Taxation Laws Amendment Act (No. 5) 1992 (Cth)
This compilation was prepared on 23 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 INCOME TAX ASSESSMENT ACT 1936
Principal Act
Heading to Division 1 of Part IIIA
Insertion of new Subdivision and heading:
Object
Simplified outline of scheme of Part
Example of how this Part works
Index of key concepts
Re-location of subsection 51(7A) of the Principal Act
(contributions to registered political parties)
Gifts, pensions etc.
Register of Cultural Organisations
Insertion of new section:
Register of Environmental Organisations
Interpretation
Uplifted provisional tax amount
Additional tax where income under-estimated or where PAYE
deductions over-estimated
Application
Income of certain persons serving with an armed force under the
control of the United Nations
Rebates for residents of isolated areas
Rebates for members of Defence Force serving overseas
Application
Redemption of special bonds redeemable at a premium
Deduction for loss on disposal or redemption of traditional
securities
Exemption of certain gains or losses
Application
Transitional - subsection 70B(5) of the amended Act
Repeal of section and substitution of new sections:
Live stock other than horse breeding stock - value at
end of year of income
Horse breeding stock - value at end of year of income
Application
Insertion of new Subdivision:
Objects of Subdivision
Interpretation
Deduction of allowable environment protection
expenditure
Allowable environment protection expenditure
Eligible environment protection activity
No deduction for expenditure on land, plant etc.
No deduction where expenditure is recouped
Transactions between persons not at arm's length
Property used for eligible environment protection
activities taken to be used for the purpose of producing
assessable income
Interpretation
Insertion of new section:
Division has effect as if certain environment protection
earthworks were buildings
Expenditure on research and development activities
Recouped expenditure on research and development activities
Insertion of new section:
Expenditure incurred to government bodies – guaranteed
returns
Amendment of assessments
Application
Insertion of new section:
Deductions not allowable for interest etc. on loans
obtained to finance certain superannuation contributions
and life assurance premiums
Application
Property installed on leased Crown land - lessee deemed to be
owner etc.
Application
Interpretation
Application
Interpretation
Application
Disposal, loss or destruction of depreciated property
Insertion of new sections:
Section 73B roll-over relief on disposal of unit of
plant where CGT roll-over relief allowed under section
160ZZO
Section 73B roll-over relief on disposal of building
etc. where CGT roll-over relief allowed under section
160ZZO
Section 73B roll-over relief on disposal of unit of
industrial property where CGT roll-over relief allowed
under section 160ZZO
Keeping of records
Application
Transitional - elective roll-over relief where property disposed
of after 6 December 1990
Depreciation roll-over relief for unpooled property where CGT
roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN,
160ZZNA or 160ZZO or where election for roll-over relief made
under section 59AA
Section 73A roll-over relief where CGT roll-over relief
allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 122R
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 122R
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 123F
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 123F
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 124AO
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO
Roll-over relief where CGT roll-over relief allowed under
section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where
election for roll-over relief made under section 122W
Application
Transitional - elective capital deduction roll-over relief
where CGT roll-over relief available under section 160ZZO of
the Principal Act and property disposed of after 6 December 1990
Keeping of records
Interpretation
Source of royalty income derived by a non-resident
Interpretation
Heading to Division 11A of Part III
Interpretation
Liability to withholding tax
Repeal of Division 13A of Part III
Interpretation
Person making natural resource payment to non-resident to
ascertain amount to be deducted in respect of tax
Duties of payers
Interpretation
Deductions from dividends, interest and royalties
Exemptions and variations
Deductions to be forwarded to Commissioner etc.
Liability of person who fails to make deductions etc.
Interest or royalty not allowable deduction until payment
made to Commissioner on account of tax
Credits in respect of deductions made from dividends, interest or
royalties
Liability of trustee to pay deductions to Commissioner
Persons discharged from liability in respect of deductions
Person in receipt or control of money from non-resident
Certain provisions to be disregarded in calculating
attributable income
Repeal of the
Application
Transitional - equipment royalties paid under pre-18 August 1992
contracts
Distribution benefits - CFCs
Primary production losses of pre-1990 years of income
Credits in respect of foreign tax
Application
PART 3 - AMENDMENT OF THE INCOME TAX (INTERNATIONAL AGREEMENTS) ACT
1953
Principal Act
Withholding tax
Application
PART 4 - AMENDMENT OF THE INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986
Principal Act
Interpretation
Functions of Board
Duties of Chairperson
Guidelines for policies and practices of Board
Delegation by Board
Committees
Delegation by committee
Interpretation
Insertion of new section:
Finance scheme guidelines
Insertion of new section:
Certificate about ineligible finance schemes
Joint registration
Internal review of decisions
Review of decisions by Administrative Appeals Tribunal
Statements to accompany notification of decisions
Application
Joint registration
Application
Interpretation
Insertion of new sections:
Register of Commercial Government Bodies
Commercial government bodies guidelines
Applications for entry on the Register of Commercial
Government Bodies
Board's decision on application for entry on register of
Commercial Government Bodies
Grant of application for entry on register of Commercial
Government Bodies
Removal from Register of Commercial Government Bodies
Review of decisions by Administrative Appeals Tribunal
Statements to accompany notification of decisions
PART 5 - AMENDMENT OF THE PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT
1987
Principal Act
Transfer of entire entitlement to assessable receipts
Defined terms
Matters dealt with in this Part
Matters dealt with in this Part
Matters dealt with in this Part
Rule - person must have held interests in relation to transferring
entity and receiving project
Rule - loss company and profit company to have held interests and
been group companies
PART 6 - AMENDMENT OF THE TAXATION ADMINISTRATION ACT 1953
Principal Act
Insertion of new section:
Regulations may provide for methods of payment of tax
liabilities etc.
Insertion of new section:
Court may order payment of amount in addition to penalty
Court may order payment of amount in addition to penalty
Prosecution of taxation offences
Prosecution may be commenced at any time
PART 7 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT (NO. 5) 1930
Principal Act
Interpretation
PART 8 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND CLASSIFICATIONS)
ACT 1935
Principal Act
First Schedule
PART 9 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992
Principal Act
Schedule 1
PART 10 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND
CLASSIFICATIONS) ACT 1992
Principal Act
Schedule 1
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992 - LONG TITLE
An Act to amend the law relating to taxation
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 1
Short title [
1. This Act may be cited as the Taxation Laws Amendment Act (No. 5) 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 2
Commencement [
2.(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Subsections 14(2), 15(2), 16(2) and 17(2) commence on 1 July 1993.
(3) Part 5 is taken to have commenced on 1 July 1991.
(4) Parts 7 and 8 are taken to have commenced immediately after the
commencement of section 8 of the Customs and Excise Legislation Amendment Act
1992.
(5) Part 9 is taken to have commenced immediately after the commencement of
the Sales Tax Assessment Act 1992.
(6) Part 10 is taken to have commenced immediately after the commencement of
the Sales Tax (Exemptions and Classifications) Act 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 3
Principal Act
3. In this Part, "Principal Act" means the Income Tax Assessment Act
1936.*1*
*1* 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, 70, 80, 81, 92, 98 and
101, 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 4
Heading to Division 1 of Part IIIA
4. The heading to Division 1 of Part IIIA of the Principal Act is amended by
omitting "Interpretation" and substituting "Preliminary".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 5
5. Before section 160A of the Principal Act the following Subdivision and
heading are inserted:
"Subdivision A - Object, simplified outline, example and index
Object
"160AX. The object of this Part is to provide for net capital gains to be
included in assessable income (see section 160ZO).
Simplified outline of scheme of Part
(Simplified outline)
"160AY.(1) The following is a simplified outline of the scheme of this Part.
(Step 1 - disposal of an asset)
For a basic
The taxpayer must have acquired the
asset on or after 20 September 1985 and the disposal of the asset must occur
160M is the basic provision
The timing of disposal and acquisition
is dealt with by section 160U. There are various exemptions, including the
principal residence exemption (see the Exemptions Sub Index in section
There are also various provisions giving roll-over relief on the
disposal of assets (see the Roll-overs Sub Index in section 160AZA).
(Step 2 - disposal of asset may result in a capital gain or a capital loss)
"(3) The disposal of the asset may result in a capital gain or capital loss
(see section 160Z).
Capital gain - asset owned for 12 months or more
Indexed cost
- base of = Capital gain
asset
Capital gain - asset owned for less than 12 months
Cost
- base of = Capital gain
asset
Capital loss
Consideraton
- in respect of = Capital loss
disposal
For a basic definition of 'consideration in respect of a disposal of an
For basic definitions of 'cost base', 'indexed
The basic idea is that
the cost base of an asset consists of the cost of acquiring the asset and
certain other costs, the indexed cost base is the cost base indexed for
inflation (see section 160ZJ) and the reduced cost base is the cost base
adjusted to take account of certain capital deductions and balancing charges
(see section 160ZK).
(Step 3 - calculation of net capital gain)
"(4) Capital gains and capital losses are netted under section 160ZC to work
out the net capital gain.
Example:
Capital losses
- incurred during = Net capital gain
year
(Step 4 - net capital gain to be included in assessable income under section
160ZO)
"(5) The amount of the net capital gain is included in the taxpayer's
assessable income under section 160ZO.
Example of how this Part works
(Typical example)
"160AZ.(1) This section sets out an example of how this Part will work in a
typical case involving the acquisition and disposal of an asset by a taxpayer.
