Taxation Laws Amendment Act (No. 3) 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 CRIMES (TAXATION OFFENCES) ACT 1980
Principal Act
Object of Part
Interpretation
Application of amendments
PART 3 - AMENDMENT OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986
Principal Act
Object of Division
Interpretation
Application of amendments
Object of Division
Certificate of sources of information
PART 4 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Principal Act
Object of Division
Interpretation
Allowable capital expenditure in respect of cash bidding payments for
exploration permits and production licences
Exploration and prospecting expenditure
Application of amendments
Object of Division
Reduction in deductions that do not exclusively relate to producing
assessable income
Expenses of general management
Apportionment of current year deductions between classes
Application of amendments
Object of Division
Policies of life assurance
Application of amendment
Object of Division
Deductions where payee declaration
Deductions where no payee declaration
Application of amendments
Object of Division
Interpretation
Application of amendments
Object of Division
Deduction for gifts, pensions etc.
Object of Division
Taxable contributions
Application of amendment
Object of Division
Interpretation
Ascertainment of surplus or deficit
Carry forward of franking surplus
Initial payment of tax
Subsequent payments of tax before determination of taxable income
Final payment of tax
Payments of tax made after the final payment of tax
Receipt of franked dividends
Receipt of franked dividends through trusts and partnerships
Payment of excess offset
Payment of excess foreign tax credit
Lapsing of estimated debit
Substituted estimated debit determination
Life assurance companies - credit reducing section 160APYBA debit
Life assurance companies - credit reducing section 160APYBB debit
Life assurance companies - credit reducing section 160APYB debit
Life assurance companies - credit reducing section 160APZ debit
Life assurance companies - credit reducing subsection 160AQCD(1) debit
Life assurance companies - credit reducing subsection 160AQCE(1) debit
Insertion of new section:
160APVH. Life assurance companies - statutory fund component
Under-franking
Excessive reduction in section 160APX debit
Refunds in respect of initial payment of tax by a company
Refunds of company tax
Foreign tax credits - actual payment or application against
non-franking credit liabilities
Waiver of franking deficit tax
Amended company tax assessment reducing tax
Payment of franked dividends
Estimated debit determination
Transfer of asset to insurance funds
Dividend streaming arrangements
On-market share buy-back arrangements
Life assurance companies - debit reducing section 160APMA credit
Life assurance companies - debit reducing section 160APMB credit
Life assurance companies - debit reducing section 160APMC credit
Life assurance companies - debit reducing section 160APMD credit
Life assurance companies - debit reducing section 160APQB credit
Life assurance companies - debit reducing subsection 160APVC(1) credit
Insertion of new section:
160AQCN. Life assurance companies - statutory fund component
Determination of estimated class A debit
Insertion of new section:
160AQDA. Determination of estimated class B debit
Insertion of new section:
160AQDB. How to work out the class A required franking amount and the
class B required franking amount
How to work out the required franking amount
What constitutes franking
Company to give dividend statement to shareholders
Liability to franking deficit tax
Entitlement to offset
Extra amount to be included in assessable income where franked
dividend paid
Franking rebate for certain beneficiaries
Franking rebate in trustee's assessment
Franking rebate for trustees of superannuation funds, ADFs and PSTs
Franking rebate for certain partners
Franking rebates for certain life assurance companies
Adjustment where franking credit arises
Adjustment for non-resident beneficiary
Adjustment where trustee assessed for non-resident beneficiary
Adjustment where trustee assessed for company
Adjustment for non-resident partner
First return deemed to be an assessment
Part-year assessment
100. Default assessment
101. Amendment of assessments
102. Interpretation
103. Penalty for over-franking
104. Penalty for failure to lodge return
105. Penalty tax because of position taken
106. Company to keep records
107. Duties of payers
108. Interpretation
109. Application of amendments
110. Transitional - carry forward of franking surplus from 1993-94
111. Transitional - receipt of class A franked dividends or class B franked
dividends etc. by a corporate shareholder before the start of the
shareholder's 1994-95 franking year
112. Transitional - estimated debit determinations etc.
113. Transitional - reversing entries in class A franking account etc.
114. Object of division
115. Insertion of new section:
Deduction for capital expenditure incurred in establishing
grape vines
PART 5 - AMENDMENT OF THE INCOME TAX (INTERNATIONAL AGREEMENTS) ACT
1953
117. Principal Act
118. Object of Part
119. Schedule 38
120. Application of amendments
PART 6 - AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT
1987
121. Principal Act
122. Object of Part
123. Interpretation
124. Application of amendments
PART 7 - AMENDMENT OF THE PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT
1987
125. Principal Act
126. Object of Part
127. Transfer of expenditure - general
128. Transfer of expenditure - group companies
129. Insertion of new section:
Transfer on or after 1 July 1993 of part of entitlement to
assessable receipts
130. Annual returns
131. Defined terms
132. Rule - person must have held interests in relation to transferring
entity and receiving project
133. Rule - loss company and profit company to have held interests and been
group companies
PART 8 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992
134. Principal Act
135. General definitions
136. Insertion of new section:
Eligible repair goods
137. Amending Acts cannot impose penalties etc. earlier than 28 days after
Royal Assent
138. Schedule 1
139. Application
PART 9 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND CLASSIFICATIONS)
ACT 1992
140. Object of Part
141. Principal Act
142. Interpretation
143. Insertion of new section:
Meaning of "exempt child care body"
144. Schedule 1
145. Application
146. Transitional
PART 10 - AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION)
ACT 1992
147. Principal Act
148. Object of Part
149. Interpretation: general
150. Insertion of new section:
Interpretation: complying approved deposit fund
151. Payment of shortfall component
152. Application of amendments
153. Interpretation: general
154. Payment of shortfall component
155. Application of amendments
PART 11 - AMENDMENT OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT
1993
156. Principal Act
157. Object of Part
158. Interpretation
159. Application of amendments
PART 12 - AMENDMENT OF THE TAXATION (INTEREST ON OVERPAYMENTS) ACT
1983
160. Principal Act
161. Object of Division
162. Interpretation
163. Application of amendments
164. Object of Division
165. Interpretation
166. Application of amendment
PART 13 - DEFERRAL OF INITIAL PAYMENTS OF COMPANY TAX FOR 1993-94
167. Interpretation
168. 9-week deferral of initial payments of tax for 1993-94
169. Deferred initial payments of tax for 1993-94 to be offset by prior
payments of franking deficit tax
170. IP offset provision to be ignored in calculating certain company tax
thresholds
171. Eliminated or reduced initial payments of tax to be treated as fully
paid for credit/refund purposes
172. Franking credits and debits - effect of elimination or reduction of
initial payment of tax
173. Reduction of liability for franking deficit tax
174. No refunds of amounts of franking deficit tax overpaid because of the
FDT reduction provision
175. Reduction of liability for franking deficit tax does not give rise to
a franking credit under section 160APQA of the Assessment Act
PART 14 - AMENDMENTS RELATED TO TOURISM INDUSTRY ORGANISATIONS
176. Object of Part
177. Principal Act
178. Exemptions
179. Application of amendment
180. Principal Act
181. Rebate for certain non-profit employers etc.
182. Application of amendment
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - LONG TITLE
An Act to amend the law relating to taxation
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 1
Short title [
1. This Act may be cited as the Taxation Laws Amendment Act (No. 3) 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 2
Commencement [
2.(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Sections 125, 132 and 133 are taken to have commenced on 1 July 1991.
(3) Sections 129 and 131 are taken to have commenced on 1 July 1993.
(4) Division 3 of Part 10 and Part 11 commence on whichever is the later of
the following days:
(a) the date of commencement of Part 3 of the Superannuation Industry
(Supervision) Act 1993;
(b) the day after the date of commencement of this section.
