability forms).
(4)
If the Commissioner does so, the holder is:
(a)
taken to have quoted the tax file number to the provider in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and
(b)
taken to have quoted that tax file number at the time when the Commissioner of Taxation informs the provider of the tax file number.

After subsection 144(2)

Insert:
Portability forms
(2A)
An approved form mentioned in subsection 39A(2) may require the tax file number of the holder making the relevant request to be set out in the request.

Superannuation Industry (Supervision) Act 1993

Subparagraph 6(1)(a)(xii)

Omit “(except Division 1)”.

Paragraph 6(1)(b)

After “paragraph (f)”, insert “or (g)”.

Paragraph 6(1)(g)

Repeal the paragraph, substitute:
(g)
the Commissioner of Taxation also has the general administration of:
(i)
Division 3 of Part 3 (Portability forms); and
(ii)
Division 1 of Part 25A, section 299NA, Division 3A of Part 25A and subsection 299U(2A) (about tax file numbers).

Subsection 6(1) (note)

Omit “paragraphs (e), (f) and (g) is that people who acquire information under those provisions (to the extent that they relate to self managed superannuation funds)”, substitute “a provision being administered by the Commissioner of Taxation (see paragraphs (e), (f) and (g)) is that people who acquire information under the provision”.

Before section 30

Insert:

Division 1—Object of Part

Before section 31

Insert:

Division 2—Operating standards

At the end of Part 3

Add:

Division 3—Portability forms

34APortability forms

(1)
For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which:
(a)
a beneficiary of:
(i)
a regulated superannuation fund; or
(ii)
an approved deposit fund;
gives to the Commissioner of Taxation a request for the benefits held for the beneficiary in the fund to be rolled‑over or transferred; and
(b)
the Commissioner may pass the request on to the trustee of the fund.
Note: The standards may require the trustee to act on the request. See paragraphs 31(2)(i) and 32(2)(d).
(2)
The regulations may provide that the request must be given to the Commissioner in the approved form.
Note: The approved form may require the beneficiary to set out his or her tax file number. See subsection 299U(2A).

At the end of Division 2 of Part 25A

Add:

299NAPortability forms

Requesting tax file numbers
(1)
The Commissioner of Taxation may request a beneficiary of:
(a)
a regulated superannuation fund; or
(b)
an approved deposit fund;
to quote the beneficiary’s tax file number to the Commissioner in connection with the operation, or the possible future operation, of a scheme prescribed for the purposes of section 34A (Portability forms).
(2)
The beneficiary is not obliged to comply with the request, but the regulations made for the purposes of that section may provide that failure to comply with the request affects whether the Commissioner may pass a request on to the trustee of the fund under the prescribed scheme.
Passing on tax file numbers
(3)
The Commissioner of Taxation may inform the trustee of:
(a)
a regulated superannuation fund; or
(b)
an approved deposit fund;
of the tax file number of a beneficiary of the fund as part of the Commissioner passing on to the trustee a request made by the beneficiary under a scheme prescribed for the purposes of section 34A (Portability forms).
(4)
If the Commissioner does so, the beneficiary is:
(a)
taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and
(b)
taken to have quoted that tax file number at the time when the Commissioner informs the trustee of the tax file number.

After subsection 299U(2)

Insert:
Portability forms
(2A)
An approved form mentioned in subsection 34A(2) may require the tax file number of the beneficiary making the relevant request to be set out in the request.

Schedule 2Capital gains tax and certain business restructuresPart 1Share and interest sale facilities for foreign interest holders in a restructure

Income Tax Assessment Act 1997

At the end of Subdivision 124‑A

Add:

124‑20Share and interest sale facilities

Share and interest sale facilities
(1)
An entity (the investor) is treated as owning an *ownership interest (the roll‑over interest) in a company or trust (the issuer) at a time (the deeming time), if:
(a)
the investor owned an ownership interest (the original interest) in a company or trust; and
(b)
a transaction happened in relation to the original interest; and
(c)
because:
(i)
a *foreign law impedes the ability of the issuer to issue or transfer the roll‑over interest to the investor; or
(ii)
it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of the issuer to issue or transfer the roll‑over interest to the investor;
it is *arranged that the issuer will issue or transfer the roll‑over interest to another entity (the facility) under the transaction instead of to the investor; and
(d)
in accordance with that arrangement and as a result of the transaction, the facility:
(i)
becomes the owner of the roll‑over interest; and
(ii)
owns the roll‑over interest at the deeming time; and
(e)
under the arrangement, the investor is entitled to receive from the facility:
(i)
an amount equivalent to the *capital proceeds of any *CGT event that happens in relation to the roll‑over interest (less expenses); or
(ii)
if a CGT event happens in relation to the roll‑over interest together with CGT events happening in relation to other ownership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses).
(2)
The facility is treated as not owning the roll‑over interest at the deeming time.
(3)
This section applies for the purposes of:
(a)
applying one of the following provisions (the roll‑over provision) in relation to the transaction:
(i)
Subdivision 124‑G (Exchange of shares in one company for shares in another company);
(ii)
Subdivision 124‑H (Exchange of units in a unit trust for shares in a company);
(iii)
Subdivision 124‑I (Change of incorporation);
(iv)
Subdivision 124‑N (Disposal of assets by a trust to a company);
(v)
Subdivision 124‑Q (Exchange of stapled ownership interests for ownership interests in a unit trust); and
(b)
the following provisions, to the extent that they relate to a roll‑over under the roll‑over provision that involves the transaction:
(i)
item 2 of the table in subsection 115‑30(1);
(ii)
sections 124‑10 and 124‑15.
Incorporated bodies
(4)
Without limiting this section, it also has effect, in a case covered by subparagraph (3)(a)(iii) (about Subdivision 124‑I), as if each reference in this section to an *ownership interest in a company or trust were a reference to:
(a)
an interest in an incorporated body; and
(b)
any rights relating to the body owned by the entity that owns that interest.
(5)
This section applies, in a case covered by subparagraph (3)(a)(iii) (about Subdivision 124‑I), in relation to rights as a *member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 in the same way as it applies in relation to *shares in a company.
2
At the end of paragraphs 124‑360(1)(c) and 124‑370(1)(e)
Add:
Note: See section 124‑20 if an exchanging member uses a share sale facility.