The taxpayer acquired the asset on 29 September 1985 for a cost of $100,000
The cost base is
The indexed cost base is calculated as follows:
215.7 (index number for
$100,000 September 1991 quarter)
= (cost X _____________________________
base)
144.2 (index number for
September 1985 quarter)
(The fraction on the right is rounded up to 1.496.)
(Capital gain on disposal)
"(2) There is a capital gain on disposal of the asset.
Consideration
Indexed cost
- base of asset = Capital gain
$149,600 $150,400
(Calculation of net capital gain)
"(3) Assuming that the taxpayer has no capital losses, the net capital gain
is $150,400.
(Inclusion of net capital gain in assessable income under section 160ZO)
"(4) The taxpayer's assessable income includes $150,400.
Index of key concepts
"160AZA. The following is an index of the key concepts relevant to the
operation of this Part.
Main Index
160M
160A
160W
160Z
160Z
160M(6) and (7)
Consideration in respect of disposal
160ZD, 160ZF
Controlled foreign companies,
Divisions 6, 7, 8 and 10 of
Part X
160ZH
160M
160ZYHD to 160ZYJA
See Exemptions Sub Index below
160ZH, 160ZJ
160ZZD
160ZN
160ZR to 160ZW
Division 8 of Part III
160ZC, 160ZO
160ZC, 160ZO
Net capital loss - transfer within
160ZP
160L(2), 160M(8) to (14A), 160T
160R, 160ZI
160B, 160ZE, 160ZG, 160ZQ
Pooled superannuation trusts, units in 160ZYEB
160ZZE to 160ZZG
160ZH, 160ZK
See Roll-overs Sub Index below
26BC
- transfer by way of 160S
person enforcing 160V(2)
- bonus shares 160ZYF to 160ZYHC
buy-back of shares Division 16K of Part III
cancellation of Division 16J of Part III
subsidiary's shares
in holding company
return of capital 160ZL
valueless, of company 160WA
in liquidation
Division 10 of Part IX
and PST
160U
160ZZS, 160ZZT
Subdivision D of Division
6AAA of Part III
trust estates
160V(1)
160ZYC to 160ZYEA
160ZX TO 160ZYB
160ZM
investment
Division 19A of Part IIIA
cost base
Sub Index - Exemptions
160ZZJ
- general 160L, 160Z, 160ZB
160ZZR, 160ZZRAA
160ZZH
160ZZI
160ZZQ
160ZZJ
Sub Index - Roll-overs
160ZZO
within
- companies 160ZYY to 160ZZB, 160ZZBE
- unit trusts 160ZZBA to 160ZZBD, 160ZZBF
160ZWA
160J, 160X, 160Y
160ZZPH
to company incorporated under
company law
160ZZK, 160ZZL
160ZZM, 160ZZMA
assets upon
160ZZC
160ZZNA
wholly owned company
160ZZF
Shares - exchange of shares in the
160ZZP
160ZZPC
company for shares in interposed
company
160ZZPF
shares by trustee of public
trading trust
160ZZPAB
unissued shares affected by
share splits or share
consolidations
160ZYR to 160ZYX
acquire unissued shares
160ZZPD
of shares in original company
in exchange for shares in
interposed company
160ZYK to 160ZYQ
160ZZPE
extension of
160ZZPG
160ZZPAA
same unit trust
160ZZPA
trust for shares in a company
160ZZPAC
acquire unissued units
affected by unit splits or
unit consolidations
160ZYXA to 160ZYXF
acquire unissued units
160ZZPB
of units in a unit trust in
exchange for shares in a company
160ZYQA to 160ZYQF
a unit trust
160ZZN
of asset to
"Subdivision B - Interpretation".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 6
Re-location of subsection 51(7A) of the Principal Act (contributions
to registered political parties)
6. The Principal Act is amended by re-locating and re-numbering subsection
51(7A) of the Principal Act so that:
(a) it is located after subsection 78(1A) of the Principal Act; and
(b) it becomes subsection 78(1B) of the Principal Act; and
(c) its cross-reference to paragraph 78(1)(aaa) becomes a cross-reference to
paragraph (1)(aaa).
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 7
Gifts, pensions etc.
7. Section 78 of the Principal Act is amended:
(a) by omitting from subparagraph (1)(a)(cvii) "register" and substituting
"Register of Cultural Organisations";
(b) by inserting after subparagraph (1)(a)(cvii) the following
subparagraphs:
"(cviii) The Australia-United States Coral Sea Commemorative
Council Inc.;
(cix) a fund that, when the gift is made, is on the Register of
Environmental Organisations kept under section 78AB;";
(c) by inserting after subsection (5) the following subsection:
"(6) A deduction is not allowable under subparagraph (1)(a)(xliv), (xlvii),
(lxxiii), (lxxiv) or (civ) for a gift made to an institution during the
financial year commencing on 1 July 1993 or a later financial year unless, at
the time the gift is made:
(a) the institution has agreed to give to the Department of the Arts, Sport,
the Environment and Territories, within a reasonable period after the end of
the financial year, statistical data about gifts made to the institution
during the financial year; and
(b) the institution has a policy of not acting as a mere conduit for the
donation of money or property to other institutions, bodies or persons.";
(d) by inserting after subsection (6AK) the following subsection:
"(6AL) A gift to the institution specified in subparagraph (1)(a)(cviii) is
not an allowable deduction under this section unless the gift was made on or
after 26 November 1991 and before 1 July 1992.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 8
Register of Cultural Organisations
8. Section 78AA of the Principal Act is amended by omitting ", Tourism" from
the definitions of "Arts Department" and "Arts Minister" in subsection (1).
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 9
9. After section 78AA of the Principal Act the following section is
inserted:
Register of Environmental Organisations
(Certification by Environment Minister)
"78AB.(1) If the Environment Minister is satisfied that a body meets all of
the eligibility criteria for registration as an environmental organisation set
out in subsection (2), the Environment Minister must give a written
certificate to the Treasurer stating that the body is eligible for
registration under this section.
(Eligibility criteria for registration)
"(2) The eligibility criteria for registration of a body as an environmental
organisation are as follows:
(a) its principal purpose, or each of its principal purposes, must be an
environmental purpose;
(b) it must not pay any of its profits or financial surplus, or give any of
its property, to its shareholders, members, beneficiaries, controllers or
owners, as the case requires;
(c) it must have a public fund (the 'gift fund'):
(i) to which gifts of money or property for its environmental
purpose or purposes are to be made; and
(ii) to which any interest on money in the fund is to be credited;
and
(iii) to which money derived from the property given to the fund
is to be paid; and
(iv) that does not receive any other money or property; and
(v) that is used only to support the body's environmental purpose
or purposes;
(d) it must have rules relating to its gift fund which provide that, in the
event of the winding up of that fund, any surplus assets are to be transferred
to another fund that is on the Register of Environmental Organisations;
(e) it must agree to give to the Environment Department, within a reasonable
period after the end of each financial year, statistical data about gifts to
its gift fund during the financial year;
(f) it must agree to comply with any rules made from time to time by the
Environment Minister and the Treasurer to ensure that gifts to its gift fund
are used only to support its environmental purpose or purposes;
(g) it must have a policy of not acting as a mere conduit for the donation
of money or property to other organisations, bodies or persons;
(h) if the body is a body corporate (other than a statutory authority) or a
co-operative society:
(i) the membership of the body must consist wholly or principally
of bodies corporate; or
(ii) there must be at least 50 members of the body who are:
(A) natural persons; and
(B) regarded as financial members; and
(C) entitled to vote at a general meeting of the body; or
(iii) the Environment Minister determines that, because of special
circumstances, the body does not have to meet either of the criteria set out
in subparagraph (i) or (ii).
(Environment Minister and Treasurer may direct registration of certified
body)
"(3) If the Environment Minister has given a certificate to the Treasurer
stating that a body is eligible for registration under this section, the
Environment Minister and the Treasurer may direct the Environment Department
in writing to enter the body and its gift fund on the Register of
Environmental Organisations on a specified day on or after the day on which
the direction is given.
(Government policies and budgetary priorities to be taken into account)
"(4) In considering whether to give a direction, the Environment Minister
and the Treasurer are to take into account the policies and budgetary
priorities of the Commonwealth Government.
(Register of Environmental Organisations to be kept)
"(5) The Environment Department must keep a register, to be known as the
Register of Environmental Organisations, listing such bodies and their gift
funds as are required to be on the register because of this section.
(Removal from Register of Environmental Organisations)
"(6) The Environment Minister and the Treasurer may direct the Environment
Department in writing to remove a body and its gift fund from the Register of
Environmental Organisations on a specified day on or after the day on which
the direction is given.
