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This is a Bill, not an Act. For current law, see the Acts databases.
1998-99
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented
and read a first
time
A New Tax
System (Tax Administration) Bill (No. 2)
1999
No. ,
1999
(Treasury)
A Bill
for an Act to implement A New Tax System by amending the law about taxation, and
for related purposes
ISBN: 0642 426716
Contents
Taxation Administration Act
1953 4
Fringe Benefits Tax Assessment Act
1986 15
Taxation Administration Act
1953 20
A New Tax System (Family Assistance) (Administration) Act
1999 21
A New Tax System (Luxury Car Tax) Act
1999 21
A New Tax System (Tax Administration) Act
1999 21
A New Tax System (Wine Equalisation Tax) Act
1999 21
Fringe Benefits Tax Assessment Act
1986 22
Higher Education Funding Act
1988 22
Income Tax Assessment Act
1936 23
Income Tax Assessment Act
1997 26
Petroleum Resource Rent Tax Assessment Act
1987 27
Social Security Act
1991 28
Social Security (Administration) Act
1999 28
Student Assistance Act
1973 28
Superannuation Contributions Tax (Assessment and Collection) Act
1997 29
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Assessment and Collection Act
1997 29
Taxation Administration Act
1953 29
Termination Payments Tax (Assessment and Collection) Act
1997 31
Tobacco Charges Assessment Act
1955 32
Trust Recoupment Tax Assessment Act
1985 32
Veterans’ Entitlements Act
1986 32
Wool Tax (Administration) Act
1964 33
A New Tax System (Indirect Tax Administration) Act
1999 34
A New Tax System (Pay As You Go) Act
1999 34
Income Tax Assessment Act
1936 34
Income Tax Assessment Act
1997 36
Taxation Administration Act
1953 37
A Bill for an Act to implement A New Tax System by
amending the law about taxation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the A New Tax System (Tax Administration) Act
(No. 2) 1999.
(1) Subject to this section, this Act commences, or is taken to have
commenced, immediately after the commencement of section 1 of the A New Tax
System (Tax Administration) Act 1999.
(2) Schedule 2
commences on 1 April 2001.
(3) Item 34 of Schedule 3 commences, or is taken to have commenced, on 1
July 2000, immediately after the commencement of item 49 of Schedule 11 to the
A New Tax System (Tax Administration) Act 1999.
(4) Item 35 of Schedule 3 commences, or is taken to have commenced, on 1
July 2000, immediately after the commencement of item 58 of Schedule 11 to the
A New Tax System (Tax Administration) Act 1999.
(5) Items 46 and 47 of Schedule 3 commence, or are taken to have
commenced:
(a) immediately after the commencement of item 6 of Schedule 2 to the
Youth Allowance Consolidation Act 1999; or
(b) immediately after the commencement of section 1 of the A New Tax
System (Tax Administration) Act 1999;
whichever is the later.
(6) Item 48 of Schedule 3 commences, or is taken to have
commenced:
(a) on 20 March 2000; or
(b) immediately after the commencement of section 1 of the A New Tax
System (Tax Administration) Act 1999;
whichever is the later.
(7) Item 68 of Schedule 3 commences, or is taken to have commenced,
immediately after the commencement of Schedule 12 to the A New Tax System
(Tax Administration) Act 1999.
(8) Items 39, 40, 52, 53, 73 and 74 of Schedule 3 commence, or are taken
to have commenced, on 1 July 2000.
(9) Item 1 of Schedule 4 to this Act commences, or is taken to have
commenced, on 1 July 2000, immediately before the commencement of Schedule 1 to
the A New Tax System (Indirect Tax Administration) Act 1999.
(10) Items
4 to 9 of Schedule 4 to this Act commence, or are taken to have commenced, on 1
July 2000, immediately after the commencement of the amendments of the Income
Tax Assessment Act 1936 made by Part 1 of Schedule 5 to the A New Tax
System (Tax Administration) Act 1999.
Subject to section 2, 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.
Taxation
Administration Act 1953
1
Section 45-10 in Schedule 1 (note)
Repeal the note, substitute:
Note 1: Section 45-450 provides for how this Part applies to
a trustee covered by any of items 6 to 12 of the table in section 9-1 of the
Income Tax Assessment Act 1997. In most respects, the trust is treated
like a company.