Subsections 124‑382(3) and (4)

Repeal the subsections.
4
At the end of paragraphs 124‑445(c) and 124‑455(1)(e)
Add:
Note: See section 124‑20 if an exchanging member uses a share sale facility.

Subsection 124‑860(6) (note)

Omit “Note”, substitute “Note 1”.

At the end of subsection 124‑860(6)

Add:
Note 2: See section 124‑20 if an entity uses an interest sale facility.

At the end of paragraph 124‑1045(1)(d)

Add:
Note: See section 124‑20 if an exchanging member uses an interest sale facility.

Section 124‑1065

Repeal the section.

At the end of Division 125

Add:

Subdivision 125‑E—Miscellaneous

Table of sections

125‑235 Share and interest sale facilities

125‑235Share and interest sale facilities

Share and interest sale facilities
(1)
An entity (the investor) is treated as owning an *ownership interest (the roll‑over interest) in a *demerged entity at a time (the deeming time), if:
(a)
the investor owned an ownership interest in a company or trust that was the *head entity of a *demerger group; and
(b)
a *demerger happens to the demerger group; and
(c)
because:
(i)
a *foreign law impedes the ability of a member of the demerger group to issue or transfer the roll‑over interest to the investor; or
(ii)
it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of a member of the demerger group to issue or transfer the roll‑over interest to the investor;
it is *arranged that the member will issue or transfer the roll‑over interest to another entity (the facility) under the demerger instead of to the investor; and
(d)
in accordance with that arrangement and as a result of the demerger, the facility:

(i)
becomes the owner of the roll‑over interest (which is a new or replacement interest in the demerged entity); and
(ii)
owns the roll‑over interest at the deeming time; and
(e)
under the arrangement, the investor is entitled to receive from the facility:
(i)
an amount equivalent to the *capital proceeds of any *CGT event that happens in relation to the roll‑over interest (less expenses); or
(ii)
if a CGT event happens in relation to the roll‑over interest together with CGT events happening in relation to other ownership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses).
(2)
The facility is treated as not owning the roll‑over interest at the deeming time.
(3)
This section applies for the purposes of:
(a)
applying this Division in relation to the demerger; and
(b)
item 2 of the table in subsection 115‑30(1), to the extent that it relates to a roll‑over under this Division that involves the demerger.

At the end of Subdivision 126‑G

Add:

126‑265Interest sale facilities

Interest sale facilities
(1)
For the purposes of this Subdivision, an entity (the investor) is treated as owning a *membership interest (the roll‑over interest) in the receiving trust at a time (the deeming time), if:
(a)
the investor owned a membership interest in the transferring trust; and
(b)
a trust is created, or a transfer happens, (the transaction) as mentioned in paragraph 126‑225(1)(a) in relation to *CGT assets of the transferring trust; and
(c)
because:
(i)
a *foreign law impedes the ability of the receiving trust to issue or transfer the roll‑over interest to the investor; or
(ii)
it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of the receiving trust to issue or transfer the roll‑over interest to the investor;
it is *arranged that the receiving trust will issue or transfer the roll‑over interest to another entity (the facility) under the transaction instead of to the investor; and
(d)
in accordance with that arrangement and as a result of the transaction, the facility:
(i)
becomes the owner of the roll‑over interest; and
(ii)
owns the roll‑over interest at the deeming time; and
(e)
under the arrangement, the investor is entitled to receive from the facility:
(i)
an amount equivalent to the *capital proceeds of any *CGT event that happens in relation to the roll‑over interest (less expenses); or
(ii)
if a CGT event happens in relation to the roll‑over interest together with CGT events happening in relation to other membership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses).
(2)
The facility is treated as not owning the roll‑over interest at the deeming time.

Application of amendments

The amendments made by this Part apply to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

Part 2CGT demerger relief

Income Tax Assessment Act 1997

After subsection 125‑65(2)

Insert:
(2A)
Neither a corporation sole nor a *complying superannuation entity is a member of a *demerger group.

Paragraph 125‑70(1)(g)

Omit “*superannuation fund”, substitute “*non‑complying superannuation fund”.

Application of amendments

The amendments made by this Part apply to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

Part 3Roll‑overs for change of incorporationDivision 1Main amendments

Income Tax Assessment Act 1997

Subdivision 124‑I

Repeal the Subdivision, substitute:

Subdivision 124‑I—Change of incorporation

Guide to Subdivision 124‑I

124‑510What this Subdivision is about

Roll‑over relief is available for members of a body that is incorporated under one law and is converted to, or replaced with, a body incorporated under another law.