(Definitions)
"(7) In this section:
'body' means:
(a) a body corporate; or
(b) a co-operative society; or
(c) a trust established by a deed or will; or
(d) an unincorporated body established for a public purpose by the
Commonwealth, a State or a Territory;
'environment' means natural environment, and includes all aspects of the
natural surroundings of humans, whether affecting them as individuals or in
social groupings;
'environmental purpose' means:
(a) the protection and enhancement of the environment or of a significant
aspect of the environment; or
(b) a purpose relating to the dissemination of information, the provision of
education, or the carrying on of research, about the environment or about a
significant aspect of the environment;
whether the environment concerned is in Australia or elsewhere;
'Environment Department' means the Department of the Arts, Sport, the
Environment and Territories;
'Environment Minister' means the Minister for the Arts, Sport, the
Environment and Territories;
'gift fund' has the meaning given by paragraph (2)(c);
'Register of Environmental Organisations' means the Register of
Environmental Organisations required by subsection (5).".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 10
Interpretation
10. 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 1992-93 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. 5) 1992 No. 224 of 1992
- SECT 11
Uplifted provisional tax amount
11. Section 221YCAA of the Principal Act is amended by inserting in
paragraphs (2)(m) and (q) "or 221YHZK" after "160AF".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 12
Additional tax where income under-estimated or where PAYE deductions
over-estimated
12. Section 221YDB of the Principal Act is amended:
(a) by omitting from subsections (1), (1AAA), (1AA) and (1ABA) "90%"
(wherever occurring) and substituting "85%";
(b) by omitting from subsections (1AAA) and (1ABA) "110%" and substituting
"115%".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 13
Application
13. The amendments made by this Division apply in relation to provisional
tax (including instalments) payable for the 1992-93 year of income and for all
later years of income.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 14
Income of certain persons serving with an armed force under the
control of the United Nations
14.(1) Section 23AB of the Principal Act is amended by omitting from
subsection (7) "$270" and substituting "$304".
(2) Section 23AB of the Principal Act is amended by omitting from subsection
(7) "$304" and substituting "$338".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 15
Rebates for residents of isolated areas
15.(1) Section 79A of the Principal Act is amended:
(a) by omitting from paragraph (2)(a) "$938" and substituting "$1,056";
(b) by omitting from paragraph (2)(d) "$270" and substituting "$304";
(c) by omitting from paragraph (2)(e) "$45" and substituting "$51".
(2) Section 79A of the Principal Act is amended:
(a) by omitting from paragraph (2)(a) "$1,056" and substituting "$1,173";
(b) by omitting from paragraph (2)(d) "$304" and substituting "$338";
(c) by omitting from paragraph (2)(e) "$51" and substituting "$57".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 16
Rebates for members of Defence Force serving overseas
16.(1) Section 79B of the Principal Act is amended by omitting from
subsections (2), (4) and (4A) "$270" and substituting "$304".
(2) Section 79B of the Principal Act is amended by omitting from subsections
(2), (4) and (4A) "$304" and substituting "$338".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 17
Application
17.(1) The amendments made by subsections 14(1), 15(1) and 16(1) apply to
assessments in respect of income of the 1992-93 year of income.
(2) The amendments made by subsections 14(2), 15(2) and 16(2) apply to
assessments in respect of income of the 1993-94 year of income and of all
later years of income.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 18
Redemption of special bonds redeemable at a premium
18. Section 23E of the Principal Act is amended by omitting from paragraph
(2)(b) "and subsection 160ZB(6)".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 19
Deduction for loss on disposal or redemption of traditional securities
19. Section 70B of the Principal Act is amended by adding at the end the
following subsections:
"(4) If:
(a) a taxpayer disposes of a traditional security or a traditional security
of a taxpayer is redeemed; and
(b) there is a loss on the disposal or redemption; and
(c) in the case of a disposal or redemption of a marketable security:
(i) the taxpayer did not acquire the security in the ordinary
course of trading on a securities market; and
(ii) at the time the taxpayer acquired the security, it was not
open to the taxpayer to acquire an identical security in the ordinary course
of trading on a securities market; and
(d) in the case of a disposal of a marketable security - the disposal did
not take place in the ordinary course of trading on a securities market; and
(e) having regard to:
(i) the financial position of the issuer of the security; and
(ii) perceptions of the financial position of the issuer of the
security; and
(iii) other relevant matters;
it would be concluded that the disposal or redemption took place for the
reason, or for reasons that included the reason, that there was an
apprehension or belief that the issuer was, or would be likely to be, unable
or unwilling to discharge all liability to pay amounts under the security;
a deduction is not allowable to the taxpayer under this section in respect of
so much of the amount of the loss as is a loss of capital or a loss of a
capital nature.
"(5) A reference in this section to the disposal by a taxpayer of a
security, or to the redemption of a security of a taxpayer, does not include a
reference to the waiver or release by the taxpayer of:
(a) the whole or a part of the debt the subject of the security; or
(b) any other right of the taxpayer under the security.
"(6) Subsection (5) does not, by implication, affect the meaning of an
expression used in:
(a) a provision of this Act other than this section; or
(b) any other law of the Commonwealth.
"(7) In this section:
'issuer', in relation to a security at a particular time, means the person
who, if the amount or amounts payable under the security were due and payable
at that time, would be liable to pay the amount or amounts;
'marketable security' means a traditional security that is covered by
paragraph (a) of the definition of 'security' in subsection 159GP(1);
'securities market' means a market, exchange or other place at which, or a
facility by means of which, offers to sell, purchase or exchange marketable
securities are regularly made or accepted.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 20
Exemption of certain gains or losses
20. Section 160ZB of the Principal Act is amended by omitting subsection
(6).
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 21
Application
21. The amendments made by this Division apply to disposals or redemptions
of traditional securities on or after 1 July 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 22
Transitional - subsection 70B(5) of the amended Act
22.(1) This section applies to disposals or redemptions before 1 July 1992.
(2) Subsection 70B(5) of the Principal Act as amended by this Act is to be
disregarded in determining the meaning of the expression "disposal" or
"redemption", and other parts of speech of that expression, when used in:
(a) a provision of the Principal Act; or
(b) any other law of the Commonwealth.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 23
23. Section 32 of the Principal Act is repealed and the following sections
are substituted:
Live stock other than horse breeding stock - value at end of year of income
(Option as to value)
"32.(1) Subject to subsections (2) and (3), the value of live stock to be
taken into account at the end of the year of income is to be, at the option of
the taxpayer:
(a) the cost price of the live stock; or
(b) the market selling value of the live stock.
(Adoption of other value)
"(2) If the Commissioner is satisfied that there are circumstances which
justify the adoption by the taxpayer of some other value, the taxpayer may
adopt that other value.
(Option not exercised - value is cost price)
"(3) If the taxpayer does not exercise the option within the time
prescribed, the value of the live stock to be taken into account at the end of
the year of income is to be the cost price of the live stock.
(This section does not apply to horse breeding stock)
"(4) This section does not apply in determining the value of live stock to
be taken into account at the end of the year of income if the live stock is
horse breeding stock (within the meaning of section 32A) at the end of the
year of income.
Horse breeding stock - value at end of year of income
(Section applies to horse breeding stock)
"32A.(1) This section applies in determining the value of live stock to be
taken into account at the end of the year of income if the live stock is horse
breeding stock of the taxpayer at the end of the year of income.
(Option as to value)
"(2) Subject to subsections (3) and (4), the value of live stock to be taken
into account at the end of the year of income is to be, at the option of the
taxpayer:
(a) the special closing value of the live stock in relation to the year of
income; or
(b) the cost price of the live stock; or
(c) the market selling value of the live stock.
(Adoption of other value)
"(3) If the Commissioner is satisfied that there are circumstances which
justify the adoption by the taxpayer of some other value, the taxpayer may
adopt that other value.
(Option not exercised - value is cost price)
"(4) If the taxpayer does not exercise the option within the time
prescribed, the value of the live stock to be taken into account at the end of
the year of income is to be the cost price of the live stock.
(What is horse breeding stock)
"(5) For the purposes of this section, live stock is horse breeding stock of
a taxpayer at the end of the year of income if, and only if:
(a) the live stock is a horse acquired by the taxpayer under a contract;
and
(b) the horse has attained the age of 3 years before the end of the year of
income; and
(c) at the end of the year of income, the horse is held by the taxpayer for
breeding purposes.
(Special closing value)
"(6) The special closing value of a horse in relation to a year of income
is:
(a) if the horse is a female horse which has attained the age of 12 years
before the end of the year of income - $1; or
(b) if the reduction amount in relation to the horse in relation to the year
of income is equal to or greater than the opening value of the horse in
relation to the year of income - $1; or
(c) in any other case - the amount worked out using the formula:
- Reduction amount
where:
'Opening value' means the opening value in relation to the horse in relation
to the year of income;
'Reduction amount' means the reduction amount in relation to the horse in
relation to the year of income.
(Opening value)
"(7) For the purposes of this section, the opening value in relation to a
horse in relation to a year of income (the 'current year of income') is:
(a) if:
(i) the horse was live stock of the taxpayer at the end of the
year of income immediately preceding the current year of income; and
(ii) the horse was live stock of the taxpayer during the whole of
the current year of income;
the value of the horse taken into account at the end of the preceding year of
income; or
(b) if the horse became live stock of the taxpayer at a time during the
current year of income - whichever is the lesser of:
(i) the cost price of the horse; or
(ii) the depreciated value of the horse, within the meaning of
section 62, at that time.
(Reduction amount - male horse)
"(8) For the purposes of this section, the reduction amount in relation to a
male horse in relation to the year of income is the amount worked out using
the formula:
Holding days in
year of income
X Nominated percentage X ________________
Total days in year
of income
where:
'Base amount' means whichever is the lesser of:
(a) the cost price of the horse; or
(b) the depreciated value of the horse, within the meaning of section 62, at
the time the horse became live stock of the taxpayer;
'Nominated percentage' means the percentage, not exceeding 25%, nominated by
the taxpayer at the same time as the taxpayer selects the option referred to
in paragraph (2)(a);
'Holding days in year of income' means:
(a) if the horse was held by the taxpayer for breeding purposes during the
whole of the year of income - the number of days in the year of income; or
(b) if the taxpayer commenced to hold the horse for breeding purposes during
the year of income - the number of whole days in so much of the year of income
as occurred after that commencement;
'Total days in year of income' means the number of days in the year of
income.