Note 2: This Part also applies to a trustee covered by item
5 of the table in section 9-1 of the Income Tax Assessment Act 1997, but
only to the extent set out in section 45-455, and the rest of Subdivision 45-N,
in this Schedule.
2
Paragraph 45-115(1)(b) in Schedule 1
Omit “under subsection 45-320(5)”.
3
Subsection 45-120(1) in Schedule 1 (note 1)
Omit “An amount of statutory income is not”, substitute
“No other amount is”.
4
Subsection 45-120(1) in Schedule 1 (note 2)
After “the period”, insert “(except in some
cases)”.
5
Subparagraph 45-215(1)(b)(ii) in Schedule 1
Omit “the amount notified to you by the Commissioner”,
substitute “worked out”.
6
At the end of section 45-260 in Schedule 1
Add:
Exception for corporate limited partnerships
(4) Your instalment income for the current period does
not include an amount for a partnership that is a
*corporate limited partnership for the income
year that is or includes that period.
Note: Your instalment income will still include a
distribution by the partnership that is ordinary income. See section
45-120.
7
Subdivision 45-I in Schedule 1 (heading)
Repeal the heading, substitute:
8
Group heading before section 45-280 in Schedule 1
Repeal the heading.
9
Subsection 45-280(2) in Schedule 1
Repeal the subsection, substitute:
(2) For the purposes of the formula in subsection (1):
your assessable income from the trust for the last income
year means so much of a share of the trust’s net income for an
income year as:
(a) Division 6 of Part III of the Income Tax Assessment Act 1936
included in your assessable income for the most recent income year:
(i) that ended before the start of the current period; and
(ii) for which you have an assessment, or for which the Commissioner has
notified you that you do not have a taxable income; and
(b) is not attributable to a
*capital gain made by the trust.
Note: For exceptions to paragraph (b), see section
45-290.
10
At the end of section 45-280 in Schedule 1
Add:
Exception for corporate unit trusts and public trading
trusts
(4) Your instalment income for the current period does
not include an amount for a trust if the trustee is liable to be
assessed, and to pay tax, under section 102K or 102S of the Income Tax
Assessment Act 1936 for the income year that is or includes that
period.
Note: Your instalment income will still include a
distribution by the trust that is ordinary income. See section
45-120.
11
After section 45-280 in Schedule 1
Insert:
(1) This section sets out cases where paragraph (b) of the definition of
your assessable income from the trust for the last income year in
subsection 45-280(2) does not apply.
(2) It does not apply in the case of:
(a) an eligible ADF (as defined in section 267
of the Income Tax Assessment Act 1936) for the income year that is or
includes the current period; or
(b) an eligible superannuation fund (as defined in that section) for that
year; or
(c) a pooled superannuation trust (as defined in that section) for that
year.
(3) It does not apply in the case of a
*life insurance entity or
*registered organisation to the extent that the
share of the trust’s net income is included in the
*CS/RA class of its assessable income for the
income year that is or includes the current period.
Note: The CS/RA class relates to the Complying
Superannuation/Roll-over Annuity aspect of the entity’s
business.
12
Group heading before section 45-300 in Schedule 1
Repeal the heading.
13
Section 45-300 in Schedule 1
Repeal the section.
14
Subsection 45-405(1) in Schedule 1
Omit “under Subdivision 45-J”.
15
Subsection 45-405(2) in Schedule 1
Omit “in applying Subdivision 45-J”.
16
At the end of Division 45 in Schedule 1
Add:
Table of sections
Trustees
to whom this Part applies
45-450 Trustees to whom a single instalment rate is
given
45-455 Trustees to whom several instalment rates are
given
45-460 Rest of Subdivision applies only to multi-rate
trustees
45-465 Meaning of instalment income
45-468 Multi-rate trustee may pay quarterly instalments on
the basis of GDP-adjusted notional tax
How Commissioner works out instalment rate and notional tax for a
multi-rate trustee
45-470 Working out instalment rate
45-473 Commissioner must notify you of notional
tax
45-475 Working out your notional tax
45-480 Working out your adjusted taxable
income
45-483 Meaning of reduced beneficiary’s share
and reduced no beneficiary’s share
45-485 Working out your adjusted withholding
income
How Commissioner works out benchmark instalment rate and benchmark tax
for a multi-rate trustee
45-525 When Commissioner works out benchmark instalment rate
and benchmark tax
45-530 How Commissioner works out benchmark instalment
rate
45-535 Working out your benchmark
tax
(1) This Part (except Subdivision 45-D) applies to a trustee covered by
any of items 6 to 12 of the table in section 9-1 of the Income Tax Assessment
Act 1997.
