Commonwealth Places (Consequential Amendments) Act 1998
No. 23, 1998
Commonwealth Places (Consequential Amendments) Act 1998
No. 23, 1998
An Act to make consequential amendments relating to Commonwealth places
Contents
1 Short title..................................1
2 Commencement..............................1
3 Schedule(s).................................2
4 Application of amendments........................2
Schedule 1—Amendments 3
Commonwealth Places (Application of Laws) Act 1970 3
Income Tax Assessment Act 1936 3
Income Tax Assessment Act 1997 3
Commonwealth Places (Consequential Amendments) Act 1998
No. 23, 1998
An Act to make consequential amendments relating to Commonwealth places
[Assented to 17 April 1998]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Commonwealth Places (Consequential Amendments) Act 1998.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4 Application of amendments
(1) The amendments of the Income Tax Assessment Act 1936 apply to the 1996‑97 year of income.
(2) The amendments of the Income Tax Assessment Act 1997 apply to the 1997‑98 year of income and to all later years of income.
Schedule 1—Amendments
Commonwealth Places (Application of Laws) Act 1970
1 After subsection 4(1)
Insert:
(1A) Subsection (1) does not apply to the provisions of the laws of a State to the extent that those provisions have effect, as laws of the Commonwealth, under the Commonwealth Places (Mirror Taxes) Act 1998.
Income Tax Assessment Act 1936
2 After paragraph 23(kf)
Insert:
(kg) taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998;
3 At the end of section 51
Add:
(11) A deduction is not allowable under subsection (1) in respect of tax imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.
Income Tax Assessment Act 1997
4 Section 11‑10 (before table item headed “dividends or shares”)
Insert:
Commonwealth places windfall tax | |
taxable amounts......................... | 51‑49 |
5 Section 12‑5 (before table item headed “companies, co‑operative and mutual”)
Insert:
Commonwealth places windfall tax | |
.................................... | 26‑17 |
6 After section 26‑15
Insert:
26‑17 Commonwealth places windfall tax
You cannot deduct under this Act any tax that is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.
7 After section 51‑48
Insert:
51‑49 Taxable amounts relating to Commonwealth places windfall tax
Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are exempt from income tax.
[Minister's second reading speech made in—
House of Representatives on 5 March 1998
Senate on 23 March 1998]
(12/98)
Overview
The Commonwealth Places (Consequential Amendments) Act 1998, enacted by the Parliament of Australia, was introduced to make necessary amendments to various pieces of legislation in response to the introduction of the Commonwealth Places (Application of Laws) Act 1970 and the Commonwealth Places Windfall Tax (Imposition) Act 1998. The objective of this Act was to ensure that the existing legal frameworks were adjusted to accommodate the new laws concerning Commonwealth places and the windfall tax imposed on them. The Act commenced on the day it received Royal Assent, with specific amendments applying to the 1996-97 and 1997-98 income years for the Income Tax Assessment Acts. These amendments were designed to align the tax treatment of windfall tax imposed by the new legislation with the existing tax codes, ensuring that there is no allowable deduction for such tax and that the taxable amounts are exempt from income tax.
Scope and Application
The Commonwealth Places (Consequential Amendments) Act 1998 is a legislative instrument that primarily applies to certain Commonwealth Acts, making consequential amendments in relation to Commonwealth places. This Act is pertinent to entities and individuals who are subject to the provisions of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, specifically regarding the treatment of taxable amounts and deductions associated with the Commonwealth Places Windfall Tax (Imposition) Act 1998. The amendments outlined in the Act also affect the Commonwealth Places (Application of Laws) Act 1970, ensuring that the specified state law provisions do not apply to the extent that they have effect under the Commonwealth Places (Mirror Taxes) Act 1998. The jurisdictional reach of this Act is national, given its applicability across various Commonwealth Acts. The Act commenced on the day it received Royal Assent, and its consequential amendments are specified in the accompanying Schedules. Notably, the Act does not introduce new exclusions or exemptions beyond those specified in the subordinate instruments, such as the Commonwealth Places Windfall Tax (Imposition) Act 1998.
Key Provisions
The Commonwealth Places (Consequential Amendments) Act 1998 (the "Act") is primarily concerned with making amendments to other legislation in response to the introduction of the Commonwealth Places Windfall Tax (Imposition) Act 1998. The operative sections of the Act are found in Schedule 1, which specifies amendments to the Commonwealth Places (Application of Laws) Act 1970, the Income Tax Assessment Act 1936, and the Income Tax Assessment Act 1997. Section 1 of Schedule 1 inserts a new subsection (1A) into the Commonwealth Places (Application of Laws) Act 1970, ensuring that state laws do not apply to the Commonwealth Places (Mirror Taxes) Act 1998. In Sections 2 to 7 of Schedule 1, the Act amends the Income Tax Assessment Acts to account for the new Commonwealth Places Windfall Tax. Specifically, it adds new references to the Commonwealth Places Windfall Tax in the tax tables and disallows deductions for this tax.
The Act imposes several obligations on parties and entities governed by the amended legislation. For example, taxpayers must now include taxable amounts relating to the Commonwealth Places Windfall Tax in their income tax returns, as specified in the amended Income Tax Assessment Acts. Additionally, they must ensure that deductions for this tax are not claimed, as per the new provisions in the Acts. These obligations are critical for compliance with the income tax laws as amended by the Act.
Failure to comply with the requirements of the Act can result in various consequences. While the Act itself does not explicitly state penalties or offences, the underlying Acts, such as the Income Tax Assessment Acts, provide for penalties and consequences for non-compliance. For instance, taxpayers who fail to report taxable amounts correctly or claim improper deductions may be subject to fines, interest on unpaid taxes, and potential legal action by the Australian Taxation Office. In more severe cases, deliberate or reckless non-compliance could lead to criminal charges under the criminal code, resulting in substantial fines and imprisonment.