(Reduction amount - female horse less than 12 years old)
"(9) If a female horse has not attained the age of 12 years before the end
of the year of income, then, for the purposes of this section, the reduction
amount in relation to the horse in relation to the year of income is worked
out using the formula:
Holding days in year of income
X ______________________________
Total days in year of income
where:
'Base amount' means whichever is the lesser of:
(a) the cost price of the horse; or
(b) the depreciated value of the horse, within the meaning of section 62, at
the time the horse became live stock of the taxpayer;
'Reducing factor' means whichever is the greater of:
(a) 3; or
(b) the difference between 12 and the number of whole years in the age
attained by the horse on the day on which the horse commenced to be held by
the taxpayer for breeding purposes;
'Holding days in year of income' means:
(a) if the horse was held by the taxpayer for breeding purposes during the
whole of the year of income - the number of days in the year of income; or
(b) if the taxpayer commenced to hold the horse for breeding purposes during
the year of income - the number of whole days in so much of the year of income
as occurred after that commencement;
'Total days in year of income' means the number of days in the year of
income.
(Age of horse)
"(10) For the purposes of this section, the time when a horse attains a
particular age expressed in years is the commencement of the relevant
anniversary of the birth date of the horse.
(Horse becoming live stock more than once before end of year of income)
"(11) For the purposes of this section, if a horse becomes live stock of the
taxpayer more than once before the end of the year of income, the horse is
taken to have become live stock of the taxpayer on the last occasion before
the end of the year of income on which it became live stock of the taxpayer.
(Horse commencing to be held for breeding purposes more than once before end
of year of income)
"(12) For the purposes of this section, if the taxpayer commences to hold a
horse for breeding purposes more than once before the end of the year of
income, the taxpayer is taken to have commenced to hold the horse for breeding
purposes on the last occasion before the end of the year of income on which
the taxpayer commenced to hold the horse for breeding purposes.
(Definitions)
"(13) In this section:
'birth date':
(a) in relation to a horse foaled on or after 1 August in a calendar year -
means 1 August in that year; and
(b) in relation to a horse foaled before 1 August in a calendar year - means
1 August in the preceding year;
'horse breeding stock' has the meaning given by subsection (5);
'opening value' has the meaning given by subsection (7);
'reduction amount' has the meaning given by whichever of subsections (8) and
(9) is applicable;
'special closing value' has the meaning given by subsection (6).".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 24
Application
(Sections 32 and 32A of the amended Act)
24.(1) Sections 32 and 32A of the Principal Act as amended by this Act apply
in relation to live stock:
(a) in any case - acquired by a taxpayer under a contract entered into on or
after 19 August 1992; or
(b) in the case of section 32 of the Principal Act as amended by this Act -
acquired by a taxpayer otherwise than under a contract, where the acquisition
occurred on or after 19 August 1992.
(Section 32 of the Principal Act)
(2) In spite of the repeal of section 32 of the Principal Act effected by
this Division, that section continues to apply, in relation to live stock:
(a) acquired by a taxpayer under a contract entered into before 19 August
1992; or
(b) acquired by a taxpayer otherwise than under a contract, where the
acquisition occurred before 19 August 1992;
as if that repeal had not been effected.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 25
25. After section 82BG of the Principal Act the following Subdivision is
inserted:
"Subdivision CA - Deductions for environment protection expenditure
Objects of Subdivision
"82BH. The objects of this Subdivision are:
(a) to provide for the deductibility of allowable environment protection
expenditure (section 82BK); and
(b) to allow property used for eligible environment protection activities to
be treated as if it were used for the purpose of producing assessable income
(section 82BR).
Interpretation
"82BJ. In this Subdivision:
'allowable environment protection expenditure' has the meaning given by
section 82BL;
'eligible environment protection activity' has the meaning given by section
82BM;
'environment' includes all aspects of the surroundings of humans, whether
affecting them as individuals or in social groupings;
'income-producing activity', in relation to a taxpayer, means an activity
(including an investment activity) carried on for the purpose, or for purposes
that include the purpose, of producing assessable income (other than
assessable income attributable to section 160Z) of the taxpayer of any year of
income;
'site' includes a part of a site.
Deduction of allowable environment protection expenditure
(Deduction allowable)
"82BK.(1) Subject to this Subdivision, allowable environment protection
expenditure incurred by a taxpayer on or after 19 August 1992 is an allowable
deduction for the year of income in which the expenditure is incurred.
(Section 51 limits apply)
"(2) A provision of this Act (including a provision of section 51, other
than subsection 51(1)) that expressly prevents or restricts the operation of
section 51 applies in the same way to this section.
Allowable environment protection expenditure
(Meaning of "allowable environment protection expenditure")
"82BL.(1) For the purposes of this Subdivision, if:
(a) a taxpayer incurs expenditure (whether of a capital nature or otherwise)
for the sole or dominant purpose of carrying on one or more eligible
environment protection activities; then:
(b) the expenditure, to the extent that the expenditure is in respect of
eligible environment protection activities in relation to the taxpayer, is
allowable environment protection expenditure of the taxpayer.
(Allowable environment protection expenditure does not include allowable
environmental impact expenditure)
"(2) Expenditure is taken not to be allowable environment protection
expenditure to the extent to which it is allowable environmental impact
expenditure (within the meaning of section 82BC).
(Deduction of last resort)
"(3) Expenditure is taken not to be allowable environment protection
expenditure to the extent to which a deduction is allowable in respect of that
expenditure under a provision of this Act other than section 82BK.
Eligible environment protection activity
(Meaning of "eligible environment protection activity")
"82BM.(1) A reference in this Subdivision to an eligible environment
protection activity in relation to a taxpayer is a reference to any of the
following activities carried on by or on behalf of the taxpayer:
(a) preventing, combating or rectifying pollution of the environment,
where:
(i) the pollution has resulted, or is likely to result, from an
income-producing activity that was, is, or is proposed to be, carried on by
the taxpayer; or
(ii) the pollution is of a site on which the taxpayer carried on,
carries on, or proposes to carry on, an income-producing activity; or
(iii) the source of the pollution is a site on which the taxpayer
carried on, carries on, or proposes to carry on, an income-producing activity;
or
(iv) the pollution is of a site on which the predecessor of the
taxpayer carried on a business activity; or
(v) the source of the pollution is a site on which the predecessor
of the taxpayer carried on a business activity;
(b) treating, cleaning up, removing or storing waste, where:
(i) the waste has resulted, or is likely to result, from an
income-producing activity that was, is, or is proposed to be, carried on by
the taxpayer; or
(ii) the waste is on a site on which the taxpayer carried on,
carries on, or proposes to carry on, an income-producing activity; or
(iii) the source of the waste is a site on which the taxpayer
carried on, carries on, or proposes to carry on, an income-producing activity;
or
(iv) the waste is on a site on which the predecessor of the
taxpayer carried on a business activity; or
(v) the source of the waste is a site on which the predecessor of
the taxpayer carried on a business activity.
(Site on which investment activities carried on)
"(2) For the purposes of this section, if a taxpayer carried on, carries on,
or proposes to carry on, an income-producing activity consisting of:
(a) the leasing of a site owned by the taxpayer; or
(b) the granting of rights to use a site owned by, or under the control of,
the taxpayer; or
(c) any similar thing;
the taxpayer is taken to have carried on, to carry on, or to propose to carry
on, the income-producing activity on that site, as the case requires.
(Site on which predecessor of taxpayer carried on a business activity)
"(3) For the purposes of this section, a site ('old site') is a site on
which the predecessor of a taxpayer carried on a business activity, if, and
only if:
(a) the taxpayer carries on an income-producing activity on another site
('new site'); and
(b) the taxpayer's income-producing activity consists of the carrying on of
a business; and
(c) the taxpayer acquired the business from another person who, or whose
predecessor (whether immediate or otherwise), carried on the business on the
old site; and
(d) apart from the change of site, the taxpayer's business is the same, or
substantially the same, as the business carried on by the other person, or by
the other person's predecessor, as the case requires, on the old site.
No deduction for expenditure on land, plant etc.
(No deduction for expenditure on land, buildings etc.)
"82BN.(1) A deduction is not allowable under section 82BK for:
(a) expenditure in respect of acquiring land; or
(b) expenditure of a capital nature in respect of constructing a building,
structure or structural improvement; or
(c) expenditure of a capital nature in respect of constructing an extension,
alteration or improvement to a building, structure or structural improvement;
or
(d) expenditure in respect of a bond or security, however described, for the
performance of eligible environment protection activities.
(No deduction for depreciable plant)
"(2) A deduction is not allowable under section 82BK for expenditure to the
extent to which it is taken into account in calculating an amount of
depreciation that is allowable as a deduction.
No deduction where expenditure is recouped
(No deduction where expenditure is recouped)
"82BP.(1) Section 82BK does not apply, and is taken never to have applied,
to expenditure if:
(a) the taxpayer, whether before or after the commencement of this
subsection, receives, or becomes entitled to receive, a recoupment of, or
grant in respect of, the expenditure; and
(b) the amount of the recoupment or the grant is not, and will not be,
included in the taxpayer's assessable income of any year of income.
(Dissection of amounts)
"(2) For the purposes of subsection (1), if a taxpayer receives, or becomes
entitled to receive, an amount that constitutes to an unspecified extent a
recoupment of, or a grant in respect of, expenditure, then so much of that
amount as is reasonable is taken to be a recoupment of, or grant in respect
of, that expenditure, as the case requires.