(5) Division 3 of Part 14 commences immediately after the commencement of
the Taxation Laws Amendment (Fringe Benefits Tax Measures) Act 1992.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 3
Principal Act
3. In this Part, "Principal Act" means the Crimes (Taxation Offences) Act
1980.*1*
Crimes (Taxation Offences) Act 1980
For previous amendments, see No. 123, 1984;
No. 47, 1985; Nos. 41, 48, 76 and 154, 1986; Nos. 58, 61, 140 and 145, 1987;
97, 1988; Nos 20, 58 and 60, 1990; Nos 92 and 118, 1992; and Nos 18 and
32, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 4
Object of Part
4. The object of this Part is to update cross-references in the Principal
Act to certain prescribed payment system provisions of the income tax law.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 5
Interpretation
5. Section 3 of the Principal Act is amended by omitting "221YHD(1) or (1D)"
from paragraph (g) of the definition of "income tax" in subsection (1) and
substituting "221YHDC(2)".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 6
Application of amendments
6. The amendments made by this Part apply in relation to prescribed payments
made after the commencement of this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 7
Principal Act
7. In this Part, "Principal Act" means the Fringe Benefits Tax Assessment
Act 1986.*2*
Fringe Benefits Tax Assessment Act 1986
*2* 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; Nos. 35, 92, 101, 118,
191, 210, 223 and 237, 1992; and Nos. 17 and 18, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 8
Object of Division
8. The object of this Division is to change the method of working out the
taxable value of a domestic airline transport fringe benefit.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 9
Interpretation
9. Section 136 of the Principal Act is amended by omitting paragraph (a) of
the definition of "stand-by value" in subsection (1) and substituting the
following paragraph:
"(a) if the recipients transport is over a domestic route:
(i) if the recipients transport is on a scheduled passenger air
service-37.5% of the lowest publicly advertised economy air fare charged by
the provider at or about the comparison time in respect of transport over that
route; and
(ii) if:
(A) the recipients transport is not on a scheduled passenger air
service; and
(B) a carrier operates a scheduled passenger air service over that
route at or about the comparison time;
37.5% of the lowest publicly advertised economy air fare charged by a
carrier at or about the comparison time in respect of transport over that
route; and
(iii) if:
(A) the recipients transport is not on a scheduled passenger air
service; and
no carrier operates a scheduled passenger air service over
that route at or about the comparison time; and
(C) a combination of scheduled passenger air services operated by
a carrier or carriers at or about the comparison time would enable a person to
travel between the ports of embarkation and disembarkation;
37.5% of the lowest combination of publicly advertised economy air fares
charged by carriers at or about the comparison time in respect of transport
between the ports of embarkation and disembarkation; and
(iv) in any other case-75% of the notional value at the comparison
time of the recipients transport; and".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 10
Application of amendments
10. The amendments made by this Division apply in relation to an airline
transport fringe benefit that began to be provided after the commencement of
this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 11
Object of Division
11. The object of this Division is to remove a redundant provision requiring
a statement about the sources available for the compilation of an FBT return.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 12
Certificate of sources of information
12. Section 71 of the Principal Act is amended by omitting subsection (3).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 13
Principal Act
13. In this Part, "Principal Act" means the Income Tax Assessment Act
1936.*3*
Income Tax Assessment Act 1936
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; and Nos.
7, 17, 18, 27 and 32, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 14
Object of Division
14. The object of this Division is to deny deductions for certain capital
expenditure relating to petroleum activities if the activities are not related
to producing assessable income.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 15
Interpretation
15. Section 124 of the Principal Act is amended by adding ", being
operations carried on for the purpose of gaining or producing assessable
income" at the end of the definition of "prescribed petroleum operations" in
subsection (1).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 16
Allowable capital expenditure in respect of cash bidding payments for
exploration permits and production licences
16. Section 124ABA of the Principal Act is amended:
(a) by inserting ", if the amount is incurred in carrying on prescribed
petroleum operations or for the purpose of exploring or prospecting for
petroleum obtainable by prescribed petroleum operations" after "grant of a
production licence" in paragraph (a) of the definition of "licence cash
bidding payment" in subsection (6);
(b) by inserting ", if the amount is incurred in carrying on prescribed
petroleum operations or for the purpose of exploring or prospecting for
petroleum obtainable by prescribed petroleum operations" after "grant of an
exploration permit" in paragraph (a) of the definition of "permit cash bidding
payment" in subsection (6).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 17
Exploration and prospecting expenditure
17. Section 124AH of the Principal Act is amended by omitting from
subsection (1) and subparagraph (4C)(b)(i) "the purpose of discovering
petroleum" and substituting "petroleum obtainable by prescribed petroleum
operations".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 18
Application of amendments
18. The amendments made by this Division apply in relation to expenditure
incurred after 7.30 p.m., by standard time in the Australian Capital
Territory, on 21 August 1990.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 19
Object of Division
19. The object of this Division is to modify certain provisions relating to
deductions allowable to life assurance companies.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 20
Reduction in deductions that do not exclusively relate to producing
assessable income
20. Section 111C of the Principal Act is amended by adding at the end the
following subsection:
"(3) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsection (2) of this section.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 21
Expenses of general management
21. Section 113 of the Principal Act is amended by inserting after
subsection (2) the following subsection:
"(2A) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsections (1) and (2) of this section.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 22
Apportionment of current year deductions between classes
22. Section 116CF of the Principal Act is amended by adding at the end the
following subsections:
"(3) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsection (2) of this section.
"(4) For the purposes of the definition of 'Total income' in subsection (2),
the following are taken to be assessable income:
(a) superannuation premiums to which subsection 111A(1) applies;
(b) the investment component of premiums to which section 111AA applies.
"(5) For the purposes of the application of subsection (2) to the NCS class
of assessable income, the definition of 'Income of class' has effect as if
superannuation premiums to which subsection 111A(1) applies, being premiums in
respect of NCS policies, were assessable income of that class.
"(6) For the purposes of the application of subsection (2) to the CS/RA
class of assessable income, the definition of 'Income of class' has effect as
if the following were assessable income of that class:
(a) superannuation premiums to which subsection 111A(1) applies, being
premiums in respect of CS policies;
(b) the investment component of premiums to which section 111AA applies,
being premiums in respect of RA policies.
"(7) For the purposes of the application of subsection (2) to the AD/RLA
class of assessable income, the definition of 'Income of class' has effect as
if the investment component of premiums to which section 111AA applies, being
premiums in respect of AD/RLA policies, were assessable income of that
class.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 23
Application of amendments
23.(1) In this section:
"amended Act" means the Principal Act as amended by this Division.
(2) Subsections 111C(3), 113(2A) and 116CF(3) of the amended Act apply in
relation to an agreement entered into by a life assurance company under
section 275 of the Income Tax Assessment Act 1936 after 31 May 1993.
(3) Subsections 116CF(4), (5), (6) and (7) of the amended Act apply in
relation to premiums received by a life assurance company after 31 May 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 24
Object of Division
24. The object of this Division is to exempt disposals of life assurance
policies held by trustees of complying superannuation funds, complying
approved deposit funds and pooled superannuation trusts from Part IIIA of the
Principal Act (which deals with capital gains and capital losses).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 25
Policies of life assurance
25. Section 160ZZI of the Principal Act is amended by inserting after
subsection (3) the following subsection:
"(3A) This Part does not apply in respect of the disposal by a taxpayer of,
or of an interest in, any rights under a policy of life assurance if:
(a) the taxpayer is the trustee of a complying superannuation fund, within
the meaning of Part IX, in relation to the year of income of the taxpayer in
which the disposal occurred; or
(b) the taxpayer is the trustee of a complying ADF, within the meaning of
Part IX, in relation to the year of income of the taxpayer in which the
disposal occurred; or
(c) the taxpayer is the trustee of a PST, within the meaning of Part IX, in
relation to the year of income of the taxpayer in which the disposal
occurred.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 26
Application of amendment
26. The amendment made by this Division applies to a disposal during the
year of income in which 1 July 1988 occurred or during a later year of income.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 27
Object of Division
27. The object of this Division is to provide that deductions from
prescribed payments are to be in whole dollars.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 28
Deductions where payee declaration
28. Section 221YHD of the Principal Act is amended by adding at the end of
subsections (2), (3) and (5) "If working out that percentage of the payment
results in an amount of dollars and cents, the cents are to be disregarded.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 29
Deductions where no payee declaration
29. Section 221YHDA of the Principal Act is amended by adding at the end of
subsection (2) "If working out that percentage of the payment results in an
amount of dollars and cents, the cents are to be disregarded.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 30
Application of amendments
30. The amendments made by this Division apply in relation to prescribed
payments made on or after 1 January 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 31
Object of Division
31. The object of this Division is to reduce the provisional tax uplift
factor for 1993-94 from 10% to 8%.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 32
Interpretation
32. Section 221YA of the Principal Act is amended by omitting from
subsection (1) the definition of "provisional tax uplift factor" and
substituting the following definition:
" 'provisional tax uplift factor':
(a) in relation to the 1993-94 year of income-means 8%; and
(b) in relation to a later year of income-means, until the Parliament
otherwise provides, 10%;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 33
Application of amendments
33. The amendments made by this Division apply in relation to provisional
tax (including instalments) payable for the 1993-94 year of income and for all
later years of income.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 34
Object of Division
34. The object of this Division is to re-instate the condition that
tax-deductible gifts to the Shrine of Remembrance Restoration and Development
Trust must be made before 1 July 1995.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 35
Deduction for gifts, pensions etc.
