Taxation Laws Amendment Act 1993 (Cth)
This compilation was prepared on 28 September 2010
taking into account amendments up to Act No. 75 of 2010
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra
TABLE OF PROVISIONS
PART 1 - PRELIMINARY
Section
Short title [
Commencement [
PART 2 - AMENDMENT OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986
Principal Act
Interpretation
Application
Reduction of taxable value - ”otherwise deductible” rule
PART 3 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Principal Act
Gifts, pensions etc.
Interpretation
11. Insertion of new Division:
Interpretation
Termination etc. of Crown lease followed by grant of fresh Crown
lease or of freehold to lessee
Termination etc. of Crown lease followed by grant of fresh Crown
lease or of freehold to associate of lessee
17. Application
19. Insertion of new section:
Accrued leave transfer payments
25. Insertion of new section:
Modification of section 51AD and Division 16D - lessee of
property deemed to be owner etc.
26. Insertion of new section:
Modification of section 51AD and Division 16D - lessee of
property deemed to be owner etc.
27. Insertion of new section:
Modification of section 51AD and Division 16D - lessee of
property deemed to be owner etc.
29. Insertion of new section:
Modification of section 51AD and Division 16D – lessee of
property deemed to be owner etc.
30. Insertion of new section:
Modification of section 51AD and Division 16D - lessee of
property deemed to be owner etc.
31. Insertion of new section:
Modification of section 51AD and Division 16D - lessee of
property deemed to be owner etc.
33. Roll-over relief where CGT roll-over relief allowed under section
160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for
35. Transitional - elective capital deduction roll-over relief where CGT
roll-over relief available under section 160ZZO of the Principal Act and
36. Interpretation
37. Insertion of new section:
Eligible local governing bodies - when resolutions take effect
etc.
43. Application and transitional
45. Application
54. Insertion of new section:
160ZZOA Break-up of company group after section 160ZZO application
PART 4 - AMENDMENT OF THE SALES TAX AMENDMENT (TRANSITIONAL) ACT
1992
PART 5 - AMENDMENT OF THE TAXATION ADMINISTRATION ACT 1953
PART 6 - AMENDMENT OF THE TAXATION LAWS AMENDMENT ACT (No. 3) 1992
65. Application of amendments relating to depreciation of property on leased
Crown land
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993 - LONG TITLE
An Act to amend the law relating to taxation
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 1
Short title [
1. This Act may be cited as the Taxation Laws Amendment Act 1993.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 2
Commencement [
2.(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Part 4 is taken to have commenced immediately after the commencement of
the Sales Tax Amendment (Transitional) Act 1992.
(3) Part 6 is taken to have commenced immediately after the commencement of
section 38 of the Taxation Laws Amendment Act (No. 3) 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 3
Principal Act
3. In this Part, "Principal Act" means the Fringe Benefits Tax Assessment
Act 1986.*1*
*1* No. 39, 1986, as amended. For previous amendments, see Nos. 48 and 112,
1986; Nos. 23 and 145, 1987; No. 139, 1987 (as amended by Nos. 11 and 78,
1988); Nos. 6, 78, 95, 97 and 153, 1988; Nos. 2, 11, 97 and 107, 1989; Nos.
37, 58, 60 and 135, 1990; Nos. 48, 100 and 216, 1991; and Nos. 35, 92, 101,
118, 191, 210, 223 and 237, 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 4
Interpretation
4. Section 136 of the Principal Act is amended by omitting "Commonwealth
Savings Bank of Australia" from the definition of "Commonwealth Bank housing
loan" in subsection (1) and substituting "Commonwealth Bank of Australia".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 5
Application
5. The amendment made by this Division applies in relation to loans made on
or after 1 January 1993.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 6
Reduction of taxable value-"otherwise deductible" rule
6. Section 37 of the Principal Act is amended by omitting from paragraph (b)
"in this subsection called the" and substituting "in this section called the".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 7
Principal Act
7. In this Part, "Principal Act" means the Income Tax Assessment Act
1936.*2*
*2* No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No.
5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69,
1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37,
1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48,
1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No.
43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65,
1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960;
Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 34 and 69, 1963; Nos. 46,
68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos.
19, 38, 76 and 85, 1967; Nos. 4, 70, 87 and 148, 1968; Nos. 18, 93 and 101,
1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972;
Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20,
1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143,
165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 36, 57, 87, 90, 123, 171
and 172, 1978; Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24,
57, 58, 124, 133, 134 and 159, 1980; Nos. 61, 92, 108, 109, 110, 111, 154 and
175, 1981; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49,
51, 54 and 103, 1983; Nos. 14, 42, 47, 63, 76, 115, 124, 165 and 174, 1984;
No. 123, 1984 (as amended by No. 65, 1985); Nos. 47, 49, 104, 123, 168 and
174, 1985; No. 173, 1985 (as amended by No. 49, 1986); Nos. 41, 46, 48, 51,
109, 112 and 154, 1986; No. 49, 1986 (as amended by No. 141, 1987); No. 52,
1986 (as amended by No. 141, 1987); No. 90, 1986 (as amended by No. 141,
1987); Nos. 23, 58, 61, 120, 145 and 163, 1987; No. 62, 1987 (as amended by
No. 108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as
amended by No. 11, 1988); No. 139, 1987 (as amended by Nos. 11 and 78, 1988);
Nos. 8, 11, 59, 75, 78, 80, 87, 95, 97, 127 and 153, 1988; Nos. 2, 11, 56, 70,
73, 105, 107, 129, 163 and 167, 1989; No. 97, 1989 (as amended by No. 105,
1989); Nos. 20, 35, 45, 57, 58, 60, 61, 87, 119 and 135, 1990; Nos. 4, 5, 6,
48, 55, 100, 203, 208 and 216, 1991; and Nos. 3, 35, 69, 70, 80, 81, 92, 98,
101, 118, 138, 167, 190, 191, 208, 223, 224, 227, 237 and 238, 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 8
Gifts, pensions etc.
8. Section 78 of the Principal Act is amended:
(a) by inserting after subparagraph (1)(a)(cix) the following subparagraph:
"(cx) the Shrine of Remembrance Restoration and Development Trust;";
(b) by inserting after subsection (6AL) the following subsection:
"(6AM) A gift to the fund specified in subparagraph (1)(a)(cx) is not an
allowable deduction under this section unless the gift was made on or after 25
November 1992 and before 1 July 1995.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 9
Interpretation
9. Section 110 of the Principal Act is amended by inserting ", 5B" after
"5A" in subparagraph (b)(i) of the definition of "notional Part IIIA disposal"
in subsection (1).