Table of sections

Object of this Subdivision
124‑515 Object of this Subdivision
Change of incorporation without change of entity
124‑520 Change of incorporation without change of entity
Old corporation wound up
124‑525 Old corporation wound up
Special consequences of some roll‑overs
124‑530 Shares in company replacing pre‑CGT and post‑CGT mix of interest and rights in body
124‑535 Rights as member of Indigenous corporation replacing pre‑CGT and post‑CGT mix of interest and rights in body

Object of this Subdivision

124‑515Object of this Subdivision

The object of this Subdivision is to ensure that CGT considerations for *members of a body incorporated under a law do not impede a change of incorporation involving converting the body to, or replacing it with, a company incorporated under:
(a)
the Corporations Act 2001 or a similar *foreign law; or
(b)
the Corporations (Aboriginal and Torres Strait Islander) Act 2006.
Note: Subdivision 620‑A provides a roll‑over for the assets of the body.

Change of incorporation without change of entity

124‑520Change of incorporation without change of entity

(1)
This section applies if:
(a)
you are a *member of a body incorporated under a law described in column 1 of an item of the table; and
(b)
the body is converted into a company incorporated under a law described in column 2 of the item, without creating a new legal entity; and
(c)
it is reasonable to conclude that there is no significant difference:
(i)
between the ownership of the body, and of rights relating to the body held by entities that owned the body, just before the conversion and the ownership of the company just after the conversion; or
(ii)
between the mix of ownership of the body, and of rights relating to the body held by entities that owned the body, just before the conversion and the mix of ownership of the company just after the conversion.
Note: See section 124‑20 if an entity uses a share or interest sale facility.

Laws the body and company are incorporated under
Column 1 Body incorporated under this law	Column 2 Company incorporated under this law
1	A law other than the Corporations Act 2001 and a similar *foreign law relating to companies	The Corporations Act 2001 or a similar foreign law relating to companies
2	A law other than the Corporations (Aboriginal and Torres Strait Islander) Act 2006	The Corporations (Aboriginal and Torres Strait Islander) Act 2006

(2)
You can choose to obtain a roll‑over if:
(a)
as a result of the conversion you are issued with *shares in the company and you receive nothing else; and
(b)
either you are an Australian resident at the time of the conversion or, if you are a foreign resident at that time:
(i)
each of your interest and your other rights (if any) relating to the body was *taxable Australian property just before that time; and
(ii)
the shares are taxable Australian property when they are issued.
Note 1: The roll‑over consequences are set out in Subdivision 124‑A and section 124‑530.
Note 2: Section 103‑25 tells you when you have to make the choice.
(3)
If the company is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, subsection (2) applies in relation to rights as a *member of the company in the same way as that subsection applies to *shares in a company.
Note: This may allow you to choose to obtain a roll‑over. The roll‑over consequences are set out in Subdivision 124‑A and section 124‑535.
Exception for demutualisation of certain bodies
(4)
This section does not apply to demutualisation of a body if Division 326 in Schedule 2H to the Income Tax Assessment Act 1936 applies to the demutualisation.
Note: That Division deals with demutualisation of entities other than insurance companies and health insurers.

Old corporation wound up

124‑525Old corporation wound up

(1)
This section applies if:
(a)
a body is incorporated under a law described in column 1 of an item of the table; and
(b)
a company is incorporated under a law described in column 2 of the item; and
(c)
the body ceases to exist, but the company continues to exist, after the time (the switch time) the *members of the body receive *shares in the company, or rights as members of it if it is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, on account of:
(i)
their interests in the body; and
(ii)
their other rights (if any) relating to the body; and
(d)
the members of the body do not receive anything else on account of the expected ending of those interests and rights; and
(e)
it is reasonable to conclude that there is no significant difference:
(i)
between the ownership of the body, and of rights relating to the body held by entities that owned the body, just before the switch time and the ownership of the company just after the switch time; or
(ii)
between the mix of ownership of the body, and of rights relating to the body held by entities that owned the body, just before the switch time and the mix of ownership of the company just after the switch time; and
Note: See section 124‑20 if an entity uses a share or interest sale facility.
(f)
the body *disposes of all its *CGT assets to the company, except any assets expected to be needed to meet the body’s existing or expected liabilities before it ceases to exist.

Laws the body and company are incorporated under
Column 1 Body incorporated under this law	Column 2 Company incorporated under this law
1	A law other than the Corporations Act 2001 and a similar *foreign law relating to companies	The Corporations Act 2001 or a similar foreign law relating to companies
2	A law other than the Corporations (Aboriginal and Torres Strait Islander) Act 2006	The Corporations (Aboriginal and Torres Strait Islander) Act 2006

(2)
You can choose to obtain a roll‑over if:
(a)
you were a *member of the body just before the switch time; and
(b)
your ownership of your interest in the body ends at a time (the end time) after the switch time; and
(c)
at the end time you have the *shares in the company that you received at the switch time; and
(d)
either you are an Australian resident at the end time or, if you are a foreign resident at the end time:
(i)
each of your interest in the body and your other rights (if any) relating to the body was *taxable Australian property just before the end time; and
(ii)
the shares in the company that you received at the switch time are taxable Australian property at the end time.
Note 1: The roll‑over consequences are set out in Subdivision 124‑A and section 124‑530.
Note 2: Section 103‑25 tells you when you have to make the choice.
(3)
If the company is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, subsection (2) applies in relation to rights as a *member of the company in the same way as that subsection applies to *shares in a company.
Note: This may allow you to choose to obtain a roll‑over. The roll‑over consequences are set out in Subdivision 124‑A and section 124‑535.