35. Section 78 of the Principal Act is amended by inserting "the gift must
be made before 1 July 1995" in the "Special conditions" column opposite item
5.2.1 in Table 5 in subsection (4).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 36
Object of Division
36. The object of this Division is to provide that the taxable contributions
of an approved deposit fund include any payments of the shortfall component of
an amount of superannuation guarantee charge.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 37
Taxable contributions
37. Section 274 of the Principal Act is amended by adding at the end of
subsection (1) the following paragraph:
"(d) if the eligible entity is a complying ADF-a contribution under section
65 of the Superannuation Guarantee (Administration) Act 1992.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 38
Application of amendment
38. The amendment made by this Division applies to a contribution made after
the commencement of this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 39
Object of Division
39. The object of this Division is to make changes to the dividend
imputation system that are consequential on the reduction of the rate of tax
payable by companies from 39% to 33%.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 40
Interpretation
40. Section 160APA of the Principal Act is amended:
(a) by omitting paragraph (b) of the definition of "applicable general
company tax rate" and substituting the following paragraphs:
"(b) in relation to the liability of a company to pay class A franking
deficit tax for a franking year-39%;
(ba) in relation to the liability of a company to pay class B franking
deficit tax for a franking year-33%;
(bb) in relation to the calculation of the adjusted amount in relation to an
amount mentioned in paragraph 160APYC(a), (b) or (c)-the applicable general
company tax rate in relation to the initial payment of tax concerned;
(bc) in relation to the calculation of the adjusted amount in relation to
the amount of a payment mentioned in section 160APQA, being a payment that
relates to an offset of company tax, or increased company tax, for a year of
income-the general company tax rate for the year of tax to which the year of
income relates;";
(b) by omitting paragraph (c) of the definition of "applicable general
company tax rate" and substituting the following paragraphs:
"(c) in relation to:
(i) the payment of a class A franked dividend to a shareholder in a
company; or
(ii) a trust amount or partnership amount that relates, directly or
indirectly, to the payment of a class A franked dividend to a shareholder in a
company;
39%; or
(ca) in relation to:
(i) the payment of a class B franked dividend to a shareholder in a
company; or
(ii) a trust amount or partnership amount that relates, directly or
indirectly, to the payment of a class B franked dividend to a shareholder in a
company;
33%;";
(c) by omitting the definitions of "franking account balance", "franking
deficit" and "franking surplus";
(d) by omitting the definitions of "estimated debit", "estimated debit
determination", "franking account assessment", "franking deficit tax" and
"franking percentage" and substituting the following definitions:
" 'estimated debit' means an estimated class A debit or an estimated class B
debit;
'estimated debit determination' means an estimated class A debit
determination or an estimated class B debit determination;
'franking account assessment' means a class A franking account assessment or
a class B franking account assessment;
'franking deficit tax' means class A franking deficit tax or class B
franking deficit tax;
'franking percentage' means:
(a) in relation to a franked dividend-the sum of:
(i) the class A franking percentage of the dividend; and
(ii) the class B franking percentage of the dividend; or
(b) in relation to an unfranked dividend-0%;";
(e) by inserting the following definitions:
" 'class A flow-on franking amount' means an amount that would be a flow-on
franking amount if:
(a) a reference in the definition of 'flow-on franking amount' to a franked
dividend were, by express provision, confined to a class A franked dividend;
and
(b) a reference in that definition to the flow-on franking amount were, by
express provision, confined to a class A flow-on franking amount;
'class A franked amount', in relation to a dividend, means so much of the
dividend as has been franked in accordance with subsection 160AQF(1);
'class A franked dividend' means a dividend the whole or a part of which has
been franked in accordance with subsection 160AQF(1);
'class A franking account assessment' means the ascertainment of the class A
franking account balance and of any class A franking deficit tax payable;
'class A franking account balance', in relation to a company, means:
(a) if the company has a class A franking surplus-the amount of that
surplus; or
(b) if the company has a class A franking deficit-the amount of that
deficit; or
(c) in any other case-nil;
'class A franking deficit' means a deficit calculated under subsection
160APJ(2);
'class A franking deficit tax' means tax payable in accordance with
subsection 160AQJ(1);
'class A franking percentage' means:
(a) in relation to a class A franked dividend-the percentage specified in
the declaration made under subsection 160AQF(1) in relation to the dividend;
or
(b) in relation to a dividend (including a dividend that is not a frankable
dividend) no part of which has been franked in accordance with subsection
160AQF(1)-0%;
'class A franking surplus' means a surplus calculated under subsection
160APJ(1);
'class A potential rebate amount' means an amount that would be a potential
rebate amount if:
(a) each reference in the definition of 'potential rebate amount' to a
franked dividend were, by express provision, confined to a class A franked
dividend; and
(b) each reference in that definition to a flow-on franking amount were, by
express provision, confined to a class A flow-on franking amount; and
(c) each reference in that definition to a potential rebate amount were, by
express provision, confined to a class A potential rebate amount;
'class B flow-on franking amount' means an amount that would be a flow-on
franking amount if:
(a) a reference in the definition of 'flow-on franking amount' to a franked
dividend were, by express provision, confined to a class B franked dividend;
and
(b) a reference in that definition to the flow-on franking amount were, by
express provision, confined to a class B flow-on franking amount;
'class B franked amount', in relation to a dividend, means so much of the
dividend as has been franked in accordance with subsection 160AQF(1AA);
'class B franked dividend' means a dividend the whole or a part of which has
been franked in accordance with subsection 160AQF(1AA);
'class B franking account assessment' means the ascertainment of the class B
franking account balance and of any class B franking deficit tax payable;
'class B franking account balance', in relation to a company, means:
(a) if the company has a class B franking surplus-the amount of that
surplus; or
(b) if the company has a class B franking deficit-the amount of that
deficit; or
(c) in any other case-nil;
'class B franking deficit' means a deficit calculated under subsection
160APJ(3);
'class B franking deficit tax' means tax payable in accordance with
subsection 160AQJ(1A);
'class B franking percentage' means:
(a) in relation to a class B franked dividend-the percentage specified in
the declaration made under subsection 160AQF(1AA) in relation to the dividend;
or
(b) in relation to a dividend (including a dividend that is not a frankable
dividend) no part of which has been franked in accordance with subsection
160AQF(1AA)-0%;
'class B franking surplus' means a surplus calculated under subsection
160APJ(1A);
'class B potential rebate amount' means an amount that would be a potential
rebate amount if:
(a) each reference in the definition of 'potential rebate amount' to a
franked dividend were, by express provision, confined to a class B franked
dividend; and
(b) each reference in that definition to a flow-on franking amount were, by
express provision, confined to a class B flow-on franking amount; and
(c) each reference in that definition to a potential rebate amount were, by
express provision, confined to a class B potential rebate amount;
'estimated class A debit' means an estimated class A debit specified in an
estimated class A debit determination;
'estimated class B debit' means an estimated class B debit specified in an
estimated class B debit determination;
'estimated class A debit determination' means a determination made by the
Commissioner under subsection 160AQD(1);
'estimated class B debit determination' means a determination made by the
Commissioner under subsection 160AQDA(1);
'special life company tax rate' means the rate of tax specified in paragraph
23(4A)(b) of the Income Tax Rates Act 1986;";
(f) by inserting the following definitions:
" 'franking credit' means a class A franking credit or a class B franking
credit;
'franking debit' means a class A franking debit or a class B franking
debit;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 41
Ascertainment of surplus or deficit
41. Section 160APJ of the Principal Act is amended:
(a) by inserting in subsection (1) "class A" before "franking" (first, 3rd
and 5th occurring);
(b) by inserting after subsection (1) the following subsection:
"(1A) The class B franking surplus of a company at a particular time in a
franking year is the amount by which the total of the class B franking credits
of the company arising in the franking year and before that time exceeds the
total of the class B franking debits of the company arising in the franking
year and before that time.";
(c) by inserting in subsection (2) "class A" before "franking" (first, 3rd
and 5th occurring);
(d) by adding at the end the following subsection:
"(3) The class B franking deficit of a company at a particular time in a
franking year is the amount by which the total of the class B franking debits
of the company arising in the franking year and before that time exceeds the
total of the class B franking credits of the company arising in the franking
year and before that time.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 42
Carry forward of franking surplus
42. Section 160APL of the Principal Act is amended:
(a) by inserting "class A" before "franking" (first, 4th and 5th
occurring);
(b) by adding at the end the following subsection:
"(2) If a company has a class B franking surplus at the end of a franking
year, there arises at the beginning of the next franking year a class B
franking credit of the company equal to that class B franking surplus.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 43
Initial payment of tax
43. Section 160APMA of the Principal Act is amended by omitting paragraphs
(a) and (b) and substituting the following paragraphs:
"(a) if the payment day is in the year of income-there arises on the first
day of the franking year next following the payment year whichever of the
following is applicable:
(i) if the year of income is the 1992-93 year of income or an
earlier year of income-a class A franking credit of the company equal to the
adjusted amount in relation to the amount paid;