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 10
Interpretation
10. Section 116E of the Principal Act is amended by inserting ", 5B" after
"5A" in subparagraph (b)(i) of the definition of "notional Part IIIA disposal"
in subsection (1).
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 11
11. After Division 5A of Part IIIA of the Principal Act the following
Division is inserted:
"Division 5B-Property installed on leased Crown land
Interpretation
"160ZWB.(1) In this Division:
'associate' has the same meaning as in section 54AA;
'Crown lease' has the same meaning as in section 54AA;
'entity' means any of the following:
(a) a company;
(b) a partnership;
(c) a person in the capacity of trustee;
(d) any other person;
'interest', in relation to a unit of property, means an interest
attributable to a Crown lease (for example, an interest by way of a lease of
the unit);
'lessee' has the same meaning as in section 54AA;
'lessor' has the same meaning as in section 54AA;
'unit of property' has the same meaning as in section 54AA.
"(2) This section has effect in spite of any other provision of this Part.
Termination etc. of Crown lease followed by grant of fresh Crown lease or of
freehold to lessee
(When section applies)
"160ZWC.(1) This section applies if:
(a) an entity is the lessee of land under a Crown lease; and
(b) a unit of property is affixed to the land; and
(c) because of section 54AA, the provisions of this Act relating to
depreciation apply as if the entity were the owner of the unit instead of any
other person; and
(d) either:
(i) the Crown lease expires or is surrendered; or
(ii) the lessor terminates the Crown lease; and
(e) the expiry, surrender or termination is followed by:
(i) the grant to the entity of one or more fresh Crown leases of
the land; or
(ii) the grant or transfer to the entity of an estate in fee simple
in the land; and
(f) if the entity is not a partnership-apart from this section, the entity
is taken, for the purposes of this Part, to have disposed of the entity's
interest in the unit because of the expiry, surrender or termination of the
Crown lease; and
(g) if the entity is a partnership-apart from this section, a partner in the
partnership is taken, for the purposes of this Part, to have disposed of the
partner's interest in the unit because of the expiry, surrender or termination
of the Crown lease; and
(h) neither section 160ZZF nor section 160ZWA applies in relation to the
disposal mentioned in paragraph (f) or (g).
(Entity not a partnership-CGT roll-over relief)
"(2) If the entity is not a partnership:
(a) this Part does not apply in respect of the disposal by the entity of the
entity's interest in the unit; and
(b) the Commissioner must take such steps as are necessary to grant CGT
roll-over relief in relation to the entity in respect of the disposal of the
entity's interest in the unit.
(Entity a partnership-CGT roll-over relief)
"(3) If the entity is a partnership:
(a) this Part does not apply in respect of the disposal by a partner in the
partnership of the partner's interest in the unit; and
(b) the Commissioner must take such steps as are necessary to grant CGT
roll-over relief in relation to the partner in respect of the disposal of the
partner's interest in the unit.
(CGT roll-over relief-steps to be taken)
"(4) The steps that the Commissioner may take include:
(a) treating a particular asset as having been acquired by an entity or
partner before 20 September 1985; or
(b) treating an entity or partner as having paid, as consideration in
respect of the acquisition of an asset held by the entity or partner, an
amount equal to:
(i) for the purpose of ascertaining whether a capital gain accrued
to the entity or partner in the event of a subsequent disposal of the asset by
the entity or partner-such amount as is ascertained in a manner that the
Commissioner determines to be appropriate; or
(ii) for the purpose of ascertaining whether the entity or partner
incurred a capital loss in the event of a subsequent disposal of the asset by
the entity or partner-such amount as is ascertained in a manner that the
Commissioner determines to be appropriate.
(Determination of consideration)
"(5) A determination under paragraph (4)(b) may provide for the amount
concerned to be ascertained in a different manner in different circumstances.
Termination etc. of Crown lease followed by grant of fresh Crown lease or of
freehold to associate of lessee
(When section applies)
"160ZWD.(1) This section applies if:
(a) an entity is the lessee of land under a Crown lease; and
(b) a unit of property is affixed to the land; and
(c) because of section 54AA, the provisions of this Act relating to
depreciation apply as if the entity were the owner of the property instead of
any other person; and
(d) either:
(i) the Crown lease expires or is surrendered; or
(ii) the lessor terminates the Crown lease; and
(e) the expiry, surrender or termination is followed by:
(i) the grant to an associate of the entity of one or more fresh
Crown leases of the land; or
(ii) the grant or transfer to an associate of the entity of an
estate in fee simple in the land; and
(f) if the entity is not a partnership-the entity is taken, for the purposes
of this Part, to have disposed of the entity's interest in the unit because of
the expiry, surrender or termination of the Crown lease; and
(g) if the entity is a partnership-a partner in the partnership is taken,
for the purposes of this Part, to have disposed of the partner's interest in
the unit because of the expiry, surrender or termination of the Crown lease;
and
(h) neither section 160ZZF nor section 160ZWA applies in relation to the
disposal mentioned in paragraph (f) or (g).
(Entity not a partnership-reduced cost base to be reduced by depreciated value
of unit)
"(2) If the entity is not a partnership, subsection 160ZK(1) has effect, in
relation to the disposal of the entity's interest in the unit, as if the
amount mentioned in paragraph 160ZK(1)(a) were further reduced by the
depreciated value of the unit immediately before the expiry, surrender or
termination of the Crown lease.