(Amendment of assessments)
"(3) Section 170 does not prevent the amendment of an assessment at any time
for the purpose of giving effect to this section.
Transactions between persons not at arm's length
"82BQ. If:
(a) a person has incurred expenditure in connection with a transaction where
the parties to the transaction are not dealing with each other at arm's length
in relation to the transaction; and
(b) deductions are or have been allowable under this Subdivision in respect
of the expenditure; and
(c) the amount of the expenditure is greater or less than is reasonable;
the amount of the expenditure is taken, for all purposes of the application of
this Act in relation to the parties to the transaction, to be the amount that
would have been reasonable if the parties were dealing with each other at
arm's length.
Property used for eligible environment protection activities taken to be used
for the purpose of producing assessable income
"82BR.(1) For the purposes of this Act, if property is used by a taxpayer on
or after 19 August 1992 for eligible environment protection activities, that
use of the property by the taxpayer is taken to be for the purpose of
producing assessable income of the taxpayer.
"(2) Subsection (1) has effect subject to a provision of this Act that
expressly provides that a particular use of property is not taken to be for
the purpose of producing assessable income.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 26
Interpretation
26. Section 124ZF of the Principal Act is amended by omitting from
subsection (1) the definition of "building" and substituting the following
definition:
"'building' includes:
(a) a structural improvement covered by section 124ZFB; and
(b) an earthwork covered by section 124ZFC;".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 27
27. After section 124ZFB of the Principal Act the following section is
inserted:
Division has effect as if certain environment protection earthworks were
buildings
(Earthworks to which this section applies)
"124ZFC.(1) This section applies to an earthwork if:
(a) the earthwork was constructed as the result of carrying out an eligible
environment protection activity in relation to any taxpayer (within the
meaning of section 82BM); and
(b) the earthwork can be economically maintained in reasonably good order
and condition for an indefinite period; and
(c) the earthwork is not integral to the construction of a building.
(Earthworks deemed to be buildings)
"(2) This Division has effect as if the earthwork were a building.
(Application)
"(3) This section applies in relation to expenditure incurred on or after 19
August 1992 in respect of the construction of an earthwork, or an extension,
alteration or improvement to an earthwork.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 28
Expenditure on research and development activities
(Amendments to extend the 150% concession for an indefinite period)
28.(1) Section 73B of the Principal Act is amended:
(a) by omitting "(a) in the case of the year of income ending on 30 June
1993 or an earlier year of income:" from the definition of "deduction
acceleration factor" in subsection (1);
(b) by re-numbering and re-aligning subparagraphs (a)(i) and (ii) of the
definition of "deduction acceleration factor" in subsection (1) so that they
become paragraphs (a) and (b) respectively of that definition;
(c) by omitting "or" from the end of paragraph (a) of the definition of
"deduction acceleration factor" in subsection (1);
(d) by omitting paragraph (b) of the definition of "deduction acceleration
factor" in subsection (1);
(e) by omitting from subsection (13) all the words after "multiplied" and
substituting "by 1.5 is an allowable deduction to the company for the year of
income.";
(f) by omitting subsection (15B).
(Amendments to remove the $10 million limit applying to pilot plant)
(2) Section 73B of the Principal Act is amended by omitting subsection (6)
and substituting the following subsection:
"(6) If:
(a) the cost of a unit of pilot plant to an eligible company exceeds $10
million; and
(b) any of the following applies:
(i) the unit was acquired by the eligible company under a contract
entered into before 19 August 1992;
(ii) the construction of the unit commenced before 19 August 1992;
(iii) a contract for the construction of the unit was entered into
before 19 August 1992;
the cost of the unit of plant is taken, for the purposes of this section, to
be $10 million.".
(Amendments consequential upon amendments of the Industry Research and
Development Act 1986 made by this Act)
(3) Section 73B of the Principal Act is amended:
(a) by omitting subsection (10) and substituting the following subsection:
"(10) A deduction is not allowable under this section to an eligible company
for a year of income in respect of expenditure in relation to research and
development activities unless:
(a) the company is registered, in relation to the year of income, under
section 39J of the Industry Research and Development Act 1986; or
(b) the company is registered, in relation to the year of income and in
relation to a project comprising or including those activities, under section
39P of that Act.";
(b) by inserting in subsection (33) "or 39MA" after "39M".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 29
Recouped expenditure on research and development activities
29. Section 73C of the Principal Act is amended by omitting from subsection
(8) all the words after "that subsection" and substituting "'multiplied by
1.5'".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 30
30. After section 73CA of the Principal Act the following section is
inserted:
Expenditure incurred to government bodies - guaranteed returns
(Interpretation - this section to be treated as part of section 73B)
"73CB.(1) For the purposes of interpretation, this section is to be
construed as if it were part of section 73B.
(No deduction for expenditure incurred to government body if return
guaranteed)
"(2) If:
(a) an eligible company incurs expenditure to a government body, or an
associate of a government body, in connection with research and development
activities carried out on behalf of the company; and
(b) the Commissioner is satisfied that, when the expenditure was incurred,
the company was not at risk in respect of the whole or a part of the
expenditure; and
(c) at the time when the expenditure was incurred, the government body or
associate, as the case requires, was not entered on the Register of Commercial
Government Bodies kept under section 39HA of the Industry Research and
Development Act 1986;
a deduction is not allowable to the company under section 73B for any part of
that expenditure.
(When company not at risk in respect of expenditure)
"(3) Subsection 73CA(5) applies for the purposes of this section in the same
way as it applies for the purposes of section 73CA.
(Universities, research institutions etc. deemed to be government bodies)
"(4) For the purposes of this section:
(a) a university or other educational institution established by a law of
the Commonwealth, a State or a Territory is taken to be an authority of the
Commonwealth, the State or the Territory, as the case requires; and
(b) a research institution established by a law of the Commonwealth, a State
or a Territory is taken to be an authority of the Commonwealth, the State or
Territory, as the case requires.
(Extended meaning of "associate" - government authorities)
"(5) For the purposes of this section, but without limiting the meaning of
the expression 'associate':
(a) the Commonwealth is taken to be an associate of each authority of the
Commonwealth; and
(b) an authority of the Commonwealth is taken to be an associate of each
other authority of the Commonwealth; and
(c) a State is taken to be an associate of each authority of the State; and
(d) an authority of a State is taken to be an associate of each other
authority of the State; and
(e) a Territory is taken to be an associate of each authority of the
Territory; and
(f) an authority of a Territory is taken to be an associate of each other
authority of the Territory.
(Meaning of "government body")
"(6) In this section:
'government body' means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth, a State or a Territory.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 31
Amendment of assessments
31. Section 170 of the Principal Act is amended by inserting in subsection
(10) ", 73CB" after "73C".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 32
Application
(Subsection 73B(10))
32.(1) The amendments made by subsection 28(3) of this Act apply in relation
to registration under section 39J or 39P of the Industry Research and
Development Act 1986, where the application for registration was made after 15
October 1992.
(Section 73CB)
(2) Subject to subsection (3) of this section, section 73CB of the amended
Act applies in relation to expenditure incurred by an eligible company in a
year of income in connection with particular research and development
activities where:
(a) on or after 19 August 1992, the company made an application under
section 39J of the Industry Research and Development Act 1986 for registration
in respect of the year of income; or
(b) on or after 19 August 1992, an application was made under section 39P of
the Industry Research and Development Act 1986 on behalf of the company for
joint registration of the company and one or more other companies in respect
of the year of income in relation to one or more proposed projects comprising
or including those research and development activities; or
(c) both:
(i) before 19 August 1992, the company made an application under
section 39J of the Industry Research and Development Act 1986 for registration
in respect of the year of income; and
(ii) a finance scheme in relation to those research and
development activities was entered into, or varied, on or after 19 August
1992; or
(d) both:
(i) before 19 August 1992, an application was made under section
39P of the Industry Research and Development Act 1986 on behalf of the company
for joint registration of the company and one or more other companies in
respect of the year of income in relation to one or more proposed projects
comprising or including those research and development activities; and
(ii) a finance scheme in relation to those research and
development activities was entered into, or varied, on or after 19 August
1992.
(Exception to the rule in subsection (2))
(3) Section 73CB of the amended Act does not apply in relation to
expenditure incurred by an eligible company in a year of income in connection
with particular research and development activities if:
(a) during the interim period:
(i) the company made an application under section 39J of the
Industry Research and Development Act 1986 for registration in respect of the
year of income; or
(ii) an application was made under section 39P of the Industry
Research and Development Act 1986 on behalf of the company for joint
registration of the company and one or more other companies in respect of the
year of income in relation to one or more proposed projects comprising or
including those research and development activities; or
(iii) the Board granted an application made by the company under
section 39J of the Industry Research and Development Act 1986 for registration
in respect of the year of income; or
(iv) the Board granted an application made under section 39P of
the Industry Research and Development Act 1986 on behalf of the company for
joint registration of the company and one or more other companies in respect
of the year of income in relation to one or more proposed projects comprising
or including those research and development activities; or
(v) the company made an application for an advance eligibility
ruling in relation to an application proposed to be made by the company under
section 39J of the Industry Research and Development Act 1986 for registration
in respect of the year of income; or
(vi) an application was made for an advance eligibility ruling in
relation to an application proposed to be made under section 39P of the
Industry Research and Development Act 1986 on behalf of the company for joint
registration of the company and one or more other companies in respect of the
year of income in relation to one or more proposed projects comprising or
including those research and development activities; or
(vii) the Board issued an advance eligibility ruling in relation
to an application proposed to be made by the company under section 39J of the
Industry Research and Development Act 1986 for registration in respect of the
year of income; or
(viii) the Board issued an advance eligibility ruling in relation
to an application proposed to be made under section 39P of the Industry
Research and Development Act 1986 on behalf of the company for joint
registration of the company and one or more other companies in respect of the
year of income in relation to one or more proposed projects comprising or
including those research and development activities; and
(b) if there was or is a finance scheme in relation to those research and
development activities - the finance scheme was not entered into, or varied,
on or after 1 July 1993.