(ii) if the year of income is the 1993-94 year of income or a later
year of income-a class B franking credit of the company equal to the adjusted
amount in relation to the amount paid; or
(b) in any other case-there arises on the payment day whichever of the
following is applicable:
(i) if the year of income is the 1992-93 year of income or an
earlier year of income-a class A franking credit of the company equal to the
adjusted amount in relation to the amount paid;
(ii) if the year of income is the 1993-94 year of income or a later
year of income-a class B franking credit of the company equal to the adjusted
amount in relation to the amount paid.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 44
Subsequent payments of tax before determination of taxable income
44. Section 160APMB of the Principal Act is amended by omitting all the
words after "on which that further payment is made," and substituting the
following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company equal to the adjusted
amount in relation to the amount of that further payment;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company equal to the adjusted amount
in relation to the amount of that further payment.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 45
Final payment of tax
45. Section 160APMC of the Principal Act is amended by omitting all the
words after "on that day" and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company equal to the adjusted
amount in relation to the amount of that payment;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company equal to the adjusted amount
in relation to the amount of that payment.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 46
Payments of tax made after the final payment of tax
46. Section 160APMD of the Principal Act is amended by omitting all the
words after "that payment is made," and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company equal to the adjusted
amount in relation to the amount of that payment;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company equal to the adjusted amount
in relation to the amount of that payment.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 47
Receipt of franked dividends
47. Section 160APP of the Principal Act is amended:
(a) by inserting in paragraph (1)(a) "class A" before "franked";
(b) by inserting in subsection (1) "class A" before "franking credit";
(c) by inserting in subsection (1) "class A" before "franked amount";
(d) by inserting after subsection (1) the following subsection:
"(1A) Subject to this section, if:
(a) on a particular day, a class B franked dividend is paid to a shareholder
being a company; and
(b) the company is a resident at the time the dividend is paid;
there arises on that day a class B franking credit of the company equal to the
class B franked amount of the dividend.";
(e) by inserting in subsection (3) "arising under subsection (1) or (1A)"
after "franking credit" (first occurring);
(f) by omitting "subsection (1)" from the definition of the component "FC"
in subsection (3) and substituting "whichever of subsections (1) and (1A) is
applicable";
(g) by inserting in subsection (5) "arising under subsection (1) or (1A)"
after "franking credit".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 48
Receipt of franked dividends through trusts and partnerships
48. Section 160APQ of the Principal Act is amended:
(a) by inserting in paragraph (1)(b) "class A" before "flow-on franking
amount";
(b) by inserting in subsection (1) "class A" before "franking credit";
(c) by inserting "class A" before "potential rebate amount" in the
definition of the component "PR" in subsection (1);
(d) by inserting after subsection (1) the following subsection:
"(1A) Subject to this section, if:
(a) a trust amount or partnership amount is included in, or a partnership
amount is allowed as a deduction from, the assessable income of a company;
and
(b) there is a class B flow-on franking amount in relation to the trust
amount or the partnership amount;
there arises, at the end of the year of income of the trustee or partnership
to which the trust amount or partnership amount relates, a class B franking
credit of the company equal to the amount worked out using the formula:
X 1 - Company tax rate
Company tax rate
where:
'Potential rebate amount' means the class B potential rebate amount in
relation to the trust amount or partnership amount;
'Company tax rate' means the applicable general company tax rate.";
(e) by inserting in subsection (3) "arising under subsection (1) or (1A)"
after "franking credit" (first occurring).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 49
Payment of excess offset
49. Section 160APQA of the Principal Act is amended by omitting all the
words after "on that day" and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(c) if the offset relates to company tax for the 1992-93 year of income or
an earlier year of income-a class A franking credit of the company equal to
the adjusted amount in relation to the amount of the payment;
(d) if the offset relates to company tax for the 1993-94 year of income or a
later year of income-a class B franking credit of the company equal to the
adjusted amount in relation to the amount of the payment.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 50
Payment of excess foreign tax credit
50. Section 160APQB of the Principal Act is amended by omitting all the
words after "on that day" and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company equal to the adjusted
amount in relation to the amount of that payment;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company equal to the adjusted amount
in relation to the amount of that payment.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 51
Lapsing of estimated debit
51. Section 160APU of the Principal Act is amended:
(a) by inserting "class A" after "estimated" (wherever occurring);
(b) by inserting "class A" before "franking";
(c) by adding at the end the following subsection:
"(2) On the day on which the termination time in relation to an estimated
class B debit of a company occurs, there arises a class B franking credit of
the company equal to the estimated class B debit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 52
Substituted estimated debit determination
52. Section 160APV of the Principal Act is amended:
(a) by inserting "class A" after "estimated";
(b) by inserting "class A" before "franking" (wherever occurring);
(c) by adding at the end the following subsection:
"(2) If, on a particular day, the Commissioner serves on a company a notice
of an estimated class B debit determination that is in substitution for an
earlier determination, there arises on that day a class B franking credit of
the company equal to the amount of the class B franking debit that arose
because of the earlier determination.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 53
Life assurance companies-credit reducing section 160APYBA debit
53. Section 160APVBA of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company worked out under subsection
(2) of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking credit-0.8; or
(b) in the case of a class B franking credit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 54
Life assurance companies-credit reducing section 160APYBB debit
54. Section 160APVBB of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company worked out under subsection
(2) of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking credit-0.8; or
(b) in the case of a class B franking credit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 55
Life assurance companies-credit reducing section 160APYB debit
55. Section 160APVC of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company worked out under subsection
(2) of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking credit-0.8; or
(b) in the case of a class B franking credit-1.0;";
(d) by omitting from subsection (3) all the words after "served," (third
occurring) and substituting the following words and paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company worked out under subsection
(4) of this section;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company worked out under subsection
(4) of this section.";
(e) by omitting from subsection (4) "0.8" and substituting "Statutory
factor";
(f) by inserting the following definition in subsection (4) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking credit-0.8; or
(b) in the case of a class B franking credit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 56
Life assurance companies-credit reducing section 160APZ debit
56. Section 160APVD of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);
(b) by adding at the end the following subsection:
"(2) If, on a particular day, a class B franking debit of a life assurance
company arises under section 160APZ in relation to a reduction in the company
tax of the company for a year of income, there arises on that day a class B
franking credit of the company equal to the adjusted amount in relation to the
amount worked out using the formula:
X Overall reduction - Non-fund component
of reduction
where:
'Statutory factor' means 1.0;
'Overall reduction' means the amount of the reduction;
'Non-fund component of reduction' means so much of the amount of the
reduction as is attributable to the non-fund component.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 57
Life assurance companies-credit reducing subsection 160AQCD(1) debit
57. Section 160APVF of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);
(b) by adding at the end the following subsection:
"(2) If:
(a) on a particular day, a class B franking debit of a life assurance
company arises under subsection 160AQCD(1) in relation to an initial payment
of tax in respect of a year of income; and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking credit of the company equal to the amount of the class B
franking debit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 58
Life assurance companies-credit reducing subsection 160AQCE(1) debit
58. Section 160APVG of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);
(b) by adding at the end the following subsection:
"(2) If:
(a) on a particular day, a class B franking debit of a life assurance
company arises under subsection 160AQCE(1) in relation to a further payment on
account of tax in respect of a year of income; and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking credit of the company equal to the amount of the class B
franking debit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 59
Insertion of new section
59. After section 160APVG of the Principal Act the following section is
inserted in Subdivision B of Division 2 of Part IIIAA:
Life assurance companies-statutory fund component
"160APVH.(1) If, on a particular day, a class B franking debit of a life
assurance company arises under any of the following provisions:
(a) subsection 160AQCD(1);
(b) subsection 160AQCD(3);
(c) subsection 160AQCE(1);
(d) subsection 160AQCE(3);
(e) section 160AQCJ;
(f) section 160AQCK;
(g) section 160AQCL;
there arises on that day a class A franking credit of the company equal to the
amount that would have been the amount of that class B franking debit if the
assumptions set out in subsection (2) were made.