(Entity a partnership-reduced cost base to be reduced by partner's portion of
depreciated value of unit)
"(3) If the entity is a partnership, subsection 160ZK(3) has effect, in
relation to the disposal by a partner in the partnership of the partner's
interest in the unit, as if the amount mentioned in paragraph 160ZK(3)(a) were
further reduced by so much of the depreciated value of the unit immediately
before the expiry, surrender or termination of the Crown lease as is
attributable to the partner's interest in the unit.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 12
Part IIIA to be primary code for taxation of gains and losses
12. Section 304 of the Principal Act is amended by inserting "5B," after
"5A,".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 13
Interpretation
13. Section 317 of the Principal Act is amended by inserting "5B," after
"5A," in the definition of "CGT roll-over provisions".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 14
Application
14. The amendments made by this Division apply in relation to disposals of
units of property after 26 February 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 15
Interpretation
15. Section 160APA of the Principal Act is amended:
(a) by inserting "the first company entered into or carried out the
arrangement or any part of the arrangement and either" after "means an
arrangement where" in the definition of "dividend streaming arrangement";
(b) by omitting paragraph (a) of the definition of "dividend streaming
arrangement" and substituting the following paragraph:
"(a) both of the following conditions are satisfied:
(i) a shareholder in another company (the 'target shareholder') is
empowered (either unconditionally or on the fulfilment of a condition) to
exercise any choice or selection;
(ii) the exercise of the choice or selection, or the failure to
exercise the choice or selection, has the effect of determining, to any
extent, whether the first company will pay one or more franked dividends to a
shareholder in the first company, being an upstream entity in relation to the
target shareholder, in substitution, in whole or in part, for the payment, or
proposed payment, by that other company of one or more unfranked dividends to
the target shareholder; or";
(c) by omitting "in this definition called" from subparagraph (b)(i) of the
definition of "dividend streaming arrangement";
(d) by inserting after sub-subparagraph (b)(ii)(A) of the definition of
"dividend streaming arrangement" the following sub-subparagraph:
"(AA) whether the first company will pay an unfranked dividend or a partly
franked dividend (which unfranked dividend or partly franked dividend is in
this sub-subparagraph called the 'scheme dividend') to another shareholder in
the first company, being an upstream entity in relation to the first
shareholder, in substitution, in whole or in part, for the payment, or
proposed payment, to the first shareholder of one or more franked dividends,
being dividends whose actual or proposed franking percentage exceeds the
franking percentage of the scheme dividend;";
(e) by inserting after sub-subparagraph (b)(ii)(B) of the definition of
"dividend streaming arrangement" the following sub-subparagraph:
"(BA) whether the first company will issue one or more tax-exempt bonus
shares to another shareholder in the first company, being an upstream entity
in relation to the first shareholder, in substitution, in whole or in part,
for the payment, or proposed payment, to the first shareholder of one or more
franked dividends;";
(f) by inserting the following definition:
" 'upstream entity', in relation to a shareholder in a company, means:
(a) a trustee of a trust estate ('top trust') where:
(i) the shareholder benefits or is capable (whether by the exercise
of a power of appointment or otherwise) of benefiting under the top trust; or
(ii) one or more partnerships or trusts are interposed between the
top trust and the shareholder; or
(b) a partnership ('top partnership') where:
or
(ii) one or more partnerships or trusts are interposed between the
top partnership and the shareholder;".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 16
Dividend streaming arrangements
16. Section 160AQCB of the Principal Act is amended by inserting in
subparagraphs (1)(b)(ii) and (2)(b)(ii) "to the shareholder or to another
shareholder," after "proposed payment,".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 17
Application
(Subsection 160AQCB(1) arrangements)
17.(1) The amendments made by this Division, in so far as they apply for the
purposes of subsection 160AQCB(1) of the Principal Act, apply to scheme
dividends paid on or after the date of commencement of this subsection.
(Subsection 160AQCB(2) arrangements)
(2) The amendments made by this Division, in so far as they apply for the
purposes of subsection 160AQCB(2) of the Principal Act, apply to scheme bonus
shares issued on or after the date of commencement of this subsection.
(Subsection 160AQCB(4) arrangements)
(3) The amendments made by this Division, in so far as they apply for the
purposes of subsection 160AQCB(4) of the Principal Act, apply to scheme
dividends paid on or after the date of commencement of this subsection.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 18
Interpretation
18. Section 6 of the Principal Act is amended by inserting in subsection (1)
the following definition:
" 'accrued leave transfer payment' has the meaning given by section 6G;".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 19
19. After section 6F of the Principal Act the following section is inserted:
Accrued leave transfer payments
(Meaning of "accrued leave transfer payment")
"6G.(1) For the purposes of this Act, a payment made by a taxpayer ('payer')
to another taxpayer ('payee') is an accrued leave transfer payment if:
(a) the payment is in respect of long service leave, annual leave, sick
leave or other leave; and
(b) the whole or a part of the leave accrued when the person to whom the
leave relates was an employee of the payer; and
(c) at the time the payment is made, the person to whom the leave relates:
(i) has ceased, or is about to cease, to be an employee of the
and
(ii) has become, or is about to become, an employee of the payee;
and
(d) the payment is made under, or for the purposes of facilitating the
provisions of:
(i) a law of the Commonwealth, a State or a Territory; or
(ii) an award, order, determination or industrial agreement in force
under any such law.
(Extended meaning of "employee")
"(2) In subsection (1):
'employee' includes a person who:
(a) holds an office, appointment or position; or
(b) performs functions or duties; or
(c) engages in any work; or
(d) does any other acts or things;
where the person accrues long service leave, annual leave, sick leave or other
leave because of:
(e) the holding of that office, appointment or position; or
(f) the performance of those functions or duties; or
(g) the engaging in of that work; or
(h) the doing of those other acts or things;
as the case requires.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 20
Certain items of assessable income
20. Section 26 of the Principal Act is amended by inserting after paragraph
(eb) the following paragraph:
"(ec) an amount received by way of an accrued leave transfer payment;".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 21
Losses and outgoings
21. Section 51 of the Principal Act is amended by omitting subsection (3)
and substituting the following subsection:
"(3) A deduction is not allowable under subsection (1) in respect of long
service leave, annual leave, sick leave or other leave except in respect of:
(a) an accrued leave transfer payment; or
(b) an amount paid to the person to whom the leave relates or, if that
person is dead, to a dependant or personal representative of that person;
and, for the purposes of that subsection, the amount paid is taken to be a
loss or outgoing incurred at the time when the payment is made.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 22
Application
22. Subsections 3(2) and (3) of the Income Tax Assessment Amendment Act (No.
3) 1978 have, and are taken to have had, effect as if the amendments made by
this Division had been made by subsection 3(1) of that Act.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 23
Annual depreciation percentage
23. Section 55 of the Principal Act is amended by omitting subsection (8)
and substituting the following subsections:
"(8) A taxpayer may nominate a percentage as the annual depreciation
percentage for a specified unit of property in respect of which depreciation
is first allowable to the taxpayer for a year of income if the nominated
percentage is:
(a) less than the percentage that would otherwise be that annual
depreciation percentage; and
(b) equal to or greater than the percentage calculated (to 2 decimal places)
using the formula:
x 100
No. of years in
effective life
where:
'No. of years in effective life' means the number (calculated to 2 decimal
places) of years in the effective life of the property.
