Taxation Laws Amendment (Budget Measures) Act 1995

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Taxation Laws Amendment (Budget Measures) Act 1995

No. 94 of 1995

CONTENTS

Section

1. Short title

2. Commencement

3. Schedules

SCHEDULE 1

AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993

SCHEDULE 2

AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 2) 1993

SCHEDULE 3

AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992

PART 1—AMENDMENTS COMMENCING ON 9 MAY 1995

PART 2—AMENDMENTS COMMENCING ON 1 JULY 1995

CONTENTS—continued

SCHEDULE 4

AMENDMENT OF THE SALES TAX (CUSTOMS) (DEFICIT REDUCTION) ACT 1993

SCHEDULE 5

AMENDMENT OF THE SALES TAX (EXCISE) (DEFICIT REDUCTION) ACT 1993

SCHEDULE 6

AMENDMENT OF THE SALES TAX (GENERAL) (DEFICIT REDUCTION) ACT 1993

SCHEDULE 7

AMENDMENT OF THE SALES TAX (IN SITU POOLS) (DEFICIT REDUCTION) ACT 1993

SCHEDULE 8

AMENDMENT OF THE SALES TAX ASSESSMENT AMENDMENT (DEFICIT REDUCTION) ACT 1993

SCHEDULE 9

AMENDMENTS OF THE SALES TAX ASSESSMENT ACT 1992 RELATING TO INFORMATION FOR THE PROTECTION OF TAXPAYERS

SCHEDULE 10

AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Taxation Laws Amendment (Budget Measures) Act 1995

No. 94 of 1995

 

An Act to amend the law relating to taxation

[Assented to 27 July 1995]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the Taxation Laws Amendment (Budget Measures) Act 1995.

Commencement

2. (1) Subject to this section, this Act is taken to have commenced on 9 May 1995.

(2) Part 2 of Schedule 3 commences, or is taken to have commenced, on 1 July 1995.

(3) Schedule 9 commences on the day on which this Act receives the Royal Assent.

Schedules

3. The Acts specified in the Schedules are amended in accordance with the applicable items in the Schedules and the other items in the Schedules have effect according to their terms.

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SCHEDULE 1 Section 3

AMENDMENT OF THE TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993

1. Subsection 37(3):

Omit “, the 1995-96 year of income or the 1996-97 year of income,”.

2. Subsection 37(4):

Omit “, the 1995-96 year of income or the 1996-97 year of income,”.

___________


SCHEDULE 2 Section 3

AMENDMENT OF THE TAXATION (DEFICIT REDUCTION)
ACT (NO. 2) 1993

1. Subsections 2(2), (3) and (4):

Omit the subsections, substitute:

“(2) Subdivision B of Division 3 of Part 3 commences on 1 July 1995.

“(3) The following provisions commence on 1 July 1997:

(a) Subdivision D of Division 3 of Part 3;

(b) Subdivision C of Division 2 of Part 4.”.

2. Subdivision B of Division 3 of Part 3 (heading):

Add at the end “and 1996-97”.

3. Subdivision C of Division 3 of Part 3:

Repeal the Subdivision.

4. Subdivision B of Division 2 of Part 4 (heading):

Add at the end “, 1995-96 and 1996-97”.

5. Subsection 18(2):

Add at the end “, of the 1995-96 year of income and of the 1996-97 year of income.”.

6. Subdivisions C and D of Division 2 of Part 4:

Repeal the Subdivisions, substitute:

“Subdivision C—Rate for 1997-98 and later years

Rates of tax payable by companies

“19.(1) Section 23 of the Principal Act is amended by omitting from paragraph (4)(b) “33%” and substituting “39%”.

“(2) The amendment made by subsection (1) applies to assessments in respect of income of the 1997-98 year of income and of all later years of income.”.

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SCHEDULE 3 Section 3

AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992

PART 1—AMENDMENTS COMMENCING ON 9 MAY 1995

1. Section 5 (definition of permanent microchip):

Omit the definition.

2. Subsections 14(1) and (2):

Omit “permanent”.

3. Section 42A:

Repeal the section, substitute:

Luxury motor vehicles

“42A. The taxable value of a taxable dealing with goods covered by Item 1 of Schedule 6 to the Exemptions and Classifications Act, other than goods to which section 49 of this Act applies, is reduced by:

”.

4. Application

The amendments made by this Part apply to dealings with goods after 7.30 p.m., by legal time in the Australian Capital Territory, on 9 May 1995.


SCHEDULE 3—continued

PART 2—AMENDMENTS COMMENCING ON 1 JULY 1995

5. Section 42A:

Omit “35.787%”, substitute “34.296%”.

6. Application

The amendment made by this Part applies to dealings with goods on or after 1 July 1995.

__________


SCHEDULE 4 Section 3

AMENDMENT OF THE SALES TAX (CUSTOMS) (DEFICIT REDUCTION) ACT 1993

1. Item 2 of Schedule 2:

Omit the item.

___________


SCHEDULE 5 Section 3

AMENDMENT OF THE SALES TAX (EXCISE) (DEFICIT REDUCTION) ACT 1993

1. Item 2 of Schedule 2:

Omit the item.

_____________


SCHEDULE 6 Section 3

AMENDMENT OF THE SALES TAX (GENERAL)
(DEFICIT REDUCTION) ACT 1993

1. Item 2 of Schedule 2:

Omit the item.

_________


SCHEDULE 7 Section 3

AMENDMENT OF THE SALES TAX (IN SITU POOLS) (DEFICIT REDUCTION) ACT 1993

1. Item 2 of Schedule 2:

Omit the item.