(Definitions)
(4) In this section:
"advance eligibility ruling", in relation to a proposed application for the
registration of a company or companies, means a statement issued by the Board
to the effect that the Board is of the opinion that particular activities
carried on, or proposed to be carried on, by or on behalf of the company or
companies are research and development activities, where the statement is
issued in connection with the proposed application;
"amended Act" means the Principal Act as amended by this Act;
"finance scheme" has the same meaning as in section 39A of the Industry
Research and Development Act 1986 as amended by this Act;
"interim period" means the period:
(a) commencing on 31 March 1992; and
(b) ending at the end of 10 June 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 33
33. After section 67 of the Principal Act the following section is inserted:
Deductions not allowable for interest etc. on loans obtained to finance
certain superannuation contributions and life assurance premiums
(Superannuation contributions - interest etc. not deductible unless
contributions deductible under section 82AAC)
"67AAA.(1) A deduction is not allowable under this Act to a taxpayer in
respect of a financing cost in relation to:
(a) contributions made to a fund for the purpose of making provision for
superannuation benefits for, or for dependants of, the taxpayer or another
person;
unless:
(b) a deduction is allowable to the taxpayer under section 82AAC for those
contributions (assuming subsections 82AAC(2) to (3) (inclusive) had not been
enacted).
(Life assurance premiums - interest etc. not deductible unless premium
consists wholly of risk component and policy pay-out is assessable)
"(2) A deduction is not allowable under this Act to a taxpayer in respect of
a financing cost in relation to a premium for a life assurance policy unless:
(a) the whole of the premium received by the insurer consists of a risk
component within the meaning of section 110; and
(b) each amount which the insurer is liable to pay under the policy would be
included in the taxpayer's assessable income if it were paid.
(Definitions)
"(3) In this section:
'dependant' has the same meaning as in the Occupational Superannuation
Standards Act 1987;
'financing cost', in relation to an amount ('financed amount'), means
expenditure incurred by a taxpayer to the extent to which it is incurred in
respect of obtaining finance for the financed amount and, without limiting the
generality of the foregoing, includes:
(a) interest or a payment in the nature of interest; and
(b) expenses of borrowing;
'life assurance policy' has the same meaning as in section 110, but does not
include an annuity.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 34
Application
34. Section 67AAA of the Principal Act as amended by this Division applies
to a financing cost to the extent to which it is incurred in respect of:
(a) a loan, or other financing arrangement, that was entered into after 18
August 1992; or
(b) a loan, or other financing arrangement, resulting from a "roll-over",
after 18 August 1992, of the whole or a part of a previous loan or financing
arrangement; or
(c) a period of extension of the period for which:
(i) loan money was lent; or
(ii) other finance was provided;
where the extension occurred after 18 August 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 35
Property installed on leased Crown land - lessee deemed
to be owner etc.
35. Section 54AA of the Principal Act is amended:
(a) by inserting before subsection (1) the following subsection:
("Crown lease", "lessee" and "lessor" have extended meanings)
"(1A) The expressions "Crown lease", "lessee" and "lessor" are given
extended meanings for the purposes of this section (see subsection (8)).";
(b) by omitting "the lease" (wherever occurring) and substituting "the Crown
lease";
(c) by omitting from paragraph (2)(a) and subsection (4) "the lessor" and
substituting "any other person";
(d) by inserting after subsection (7) the following subsection:
(Meaning of "eligible government body")
"(7A) For the purposes of this section, a person is an eligible government
body at a particular time if:
(a) the person is the Commonwealth, a State or a Territory; or
(b) both:
(i) the person is an authority of the Commonwealth, a State or a
Territory; and
(ii) assuming that the authority had derived income at that time,
that income would be exempt from tax because of a relevant exempting provision
(within the meaning of section 160K); or
(c) the person is the government of, or of a part of, a foreign country; or
(d) both:
(i) the person is an authority of the government of a foreign
country or an authority of the government of a part of a foreign country; and
(ii) the authority is of a similar nature to an authority covered
by paragraph (b).";
(e) by omitting from subsection (8) the definition of "Crown lease" and
substituting the following definition:
"'Crown lease' means:
(a) a lease of land granted by an eligible government body; or
(b) an easement in connection with land, where the easement was granted by
an eligible government body; or
(c) any other right, power or privilege over, or in connection with, land,
where the right, power or privilege was granted by an eligible government
body;";
(f) by inserting in subsection (8) the following definitions:
"'eligible government body' has the meaning given by subsection (7A);
'lessee', in relation to a Crown lease, means the holder of the Crown
lease;
'lessor', in relation to a Crown lease, means:
(a) the eligible government body which granted the Crown lease; or
(b) if the interests of the grantor in relation to the Crown lease are held
by another person - that other person;".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 36
Application
36. Section 38 of the Taxation Laws Amendment Act (No. 3) 1992 has, and is
taken to have had, effect as if the amendments made by this Division had been
made by that Act.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 37
Interpretation
37. Section 124ZF of the Principal Act is amended by inserting the following
definitions in subsection (1):
"'Crown lease' has the same meaning as in section 54AA;
'lease' includes a Crown lease;
'lessee', in relation to a Crown lease, means a person who is a lessee
within the meaning of section 54AA;".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 38
Application
38. The amendments made by this Division apply in relation to expenditure
incurred in respect of the construction of a building, or an extension,
alteration or improvement to a building, if the construction commenced after
26 February 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 39
Interpretation
39. Section 82AQ of the Principal Act is amended by inserting after
subsection (3) the following subsections:
"(3A) If:
(a) a taxpayer is the lessee of land under a Crown lease; and
(b) a unit of property is affixed to the land; and
(c) because of section 54AA, the provisions of this Act relating to
depreciation apply as if the taxpayer were the owner of the property instead
of any other person;
this Subdivision applies as if the taxpayer were the owner of the property
instead of any other person.
"(3B) In subsection (3A):
'Crown lease' has the same meaning as in section 54AA;
'lessee' has the same meaning as in section 54AA.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 40
Application
40. The amendment made by this Division applies to expenditure incurred by a
taxpayer:
(a) in respect of the acquisition of a unit of property under a contract
entered into after 26 February 1992; or
(b) in respect of the construction of a unit of property where the
construction commenced after 26 February 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 41
41. Section 59 of the Principal Act is amended:
(a) by omitting from subsection (2AA) "For" and substituting "Subject to
subsection (2AB), for";
(b) by inserting after subsection (2AA) the following subsection:
"(2AB) If:
(a) property of a taxpayer was acquired as the result of a disposal to which
section 58 or 73E applied; and
(b) either:
(i) a deduction or deductions has or have been allowed or
allowable to the transferor concerned under section 73B in relation to the
property; or
(ii) if the disposal of the property to the taxpayer was the last
of a series of 2 or more successive transfers of the property to which either
one of section 58 or 73E has applied (whether alternately or otherwise) - a
deduction or deductions has or have been allowed or allowable to any of the
prior successive transferors under section 73B in relation to the property;
then, for the purposes of the application of subsection (2) of this section to
the property, the amount worked out using the following formula is taken to
have been an amount allowed to the taxpayer in respect of depreciation in
relation to the property:
- Modified written-down
value
where:
'Transferor's original cost' means:
(a) the cost of the property to the transferor for the purposes of section
73B (worked out as if subsection 73B(6) had not been enacted); or
(b) if the disposal of the property to the taxpayer was the last of a series
of 2 or more successive transfers to which either one of section 58 or 73E has
applied (whether alternately or otherwise) - the cost of the property to the
earliest prior successive transferor for the purposes of section 73B (worked
out as if subsection 73B(6) had not been enacted);
'Modified written-down value' means the amount that would have been the
written-down value of the property to the taxpayer for the purposes of section
73B if:
(a) whichever of the following is applicable:
(i) the deductions allowed or allowable under section 73B to the
transferor in respect of one or more years of income in relation to the
property;
(ii) if the disposal of the property to the taxpayer was the last
of a series of 2 or more successive transfers to which either one of section
58 or 73E has applied (whether alternately or otherwise) - the deductions
allowed or allowable under section 73B to the prior successive transferors in
respect of one or more years of income in relation to the property;
had been deductions allowed or allowable to the taxpayer under section 73B in
respect of the years of income in relation to the property; and
(b) whichever of the following is applicable:
(i) the cost of the property to the transferor for the purposes of
section 73B (worked out as if subsection 73B(6) had not been enacted);
(ii) if the disposal of the property to the taxpayer was the last
104. Section 39T of the Principal Act is amended by inserting in paragraph
(l)(b) "or 39MA" after "39M".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 105
Statements to accompany notification of decisions
105. Section 39U of the Principal Act is amended by inserting in subsection
(3) "or 39MA" after "39M".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 106
Application
(Definitions)
106.(1) In this section:
"advance eligibility ruling", in relation to an application for the
registration of a company or companies, means a statement issued by the Board
to the effect that the Board is of the opinion that particular activities
carried on, or proposed to be carried on, by or on behalf of the company or
companies are research and development activities, where the statement is
issued in connection with a proposal to make such an application;
"amended Act" means the Principal Act as amended by this Act;
"interim period" means the period:
(a) commencing on 31 March 1992; and
(b) ending at the end of lO June 1992.