"(2) The assumptions are as follows:
(a) the assumption that the class B franking debit had been calculated using
a statutory factor of 0.2 instead of 1.0;
(b) the assumption that the class B franking debit had been calculated by
reference to the special life company tax rate for the year of tax concerned
instead of by reference to the general company tax rate for the year of tax
concerned.
"(3) If:
(a) on a particular day, a class A franking debit of a company arises under
subsection 160AQCN(1) because of paragraph (c) of that subsection in relation
and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking credit of the company equal to the amount of the class A
franking debit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 60
Under-franking
60. Section 160APX of the Principal Act is amended:
(a) by inserting in paragraphs (1)(a) and (b) "class A" before "required
franking amount";
(b) by inserting in paragraph (1)(b) "class A" before "franked amount";
(c) by inserting in subsection (1) "class A" before "franking debit";
(d) by inserting after subsection (1) the following subsection:
"(1A) If:
(a) the class B required franking amount for a frankable dividend paid by a
company on a particular day is not less than 10% of the amount of the
dividend; and
(b) that class B required franking amount exceeds the class B franked amount
of the dividend;
there arises on that day a class B franking debit of the company equal to the
excess referred in to paragraph (b).".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 61
Excessive reduction in section 160APX debit
61. Section 160APXA of the Principal Act is amended:
(a) by inserting in paragraph (1)(a) "class A" before "franking debit";
(b) by inserting in subsection (1) "class A" before "franking debit is to
arise";
(c) by inserting in subsection (2) "class A" before "franking debit".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 62
Refunds in respect of initial payment of tax by a company
62. Section 160APYB of the Principal Act is amended by omitting all the
words after "receives the amount," and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(a) if the refund is in respect of the 1992-93 year of income or an earlier
year of income-a class A franking debit of the company equal to the adjusted
amount in relation to the amount received;
(b) if the refund is in respect of the 1993-94 year of income or a later
year of income-a class B franking debit of the company equal to the adjusted
amount in relation to the amount received.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 63
Refunds of company tax
63. Section 160APYBA of the Principal Act is amended by omitting all the
words after "as the case may be," (last occurring) and substituting the
following words and paragraphs:
"whichever of the following is applicable:
(d) if the payment mentioned in paragraph (a) is in respect of the 1992-93
year of income or an earlier year of income-a class A franking debit of the
company equal to the adjusted amount in relation to the amount received or
applied, as the case requires;
(e) if the payment mentioned in paragraph (a) is in respect of the 1993-94
year of income or a later year of income-a class B franking debit of the
company equal to the adjusted amount in relation to the amount received or
applied, as the case requires.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 64
Foreign tax credits-actual payment or application against non-franking
credit liabilities
64. Section 160APYBB of the Principal Act is amended by omitting all the
words after "as the case may be," and substituting the following words and
paragraphs:
"whichever of the following is applicable:
(c) if the foreign tax credit was allowable in respect of tax paid or
payable by the company in respect of income derived in the 1992-93 year of
income or an earlier year of income-a class A franking debit of the company
equal to the adjusted amount in relation to the amount paid or applied, as the
case requires;
(d) if the foreign tax credit was allowable in respect of tax paid or
payable by the company in respect of income derived in the 1993-94 year of
income or a later year of income-a class B franking debit of the company equal
to the adjusted amount in relation to the amount paid or applied, as the case
requires.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 65
Waiver of franking deficit tax
65. Section 160APYC of the Principal Act is amended:
(a) by inserting "in respect of the 1993-94 year of income or a later year
of income" after "221AP made by a company";
(b) by inserting "class B" before "franking debit";
X Fund component)" and
substituting "Fund component".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 66
Amended company tax assessment reducing tax
66. Section 160APZ of the Principal Act is amended by omitting all the words
after "on that day" and substituting the following words and paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company equal to the adjusted amount
in relation to the amount of the reduction;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company equal to the adjusted amount in
relation to the amount of the reduction.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 67
Payment of franked dividends
67. Section 160AQB of the Principal Act is amended:
(a) by inserting "class A" before "franked" (wherever occurring);
(b) by inserting "class A" before "franking";
(c) by adding at the end the following subsection:
"(2) If, on a particular day, a company pays a class B franked dividend,
there arises on that day a class B franking debit of the company equal to the
class B franked amount of the dividend.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 68
Estimated debit determination
68. Section 160AQC of the Principal Act is amended:
(a) by inserting "class A" after "estimated" (wherever occurring);
(b) by inserting "class A" before "franking debit";
(c) by adding at the end the following subsection:
"(2) If, on a particular day, the Commissioner serves on a company notice of
an estimated class B debit determination, there arises on that day a class B
franking debit of the company equal to the estimated class B debit specified
in the notice.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 69
Transfer of asset to insurance funds
69. Section 160AQCA of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);
(b) by inserting in subparagraphs (b)(i) and (ii) "subsection (1) of" before
"that section";
(c) by adding at the end the following subsection:
"(2) If:
(a) a class B franking credit of a life assurance company arose under
section 160APP or 160APQ at a particular time during a year of income of the
company; and
(b) after that time and during the year of income:
(i) if section 160APP applied-the asset of the company from which
the dividend referred to in subsection (1A) of that section was derived; or
(ii) if section 160APQ applied-the asset of the company to which the
trust amount or partnership amount referred to in subsection (1A) of that
section is attributable;
becomes part of the insurance funds of the company;
there arises, on the day on which the asset becomes part of the insurance
funds, a class B franking debit of the company equal to the class B franking
credit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 70
Dividend streaming arrangements
70. Section 160AQCB of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "there arises" and
substituting the following words and paragraphs:
"on that day:
(c) a class A franking debit of the debit company equal to the amount worked
out using the following formula, as reduced by the amount (if any) of the
class A franking debit of the company arising under section 160AQB in respect
of the payment of the scheme dividend:
X Substituted class A franking percentage
where:
'Scheme dividend' means the amount of the scheme dividend;
'Substituted class A franking percentage' means the actual or proposed class
A franking percentage, or the greatest actual or proposed class A franking
percentage, of the substituted dividends; and
(d) a class B franking debit of the debit company equal to the amount worked
out using the following formula, as reduced by the amount (if any) of the
class B franking debit of the company arising under section 160AQB in respect
of the payment of the scheme dividend:
X Substituted class B franking percentage
where:
'Scheme dividend' means the amount of the scheme dividend;
'Substituted class B franking percentage' means the actual or proposed class
B franking percentage, or the greatest actual or proposed class B franking
percentage, of the substituted dividends.";
(b) by omitting from subsection (2) all the words after "there arises" and
substituting the following words and paragraphs:
"on that day:
(c) a class A franking debit of the debit company equal to the actual or
proposed class A franked amount, or the sum of the actual or proposed class A
franked amounts, of the substituted dividends; and
(d) a class B franking debit of the debit company equal to the actual or
proposed class B franked amount, or the sum of the actual or proposed class B
franked amounts, of the substituted dividends.";
(c) by omitting from subsection (3) all the words after "there arises" and
substituting the following words and paragraphs:
"on that day:
(c) a class A franking debit of the debit company equal to the amount worked
out using the following formula:
X Substituted class A franking percentage
where:
'Linked dividend' means the amount of the linked dividend;
'Substituted class A franking percentage' means the actual or proposed class
A franking percentage, or the greatest actual or proposed class A franking
percentage, of the substituted dividends; and
(d) a class B franking debit of the debit company equal to the amount worked
out using the following formula:
X Substituted class B franking percentage
where:
'Linked dividend' means the amount of the linked dividend;
'Substituted class B franking percentage' means the actual or proposed class
B franking percentage, or the greatest actual or proposed class B franking
percentage, of the substituted dividends.";
(d) by inserting in subsection (4) "class B" before "franking debit".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 71
On-market share buy-back arrangements
71. Section 160AQCC of the Principal Act is amended:
(a) by inserting in subsection (1) "class A" before "franking debit";
(b) by inserting in subsection (1) "(if any)" after "the amount";
(c) by inserting in subsection (2) "class A" before "required franking
amount";
(d) by omitting from subsection (2) "160AQE(1)" and substituting
"160AQDB(1)";
(e) by adding at the end the following subsections:
"(3) There arises on the day of an on-market purchase by a company of a
share a class B franking debit of the company equal to the amount calculated
under subsection (4).