Special consequences of some roll‑overs

124‑530Shares in company replacing pre‑CGT and post‑CGT mix of interest and rights in body

(1)
This section applies if:
(a)
you choose to obtain a roll‑over under section 124‑520 or 124‑525 relating to *shares you have in the company on account of the following (your original assets):
(i)
your interest in the body mentioned in that section;
(ii)
your other rights relating to the body mentioned in that section; and
(b)
you *acquired some of your original assets before 20 September 1985 and the rest of them on or after that day.
(2)
You are taken to have *acquired so many of the *shares before 20 September 1985 as is reasonable, having regard to:
(a)
the number and *market value of your original assets; and
(b)
the number and market value of the shares.
(3)
The first element of the *cost base of each of the *shares not taken by subsection (2) to have been *acquired before 20 September 1985 (your post‑CGT shares) is such amount as is reasonable having regard to:
(a)
the total of the cost bases of your original assets that you acquired on or after 20 September 1985; and
(b)
the number and *market value of your post‑CGT shares.
(4)
The reduced cost base of each of your post‑CGT shares is worked out similarly.
(5)
This section has effect despite subsections 124‑15(5) and (6).

124‑535Rights as member of Indigenous corporation replacing pre‑CGT and post‑CGT mix of interest and rights in body

(1)
This section applies if:
(a)
you choose to obtain a roll‑over under section 124‑520 or 124‑525 relating to rights (the replacement rights) you have as a *member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 on account of the following (your original assets):
(i)
your interest in the body mentioned in that section;
(ii)
your other rights relating to the body mentioned in that section; and
(b)
you *acquired any of your original assets before 20 September 1985.
(2)
You are taken to have *acquired the replacement rights before 20 September 1985.
(3)
This section has effect despite subsection 124‑15(5).

Before Part 3‑90

Insert:

Part 3‑80—Roll‑overs applying to assets generally

Division 620—Assets of wound‑up corporation passing to corporation with not significantly different ownership

Table of Subdivisions

620‑A Corporations covered by Subdivision 124‑I

Subdivision 620‑A—Corporations covered by Subdivision 124‑I

Guide to Subdivision 620‑A

620‑5What this Subdivision is about

There are tax‑neutral consequences of a body, that is incorporated under one law and ceases to exist, disposing of an asset to a company incorporated under another law, if the ownership of the company is not significantly different from the ownership of the body.

Table of sections

Application and object of this Subdivision
620‑10 Application
620‑15 Object
CGT consequences
620‑20 Disregard body’s capital gains and losses from CGT assets
620‑25 Cost base and pre‑CGT status of CGT asset for company
Consequences for depreciating assets
620‑30 Roll‑over relief for balancing adjustment events
Consequences for trading stock
620‑40 Body taken to have sold trading stock to company
Consequences for revenue assets
620‑50 Body taken to have sold revenue assets to company

Application and object of this Subdivision

620‑10Application

This Subdivision applies to a body that is incorporated under one law and ceases to exist, and to a company incorporated under another law, if section 124‑525 applies in relation to the body and the company.
Note: That section applies if the ownership of the company is not significantly different from the ownership of the body and rights relating to the body.

620‑15Object

The object of this Subdivision is to ensure tax‑neutral consequences when the body ceases to hold an asset and also if the asset becomes held by the company.

CGT consequences

620‑20Disregard body’s capital gains and losses from CGT assets

(1)
This section applies if:
(a)
the body *disposes of a *CGT asset to the company because the body ceases to exist; or
(b)
another *CGT event happens to a CGT asset of the body because the body ceases to exist.
(2)
A *capital gain or a *capital loss the body makes from the *CGT asset is disregarded.

620‑25Cost base and pre‑CGT status of CGT asset for company

(1)
This section applies to a *CGT asset if the body *disposes of it to the company because the body ceases to exist.
(2)
The first element of the *CGT asset’s *cost base for the company is equal to the asset’s cost base for the body in connection with the *disposal.
(3)
The first element of the *CGT asset’s *reduced cost base for the company is worked out similarly.
(4)
If the body *acquired the *CGT asset before 20 September 1985, the company is taken to have acquired the CGT asset before that day.

Consequences for depreciating assets

620‑30Roll‑over relief for balancing adjustment events

(1)
This section applies if:
(a)
there is a *balancing adjustment event because the body disposes of a *depreciating asset in an income year to the company because the body ceases to exist; and
(b)
the disposal involves a *CGT event.
(2)
This Act applies as if:
(a)
there were roll‑over relief under subsection 40‑340(1) for the *balancing adjustment event; and
(b)
the body were the transferor mentioned in that subsection and subsection 328‑243(1A); and
(c)
the company were the transferee mentioned in that subsection and subsection 328‑243(1A).
Note: Some effects of this are as follows:
(a) the balancing adjustment event does not affect the body’s assessable income or deductions (see subsection 40‑345(1));
(b) the company can deduct for the decline in value of the asset on the same basis as the body did (see subsection 40‑345(2));
(c) Division 45 (Disposal of leases and leased plant) applies to the company as if it had done the things the body did (see subsection 40‑350(1)).
(3)
Disregard paragraph 328‑243(1A)(c) in determining whether subsection 328‑243(1A) applies.

Consequences for trading stock

620‑40Body taken to have sold trading stock to company

(1)
This subsection applies to each item of *trading stock that the body disposes of to the company because the body ceases to exist.
(2)
The body is taken to have sold, and the company is taken to have bought, the item (in the ordinary course of *business and dealing with each other at arm’s length), at the time of the disposal (or just before that time if the disposal occurred when the body ceased to exist), for:
(a)
the *cost of the item for the body; or
(b)
if the body held the item as *trading stock at the start of the income year, the *value of the item for the body then.
(3)
The company is taken to have held the item as *trading stock when it bought the item.