(Section 39MA)
(2) Section 39MA of the amended Act applies to expenditure incurred by a
company registered under section 39J or 39P of the Industry Research and
Development Act 1986, whether the registration was granted before, or is
granted after, the commencement of this section, unless:
(a) the registration was granted before the end of the interim period; or
(b) the application for the registration was made during the interim period;
or
(c) an advance eligibility ruling in relation to the application for the
registration was issued by the Board during the interim period; or
(d) an application was made during the interim period for an advance
eligibility ruling in relation to the application for the registration.
(Paragraph 39P(3)(d))
(3) Paragraph 39P(3)(d) of the amended Act applies to an application (the
"section 39P application") made under subsection 39P( l) of the Industry
Research and Development Act 1986, whether the application was made before, or
is made after, the commencement of this section, unless:
(a) the section 39P application was granted before the end of the interim
period; or
(b) the section 39P application was made during the interim period; or
(c) an advance eligibility ruling in relation to the section 39P application
was issued by the Board during the interim period; or
(d) an application was made during the interim period for an advance
eligibility ruling in relation to the section 39P application.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 107
Joint registration
107. Section 39P of the Principal Act is amended:
(a) by inserting in subsection (3)", in relation to the project, or in
relation to a particular one or more of those projects," after opinion
(b) by adding at the end of subsection (3) "in relation to that project or
in relation to that particular one or more of those projects, as the case
requires";
(c) by inserting in subsection (3A) "in relation to the project or projects
specified in the application" after "jointly".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 108
Application
108. The amendments made by this Division apply to applications made under
subsection 39P(1) of the Principal Act after 15 October 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 109
Interpretation
109. Section 39A of the Principal Act is amended by inserting in subsection
(1) the following definitions:
"'commercial government bodies guidelines' means guidelines made under
section 39HB;
'eligible government body means:
(a) a government body within the meaning of section 73CB of the Income Tax
Assessment Act 1936; or
(b) an associate (within the meaning of that section) of such a government
body;
'Register of Commercial Government Bodies' means the Register of Commercial
Government Bodies required by section 39HA;".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 110
110. After section 39H of the Principal Act the following sections are
inserted:
Register of Commercial Government Bodies
(Register to be kept by Board)
"39HA.(l) The Board must keep a register, to be known as the Register of
Commercial Government Bodies, listing such eligible government bodies as are
required to be on the register because of this Part.
(Register to be open for inspection)
"(2) The Board must cause the Register of Commercial Government Bodies to be
made available for inspection at any reasonable time by any person on request.
Commercial government bodies guidelines
(Board to make guidelines setting out criteria for entry on Register)
"39HB.( l) The Board must, as soon as practicable (and, in any event, within
90 days) afier the commencement of this section, formulate written guidelines
('commercial government bodies guidelines') setting out criteria to be met by
eligible government bodies wishing to be entered on the Register of Commercial
Government Bodies.
(Guidelines to be published etc.)
"(2) The Board must cause the commercial government bodies guidelines to
be:
(a) published in the Gazette; and
(b) made available, without charge, to any interested person.
"(3) In making
commercial government bodies guidelines about a particular kind of eligible
government body, the matters to which the Board is to have regard include, but
are not limited to:
(a) the commercial environment in which the eligible government body
operates; and
(b) whether there is a framework for the oversight of the operations, and
the monitoring of the performance, of the eligible government body and, if so,
the nature of that framework; and
(c) the extent to which the eligible government body is:
(i) bound by regulatory laws of the Commonwealth, the States and
the Territories; and
(ii) subject to taxation and charges under the laws of the
Commonwealth, the States and the Territories; and
(d) the extent of private sector equity investment (whether direct or
indirect through one or more interposed companies, partnerships or trusts) in
the eligible government body; and
(e) if the eligible governmen body is established by or under a law of the
Commonwealth, a State or a Territory-the policies of the Commonwealth, the
State or the Territory, as the case requires, regarding the issue of the
extent to which the eligible government body should be treated as a fully
commercial entity.
(Tax-exempt bodies ineligible for entry on Register)
"(4) The commercial government bodies guidelines must set out a criterion to
the effect that an eligible government body will not be entered on the
Register of Commercial Government Bodies with effect on a particular day if,
assuming that the body had derived income on that day, that income would have
been exempt from income tax because of a relevant exempting provision (within
the meaning of section l 60K of the Income Tax Assessment Act 1936).
(Guidelines to be disallowable)
"(5) An instrument formulating commercial government bodies guidelines is a
disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
Applications for entry on the Register of Commercial Government Bodies
"39HC.(1) An eligible government body may apply to the Board to be entered
on the Register of Commercial Government Bodies.
"(2) The application must be:
(a) in writing; and
(b) in a form approved by the Board; and
(c) accompanied by such information as the Board requires.
Board's decision on application for entry on Register of Commercial Government
Bodies
(Board's decision on application)
"39HD.(1) After considering an application under section 39HC, the Board
must decide to:
(a) grant the application; or
(a) refuse the application.
(Board deemed to have refused application if no decision made within 90 days)
"(2) If the Board has not made a decision under subsection (1) before
whichever time ('eligible time') is the later of the following times:
(a) the end of the period ('original 90-day period') of 90 days after the
day on which the application was received by the Board;
(b) if the Board, by written notice given to the applicant within the
original 90-day period, requests the applicant to give further information
about the application-the end of the period of 90 days after the Board
receives the further information;then, at the eligible time, the Board is
taken to have made a decision under subsection (l) to refuse the application.
(Notice of decision)
"(3) If the Board makes a decision under subsection (l) before the eligible
time, the Board must give written notice of the decision to the applicant.
(Reasons for refusal to be given)
"(4) A notice under subsection (3) relating to a refusal must set out the
reasons for the refusal.
(When entry takes effect)
"(5) If the Board decides to grant the application, the entry of the
eligible government body takes effect on:
(a) the day ofiwhich the decision is made; or
(b) if the applicant requests-such earlier date as the Board specifies.
(Entry may take effect on a date earlier than commencement of this section)
"(6) The Board may specify a date under paragraph (5)(b) that is earlier
than the commencement of this section.
(Back-dated entries-Register taken to have been in existence)
"(7) If the Board specifies such an earlier date, this Part and section 73CB
of the Income Tax Assessment Act 1936 have effect as if the Register of
Commercial Government Bodies had been in existence on that date.
Grant of application for entry on Register of Commercial Government Bodies
"39HE. The Board must not grant an application under section 39HC unless the
Board is satisfied that the applicant meets the criteria set out in the
commercial government bodies guidelines.
Removal from Register of Commercial Government Bodies
(Removal of body which does not meet criteria set out in guidelines)
"39HF.(l) The Board must remove an eligible government body from the
Register of Commercial Government Bodies if the Board is satisfied that the
body does not meet the criteria set out in the commercial government bodies
guidelines.
(Notification of proposed removal)
"(2) The Board must not remove an eligible government body from the Register
of Commercial Government Bodies unless the Board has:
(a) given a written notice to the body:
(i) stating that the Board is considering removing the body from
the Register of Commercial Government Bodies; and
(ii) giving the reasons for considering the removal of the body;
and
(b) invited the body to make a written submission to the Board:
(i) within 60 days of receiving the notice; and
(ii) about the proposed removal; and
(c) if such a submission is made within that period-had regard to the
matters raised in the submission.
(When removal takes effect)
"(3) If the Board decides to remove the body from the Register of Commercial
Government Bodies, the removal takes effect on the day on which the notice
mentioned in paragraph (2)(a) was given to the body.
(Notification of removal)
"(4) If the Board decides to remove the body from the Register of Commercial
Government Bodies, the Board must give written notice of the removal to the
body.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 111
Review of decisions by Administrative Appeals Tribunal
111. Section 39T of the Principal Act is amended by inserting in paragraph
(l)(b) "39HD, 39HF," before "39M".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 112
Statements to accompany notification of decisions
112. Section 39U of the Principal Act is amended by inserting in subsection
(3) "39HD, 39HF," before "39M".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 113
Principal Act
113. In this Part, "Principal Act" means the Petroleum Resource Rent Tax
Assessment Act 1987.*4*
For previous amendments, see No. 97, 1988; No.