"(8A) A nomination under subsection (8) has effect for the purposes of
determining the depreciation allowable to the taxpayer in respect of the unit
of property for the year of income mentioned in that subsection and for all
later years of income.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 24
Application
24.(1) The amendments made by this Division apply in relation to a unit of
property in respect of which depreciation is first allowable to a taxpayer
for:
(a) the year of income in which 16 December 1992 occurred; or
(b) a later year of income.
(2) If:
(a) depreciation is allowable to a taxpayer in respect of a particular unit
of property for a year of income ("nomination year of income") earlier than
the year of income in which 16 December 1992 occurred; and
(b) the taxpayer nominates, or has nominated, in accordance with subsection
55(8) of the Principal Act, an annual depreciation percentage for the property
in relation to the nomination year of income;
then:
(c) subsections 55(8) and (8A) of the Principal Act as amended by this Act;
and
(d) subsection (1) of this section;
have effect for the purposes of determining the depreciation allowable to the
taxpayer in respect of the property as if the year of income in which 16
December 1992 occurred were the year of income for which depreciation was
first allowable to the taxpayer in relation to the property.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 25
25. After section 122T of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"122U.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 26
26. After section 123F of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"123G.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 27
27. After section 124AQ of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"124AR.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 28
Heading to Subdivision C of Division 10A of Part III
28. The heading to Subdivision C of Division 10A of Part III of the
Principal Act is amended by omitting "Non-arm's length transactions" and
substituting "General provisions".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 29
29. After section 124JE of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"124JF.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 30
30. After section 124ZE of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"124ZEA.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 31
31. After section 124ZL of the Principal Act the following section is
inserted:
Modification of section 51AD and Division 16D-lessee of property deemed to be
owner etc.
"124ZLA.(1) This section applies if:
(a) deductions have been allowed or are allowable under this Division to a
taxpayer in respect of property; and
(b) the taxpayer is not the owner of the property for the purposes of an
eligible anti-avoidance provision.
"(2) The eligible anti-avoidance provision, to the extent to which that
provision relates to deductions under this Division, applies as if the
taxpayer were the owner of the property instead of any other person.
"(3) In this section:
'eligible anti-avoidance provision' means:
(a) section 51AD; or
(b) Division 16D.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 32
Application
32. The amendments made by this Division apply in relation to arrangements
entered into after 16 December 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 33
Roll-over relief where CGT roll-over relief allowed under section 160ZZM,
160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made
under section 124AO
33. Section 124AMAA of the Principal Act is amended:
(a) by inserting in paragraph (4)(a) "and no part of the expenditure of the
transferor in respect of the property is unrecouped previous capital
expenditure of the transferor" after "transferor" (second occurring);
(b) by omitting paragraph (4)(b) and substituting the following paragraphs:
"(aa) if any part of the expenditure of the transferor in respect of the
property is unrecouped previous capital expenditure of the transferor:
(i) the transferee had acquired the property for a consideration
equal to the sum of:
(A) so much of the total expenditure of a capital nature of the
transferor in respect of the property as is unrecouped previous capital
expenditure of the transferor as at the end of the year of income immediately
preceding the year of income in which the disposal took place; and
(B) if any part of the expenditure of the transferor in respect of
the property is allowable capital expenditure of the transferor-the amount
and
(ii) section 124AE has effect in relation to the transferee and
in relation to the property as if so much of the expenditure which the
transferee is taken to have incurred because of sub-subparagraph (i)(A) of
this paragraph were covered by paragraph 124AE(a) or (b); and
(iii) a deduction were not allowable to the transferor under section
124AF for the year of income in which the disposal took place in respect of so
much of the unrecouped previous capital expenditure of the transferor as at
the end of that year of income as is attributable to the total expenditure of
a capital nature of the transferor in respect of the property; and
(b) if no part of the expenditure of the transferor in respect of the
property is:
(i) allowable capital expenditure of the transferor; or
(ii) unrecouped previous capital expenditure of the transferor;
the transferee had acquired the property for nil consideration; and";
(c) by inserting in paragraphs (4)(c) and (d) "any part of the expenditure
of the transferor in respect of the property is allowable capital expenditure
of the transferor and" after "if";
(d) by omitting from subparagraph (4)(c)(ii) "under" and substituting "using
the formula in".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 34
Application
34. The amendments made by this Division apply to disposals of property
after 19 December 1991.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 35
Transitional-elective capital deduction roll-over relief where CGT roll-over
relief available under section 160ZZO of the Principal Act and property
disposed of after 6 December 1990
35. Section 72 of the Taxation Laws Amendment Act 1992 has, and is taken to
have had, effect as if the amendments made by this Division had been made by
that Act.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 36
Interpretation
(Amendments relating to the Landcare and Environment Action Program)
36.(1) Section 221A of the Principal Act is amended by inserting after
paragraph (h) of the definition of "salary or wages" in subsection (1) the
following paragraph:
"(ha) by way of training allowance under the scheme known as the Landcare
and Environment Action Program;".
(Amendments relating to local governing bodies)
(2) Section 221A of the Principal Act is amended:
(a) by adding at the end of the definition of "eligible person" in
subsection (1) the following word and paragraph:
"or (e) a member of an eligible local governing body;";
(b) by adding at the end of paragraph (pa) of the definition of "salary or
wages" in subsection (1) "(other than an eligible local governing body)";
(c) by inserting the following definition in subsection (1):
" 'eligible local governing body' means a local governing body established
by or under a law of a State or Territory where:
(a) the body has unanimously resolved that it be treated as an eligible
local governing body for the purposes of this Division; and
(b) that resolution has not been cancelled by a unanimous resolution of the
body;
(section 221B sets out rules about such resolutions);".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 37
37. After section 221A of the Principal Act the following section is
inserted:
Eligible local governing bodies-when resolutions take effect etc.
(When section applies)
"221B.(1) This section applies to the following unanimous resolutions made
by a local governing body established by or under a law of a State or
Territory:
(a) a resolution that the body be treated as an eligible local governing
body for the purposes of this Division;
(b) a resolution cancelling a resolution covered by paragraph (a).