Note: Subdivision 45-D is about quarterly payers who pay on
the basis of GDP-adjusted notional tax.
(2) Such a trustee is called a single-rate
trustee.
(3) This Part (except Subdivision 45-D) applies to the trustee of a trust
that is a *corporate unit trust, or a
*public trading trust, for an income year as if
the trustee had a taxable income for the income year equal to the net income of
the trust for the income year.
Trustee previously assessed in respect of beneficiary
(1) This Part also applies for an income year (the current
year), to the trustee of a trust, in respect of a beneficiary of the
trust, if for a previous income year the trustee of the trust was liable to be
assessed, and to pay tax, under subsection 98(1) or (2) of the Income Tax
Assessment Act 1936 in respect of that beneficiary.
(2) However, this Part does not apply for the current year to the trustee
in respect of that beneficiary if:
(a) for that previous income year the trustee was liable to be assessed,
and to pay tax, under subsection 98(1) of the Income Tax Assessment Act
1936 in respect of that beneficiary; and
(b) that beneficiary will no longer be under a legal disability, or it is
reasonable to expect that he or she will no longer be under a legal disability,
at the end of the current year.
Trustee previously assessed under section 99 or 99A
(3) This Part also applies for an income year to the trustee of a trust if
for a previous income year the trustee was liable to be assessed, and to pay
tax, under section 99 or 99A of the Income Tax Assessment Act
1936.
Multiple applications of this Part to the same trustee for the same
income year
(4) The application of this Part for an income year, to the trustee of a
trust, in respect of a beneficiary of the trust, because of subsection (1), is
distinct from, and additional to, each of the following:
(a) the application of this Part for that income year, to the trustee of
the trust, in respect of another beneficiary;
(b) the application of this Part for that income year, to the trustee of
the trust, because of subsection (3);
(c) the application of this Part for that income year to a beneficiary of
the trust.
(5) The application of this Part for an income year, to the trustee of a
trust, because of subsection (3), is distinct from, and additional to, each of
the following:
(a) the application of this Part for that income year, to the trustee of
the trust, in respect of a beneficiary of the trust, because of subsection
(1);
(b) the application of this Part for that income year to a beneficiary of
the trust.
(6) A multi-rate trustee is a trustee to whom this Part
applies because of this section.
The rest of this Subdivision applies to you if, and only if, you are a
*multi-rate trustee. (It applies instead of
Subdivisions 45-J and 45-K.)
Note: Except as provided in the rest of this Subdivision or
elsewhere, this Part applies according to its terms to a multi-rate trustee. For
example, a multi-rate trustee can become an annual payer under Subdivision
45-E.
Your instalment income for a
period is the whole of the trust’s
*instalment income for that period.
Subdivision 45-D (about quarterly payers who pay on the basis of
GDP-adjusted notional tax) applies to you in the same way as it applies to an
individual.
(1) An instalment rate that the Commissioner gives you must be the
percentage worked out to 2 decimal places (rounding up if the third decimal
place is 5 or more) using the formula:
However, the instalment rate must be a nil rate if either component of the
formula is nil.
(2) For the purposes of the formula in subsection (1):
base assessment instalment income means so much of the
assessable income of the trust, as worked out for the purposes of the
*base assessment, as the Commissioner
determines is *instalment income of the trust
for the *base year.
(3) The base assessment is the latest assessment for the
most recent income year for which an assessment has been made of the tax payable
by you:
(a) under subsection 98(1) or (2) of the
Income Tax Assessment Act 1936 in respect of the same beneficiary;
or
(b) under section 99 or 99A of the Income Tax Assessment Act
1936;
as appropriate.