"(4) The amount is the amount that would be calculated under subsection
160AQDB(2) as the class B required franking amount for a dividend paid on that
day to a shareholder in the company if that and any other on-market purchase
by the company had been an off-market purchase.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 72
Life assurance companies-debit reducing section 160APMA credit
72. Section 160AQCD of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;";
(d) by omitting from subsection (3) all the words after "served," (third
occurring) and substituting the following words and paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(4) of this section;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (4)
of this section.";
(e) by omitting from subsection (4) "0.8" and substituting "Statutory
factor";
(f) by inserting the following definition in subsection (4) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 73
Life assurance companies-debit reducing section 160APMB credit
73. Section 160AQCE of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;";
(d) by omitting from subsection (3) all the words after "served," (third
occurring) and substituting the following words and paragraphs:
"whichever of the following is applicable:
(c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(4) of this section;
(d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (4)
of this section.";
(e) by omitting from subsection (4) "0.8" and substituting "Statutory
factor";
(f) by inserting the following definition in subsection (4) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 74
Life assurance companies-debit reducing section 160APMC credit
74. Section 160AQCJ of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 75
Life assurance companies-debit reducing section 160APMD credit
75. Section 160AQCK of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 76
Life assurance companies-debit reducing section 160APQB credit
76. Section 160AQCL of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
"whichever of the following is applicable:
(a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
(b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
(b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
(c) by inserting the following definition in subsection (2) (before the
existing definitions):
" 'Statutory factor' means:
(a) in the case of a class A franking debit-0.8; or
(b) in the case of a class B franking debit-1.0;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 77
Life assurance companies-debit reducing subsection 160APVC(1) credit
77. Section 160AQCM of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);
(b) by adding at the end the following subsection:
"(2) If:
(a) on a particular day, a class B franking credit of a life assurance
company arises under subsection 160APVC(1) in relation to an amount received
as a refund in relation to a year of income; and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking debit of the company equal to the amount of the class B
franking credit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 78
Insertion of new section
78. After section 160AQCM of the Principal Act the following section is
inserted in Subdivision C of Division 2 of Part IIIAA:
Life assurance companies-statutory fund component
"160AQCN.(1) If, on a particular day, a class B franking credit of a company
arises under any of the following provisions:
(a) section 160APVBA;
(b) section 160APVBB;
(c) subsection 160APVC(1);
(d) subsection 160APVC(3);
(e) subsection 160APVD(2);
there arises on that day a class A franking debit of the company equal to the
amount that would have been the amount of that class B franking credit if the
assumptions set out in subsection (2) were made.
"(2) The assumptions are as follows:
(a) the assumption that the class B franking credit had been calculated
using a statutory factor of 0.2 instead of 1.0;
(b) the assumption that the class B franking credit had been calculated by
reference to the special life company tax rate for the year of tax concerned
instead of by reference to the general company tax rate for the year of tax
concerned.
"(3) If:
(a) on a particular day, a class A franking credit of a company arises under
subsection 160APVH(1) because of paragraph (a) of that subsection in relation
to an initial payment of tax in respect of a year of income; and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking debit of the company equal to the amount of the class A
franking credit.
"(4) If:
(a) on a particular day, a class A franking credit of a company arises under
subsection 160APVH(1) because of paragraph (c) of that subsection in relation
to a further payment on account of tax in respect of a year of income; and
(b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking debit of the company equal to the amount of the class A
franking credit.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 79
Determination of estimated class A debit
79. Section 160AQD of the Principal Act is amended by inserting "class A"
after "estimated" (wherever occurring).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 80
Insertion of new section
80. After section 160AQD of the Principal Act the following section is
inserted in Division 3 of Part IIIAA:
Determination of estimated class B debit
"160AQDA.(1) If a company:
(a) has taken liability reduction action; or
(b) has paid an initial payment of tax under section 221AP;
the company may lodge an application with the Commissioner for:
(c) the determination of an estimated class B debit in relation to the
liability reduction action or in relation to the payment of the initial
payment of tax; or
(d) the determination of such an estimated class B debit in substitution for
an earlier determination.
"(2) An estimated class B debit in relation to an initial payment of tax
must relate to the refund of that payment under subsection 221AQ(3), 221AR(6)
or 221AU(4).
"(3) The application must:
(a) be made before the termination time; and
(b) be in the approved form; and
(c) specify the amount of the estimated class B debit applied for.
"(4) The Commissioner:
(a) may determine an estimated class B debit not greater than the amount
specified in the application; and
(b) must serve notice of any such determination on the company.
"(5) If:
(a) a company lodges an application with the Commissioner on a particular
day (the 'application day'); and
(b) at the end of the 21st day after the application day, the Commissioner
has neither:
(i) served notice of an estimated class B debit determination on the
company; nor
(ii) refused to make an estimated class B debit determination;
the Commissioner is taken, on the 22nd day after the application day, to
have:
(c) determined an estimated class B debit in accordance with the
application; and
(d) served notice of the determination on the company.
"(6) A notice of an estimated class B debit determination has no effect if
it is served after the termination time.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 81
Insertion of new section
81. Before section 160AQE of the Principal Act the following section is
inserted in Division 4 of Part IIIAA:
How to work out the class A required franking amount and the class
B required franking amount
"160AQDB.(1) For the purposes of this Part, the class A required franking
amount for a dividend paid to a shareholder in a company is the amount that
would be the required franking amount for the dividend if:
(a) the reference in section 160AQE to the franking surplus of the company
at the beginning of the reckoning day for the dividend were, by express
provision, confined to the class A franking surplus of the company at the
beginning of that day; and
(b) each reference in section 160AQE to a franked amount were, by express
provision, confined to a class A franked amount; and
(c) each reference in section 160AQE to a required franking amount were, by
express provision, confined to a class A required franking amount; and
(d) each reference in section 160AQE to a franking debit were, by express
provision, confined to a class A franking debit.