(When resolution takes effect)
"(2) The resolution must specify a day as the day on which the resolution
The specified day must be within the 28-day period beginning on
the day after the day on which the resolution was made.
(PAYE deductions)
"(3) The resolution, insofar as it applies to this Division, applies in
relation to salary or wages which become payable after the day on which the
resolution takes effect.
(Substantiation)
"(4) The resolution, insofar as it applies to Subdivision F of Division 3 of
Part III, applies in relation to expenses incurred after the day on which the
resolution takes effect.
(Lump sum payments in arrears/provisional tax)
"(5) The resolution, insofar as it applies to Subdivision AB of Division 17
of Part III and Division 3 of this Part, applies in relation to income
derived, and to other amounts paid, after the day on which the resolution
takes effect.
(Fringe benefits tax)
"(6) The resolution, insofar as it applies to assessments under the Fringe
Benefits Tax Assessment Act 1986, applies as follows:
(a) in the case of a loan benefit-in relation to a loan made after the day
on which the resolution takes effect;
(b) in the case of a housing benefit-in relation to the subsistence, after
the day on which the resolution takes effect, of the housing right concerned;
(c) in the case of a residual benefit provided during a period-in relation
to so much of the period as occurs after the day on which the resolution takes
effect;
(d) in the case of any other benefit-in relation to a benefit provided after
the day on which the resolution takes effect.
(Subsection (6)-interpretation)
"(7) Expressions used in subsection (6) of this section and in the Fringe
Benefits Tax Assessment Act 1986 have the same meaning in that subsection as
they have in that Act.
(Income tax rates)
"(8) The resolution, insofar as it applies for the purposes of Division 4 of
Part II of the Income Tax Rates Act 1986, applies in relation to assessable
income derived after the day on which the resolution takes effect.
(Child support)
"(9) The resolution, insofar as it applies in relation to the Child Support
(Registration and Collection) Act 1988, applies in relation to income derived,
and other amounts paid, after the day on which the resolution takes effect.
(Resolution not affected by change in membership of body)
"(10) The resolution continues in force in spite of a change in the
membership of the local governing body.
(Commissioner to be notified of resolution)
"(11) The local governing body must give written notice of the resolution to
the Commissioner within 7 days after the resolution was made.
(Eligible local governing bodies to be notified in Gazette
"(12) If the Commissioner is notified of the resolution, the Commissioner
must cause to be published in the Gazette a notice setting out:
(a) the name of the local governing body; and
(b) the day on which the resolution takes effect.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 38
Variation of deductions
38. Section 221D of the Principal Act is amended:
(a) by inserting in subsection (2) ", under subsection (1)," after "Where";
(b) by omitting from subsection (2) "$500" and substituting "10 penalty
units";
(c) by adding at the end the following subsections:
"(3) If the Commissioner is satisfied that:
(a) a person is likely to be successively employed by 2 or more employers;
and
(b) it is reasonable to authorise the variation of the amounts to be
deducted from the salary or wages payable to the person for the purpose of
meeting the person's special circumstances;
the Commissioner may give the person a written certificate ('PAYE variation
certificate') authorising the variation.
"(4) The PAYE variation certificate must:
(a) specify the name of the person; and
(b) specify a method of ascertaining the amounts to be deducted from the
salary or wages payable to the person by any employer of the person; and
(c) set out the effect of subsections (5) and (6).
"(5) If a person who holds a PAYE variation certificate is, or is about to
become, an employee of an employer, the person may give the certificate to the
employer.
"(6) If an employer is given a PAYE variation certificate by a person who
is, or is about to become, an employee of the employer, the employer must:
(a) make a copy ('original copy') of the certificate; and
(b) sign and date the original copy; and
(c) make a copy of the signed and dated original copy; and
(d) give the signed and dated original copy to the person; and
(e) return the certificate to the person; and
(f) make deductions from the salary or wages payable to the person in
accordance with the certificate.
Penalty: 10 penalty units.
"(7) For the purposes of the application of subsection (6) to an employer
being a company, if a competent officer of the company signs and dates a copy
of a PAYE variation certificate, the copy is taken to have been signed and
dated by the company.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 39
Group employers
39. Section 221F of the Principal Act is amended by omitting from subsection
(13) "$50" and substituting "1 penalty unit".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 40
Transitional-repealed section 55 of the Principal Act
40.(1) In this section:
"repealed section 55" means the repealed section 55 of the Principal Act:
(a) as in force before its repeal by section 7 of the Taxation Laws
Amendment Act (No. 2) 1992; or
(b) as it continues to apply in spite of its repeal by section 7 of the
Taxation Laws Amendment Act (No. 2) 1992.
(2) Repealed section 55 has, and is taken always to have had, effect as if
"below" were omitted from paragraph (5)(b) and "not" were substituted save in
respect of returns of income lodged before 26 May 1993 and for which the
taxpayer has not subsequently sought any amendment of their assessment in this
respect.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 41
Limit on cost price for depreciation of motor vehicle
41. Section 57AF of the Principal Act is amended:
(a) by omitting subsections (2) to (12) (inclusive) and substituting the
following subsections:
(Limit on cost for depreciation purposes)
"(2) For the purpose of calculating the depreciation allowable to a taxpayer
in respect of a unit of property to which this section applies, if:
(a) the cost of the unit;
is more than:
(b) the motor vehicle depreciation limit (see subsection (3) or (4)) for the
financial year ('the first-use year') when the taxpayer first used it for any
purpose;
then its cost is taken to be equal to the motor vehicle depreciation limit for
the first-use year.
(Motor vehicle depreciation limit for 1992-93)
"(3) The motor vehicle depreciation limit for the 1992-93 first-use year is
$47,280.
(Motor vehicle depreciation limit for 1993-94 and later years)
"(4) For any later first-use year, the motor vehicle depreciation limit for
the first-use year is calculated by:
(a) taking the motor vehicle depreciation limit for the financial year
before it (ignoring any increase that may have resulted from applying
paragraph (d)); and
(b) multiplying the amount under (a) by the indexation factor for the
first-use year (see subsection (5)); and
(c) rounding the result to the nearest whole dollar (rounding up an amount
ending in 50 cents); and
(d) if the result is less than $18,000-increasing it to $18,000.