(4) However, if the Commissioner is satisfied that there is a later income
year for which no tax is payable as mentioned in subsection (3), the base
assessment is the latest return or other information from which an
assessment of tax so payable for that income year would have been
made.
(5) The base year is the income year to which the
*base assessment relates.
(1) When the Commissioner gives you the instalment rate, he or she must
also notify you of the amount of your *notional
tax, as worked out for the purposes of working out the instalment
rate.
(2) The Commissioner may incorporate notice of
the instalment rate and the amount of your
*notional tax in notice of your
assessment.
Notional tax if no withholding income
(1) Your notional tax is your
*adjusted tax (worked out under section 45-340)
on your *adjusted taxable income (worked out
under section 45-480) for the *base
year.
Notional tax if trust has withholding income
(2) However, your notional tax (as worked out under
subsection (1)) is reduced if the trust’s assessable income for the
*base assessment includes amounts in respect of
*withholding payments (except
*non-quotation withholding payments).
(3) It is reduced (but not below nil) by your
*adjusted tax (worked out under section 45-340)
on your *adjusted withholding income (worked
out under section 45-485) for the *base
year.
Commissioner
may take into account actual and proposed changes to the law
(4) Subsections 45-325(4) and (5) apply for the purposes of working out
your *notional tax under this
section.
(1) Your adjusted taxable income for the
*base year is worked out using the
formula:
(2) For the purposes of the formula in subsection (1):
adjusted net income of the trust means the net income of the
trust, as worked out for the purposes of the
*base assessment and:
(a) reduced by any *net capital gain
included in the trust’s assessable income as so worked out; and
(b) increased by any deductions for *tax
losses that were made in so working out that net income; and
(c) reduced by the amount of any tax loss, to the extent that it can be
carried forward for working out the trust’s net income for the next income
year.
reduced
net income of the trust means the net income of the trust, as worked out
for the purposes of the *base assessment and
reduced by any *net capital gain included in
the trust’s assessable income as so worked out.
relevant share means the
*reduced beneficiary’s share, or the
*reduced no beneficiary’s share, as
appropriate, of the net income of the trust, as worked out for the purposes of
the *base assessment.
(1) If the trustee of a trust is liable to be assessed, and to pay tax,
for an income year under subsection 98(1) or (2) of the Income Tax Assessment
Act 1936 in respect of a particular beneficiary, the reduced
beneficiary’s share of the net income is the amount on which the
trustee is so liable to be assessed and to pay tax, except so much of that
amount as is attributable to a *net capital
gain included in the trust’s assessable income for that income
year.
(2) If the trustee of a trust is liable to be assessed, and to pay tax,
for an income year under section 99 or 99A of the Income Tax Assessment Act
1936, the reduced no beneficiary’s share of the net
income is the amount on which the trustee is so liable to be assessed and to pay
tax, except so much of that amount as is attributable to a
*capital gain made by the trust during that
income year.
(1) Your adjusted withholding income for the
*base year is worked out using the
formula:
(2) For the purposes of the formula in subsection (1):
net withholding income of the trust means:
• the total of the amounts included in the trust’s assessable
income for the *base assessment in respect of
*withholding payments (except
*non-quotation withholding payments);
reduced by:
• the trust’s deductions for that year, as used in making that
assessment, to the extent that they reasonably relate to those
amounts.
reduced
net income of the trust has the meaning given by subsection
45-480(2).
relevant share has the meaning given by subsection
45-480(2).
(1) The Commissioner may work out your
*benchmark instalment rate for an income year
(the variation year) if, under section 45-205, you choose an
instalment rate to work out the amount of your instalment for an
*instalment quarter in that year.
(2) The Commissioner may work out your
*benchmark tax for an income year (the
variation year) if, under paragraph 45-112(1)(b) or (c), the
amount of your instalment for an *instalment
quarter in an income year is worked out on the basis of your estimate of your
*benchmark tax for that income year.
(3) The Commissioner may work out your
*benchmark tax for an income year (the
variation year) if, under paragraph 45-115(1)(c) or 45-175(1)(b),
you estimate the amount of your annual instalment for that year.