"(2) For the purposes of this Part, the class B required franking amount for
a dividend paid to a shareholder in a company is worked out using the
formula:
- Class A required
franking amount
where:
'Gross required franking amount' means the required franking amount for the
dividend;
'Class A required franking amount' means the class A required franking
amount for the dividend.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 82
How to work out the required franking amount
- SECT 143
Insertion of new section
143. After section 3A of the Principal Act the following section is inserted
in Part 2:
Meaning of "exempt child care body"
"3B.(1) Subject to subsection (2), a body is an exempt child care body if:
(a) the body is established and maintained principally for the purpose of
providing any one or more of the following kinds of child care:
(i) long-day care;
(ii) outside school hours care;
(iii) school vacation care;
(iv) occasional care; and
(b) the body is:
(i) eligible to receive funding from the Commonwealth, a State or a
Territory in connection with that child care; or
(ii) approved in writing for the purposes of this subsection by the
Minister for Family Services.
"(2) Subsection (1) does not apply to a body operated from a place that is
owned or leased by one or more employers if the provision of the child care is
principally for children of:
(a) any of the employers; or
(b) employees of any of the employers.
"(3) a body is also an exempt child care body if:
(a) the body is established and maintained principally for the purpose of
organising, supporting and monitoring the provision of family day care; and
(b) the body is
(i) eligible to receive funding from the Commonwealth, a State or a
Territory in connection with that organising, supporting and monitoring; or
(ii) approved in writing for the purposes of this subsection by the
Minister for Family Services.
"(4) An approval by the Minister for Family Services under subsection (1) or
(3) is a disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 144
Schedule 1
144. Schedule 1 to the Principal Act is amended:
(a) by inserting after Item 144 of the Table of Contents the following Item:
"144A. Exempt child care bodies";
(b) by inserting after Item 163 in the Table of Contents the following
Item:
"163A. RSPCA";
(c) by inserting after Item 144 the following Item:
"Item 144A: (Exempt child care bodies)
Goods for use by an exempt child care body if the goods are for use by the
body mainly:
providing one or more of
the kinds of child care covered by that subsection; or
(b) if the body is covered by subsection 3B(3)-in organising, supporting and
monitoring the provision of family day care.";
(d) by inserting after Item 163 the following Item:
"Item 163A:(RSPCA)
Goods for use by a society mentioned in any of items 4.2.6 to 4.2.14
(inclusive) of table 4 in subsection 78(4) of the Income Tax Assessment Act
1936 mainly in carrying out activities, other than commercial activities,
associated with the inspectorial functions of the organisation or the
operation of animal shelters by the organisation.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 145
Application
145. The amendments made by this Part apply to dealings with goods after the
commencement of this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 146
Transitional
146. The Sales Tax Assessment Act 1992 applies in relation to dealings with
goods on or after 13 March 1993 and before the commencement of this Part as if
the following credit ground were added at the end of Table 3 in Schedule 1 to
that Act:
"CR23
Transitional credit for exemption Item 163A
Claimant has borne tax on a tax-bearing dealing with goods. The
claimant was not entitled to quote for the dealing, but would
have been if exemption Item 163A had been in force at the time
of the dealing.
the tax borne
at the commencement of Part 9 of the Taxation Laws
Amendment Act (No. 3) 1993".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 147
Principal Act
147. In this Part, "Principal Act" means the Superannuation Guarantee
(Administration) Act 1992.*9*
Superannuation Guarantee (Administration) Act 1992
For previous amendments, see No. 208, 1992;
and No. 7, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 148
Object of Part
148. The object of this Part is to allow the shortfall component of an
amount of superannuation guarantee charge to be paid to a complying approved
deposit fund.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 149
Interpretation: general
149. Section 6 of the Principal Act is amended by inserting the following
definitions in subsection (1):
" 'approved deposit fund' means an approved deposit fund within the meaning
of subsection 3(1) of the Occupational Superannuation Standards Act 1987;
'complying approved deposit fund' has the meaning given by section 7A;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 150
Insertion of new section
150. After section 7 of the Principal Act the following section is inserted:
Interpretation: complying approved deposit fund
"7A. An approved deposit fund is a complying approved deposit fund at a
particular time for the purposes of this Act if it is a complying ADF in
relation to the year of income in which that time occurred for the purposes of
Part IX of the Income Tax Assessment Act 1936.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 151
Payment of shortfall component
151. Section 65 of the Principal Act is amended:
(a) by inserting in paragraph (1)(a) ", or to a complying approved deposit
fund," after "complying superannuation fund";
(b) by adding at the end the following subsections:
"(3) A payment of a shortfall component made or arranged by the Commissioner
for the benefit of an employee to an approved deposit fund is conclusively
presumed to be a payment to a complying approved deposit fund for the purposes
of subsection (1) if subsection (4) applies.
"(4) This subsection applies if, at the time the payment is made, the
Commissioner has obtained a written statement, provided by or on behalf of the
trustee of the fund, that the fund is operated in accordance with the approved
deposit fund conditions under the Occupational Superannuation Standards Act
1987.".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 152
Application of amendments
152. The amendments made by this Division apply in relation to an amount
paid to a fund after the commencement of this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 153
Interpretation: general
153. Section 6 of the Principal Act is amended by omitting from subsection
(1) the definition of "approved deposit fund" and substituting the following
definition:
" 'approved deposit fund' has the same meaning as in the Superannuation
Industry (Supervision) Act 1993;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 154
Payment of shortfall component
154. Section 65 of the Principal Act is amended by omitting from subsection
(4) all the words after "in accordance with" and substituting "the
Superannuation Industry (Supervision) Act 1993 and regulations under that
Act".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 155
Application of amendments
155. The amendments made by this Division apply to a payment to a fund at or
after the beginning of the fund's 1994-95 year of income.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 156
Principal Act
156. In this Part, "Principal Act" means the Superannuation Industry
(Supervision) Act 1993.*10*
Superannuation Industry (Supervision) Act 1993
*10* No. 78, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 157
Object of Part
157. The object of this Part is to allow approved deposit funds to accept a
payment of the shortfall component of an amount of superannuation guarantee
charge.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 158
Interpretation
158. Section 10 of the Principal Act is amended by omitting paragraph (a) of
the definition of "approved purposes" and substituting the following
paragraph:
"(a) receiving on deposit:
(i) amounts that will be taken by section 27D of the Income Tax
Assessment Act to be expended out of eligible termination payments within the
meaning of that section; and
(ii) amounts paid under Part 24 of this Act; and
(iii) amounts paid under section 65 of the Superannuation Guarantee
(Administration) Act 1992; and".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 159
Application of amendments
159. The amendments made by this Part apply to deposits made to a fund at or
after the beginning of the fund's 1994-95 year of income.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 160
Principal Act
160. In this Part, "Principal Act" means the Taxation (Interest on
Overpayments) Act 1983.*11*
Taxation (Interest on Overpayments) Act 1983 *11* No. 12, 1983, as amended.
For previous amendments, see No. 123, 1984; Nos. 4, 47, 49 and 123, 1985; Nos.
41, 46, 48 and 154, 1986; Nos. 58, 61, 62 and 145, 1987; No. 97, 1988; No. 2,
1989; No. 60, 1990; No. 216, 1991; and Nos. 118 and 138, 1992.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 161
Object of Division
161. The object of this Division is to remove a redundant reference to a
repealed prescribed payment system provision of the income tax law.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 162
Interpretation
162. Section 3 of the Principal Act is amended by omitting ",
sub-subparagraph 221YHJ(1)(b)(ii)(A) or subsection 221YHK(1)" from paragraph
(bb) of the definition of "relevant tax" in subsection (1) and substituting
"or sub-subparagraph 221YHJ(1)(b)(ii)(A)".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 163
Application of amendments
163. The amendments made by this Division apply in relation to prescribed
payments made on or after 1 January 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 164
Object of Division
164. The object of this Division is to extend the Principal Act to certain
penalties for late payment of estimates of amounts payable under Divisions 2,
3A, 3B and 4 of Part VI of the Income Tax Assessment Act 1936.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 165
Interpretation
165. Section 3 of the Principal Act is amended by inserting after paragraph
(c) of the definition of "relevant tax" in subsection (1) the following
paragraph:
an amount payable to the Commissioner under subparagraph
222AJA(3)(b)(i) of the Income Tax Assessment Act 1936;".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 166
Application of amendment
166. The amendment made by this Division applies in relation to an amount
payable to the Commissioner under subparagraph 222AJA(3)(b)(i) of the Income
Tax Assessment Act 1936, whether the amount became payable before, or becomes
payable after, the commencement of this section.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 167
Interpretation
167. In this Part:
"Assessment Act" means the Income Tax Assessment Act 1936;
"company" has the same meaning as in Part IIIAA of the Assessment Act;
"FDT reduction provision" means section 173 of this Act;
"franking deficit tax" has the same meaning as in Part IIIAA of the
Assessment Act;
"franking year" has the same meaning as in Part IIIAA of the Assessment
Act;
"initial payment of tax" has the same meaning as in Division 1B of Part VI
of the Assessment Act;
"IP offset provision" means section 169 of this Act;
"paragraph 221AQ(1)(a) notice" means a notice under paragraph 221AQ(1)(a) of
the Assessment Act;
"relevant entity" has the same meaning as in Division 1B of Part VI of the
Assessment Act.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 168
9-week deferral of initial payments of tax for 1993-94
168.(1) This section applies to a relevant entity if the amount worked out
using the following formula is less than $300,000:
X 100
85
where:
"Initial payment of tax" means the amount that, apart from this Part, is the
initial payment of tax payable by the relevant entity in respect of its
taxable income of the 1993-94 year of income.