60, 1990; Nos. 80 and 216, 1991; and Nos. 92 and 118, 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 114
Transfer of entire entitlement to assessable receipts
114. Section 48 of the Principal Act is amended:
(a) by inserting in subparagraph (a)(i) "(other than class 2 augmented bond
rate exploration expenditure or class 2 GDP factor expenditure)" after
"deductible expenditure" (first occurring);
(b) by inserting in subparagraph (a)(i) "such" before "deductible
expenditure" (second occurring);
(c) by inserting after subparagraph (a)(i) the following subparagraph and
Note:
"(ia) to have incurred, in relation to the project, any
expenditure that, if the financial year in which the transaction is or was
entered into had ended immediately before the transfer time, would, within the
meaning of the Schedule, have been included in the incurred exploration
expenditure amount in relation to the vendor, the project and the financial
year or a previous financial year; and
Note: this is expenditure on which class 2 augmented bond rate exploration
expenditure and class 2 GDP factor expenditure are based.";
(d) by adding at the end the following subsection:
"(2) Expenditure that the purchaser, or a purchaser, is taken to have
incurred by subparagraph (1)(a)(ia) is taken to have been so incurred at the
time when the vendor incurred it, or is taken to have incurred it.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 115
Defined terms
115. Clause 1 of the Schedule to the Principal Act is amended:
(a) by omitting "exploration expenditure that the person is taken by section
48" from subparagraphs (a)(ii) and (b)(ii) of the definition of "incurred
exploration expenditure amount" and substituting "expenditure that the person
is taken by subparagraph 48(1)(a)(ia)";
(b) by inserting the following definition:
"'finishing day' means:
(a) in relation to a petroleum project - the first day on which there is no
longer in force any production licence in relation to the project; or
(b) in relation to an exploration permit or retention lease - the day on
which the permit or lease ceases to be in force;".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 116
Matters dealt with in this Part
116. Clause 6 of the Schedule to the Principal Act is amended by adding at
the end the following subclause:
"(2) For the avoidance of doubt, the assessable year may be a financial year
starting after the finishing day in relation to the petroleum project.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 117
Matters dealt with in this Part
117. Clause 10 of the Schedule to the Principal Act is amended by adding at
the end the following subclause:
"(2) For the avoidance of doubt, the assessable year may be a financial year
starting after the finishing day in relation to the petroleum project.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 118
Matters dealt with in this Part
118. Clause 13 of the Schedule to the Principal Act is amended by inserting
after subclause (1) the following subclause:
"(1A) For the avoidance of doubt, the assessable year may, subject to
subclause (2), be a financial year starting after the finishing day in
relation to the exploration permit or retention lease.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 119
Rule - person must have held interests in relation to transferring
entity and receiving project
119. Clause 22 of the Schedule to the Principal Act is amended:
(a) by inserting in subclause (1) "(2A)," after "(2),";
(b) by inserting after subclause (2) the following subclause:
"(2A) Subclause (1) does not require the person to have held an interest in
relation to the transferring entity at a time after the finishing day in
relation to the transferring entity.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 120
Rule - loss company and profit company to have held interests and been
group companies
120. Clause 31 of the Schedule to the Principal Act is amended:
(a) by inserting in subclause (1) "(2A)," after "(2),";
(b) by inserting after subclause (2) the following subclause:
"(2A) Subclause (1) does not require the loss company to have held an
interest in relation to the transferring entity at a time after the finishing
day in relation to the transferring entity.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 121
Principal Act
121. In this Part, "Principal Act" means the Taxation Administration Act
1953.*5*
For previous amendments, see Nos. 28, 39, 40 and
52, 1953; No. 18, 1955; No. 39, 1957; No. 95, 1959; No. 17, 1960; No. 75,
1964; No. 155, 1965; No. 93, 1966; No. 120, 1968; No. 216, 1973; No. 133,
1974; No. 37, 1976; Nos. 19 and 59, 1979; Nos. 39 and 117, 1983; No. 123,
1984; No. 65, 1985 (as amended by No. 193, 1985); Nos. 4, 47, 104, 123 and
168, 1985; Nos. 41, 46, 48, 112, 144 and 154, 1986; No. 49, 1986 (as amended
by No. 141, 1987); Nos. 120 and 145, 1987; No. 62, 1987 (as amended by No.
108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as
amended by No. 11, 1988); Nos. 95 and 97, 1988; Nos. 97, 105, 107, 124, 163
and 167, 1989; Nos. 20, 60, 61, 110, 119 and 136, 1990; Nos. 5, 6, 48, 100,
122 and 216, 1991; and Nos. 47, 92, 98 and 101, 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 122
122. After section 16 of the Principal Act the following section is
inserted:
Regulations may provide for methods of payment of tax liabilities etc.
"16A.(1) This section applies to a liability to or of the Commonwealth
arising under, or by virtue of, any of the following laws:
(a) this Act;
(b) any other Act of which the Commissioner has the general administration;
(c) regulations under an Act covered by paragraph (a) or (b).
"(2) The regulations may make provision for and in relation to the methods
by which the amount of the liability may be paid.
"(3) Without limiting subsection (2), the regulations may make provision for
and in relation to the making of payments using:
(a) collection agents; or
(b) electronic funds transfer systems; or
(c) credit cards; or
(d) debit cards.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 123
123. After section 8H of the Principal Act the following section is
inserted:
Court may order payment of amount in addition to penalty
"8HA.(1) If:
(a) a person (the 'convicted person') is convicted before a court of an
offence against section 8C, 8D or 8H in relation to a refusal or failure to do
a particular thing; and
(b) the court is satisfied that the purpose of, or one of the purposes of,
the refusal or failure was to facilitate the avoidance of an amount of a tax
liability of the convicted person or another person;
the court may, in addition to imposing a penalty on the convicted person,
order the convicted person to pay to the Commissioner an amount not
exceeding:
(c) if the offence is an offence to which subsection 8E(2) or (3) applies -
3 times that amount; or
(d) in any other case - 2 times that amount.
"(2) A reference in this section to a conviction of a person for an offence
includes a reference to the making of an order under section 19B of the Crimes
Act 1914 in relation to the person in respect of the offence.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 124
Court may order payment of amount in addition to penalty
124. Section 8W of the Principal Act is amended by adding at the end the
following subsection:
"(3) A reference in this section to a conviction of a person for an offence
includes a reference to the making of an order under section 19B of the Crimes
Act 1914 in relation to the person in respect of the offence.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 125
Prosecution of taxation offences
125. Section 8ZA of the Principal Act is amended by adding at the end the
following subsections:
"(5) In spite of anything in the preceding provisions of this section, if:
(a) a person is convicted of 2 or more offences against section 8T or 8U, or
both, before the same court at the same sitting; and
(b) assuming that the person had only been convicted of one of those
offences, that offence would have been punishable on summary conviction;
all those offences are punishable on summary conviction.
"(6) A reference in subsection (5) to a conviction of a person for an
offence includes a reference to the making of an order under section 19B of
the Crimes Act 1914 in relation to the person in respect of the offence.
"(7) A reference in subsection (5) to an offence against section 8T or 8U
includes a reference to an offence against section 7 of the Crimes Act 1914
that relates to an offence against section 8T or 8U, as the case may be.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 126
Prosecution may be commenced at any time
126. Section 8ZB of the Principal Act is amended by omitting from subsection
(2) "21" and substituting "15B".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 127
Principal Act
127. In this Part, "Principal Act" means the Sales Tax Assessment Act (No.
5) 1930.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 128
Interpretation
128. Section 2A of the Principal Act is amended by adding at the end the
following subsection:
"(3) For the purposes of the application of this Act at any time after the
commencement of any of the provisions ('the amending provisions') to which
subsection 2(3) of the Customs and Excise Legislation Amendment Act 1992
applies, this Act has effect as if references to provisions of, or things
happening under, the Customs Act were references to corresponding provisions
of, or corresponding things happening under, the Customs Act as amended by the
amending provisions.".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 129
Principal Act
129. In this Part, "Principal Act" means the Sales Tax (Exemptions and
Classifications) Act 1935.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 130
First Schedule
130. The First Schedule to the Principal Act is amended by inserting in
items 70A and 80 ", or delivery into," before "home consumption".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 131
Principal Act
131. In this Part, "Principal Act" means the Sales Tax Assessment Act 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 132
Schedule 1
132. Schedule 1 to the Principal Act is amended by omitting LE1, LE2, LE3
and LE4 from Table 2 and substituting the following:
"LE1 the goods are taken to have been entered for home consumption under
subsection 71A(6) of the Customs Act
owner (within the meaning of the Customs Act) of the goods
when the goods are taken to have been entered for home
consumption
LE2 the goods are taken to have been entered for home consumption under
subsection 71A(7) of the Customs Act
owner (within the meaning of the Customs Act) of the goods
when the goods are taken to have been entered for home
consumption
LE3 the goods are delivered into home consumption under section 69 of the
Customs Act
person to whom permission to deliver the goods was granted under
section 69 of the Customs Act
when the goods are delivered into home consumption
LE4 the goods are delivered into home consumption under section 70 of the
Customs Act
person to whom permission to deliver the goods was granted under
section 70 of the Customs Act
when the goods are delivered into home consumption
LE4A the goods are delivered into home consumption under section 71 of the
Customs Act
person authorised under section 71 of the Customs Act to deliver
the goods
when the goods are delivered into home consumption".
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 133
Principal Act
133. In this Part, "Principal Act" means the Sales Tax (Exemptions and
Classifications) Act 1992.
TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 134
Schedule 1
134. Schedule 1 to the Principal Act is amended:
(a) by inserting after Item 161 of the Table of Contents the following Item:
"161A. Livestock food";
(b) by inserting in Items 119 and 145 ", or delivery into," before "home
consumption";
(c) by inserting after Item 161 the following Item:
"Item 161A: (Livestock food)
Goods of a kind ordinarily used as food for livestock.".
The
Act No. 224, 1992 amended as indicated in the Tables below.
Act | Number and year | Date of Assent | Date of commencement | Application, saving or transitional provisions |
224, 1992 | 24 Dec 1992 | |||
75, 2010 | 28 June 2010 | Schedule 6 (item 85): 29 June 2010 | — |
| |
Provision affected | How affected |
Div. 19 of Part 2........................ | rep. No. 75, 2010 |
S. 87......................................... | rep. No. 75, 2010 |
0
0
0