_________


SCHEDULE 8 Section 3

AMENDMENT OF THE SALES TAX ASSESSMENT AMENDMENT (DEFICIT REDUCTION) ACT 1993

1. First and second items of the Schedule:

Omit the items.

__________


SCHEDULE 9 Section 3

AMENDMENTS OF THE SALES TAX ASSESSMENT ACT 1992 RELATING TO INFORMATION FOR THE PROTECTION OF TAXPAYERS

1. After section 130:

Insert:

Information for the protection of taxpayers

“130B. Where a Minister makes a public statement which announces that it is the intention of the Government to introduce into a House of the Parliament a bill relating to a sales tax law to operate from a date before the enactment of the bill, the Commissioner must, within 7 days of that Minister making the statement, publish, for the information of taxpayers in each State and Territory, a public notice, in plain English, in at least 2 newspapers circulating generally in that State or Territory, as the case may be, which shall include the following:

(a) a statement of the intention of the Commonwealth Government to introduce the bill;

(b) details of what the bill will contain and how and when its provisions will be applied, if and when it comes into force;

(c) a warning that the bill is subject to enactment by both Houses of the Parliament and, if enacted, is to operate retrospectively from a date or dates specified in the bill;

(d) an explanation of why it is necessary that the bill be enacted retrospectively; and

(e) details of hotlines, addresses or other sources from which taxpayers may obtain further information.

Taxpayers protection not be repealed except by express words

“130C. It is the intention of the Parliament that section 130B is not to be amended or repealed other than by the express words of an Act of the Parliament.”.

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SCHEDULE 10 Section 3

AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

1. Subsection 221YA(1) (definition of provisional tax uplift factor):

Omit the definition, substitute:

“provisional tax uplift factor;

(a) in relation to the 1995-96 year of income—means 8%; and

(b) in relation to a later year of income—means, until the Parliament otherwise provides, 10%.”.

2. Application

The amendment made by this Schedule applies in relation to provisional tax (including instalments) payable for the 1995-96 year of income and for all later years of income.

_____________________________________________________________________________________

[Minister’s second reading speech made in—

House of Representatives on 8 June 1995 Senate on 20 June 1995]

Overview

The Taxation Laws Amendment (Budget Measures) Act 1995, No. 94 of 1995, was enacted by the Parliament of Australia to address budgetary measures through amendments to various taxation laws. This Act aimed to refine and adjust taxation policies to align with the government's fiscal strategy and deficit reduction efforts. The primary focus was on modifying several Acts, including the Taxation (Deficit Reduction) Acts and the Sales Tax Assessment Act 1992, to introduce changes in tax rates, thresholds, and definitions to streamline the tax framework and ensure fiscal discipline. The overarching policy objective was to implement budgetary measures to reduce the deficit while maintaining fairness and transparency in the tax system. This legislation sought to provide clarity and predictability for taxpayers by specifying the timing and application of certain tax provisions, thereby ensuring compliance and reducing potential disputes.

Scope and Application

The Taxation Laws Amendment (Budget Measures) Act 1995 is a Commonwealth Act that amends various taxation laws to implement budget measures, including deficit reduction, for the fiscal years 1995-96 and 1996-97. This Act applies to both individuals and entities that are subject to taxation under the amended Acts, including the Taxation (Deficit Reduction) Acts, Sales Tax Assessment Acts, and the Income Tax Assessment Act 1936. The amendments affect various industries and transactions that are subject to sales tax and income tax. The Act applies across Australia, with its provisions coming into force on different dates as specified within the Act and its schedules. The Act does not explicitly state exclusions or exemptions, but it does detail specific amendments to different taxation laws. The application of the Act may be extended or restricted through subordinate instruments, such as regulations or guidelines issued under the authority of the amended Acts.

Key Provisions

The Taxation Laws Amendment (Budget Measures) Act 1995 (C2004A04944) primarily amends various taxation acts to implement budget measures. The operative sections of this Act include amendments to the Taxation (Deficit Reduction) Acts (No. 1) and (No. 2) 1993, the Sales Tax Assessment Act 1992, and the Income Tax Assessment Act 1936. For instance, Section 1 of Schedule 1 amends the Taxation (Deficit Reduction) Act (No. 1) 1993 by omitting specific references to the 1995-96 and 1996-97 years of income in Subsections 37(3) and 37(4). Similarly, Section 1 of Schedule 2 modifies the Taxation (Deficit Reduction) Act (No. 2) 1993 by omitting certain subsections and adjusting the commencement dates for various tax provisions. The Act imposes several obligations on taxpayers and entities governed by the amended laws. For example, under Section 1 of Schedule 3, the definition of "permanent microchip" is omitted from the Sales Tax Assessment Act 1992. Additionally, Section 5 of Schedule 3 removes the word "permanent" from Subsections 14(1) and 14(2) of the same Act. Furthermore, Section 42A of Schedule 3 introduces a new provision regarding the taxable value of luxury motor vehicles. These changes necessitate compliance with the new definitions and provisions by taxpayers and entities involved in taxable dealings. The Act also outlines specific offences and penalties for non-compliance with the new tax laws. For instance, while the Act itself does not detail specific penalties, the amendments to the Sales Tax Assessment Act 1992 and other related Acts imply that breaches of the new tax provisions could result in penalties under those Acts. These could include fines or other civil or criminal consequences as stipulated in the respective Acts. For example, the omission of certain tax items and the introduction of new tax rates in the Sales Tax Assessment Act 1992 suggest that failure to comply with these provisions could lead to penalties as defined within that Act.

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Taxation Law
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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.