(Working out the indexation factor)
"(5) The indexation factor for the first-use year is calculated using the
following formula (and then rounded under subsection (6)):
sum of index numbers for quarters in first March year
sum of index numbers for quarters in second March year
where:
'first March year' means the period of 12 months ending on 31 March
immediately before the first-use year;
'index number', for a quarter, means the index number for the motor vehicle
purchase sub-group of the Consumer Price Index, being the weighted average of
the 8 capital cities, published by the Australian Statistician in respect of
the quarter (ignoring any later number that may be published by the Australian
Statistician in substitution for it);
'second March year' means the period of 12 months immediately before the
first March year.
(Rounding the indexation factor)
"(6) The result under subsection (5) must be rounded up or down to 3 decimal
places (rounding up in the case exactly half-way between).
(Indexation factor: change in CPI reference base)
"(7) For the purposes of applying the formula component 'index number' in
subsection (5), if:
(a) at any time, whether before or after the commencement of this
subsection, the Australian Statistician has changed or changes the reference
base for the motor vehicle purchase sub-group of the Consumer Price Index;
then:
(b) after the change, only index numbers published in terms of the new base
are to be used.
(Publishing the indexation factor)
"(8) Before the beginning of each financial year, the Commissioner must
publish by written notice the indexation factor and the motor vehicle
depreciation limit for the financial year.
(Example of how to work out motor vehicle depreciation limit)
"(9) A typical example of how the motor vehicle depreciation limit is worked
out for a first-use year is as follows:
(a) start with the limit for the previous financial year-assume it is
$56,477;
(b) next, work out the indexation factor for the first-use year.
This involves:
(i) adding the 4 index numbers for the year ending on March 31 in
the previous financial year (assume they come to 132) and doing the same for
the year before that (assume they come to 128);
(ii) dividing the first sum by the second:
= 1.03125
128
(iii) rounding the result down to 3 decimal places, giving an
indexation factor of 1.031 (if the number under (ii) had instead been exactly
half-way between 1.031 and 1.032 (i.e. 1.0315), or had been more than
half-way, it would have been rounded up to 1.032);
(c) finally, multiply the previous financial year's limit (the amount in
(a)) by the indexation factor:
x 1.031 = $58,227.787
The result is then rounded up to $58,228, which is the motor vehicle
depreciation limit for the first-use year.";
(b) by omitting from paragraph (13)(e) "year of income" and substituting
"financial year";
(c) by omitting from subsection (15) the definitions of "index number" and
"relevant year of income";
(d) by renumbering subsections (13), (14) and (15) as (10), (11) and (12)
respectively, after all other amendments of section 57AF by this Act have been
made.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 42
Disposal, loss or destruction of depreciated property
42. Section 59 of the Principal Act is amended:
(a) by omitting from component A of the formula in subsection (6) "57AF(13)"
and substituting "57AF(10)";
(b) by omitting from paragraph (a) of component C of the formula in
subsection (6) "57AF(13)" and substituting "57AF(10)".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 43
Application and transitional
(Application to acquisitions after 16 December 1992)
43.(1) Subject to this section, the amendments made by this Division apply
in relation to a unit of property:
(a) if it was acquired by a taxpayer under a contract-if the contract was
entered into after 16 December 1992; or
(b) if it was constructed by the taxpayer-if the construction commenced
after that date.
(End of old publishing requirement)
(2) The requirement under subsection 57AF(10) of the Principal Act, as in
force immediately before the commencement of the amendments made by this
Division, for the Commissioner to publish a factor and amount does not apply
in respect of the 1993-94 year of income or any later year of income.
(Start of new publishing requirement)
(3) The requirement under subsection 57AF(8) of the Principal Act, as
amended by this Division, for the Commissioner to publish a factor and amount
applies in respect of the financial year commencing on 1 July 1993 and in
respect of all later financial years.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 44
Limit on cost price for depreciation of motor vehicle
44. Section 57AF of the Principal Act is amended by adding at the end of the
definition of "excluded unit of property" in subsection (15) the following word
and paragraph:
"or (d) a unit of property, being a motor vehicle that, immediately before
it was first used by the taxpayer for any purpose, was specially fitted out
for transporting disabled persons seated in wheelchairs (except if, at that
time, the motor vehicle met the description in subitem 96(1) or 97(1) of
Schedule 1 to the Sales Tax (Exemptions and Classifications) Act 1992).".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 45
Application
(Definitions)
45.(1) In this section, unless the contrary intention appears:
"arrangement" has the same meaning as in section 26AJ of the Principal Act;
"associate" has the same meaning as in section 26AAB of the Principal Act;
"post-16 December 1992 property", in relation to a taxpayer, means:
(a) a unit of property that was acquired by the taxpayer under a contract
entered into after 16 December 1992; or
(b) a unit of property that was constructed by the taxpayer and commenced to
be constructed after 16 December 1992;
"pre-17 December 1992 property", in relation to a taxpayer, means:
(a) a unit of property that was acquired by the taxpayer under a contract
entered into before 17 December 1992; or
(b) a unit of property that was constructed by the taxpayer and commenced to
be constructed before 17 December 1992;
"use", in relation to property, includes:
(a) install ready for use; or
(b) use for producing income from hire or rental.
(Extended meaning of "associate": re-constituted partnerships etc.)
(2) If section 59AA of the Principal Act operates so as to deem a taxpayer
("the transferor") to have disposed of property to another taxpayer ("the
transferee"), the transferor and transferee are taken to be associates of each
other for the purposes of the application of this section to the property.
(Sale-leaseback and related party transfer)
(3) For the purposes of this section, if, after 16 December 1992:
(a) a taxpayer ("the purchaser") enters into a contract with another
taxpayer ("the vendor") under which a unit of pre-17 December 1992 property of
the vendor is acquired by the purchaser and thereby becomes post-16 December
1992 property of the purchaser; and
(b) the taxpayer, or any of the taxpayers, (which may include the purchaser)
who first uses the property after it is acquired by the purchaser is:
(i) in a case where the property was used while it was owned by the
vendor-the taxpayer, or any of the taxpayers, (whether or not the vendor) who
last used it, or an associate of any such taxpayer; or
(ii) in any other case-the vendor or an associate of the vendor;
then the property, instead of becoming post-16 December 1992 property of the
purchaser, is taken to become pre-17 December 1992 property of the purchaser.