Consequences for revenue assets

620‑50Body taken to have sold revenue assets to company

Disposal
(1)
Subsections (2) and (3) apply to a *CGT asset:
(a)
that the body *disposes of to the company because the body ceases to exist; and
(b)
that is a *revenue asset of the body just before the disposal.
Note: Trading stock and depreciating assets are not revenue assets. See section 977‑50.
(2)
The body is taken to have disposed of the *revenue asset to the company for an amount such that the body would not make a profit or a loss on the disposal.
(3)
For the purpose of calculating any profit or loss on a future disposal of, cessation of owning, or other realisation of, the *revenue asset, the company is taken to have paid the body that amount for the disposal of the revenue asset to the company.
Ceasing to own or other realising
(4)
Subsection (5) applies to a *CGT asset:
(a)
that the body ceases to own, or otherwise realises, because the body ceases to exist; and
(b)
that is a *revenue asset of the body just before the cessation or realisation.
Note: Trading stock and depreciating assets are not revenue assets. See section 977‑50.
(5)
The body is taken to have disposed of the *revenue asset for an amount such that the body would not make a profit or a loss on the disposal.

Division 2Consequential amendments

Income Tax Assessment Act 1997

Subsection 40‑340(1) (note)

Omit “Note:”, substitute “Note 1:”.

At the end of subsection 40‑340(1)

Add:
Note 2: This Act also applies as if there were roll‑over relief under this subsection in the circumstances set out in section 620‑30 (which is about a body incorporated under one law ceasing to exist and disposing of its assets to a company incorporated under another law that has not significantly different ownership).

At the end of subsection 70‑80(1)

Add:
Note: An incorporated body is treated as disposing of an item of its trading stock in the ordinary course of business if the body ceases to exist and disposes of the asset to a company that has not significantly different ownership: see Division 620.

After section 112‑53AA

Insert:

112‑53ABChange of incorporation

Change of incorporation
Item	In this situation:	Element affected:	See section:
1	Shares in company that has changed its incorporation or has ownership not significantly different from that of a former body incorporated under another law	First element of cost base and reduced cost base	124‑530

Section 112‑97 (at the end of the table)

Add:

A CGT asset is held by a company that has ownership not significantly different from that of a former body that held the asset and was incorporated under another law

First element of cost base and reduced cost base

Section 620‑25

22
Section 112‑115 (cell at table item 11, column headed “For the rules about this roll‑over:”)

Repeal the cell, substitute:

Change of incorporation

Section 112‑150 (at the end of the table)

Add:

Corporations covered by Subdivision 124‑I

sections 620‑10, 620‑15, 620‑20 and 620‑25

Division 3Application of amendments

Income Tax (Transitional Provisions) Act 1997

At the end of Division 124

Add:

Subdivision 124‑I—Change of incorporation

Table of sections

124‑510 Application of Subdivision 124‑I of the Income Tax Assessment Act 1997

124‑510Application of Subdivision 124‑I of the Income Tax Assessment Act 1997

Subdivision 124‑I of the Income Tax Assessment Act 1997, as amended by Schedule 2 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012, applies to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

After Part 3‑45

Insert:

Part 3‑80—Roll‑overs applying to assets generally

Division 620—Assets of wound‑up corporation passing to corporation with not significantly different ownership

Table of Subdivisions

620‑A Corporations covered by Subdivision 124‑I

Subdivision 620‑A—Corporations covered by Subdivision 124‑I

Table of sections

620‑10 Application of Subdivision 620‑A of the Income Tax Assessment Act 1997

620‑10Application of Subdivision 620‑A of the Income Tax Assessment Act 1997

Subdivision 620‑A of the Income Tax Assessment Act 1997 applies in relation to the cessation of existence of bodies corporate occurring after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

Schedule 3GST financial supply provisionsPart 1Increasing financial acquisitions threshold

A New Tax System (Goods and Services Tax) Act 1999

Paragraphs 189‑5(1)(a) and (2)(a)

Omit “$50,000”, substitute “$150,000”.

Paragraphs 189‑10(1)(a) and (2)(a)

Omit “$50,000”, substitute “$150,000”.

Application of amendments

The amendments made by this Part apply for working out whether you exceed the financial acquisitions threshold at a time during July 2012 or a later month.

Part 2Treatment of borrowings

A New Tax System (Goods and Services Tax) Act 1999

Paragraph 11‑15(5)(a)

After “borrowing”, insert “(other than through a *deposit account you make available)”.

Section 195‑1

Insert:
deposit account: an account is a deposit account if:
(a)
the account is made available by an Australian ADI (within the meaning of the Corporations Act 2001) in the course of carrying on a banking business (within the meaning of the Banking Act 1959); and
(b)
amounts credited to the account represent money taken by the ADI on deposit (other than as part‑payment for identified goods or services); and
(c)
amounts credited to the account do not relate to a debenture (as defined in section 9 of the Corporations Act 2001) of the ADI.

Application of amendments

The amendments made by this Part apply in relation to acquisitions made on or after 1 July 2012.

Part 3Hire purchase agreements

A New Tax System (Goods and Services Tax) Act 1999

Section 29‑39 (after table item 8A)

Insert:

8AA

Hire purchase agreements

Division 158

Section 29‑69 (at the end of the table)

Add:

2

Hire purchase agreements

Division 158

After section 156‑22

Insert:

156‑23Certain supplies or acquisitions under hire purchase agreements treated as not on progressive or periodic basis

For the purposes of this Division, a supply or acquisition of goods or credit under a *hire purchase agreement is treated as not being a supply or acquisition made on a progressive or periodic basis.

After Division 157

Insert:

Division 158—Hire purchase agreements

158‑1What this Division is about

If you account on a cash basis, you are treated as if you do not account on a cash basis for any acquisition made under a hire purchase agreement.