(1) Your benchmark instalment rate for the variation year is
the percentage worked out to 2 decimal places (rounding up if the third decimal
place is 5 or more) using the formula:
However, your benchmark instalment rate is a nil rate if
either component of the formula is nil.
(2) For the purposes of the formula in subsection (1):
variation year instalment income means so much of the
trust’s assessable income for the variation year as the Commissioner
determines is *instalment income for that
year.
Benchmark tax if no withholding income
(1) Your benchmark tax is your
*adjusted assessed tax (worked out under
section 45-375) on the *reduced
beneficiary’s share, or the *reduced no
beneficiary’s share, as appropriate, of the net income of the trust for
the variation year.
Benchmark tax if you had withholding income
(2) However, your benchmark tax (as worked out under
subsection (1)) is reduced if the trust’s assessable income for the
variation year includes amounts in respect of
*withholding payments.
(3) It is reduced (but not below nil) by the total amount of the credits
to which you are entitled for the variation year under section 18-25 (for
amounts withheld from the withholding payments).
Fringe
Benefits Tax Assessment Act 1986
Repeal the section, substitute:
(1) An employer is entitled to a credit when the Commissioner:
(a) makes an assessment of the tax payable by the employer for a year of
tax; or
(b) determines that no tax is payable.
Note: The employer’s first return for the year of tax
is treated as an assessment: see section 72.
(2) The credit is equal to:
• the total of each instalment (if any) payable by the employer for
the year of tax;
reduced by:
• the total of any credits the employer has claimed under section
112A because of one or more instalments of tax for the year of tax.
Note: An employer can claim a credit under section 112A in
some cases where the amount by reference to which an instalment is worked out
reduces during the year of tax.
(3) The making of the assessment or determination, and the resulting
credit entitlement, do not affect the liability to pay an instalment.
Note: How the credit is applied is set out in Division 3 of
Part IIB of the Taxation Administration Act 1953.
2
Subsections 110(1), (2) and (3)
Repeal the subsections, substitute:
(1) An employer’s notional tax
amount for a year of tax (the current year) as at a
particular time (the test time) is worked out using the table,
except as provided in subsections (3), (4) and (5).
|
Working out an employer’s notional tax amount |
||
|---|---|---|
|
Item |
In this case: |
The notional tax amount is: |
|
1 |
No other item applies |
the amount of the employer’s tax for the most recent year of tax (the
base year) for which the Commissioner has made an assessment
before the test time. |
|
2 |
Before the test time, the Commissioner has determined that no tax is
payable by the employer for a year of tax, and there is no later year of tax for
which the Commissioner has made an assessment of the employer’s tax before
the test time |
nil |
|
3 |
There is no year of tax for which the Commissioner has, before the test
time, made an assessment of the employer’s tax or determined that no tax
is payable by the employer |
nil |
|
4 |
The notional tax amount would otherwise be worked out under item 1
and: |
if the test time is before the prescribed day—the notional tax amount
worked out under item 1; or if the test time is on and after the prescribed day—that amount as
varied in accordance with the regulations. |
Note: The employer’s first return for the year of tax
is treated as an assessment: see section 72.
(3) The Commissioner may determine that the employer’s
notional tax amount for the current year is such amount as the
Commissioner estimates will be the tax payable by the employer for that year, if
the Commissioner has reason to believe that that tax will exceed:
(a) if the notional tax amount would otherwise be worked out under item 1
or 4 of the table in subsection (1)—the amount of the employer’s tax
for the base year; or
(b) if the notional tax amount would otherwise be worked out under item 2
or 3 of the table in subsection (1)—nil.
Repeal the subsection, substitute:
(1) The amount of an instalment of tax of an employer for a year of tax
that becomes due and payable on the 21st day after the end of a quarter is the
amount worked out using this formula, if the amount is positive:
Otherwise, the amount of the instalment is nil.
Note: If the notional tax amount is too small, the
instalment may not be payable: see subsection (2).
(1A) For the purposes of the formula in subsection (1):
notional tax amount means the employer’s notional tax
amount for the year of tax, as at the end of the last day of that
quarter.
previous credits means the total of any credits the employer
has claimed under section 112A because of one or more instalments of tax for the
same year of tax that became due and payable before that day.
previous instalments means the total of any instalments of
tax for the same year of tax that became due and payable by the employer before
that day.