(2) Section 221AP of the Assessment Act has, and is taken to have had,
effect as if the reference in that section to 28 July next following that year
of income were a reference to the 28th day of the 3rd month next following the
month in which the last day of that year of income occurs.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 169
Deferred initial payments of tax for 1993-94 to be offset by prior
payments of franking deficit tax
169.(1) This section applies if:
(a) a relevant entity has given a paragraph 221AQ(1)(a) notice for the
1993-94 year of income; and
(b) apart from this section, the relevant entity is liable to make an
initial payment of tax in respect of its taxable income of the year of income
not later than the 28th day of the 3rd month next following the month in which
the last day of that year of income occurs; and
(c) before the notice was given, the relevant entity paid an amount (the
"FDT amount") in respect of franking deficit tax in respect of the franking
year in which the last day of that year of income occurs.
(2) If the relevant entity is not a life assurance company and the amount of
the initial payment of tax does not exceed the FDT amount, the relevant entity
is not liable to pay the initial payment of tax.
(3) If the relevant entity is not a life assurance company and the amount of
the initial payment of tax exceeds the FDT amount, the initial payment of tax
is taken to be an amount equal to the excess.
(4) If:
(a) the relevant entity is a life assurance company; and
(b) the amount of the initial payment of tax does not exceed the sum of:
(i) the FDT amount; and
(ii) the eligible fund component;
the initial payment of tax is taken to be an amount equal to the eligible fund
component.
(5) If:
(a) the relevant entity is a life assurance company; and
(b) the amount of the initial payment of tax exceeds the sum of:
(i) the FDT amount; and
(ii) the eligible fund component;
the initial payment of tax is taken to be an amount equal to the amount by
which the initial payment of tax exceeds the FDT amount.
(6) For the purposes of this section, the eligible fund component of a life
assurance company is so much of the initial payment of tax as is attributable
to so much of the estimated tax as relates to the following components of
taxable income:
(a) the CS/RA component (within the meaning of Division 8 of Part III of the
Assessment Act);
(b) the AD/RLA component (within the meaning of Division 8 of Part III of
the Assessment Act);
(c) the NCS component (within the meaning of Division 8 of Part III of the
Assessment Act).
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 170
IP offset provision to be ignored in calculating certain company tax
thresholds
170. Despite anything in this Division, a reference in subsection 221AT(3)
or 221AU(5) of the Assessment Act to a particular amount is to be construed as
if the IP offset provision had not been enacted.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 171
Eliminated or reduced initial payments of tax to be treated as fully
paid for credit/refund purposes
171.(1) If, under the IP offset provision, no initial payment of tax is
payable by a relevant entity, section 221AZF of the Assessment Act has, and is
taken to have had, effect as if that initial payment of tax had been paid by
the relevant entity on the day on which its paragraph 221AQ(1)(a) notice for
the 1993-94 year of income was given to the Commissioner.
(2) If:
(a) an initial payment of tax payable by a relevant entity is reduced under
the IP offset provision; and
(b) the relevant entity pays that reduced initial payment of tax;
section 221AZF of the Assessment Act has, and is taken to have had, effect as
if the amount of that payment had been increased by the amount of the
reduction.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 172
Franking credits and debits-effect of elimination or reduction of
initial payment of tax
172.(1) If, under the IP offset provision, no initial payment of tax is
payable by a company, then, sections 160APMA, 160APVBA, 160APVH, 160APYBA,
160APYC, 160AQCD and 160AQCN of the Assessment Act have, and are taken to have
had, effect as if the company had, on the day on which its paragraph
221AQ(1)(a) notice for the 1993-94 year of income was given to the
Commissioner, paid that initial payment of tax.
(2) If:
(a) the initial payment of tax payable by a company is reduced under the IP
offset provision; and
(b) the company pays that reduced initial payment of tax;
then, sections 160APMA, 160APVBA, 160APVH, 160APYBA, 160APYC, 160AQCD and
160AQCN of the Assessment Act have, and are taken to have had, effect as if
the amount of that payment had been increased by the amount of the reduction.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 173
Reduction of liability for franking deficit tax
173. Despite section 160AQJ of the Assessment Act, a company's liability for
franking deficit tax in respect of the franking year in which the last day of
its 1993-94 year of income occurred is to be calculated on the following
assumptions:
(a) if:
(i) an initial payment of tax payable by the company is reduced
under the IP offset provision; and
(ii) the company pays that reduced initial payment of tax;
the assumption that the amount of that payment had been increased by the
amount of the reduction;
(b) if, under the IP offset provision, no initial payment of tax is payable
by the company-the assumption that the company had, on the day on which its
paragraph 221AQ(1)(a) notice for the 1993-94 year of income was given to the
Commissioner, paid that initial payment of tax.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 174
No refunds of amounts of franking deficit tax overpaid because of the
FDT reduction provision
174. Despite section 160ARR of the Assessment Act, paragraph 172(1)(b) of
the Assessment Act does not apply to, and a company is not otherwise entitled
to a refund in respect of, an overpayment of franking deficit tax that arises
out of the operation of the FDT reduction provision.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 175
Reduction of liability for franking deficit tax does not give rise to a
franking credit under section 160APQA of the Assessment Act
175. Despite section 160APQA of the Assessment Act, a franking credit does
not arise under that section to the extent to which it is attributable to the
operation of the FDT reduction provision.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 176
Object of Part
176. The object of this Part is to provide tax relief for certain tourism
industry organisations.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 177
Principal Act
177. In this Part, "Principal Act" means the Income Tax Assessment Act
1936.*3*
Income Tax Assessment Act 1936
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; and Nos.
7, 17, 18, 27 and 32, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 178
Exemptions
178. Section 23 of the Principal Act is amended by inserting in paragraph
(h) "or tourism," after "aviation".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 179
Application of amendment
179. The amendment made by this Division applies to income derived on or after
1 July 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 180
Principal Act
180. In this Part, "Principal Act" means the Fringe Benefits Tax Assessment
Act 1986.*2*
Fringe Benefits Tax Assessment Act 1986
*2* 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; Nos. 35, 92, 101, 118,
191, 210, 223 and 237, 1992; and Nos. 17 and 18, 1993.
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 181
Rebate for certain non-profit employers etc.
181. Section 65J of the Principal Act is amended by inserting in paragraph
(1)(k) "or tourism" after "aviation".
TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 182
Application of amendment
182. The amendment made by this Division applies in relation to fringe
benefits tax (including instalments) for the year of tax commencing on 1 April
1994 and for all later years of tax.
The
Act No. 118, 1993 amended as indicated in the Tables below.
Act | Number and year | Date of Assent | Date of commencement | Application, saving or transitional provisions |
118, 1993 | 24 Dec 1993 | |||
75, 2010 | 28 June 2010 | Schedule 6 (item 61): 29 June 2010 | — |
am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
Div. 11 of Part 4....................... | rep. No. 75, 2010 |
S. 116...................................... | rep. No. 75, 2010 |
0
0
0