(Arrangements in relation to goods on order)
(4) For the purposes of this section, if, after 16 December 1992:
(a) a taxpayer ("the actual purchaser") acquires a unit of property under a
contract under which it becomes post-16 December 1992 property; and
(b) before 17 December 1992, another taxpayer ("the orderer") entered into a
contract or arrangement for the acquisition of the property; and
(c) after 16 December 1992 and at a time when the orderer was a party to the
contract or arrangement in paragraph (b), but not the owner of the property,
the orderer entered into an arrangement under which:
(i) at a time when the actual purchaser was an associate of the
orderer, the actual purchaser became the owner of the property; or
(ii) at a time when the actual purchaser was the owner of the
property, the orderer, or an associate of the orderer, became the lessee or
end-user of the property;
then the property is, instead of being post-16 December 1992 property of the
actual purchaser, taken to be pre-17 December 1992 property of the actual
purchaser.
(Amendments apply to post-16 December 1992 property)
(5) The amendments made by this Division apply to post-16 December 1992
property of a taxpayer.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 46
Reductions of capital gains where amount otherwise assessable
46. Section 160ZA of the Principal Act is amended by adding at the end the
following subsections:
"(7) For the purposes of subsection (4) or (5), if a provision of this Act
other than this Part has the effect that an amount that would otherwise be
included in the assessable income of the taxpayer or partnership referred to
in that subsection is not so included, or is only so included in part, then
that provision of this Act is to be disregarded for the purposes of that
subsection.
"(8) For the purposes of subsection (4) or (5), if a provision of this Act
(other than section 25 or this Part) has the effect that an amount that would
otherwise not be included in the assessable income of the taxpayer or
partnership referred to in that subsection is to be so included in part, then
the whole of the amount is taken to be so included for the purposes of that
subsection.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 47
Application
47. The amendment made by this Division applies to amounts resulting from
the disposal of assets by a taxpayer in the taxpayer's 1990-91 income year
or a later year of income.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 48
Consideration in respect of disposal
48. Section 160ZD of the Principal Act is amended:
(a) by omitting from subsection (2) "Where a taxpayer has disposed of an
asset, the disposal is not by way of the expiry of the asset" and substituting
"Subject to subsection (2B), if a taxpayer has disposed of an asset";
(b) by omitting subsection (2B) and substituting the following subsection:
"(2B) Subsection (2) does not apply in relation to a disposal of an asset
constituted by:
(a) the expiry, loss or destruction of the asset; or
(b) the cancellation of the asset where it is a statutory licence (within
the meaning of subsection 160ZZPE(4)) and there is no consideration in respect
of the disposal.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 49
Application
49. The amendments made by this Division apply to disposals of assets after
15 August 1989.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 50
Transfer of net capital loss within company group
50. Section 160ZP of the Principal Act is amended:
(a) by omitting from paragraph (7A)(a) and subparagraphs (7A)(b)(i) and (ii)
"at the time when the agreement was made" and substituting "at the end of the
gain year";
(b) by omitting from subparagraphs (7A)(b)(i) and (ii) "at that time" and
substituting "at the end of the gain year".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 51
Application
51. The amendments made by this Division apply to agreements entered into
after 16 December 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 52
Capital gains and capital losses
52. Section 160Z of the Principal Act is amended:
(a) by omitting from subsection (5) "subparagraph 160ZZO(1)(g)(iv) or
(h)(iv)" and substituting "paragraph 160ZZOA(1)(e)";
(b) by omitting from subsection (5) "subsection or" and substituting
"subsection, paragraph or".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 53
Transfer of asset between companies in same group
53. Section 160ZZO of the Principal Act is amended:
(a) by omitting from subparagraph (1)(f)(ii) "and";
(b) by omitting paragraphs (1)(g) and (h);
(c) by omitting subsection (3A).
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 54
54. After section 160ZZO of the Principal Act the following section is
inserted:
Break-up of company group after section 160ZZO application
(Deemed disposal and re-acquisition on break-up of group)
"160ZZOA.(1) If:
(a) a group roll-over disposal of an asset to a company takes place; and
(b) the company is not the ultimate holding company in relation to the
disposal; and
(c) the company ceases, at a particular time ('the break-up time') when it
has not disposed of the asset, to be a subsidiary of the ultimate holding
company in relation to:
(i) if subparagraph (ii) does not apply-the disposal; or
(ii) if the disposal is the second or a later disposal in a series
of group roll-over disposals-the first of the disposals in the series;
(whether the ceasing is because of the dissolution of the ultimate holding
company or any other company or for any other reason);
then the company is taken, for the purposes of this Part:
(d) to have disposed of the asset at the break-up time for a consideration
equal to the asset's market value at that time; and
(e) to have immediately re-acquired the asset for that consideration.
(Meaning of expressions)
"(2) For the purposes of this section:
(a) a 'group roll-over disposal' of an asset takes place if section 160ZZO
applies to the disposal of the asset; and
(b) a 'series of group roll-over disposals' of an asset takes place if 2 or
more group roll-over disposals of the asset take place without an intervening
disposal that is not a group roll-over disposal occurring, but once this
section has applied, any disposal before the break-up time does not form part
and
(c) the expression 'subsidiary' has the same meaning as in section 160ZZO;
and
(d) a company ('the first company') is the 'ultimate holding company' in
relation to a group roll-over disposal of an asset if:
(i) the first company is not a subsidiary of another company at the
time of the disposal; and
(ii) the disposal is to a subsidiary of the first company or to
the first company itself.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 55
Keeping of records
55. Section 160ZZU of the Principal Act is amended:
(a) by omitting from subsection (3) ", or after 6 December 1990 has
acquired,";
(b) by omitting from paragraph (3)(b) all the words from and including "the
transferee's status" to and including the end of subparagraph (i) and
substituting the following:
"the transferee's status as a subsidiary (within the meaning of section
160ZZO) in relation to the ultimate holding company (within the meaning of
section 160ZZOA) in respect of the disposal at a time before the earliest of
the following:
(i) the break-up time mentioned in section 160ZZOA;";
(c) by omitting subsection (3A);
(d) by omitting from subsection (4) "and paragraphs (3A)(b) and (c)";
(e) by omitting from subsection (5) "or (3A)";
(f) by omitting from paragraph (6)(b) "and";
(g) by omitting paragraph (6)(c).
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 56
Application
56.(1) Subject to subsection (2), the amendments made by this Division apply
to the disposal of assets after 16 December 1992. In the case of the amendment
inserting section 160ZZOA, this means that only disposals after that date are
taken into account for any purpose under that section, including determining
which disposals constitute a series of group roll-over disposals.