After “year of tax” (first occurring), insert “that would
otherwise become due and payable by an employer on the 21st day after the end of
a quarter”.
Omit “or (2)”.
6
At the end of subsection 111(2)
Add:
; and (c) unless that quarter is the first quarter in the year of
tax—because of one or more previous applications of this subsection, the
instalment that would otherwise have become due and payable by the employer on
the 21st day after the end of the previous quarter is not payable.
7
Subsections 112(4), (4A) and (5)
Repeal the subsections.
Insert:
(1) If an amount worked out using the formula in subsection 111(1) is
negative, the employer is entitled to claim a credit equal to that amount,
expressed as a positive amount.
Note: This will happen if the notional tax amount has
reduced since the end of an earlier quarter because, for
example:
• the employer has made an estimate under section 112
of its tax for the current year; or
• an assessment has been made for a more recent year
of tax before the current year.
(2) A claim for a credit must be made in the approved form on or before
the 21st day after the end of the quarter.
Note: How the credit is applied is set out in Division 3 of
Part IIB of the Taxation Administration Act 1953.
(1) An employer is liable to pay the general interest charge under this
section if:
(a) in order to determine the amount of an instalment of tax (the
underpaid instalment) of the employer for a year of tax, an amount
(whether positive, negative or nil) (the actual amount) was worked
out using the formula in subsection 111(1); and
(b) because of subsection 110(5), the notional tax amount used in working
out the actual amount was an estimate by the employer under subsection 112(1);
and
(c) that notional tax amount is less than 90% of the employer’s tax
assessed for the year of tax; and
(d) that assessed tax has become due and payable.
Note: Paragraph (1)(b) is not satisfied if the notional tax
amount used in working out the actual amount was estimated tax worked out under
subsection 112(3) because the Commissioner disagrees with the employer’s
estimate.
(2) The employer is liable to pay the charge, for each day in the GIC
period, on the amount (if any) by which the actual amount is less than
the amount (whether positive, negative or nil) worked out using the
formula:
(3) For the purposes of the formula in subsection (2):
minimum tax amount means the lesser of:
(a) the amount that, apart from subsection 110(5), would have been the
notional tax amount used in working out the actual amount; and
(b) the employer’s tax assessed for the year of tax.
previous credits means the total of any credits the employer
has claimed under section 112A because of one or more instalments of tax for the
same year of tax that became due and payable before that day.
previous instalments means the total of any instalments of
tax for the same year of tax that became due and payable by the employer before
the day on which the underpaid instalment became due and payable (or would have
become due and payable if the actual amount had been positive).
(4) The amount of the general interest charge is taken to be
additional tax payable under this section.
Insert:
notional tax amount has the meaning given by section
110.
The amendments made by this Schedule apply in relation to instalments of
tax for the year of tax starting on 1 April 2001 and all later years of
tax.
Taxation
Administration Act 1953
11
Subsection 8AAB(5) (table item 2)
Omit “112”, substitute “112B”.
A
New Tax System (Family Assistance) (Administration) Act
1999
1 Section 225
Omit “for the purpose of enabling the collection of tax”,
substitute “or Subdivision 260-A in Schedule 1 to the Taxation
Administration Act 1953, for the purpose of enabling the collection of an
amount”.
A
New Tax System (Luxury Car Tax) Act 1999
2 Section 13-20 (note)
Renumber as note 1.
3 At the end of section
13-20
Add:
Note 2: For provisions about collection and recovery of
luxury car tax on taxable importations of luxury cars, see Part 4-15 in Schedule
1 to the Taxation Administration Act 1953 and Division 3 of Part VI of
that Act.
A
New Tax System (Tax Administration) Act 1999
4 After subitem 2(4) of Schedule
2
Insert:
(4A) Despite subitems (2), (3) and (4), nothing can be done under
Subdivision 255-B, 255-C or 260-A in Schedule 1 to the Taxation
Administration Act 1953 before 1 July 2000.
A
New Tax System (Wine Equalisation Tax) Act 1999
5 Section 23-5 (note)
Renumber as note 1.