158‑5Treat as not accounting on a cash basis

(1)
This section applies if you *account on a cash basis.
(2)
This Act and the regulations apply in relation to:
(a)
an acquisition you make under a *hire purchase agreement; or
(b)
an input tax credit to which you are entitled, or an *adjustment you have, under subsection 58‑10(1) for an acquisition made under a hire purchase agreement;
as if you do not *account on a cash basis.

Application of amendments

The amendments made by this Part apply in relation to hire purchase agreements entered into on or after 1 July 2012.

Schedule 4New residential premisesPart 1Amendments

A New Tax System (Goods and Services Tax) Act 1999

Before subsection 40‑75(1)

Insert:
When premises are new residential premises

At the end of subsection 40‑75(1)

Add:
Paragraphs (b) and (c) have effect subject to paragraph (a).
Note 1: For example, residential premises will be new residential premises if they are created as described in paragraph (b) or (c) to replace earlier premises that had ceased to be new residential premises because of paragraph (a).
Note 2: However, premises that are new residential premises because of paragraph (b) or (c) will cease to be new residential premises once they are sold, or supplied by way of long‑term lease, as residential premises (see paragraph (a)).
Note 3: Premises created because of the registration of, for example, a strata title plan, or a plan to subdivide land, may not become new residential premises (see subsection (2AA)).

Subsection 40‑75(2)

Omit “premises are not new residential premises”, substitute “*residential premises are not new residential premises”.

Paragraph 40‑75(2)(a)

Omit “*residential premises”, substitute “residential premises”.

After subsection 40‑75(2)

Insert:
Subdivisions etc. may not result in new residential premises
(2AA)
Despite subsection (1), the *residential premises are not new residential premises if:
(a)
they are created from residential premises that became the subject of a *property subdivision plan; and
(b)
the residential premises referred to in paragraph (a) were not new residential premises immediately before they became the subject of that plan.
This subsection has effect subject to paragraphs (1)(b) and (c).

Before subsection 40‑75(2A)

Insert:
Disregard certain supplies of the premises

Subsection 40‑75(2A)

Omit “premises is disregarded as a sale”, substitute “*residential premises is disregarded as a sale or supply”.

After subsection 40‑75(2A)

Insert:
(2B)
A supply (the wholesale supply) of the *residential premises is disregarded as a sale or supply for the purposes of applying paragraph (1)(a) if:
(a)
the premises from which the residential premises were created had earlier been supplied to the *recipient of the wholesale supply or one or more of its *associates; and
(b)
an arrangement (including an agreement) was made by:
(i)
the supplier of the earlier supply, or one or more associates of the supplier; and
(ii)
the recipient of the earlier supply, or one or more associates of the recipient; and
(c)
under the arrangement, the wholesale supply was conditional on:
(i)
specified building or renovation work being undertaken by the recipient of the earlier supply, or by one or more associates of the recipient; or
(ii)
circumstances existing as specified in regulations made for the purposes of this subparagraph.
Note 1: The premises referred to in paragraph (a) could be vacant land.
Note 2: For subparagraph (c)(ii), circumstances may be specified by class (see subsection 13(3) of the Legislative Instruments Act 2003).
Note 3: This subsection does not apply to a supply if certain commercial commitments were in place before 27 January 2011 (see item 12 of Schedule 4 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012).
(2C)
A supply of the *residential premises is disregarded as a sale or supply for the purposes of applying paragraph (1)(a) if it is made because a *property subdivision plan relating to the premises was lodged for registration (however described) by the *recipient of the supply or the recipient’s *associate.
Note: This subsection does not apply to a supply if the plan was lodged for registration before 27 January 2011 (see item 13 of Schedule 4 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012).

Before subsection 40‑75(3)

Insert:
New residential premises include associated land

Section 195‑1

Insert:
property subdivision plan means a plan:
(a)
for the division of *real property; and
(b)
that is registered (however described) under an *Australian law.
Note: Examples are strata title plans and plans to subdivide land.

Part 2Application of amendments

Application of amendments

(1) The amendments made by this Schedule (other than item 2) apply in relation to supplies of residential premises on or after 27 January 2011.
(2) Subitem (1) has effect subject to items 12 and 13.
(3) The amendment made by item 2 applies in relation to supplies of residential premises on or after the day after this Schedule commences.
12
Exception—arrangements made before 27 January 2011 to develop premises
(1) Subsection 40‑75(2B) of the A New Tax System (Goods and Services Tax) Act 1999 (as inserted by this Schedule) does not apply to a supply (the wholesale supply) of residential premises if:
(a)
the wholesale supply happens:
(i)
on or after 27 January 2011; or
(ii)
before 27 January 2011, and the next supply of the residential premises happens on or after 27 January 2011; and
(b)
subitem (2) is satisfied in relation to the wholesale supply.
(2) This subitem is satisfied in relation to the wholesale supply if:
(a)
the premises from which the residential premises were created had earlier been supplied to the recipient of the wholesale supply or one or more of its associates; and
(b)
immediately before 27 January 2011, the recipient of the wholesale supply or one or more of its associates were commercially committed to an arrangement; and
(c)
under the arrangement, the wholesale supply was conditional on specified building or renovation work being undertaken by the recipient of the wholesale supply or by one or more of its associates; and
(d)
no GST return (as amended) given to the Commissioner reports a net amount for a tax period that includes amounts equivalent to the input tax credits that the recipient of the wholesale supply would have been entitled to if its acquisitions relating to the next sale or long term lease of the residential premises were creditable acquisitions.
Note: The premises referred to in paragraph (a) could be vacant land.