(2) If:
(a) there is a deemed disposal and re-acquisition of an asset at a time
after 16 December 1992 under paragraph 160ZZO(1)(g) or (h) of the Principal
Act (in its continued operation in spite of the amendments made by this
and
(b) if, contrary to subsection (1), the amendments made by this Division had
applied to disposals of assets on or before 16 December 1992, section 160ZZOA
of the Principal Act as amended by this Division would not have applied to
deem there to have been a disposal and re-acquisition of the asset in the same
circumstances as cause the deemed disposal and re-acquisition under paragraph
160ZZO(1)(g) or (h);
then paragraph 160ZZO(1)(g) or (h) does not apply to deem there to have been a
disposal and re-acquisition of the asset in those circumstances.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 57
Principal residence
57. Section 160ZZQ of the Principal Act is amended by inserting after
subsection (1AA) the following subsection:
"(1AB) If, under the contract mentioned in subsection (1AA) or another
contract entered into in relation to it, the person to whom the legal
ownership is to pass has a right or licence to occupy the land or dwelling
before legal ownership passes, then that subsection has effect in relation to
that person as if the legal ownership began when the licence or right was
first exercisable.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 58
Application
58. The amendment made by this Division applies to the disposal of assets
after 19 September 1985.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 60
Principal Act
60. In this Part, "Principal Act" means the Sales Tax Amendment
(Transitional) Act 1992.*3*
*3* No. 118, 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 61
Schedule
61.(1) The Schedule to the Principal Act is amended by omitting the
amendment of the Australian National Maritime Museum Act 1990 and substituting
the following amendment:
"Subsection 49(2):
Omit the subsection, substitute:
'(2) In particular, sales tax is not payable by the Museum, or by any other
person, on goods that are for use by the Museum.'.".
(2) The Schedule to the Principal Act is amended by omitting the amendment
of subparagraphs 3(2)(c)(i) and (v) of the Crimes (Taxation Offences) Act 1980
and substituting the following amendments:
"Subparagraph 3(2)(c)(i):
Omit 'sales tax', substitute 'old sales tax'.
"Subparagraph 3(2)(c)(v):
Omit 'sales tax' (first occurring), substitute 'old sales tax'.".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 62
Principal Act
62. In this Part, "Principal Act" means the Taxation Administration Act
1953.*4*
*4* No. 1, 1953, as amended. For previous amendments, see Nos. 28, 39, 40 and
52, 1953; No. 18, 1955; No. 39, 1957; No. 95, 1959; No. 17, 1960; No. 75,
1964; No. 155, 1965; No. 93, 1966; No. 120, 1968; No. 216, 1973; No. 133,
1974; No. 37, 1976; Nos. 19 and 59, 1979; Nos. 39 and 117, 1983; No. 123,
1984; No. 65, 1985 (as amended by No. 193, 1985); Nos. 4, 47, 104, 123 and
168, 1985; Nos. 41, 46, 48, 112, 144 and 154, 1986; No. 49, 1986 (as amended
by No. 141, 1987); Nos. 120 and 145, 1987; No. 62, 1987 (as amended by No.
108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as
amended by No. 11, 1988); Nos. 95 and 97, 1988; Nos. 97, 105, 107, 124, 163
and 167, 1989; Nos. 20, 60, 61, 110, 119 and 136, 1990; Nos. 5, 6, 48, 100,
122 and 216, 1991; and Nos. 47, 92, 98, 101, 118, 138, 208 and 224, 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 63
Interpretation
63. Section 2 of the Principal Act is amended:
(a) by inserting after paragraph (dac) of the definition of "head" the
following paragraph:
"(dad) in the case of the Queensland Criminal Justice Commission-the
Chairman of that Commission;";
(b) by inserting after paragraph (dac) of the definition of "law enforcement
agency" the following paragraph:
"(dad) the Queensland Criminal Justice Commission;".
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 64
Principal Act
64. In this Part, "Principal Act" means the Taxation Laws Amendment Act (No.
3) 1992.*5*
*5* No. 98, 1992.
TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993
- SECT 65
Application of amendments relating to depreciation of property on leased Crown
land
65. Section 38 of the Principal Act is amended:
(a) by omitting "or" from the end of paragraph (3)(d) and substituting
"and";
(b) by omitting from paragraph (3)(e) "in any other case" and substituting
"if paragraph (d) does not apply";
(c) by omitting from subparagraph (3)(e)(v) "enacted." and substituting
"enacted; and";
(d) by adding at the end of subsection (3) the following paragraph:
"(f) if paragraph (d) does not apply-the depreciated value of the property
at a time when the property was owned by the taxpayer were worked out as if
the assumptions set out in subparagraphs (e)(i) to (v) (inclusive) were
made.".
NOTE ABOUT SUBSECTION HEADINGS
1. On the day on which section 57AF of the Income Tax Assessment Act 1936 is
amended by this Act, headings to subsections of that section (as renumbered in
accordance with this Act) are inserted as set out in the following table:
Heading to be inserted
(Units of property to which this section
applies)
(Reduced disposal price in return for
discount)
(Meaning of "market value")
(Definitions)
The
Act No. 17, 1993 amended as indicated in the Tables below.
Act | Number and year | Date of Assent | Date of commencement | Application, saving or transitional provisions |
17, 1993 | 9 June 1993 | |||
171, 1995 | 16 Dec 1995 | Schedule 6: Royal Assent | — | |
147, 1997 | 14 Oct 1997 | Schedule 16 (item 1): | — | |
75, 2010 | 28 June 2010 | Schedule 6 (item 29): 29 June 2010 | — |
(a) Subsection 2(10) of theTaxation Laws Amendment Act (No. 3) 1997 provides as follows:
(10) Item 1 of Schedule 16 is taken to have commenced immediately after the commencement
of section 44 of the
Taxation Laws Amendment Act 1993 .Section 44 of the
Taxation Laws Amendment Act 1993 commenced on 9 June 1993.
| |
Provision affected | How affected |
S. 44......................................... | am. No. 147, 1997 |
S. 47......................................... | am. No. 171, 1995 |
Div. 18 of Part 3........................ | rep. No. 75, 2010 |
S. 59......................................... | rep. No. 75, 2010 |
0
0
0