6 At the end of section
23-5
Add:
Note 2: For provisions about collection and recovery of wine
tax on customs dealings, see Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953 and Division 3 of Part VI of that
Act.
Fringe
Benefits Tax Assessment Act 1986
7 Subsection 101(1)
Omit “92, 93, 94, 95, 100, 129, 130 and 131”, substitute
“93, 100 and 129”.
8 Subsection 101(2)
Omit “94, 95, 100, 129, 130 and 131”, substitute “100 and
129”.
9 Saving
A reference to section 92, 94, 130 or 131 of the Fringe Benefits Tax
Assessment Act 1986 (the FBTA Act) in an item in Part 3 of
Schedule 2 to the A New Tax System (Tax Administration) Act 1999 includes
a reference to that section as it had effect, before its repeal, because of
section 101 of the FBTA Act.
10 At the end of section
103
Add:
Note: For provisions about collection and recovery of
instalments of fringe benefits tax, see Part 4-15 in Schedule 1 to the
Taxation Administration Act 1953.
Higher
Education Funding Act 1988
11 Subsection 106U(1)
After “(Assessment Act)”, insert “, and
Part 4-15 in Schedule 1 to the Taxation Administration Act
1953,”.
12 Subsection 106U(1)
Omit “that Act”, substitute “the Assessment
Act”.
13 At the end of subsection
106U(1)
Add:
Note: Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953 deals with collection and recovery of amounts on and
after 1 July 2000, replacing some provisions in Division 1 of Part VI of the
Income Tax Assessment Act 1936.
Note: The heading to section 106U is altered by omitting
“Income Tax Assessment Act” and substituting “tax
legislation”.
Income
Tax Assessment Act 1936
14 After subsection 128C(1)
Insert:
Application
(1A) The Commissioner must not exercise his or her power under subsection
(1) on or after 1 July 2000.
(1B) Subsections (2) and (5) do not apply in relation to withholding tax
that becomes due and payable on or after 1 July 2000.
Note: For provisions about collection and recovery of
withholding tax and other amounts on or after 1 July 2000, see Part 4-15 in
Schedule 1 to the Taxation Administration Act 1953.
15 Subsection 128C(9)
Repeal the subsection.
16 After subsection
128NB(3)
Insert:
Application
(3A) The Commissioner must not exercise his or her power under paragraph
(3)(b) on or after 1 July 2000.
Note: For provisions about collection and recovery of tax on
or after 1 July 2000, see Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953.
17 At the end of section
160ARDZ
Add:
Application
(3) The Commissioner must not exercise his or her power under paragraph
(1)(b) on or after 1 July 2000.
(4) Subsection (2) does not apply in relation to untainting tax that
becomes due and payable on or after 1 July 2000.
Note: For provisions about collection and recovery of
untainting tax on or after 1 July 2000, see Part 4-15 in Schedule 1 to the
Taxation Administration Act 1953.
18 At the end of section
160ARDZB
Add:
Application
(2) Subsection (1) does not apply in relation to any untainting tax or
additional tax that becomes due and payable on or after 1 July 2000.
Note: For provisions about collection and recovery of
untainting tax and additional tax on or after 1 July 2000, see Part 4-15 in
Schedule 1 to the Taxation Administration Act 1953.
19 At the end of section
204
Add:
Note: For provisions about collection and recovery of income
tax and related amounts, see Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953.
20 Subsection 205(3)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
21 Subsection 206(3)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
22 Paragraph 208(3)(b)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
23 Paragraph 209(3)(b)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
24 Subsection 214(3)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
25 Subsection 215(7)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
26 Subsection 216(4)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
27 Subsection 218(8)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
28 Subsection 220(9)
After “section”, insert “(including the extended
operation that this section has because of any provision of this or any other
Act)”.
29 Paragraph 221AZKC(5)(a)
Omit “section 206”, substitute “Subdivision 255-B in
Schedule 1 to the Taxation Administration Act 1953”.
30 Paragraph 221AZKC(5)(b)
Omit “section 206”, substitute “Subdivision 255-B in
Schedule 1 to the Taxation Administration Act 1953”.
31 Subsection 221AZKC(8)
Omit “206, 208, 209, 214, 254, 255, 258 and 259”, substitute
“254 and 255”.