(3) In this item:

arrangement includes an agreement.
commercially committed: to be commercially committed, in relation to an arrangement, means:
(a)
to be a party to the arrangement, where the arrangement is legally binding; or
(b)
to be the preferred tenderer (however described) in the final step in a bidding or tendering process relating to the arrangement; or
(c)
to have directly made (with associates) acquisitions, having a total GST exclusive value of at least $200,000, in relation to the arrangement; or
(d)
to have directly incurred (with associates) internal direct costs, of at least $200,000, in relation to the arrangement.
13
Exception—property subdivision plans lodged for registration before 27 January 2011
Subsection 40‑75(2C) of the A New Tax System (Goods and Services Tax) Act 1999 (as inserted by this Schedule) does not apply to a supply of residential premises on or after 27 January 2011 if the supply is made because a property subdivision plan relating to the premises was lodged for registration (however described) before 27 January 2011 by the recipient of the supply or the recipient’s associate.

Schedule 5Deductible gift recipients

Income Tax Assessment Act 1997

1
Subsection 30‑70(2) (cell at table item 8.2.12, column headed “Fund, authority or institution”)
Repeal the cell, substitute:

Playgroup Australia Limited

Subsection 30‑80(2) (at the end of the table)

Add:

9.2.24

Rhodes Trust in Australia

the gift must be made after 21 October 2011

3
Subsection 30‑315(2) (cell at table item 86AA, column without a heading)
Repeal the cell, substitute:

Playgroup Australia Limited

Subsection 30‑315(2) (after table item 97)

Insert:

97AAA

Rhodes Trust in Australia

item 9.2.24

Application of amendments

(1) The amendments made by items 1 and 3 of this Schedule apply to gifts made after 25 October 2010.
(2) The amendments made by items 2 and 4 of this Schedule apply to gifts made after 21 October 2011.

Schedule 6Miscellaneous amendmentsPart 1Corrections to cross‑referencesDivision 1Income Tax Assessment Act 1936

Paragraph 102MA(2)(a)

Repeal the paragraph.

After paragraph 102MA(2)(b)

Insert:
(ba)
an arrangement to which Division 242 (about leases of luxury cars) of the Income Tax Assessment Act 1997 applies; or

Division 2Income Tax Assessment Act 1997

Subsection 207‑59(1)

Omit “Subsection (3)”, substitute “Subsection (2)”.

Subsections 230‑380(2) and (3)

Omit “subsection (1)”, substitute “subsection (1A)”.

Paragraph 230‑380(6)(a)

Omit “subsection (1)”, substitute “subsection (1A)”.
6
Subsection 995‑1(1) (definition of non‑arm’s length limited recourse debt)
Omit “subsection 243‑20(6)”, substitute “subsection 243‑20(7)”.

Division 3Citizenship

Income Tax Assessment Act 1997

Paragraph 30‑37(a)

Omit “Australian Citizenship Act 1948”, substitute “Australian Citizenship Act 2007”.

Tax Laws Amendment (2006 Measures No. 3) Act 2006

Subsection 2(1) (table item 10)

Repeal the item.
Note: This item and item 9 repeal provisions made redundant by item 7.

Item 3 of Schedule 11

Repeal the item.

Division 4Tax‑related liabilities

Income Tax Assessment Act 1997

Paragraph 721‑25(1A)(a)

Omit “item 25”, substitute “item 3”.

Part 2Repeal of references to Cultural Bequests Program and redundant subsection numbersDivision 1Cultural Bequests Program

Income Tax Assessment Act 1997

Subsection 30‑5(1)

Omit “, or a testamentary gift under the Cultural Bequests Program”.

Subsection 30‑5(1) (note 1)

Repeal the note.

Subsection 30‑5(1) (note 2)

Omit “Note 2”, substitute “Note”.

Subsection 30‑15(2) (note 1)

Repeal the note.

Subsection 30‑15(2) (note 2)

Omit “Note 2”, substitute “Note”.

Section 30‑115

Omit “, 30‑B or 30‑D”, substitute “or 30‑B”.

Subdivision 30‑D

Repeal the Subdivision.

Section 30‑315 (table item 41)

Repeal the item.

Paragraph 104‑185(2)(c)

Repeal the paragraph.

Subsection 118‑60(1)

Omit “under the Cultural Bequests Program or”.

Income Tax (Transitional Provisions) Act 1997

Sections 30‑10, 30‑15 and 30‑20

Repeal the sections.

Division 2Redundant subsection numbersA New Tax System (Medicare Levy SurchargeFringe Benefits) Act 1999

Subsection 11(1)

Omit “(1)”.

Superannuation Industry (Supervision) Act 1993

Subsection 252(1)

Omit “(1)”.

Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991

Subsection 7(1)

Omit “(1)”.

Part 3List of tax offsets

Income Tax Assessment Act 1997

25
Section 13‑1 (after table item headed “farm help income support”)
Insert:

film
.......................................................................................................	Division 376

26
Section 13‑1 (after table item headed “life assurance”)
Insert:

life insurance company
subsidiary joining consolidated group ...........................................................................................	713‑545(5)

Part 4Taxation Administration Act 1953

Subsection 2(1)

Insert:
approved form has the meaning given by Schedule 1.

After subsection 3AA(1)

Insert:
Definitions in Schedule 1 do not apply to rest of Act
(1A)
So far as a provision in Schedule 1 gives an expression a particular meaning, the provision does not also have effect for the purposes of this Act (other than Schedule 1), except as provided in this Act (other than Schedule 1).

Paragraph 8C(1)(a)

Omit “furnish”, substitute “give”.

29A

Paragraph 8C(1)(a)

After “information”, insert “or document”.

Part 5Foreign superannuation fundsDivision 1Pensions and annuities

Income Tax Assessment Act 1936

Paragraph 603(1)(h)

Before “Division 82”, insert “section 27H of this Act,”.

Application of amendment

The amendment made by this Division applies to the 2007‑08 income year and later income years.

Division 2Superannuation lump sums

Income Tax (Transitional Provisions) Act 1997

After Division 304

Insert:

Division 305—Superannuation benefits paid from non‑complying superannuation plans

Table of Subdivisions

305‑B Superannuation benefits from foreign superannuation funds

Subdivision 305‑B—Superannuation benefits from foreign superannuation funds

Table of sections

305‑80 Lump sums paid into complying superannuation plans post‑FIF abolition

305‑80Lump sums paid into complying superannuation plans post‑FIF abolition

(1)
You are entitled to a deduction for an income year (the deduction year) if:
(a)
you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936, as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010) (the paying fund); and
(b)
Subdivision 305‑B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305‑55 of that Act); and
(c)
the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and
(d)
you choose under section 305‑80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and
(e)
immediately before the transfer happens, there is a post‑FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936) for the paying fund in relation to you; and
(f)
the deduction year is the 2010‑11 income year or a later income year.
(2)
The amount of the deduction is the lesser of:
(a)
the post‑FIF abolition surplus; and
(b)
the amount covered by your choice mentioned in paragraph (1)(d).

Part 6AsterisksDivision 1A New Tax System (Wine Equalisation Tax) Act 1999

Paragraph 19‑20(1)(a)

Omit “ITAA 1997”, substitute “*ITAA 1997”.

Section 33‑1 (definition of connected with)

Omit “ITAA 1997”, substitute “*ITAA 1997”.

Division 2Trading stock and revenue assets

Income Tax Assessment Act 1997

Subsection 28‑170(3) (table item 2, column 2)

Omit “trading stock”, substitute “*trading stock”.

Paragraph 28‑175(3)(b)

Omit “trading stock”, substitute “*trading stock”.

Subsection 70‑30(5)

Omit “*trading stock” (second occurring), substitute “trading stock”.

Paragraph 70‑35(1)(b)

Omit “*trading stock”, substitute “trading stock”.

Paragraphs 70‑100(6)(b) and (10)(b)

Omit “*trading stock”, substitute “trading stock”.
40
Subsection 165‑115BB(2) (paragraph (a) of the definition of previous capital losses, deductions or trading stock losses)
Omit “trading stock losses”, substitute “*trading stock losses”.

Subsections 165‑115F(3) and (4)

Omit “trading stock”, substitute “*trading stock”.

Subparagraph 385‑135(3)(b)(ii)

Omit “trading stock”, substitute “*trading stock”.
43
Subsection 715‑145(2) (table item 2, column headed “If:”)
Omit “*trading stock” (second occurring), substitute “trading stock”.

Paragraph 723‑50(2)(a)

Omit “trading stock” (first occurring), substitute “*trading stock”.

Paragraph 723‑50(2)(b)

Omit “revenue asset”, substitute “*revenue asset”.

Subsection 725‑225(5)

Omit “trading stock or revenue assets”, substitute “*trading stock or *revenue assets”.
47
Section 725‑245 (table item 1, column headed “Up interests”)
Omit “*revenue assets nor your *trading stock”, substitute “revenue assets nor your trading stock”.
48
Section 725‑245 (table item 2, column headed “Up interests”)
Omit “*trading stock or *revenue assets”, substitute “trading stock or revenue assets”.
49
Section 725‑245 (table item 3, column headed “Up interests”)
Omit “*revenue assets or your *trading stock”, substitute “revenue assets or your trading stock”.

Subsection 725‑310(2)

Omit “trading stock”, substitute “*trading stock”.

Section 725‑315

Omit “trading stock” (first occurring), substitute “*trading stock”.

Paragraph 725‑315(a)

Omit “*trading stock”, substitute “trading stock”.

Subsection 725‑335(2)

Omit “trading stock and revenue assets” (first occurring), substitute “*trading stock and *revenue assets”.
54
Subsection 725‑335(3) (table item 2, column headed “To:”)
Omit “*revenue assets or your *trading stock”, substitute “revenue assets or your trading stock”.
55
Subsection 725‑335(3) (table items 4 and 5, column headed “To:”)

88, 2013

28 June 2013

Schedule 7 (item 228): Royal Assent

Schedule 7 (item 229): (a)

Schedule 7 (items 230–233): (a)

—

Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014

110, 2014

16 Oct 2014

Sch 5 (item 147): 22 Dec 1999 (s 2(1) item 12)

Sch 5 (items 148, 149): 21 Mar 2012 (s 2(1) items 13, 14)

—

(a) Subsection 2(1) (items 24 and 25) of the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 provides as follows:
(1)
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
24. Schedule 7, item 229	Immediately after the commencement of item 14 of Schedule 1 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012.	22 March 2012
25. Schedule 7, items 230 to 233	Immediately after the commencement of Division 2 of Part 25 of Schedule 6 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012.	21 March 2012

Endnote 4Amendment history

Provision affected	How affected
s. 4.......................................	am. No. 88, 2013
Schedule 1
Item 14.................................	am. No. 88, 2013
Schedule 6
Pt 4
Item 29.................................	rs No 110, 2014
Item 29A...............................	ad No 110, 2014
Pt 7
hdg to item 83........................	rs No 110, 2014
Pt 11
hdg to item 140......................	rs No 110, 2014
Pt 25
Item 200................................	am. No. 88, 2013
Item 201................................	am. No. 88, 2013
Item 202................................	am. No. 88, 2013
Item 203............................................ ............................................	am. No. 88, 2013

Endnote 5Uncommenced amendments [none]Endnote 6Modifications [none]Endnote 7Misdescribed amendments [none]Endnote 8Miscellaneous [none]