32 Subsection 221R(1A)
Repeal the subsection (except the note), substitute:
Application
(1A) Subsection (1) does not apply in relation to:
(a) an amount payable under this Division that becomes due and payable on
or after 1 July 2000; or
(b) an amount that becomes due and payable on or after that day, and is
taken to be income tax for the purposes of this Division because of any
provision of this or any other Act.
33 At the end of section
221YHZW
Add:
Application
(2) The Commissioner must not exercise his or her power under paragraph
(1)(b) on or after 1 July 2000.
Note: For provisions about collection and recovery of TFN
withholding tax on or after 1 July 2000, see Part 4-15 in Schedule 1 to the
Taxation Administration Act 1953.
34 Subsection 222AFA(5)
Omit “Part 4-10 in Schedule 1 to the Taxation Administration Act
1953”, substitute “Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953,”.
35 Subsection 222ANA(4)
Omit “Part 4-10”, substitute “Part 4-15”.
36 Paragraph 258(3)(b)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
37 Paragraph 259(3)(b)
Omit “other provision of this Act”, substitute “provision
of this or any other Act”.
Income
Tax Assessment Act 1997
38 Subsection 3-5(3)
Omit “Division 1 (sections 204 to 220) of Part VI of the Income
Tax Assessment Act 1936”, substitute “sections 204, 213, 214A
and 219 of the Income Tax Assessment Act 1936 and Part 4-15 in Schedule 1
to the Taxation Administration Act 1953”.
Petroleum
Resource Rent Tax Assessment Act 1987
39 Subsection 65(5)
Repeal the subsection.
40 Saving
Despite the repeal of subsection 65(5) of the Petroleum Resource Rent
Tax Assessment Act 1987 by item 39, that subsection continues to have effect
in relation to an exercise of the Commissioner’s power under section 84 of
that Act before 1 July 2000.
41 Subsection 65(12)
Omit “83, 84, 86, 87, 88, 89, 92, 109, 110 and 111”, substitute
“92 and 109”.
42 Saving
A reference to section 83, 84, 86, 88, 89, 110 or 111 of the Petroleum
Resource Rent Tax Assessment Act 1987 (the PRRTA Act) in an
item in Part 3 of Schedule 2 to the A New Tax System (Tax Administration) Act
1999 includes a reference to that section as it had effect, before its
repeal, because of subsection 65(12) of the PRRTA Act.
43 Subsection 93(1)
Omit “84, 85, 86, 87, 92, 109, 110 and 111”, substitute
“85, 92 and 109”.
44 Saving
A reference to section 84, 86, 110 or 111 of the Petroleum Resource Rent
Tax Assessment Act 1987 (the PRRTA Act) in an item in Part 3
of Schedule 2 to the A New Tax System (Tax Administration) Act 1999
includes a reference to that section as it had effect, before its repeal,
because of subsection 93(1) of the PRRTA Act.
45 At the end of section 95
Add:
Note: For provisions about collection and recovery of an
instalment of tax, see Part 4-15 in Schedule 1 to the Taxation Administration
Act 1953.
46 Subsection 1061ZZFG(1)
After “Part IVC of”, insert “, and Part 4-15 in Schedule
1 to,”.
47 At the end of subsection
1061ZZFG(1)
Add:
Note 1: Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953 deals with collection and recovery of amounts on and
after 1 July 2000, replacing some provisions in Division 1 of Part VI of the
Income Tax Assessment Act 1936.
Note 2: FS assessment debts are also collected through the
Pay As You Go (PAYG) system of collecting income tax: see Parts 2-1, 2-5 and
2-10 in Schedule 1 to the Taxation Administration Act
1953.
Social
Security (Administration) Act 1999
48 Subsection 241(1)
Omit “for the purpose of enabling the collection of tax”,
substitute “or Subdivision 260-A in Schedule 1 to the Taxation
Administration Act 1953, for the purpose of enabling the collection of an
amount”.
49 Subsection 12ZN(1)
After “Part IVC of”, insert “, and Part 4-15 in Schedule
1 to,”.
Note: The heading to section 12ZN is altered by omitting
“the Income Tax Assessment Act” and substituting
“tax legislation”.
50 At the end of subsection
12ZN(1)
Add:
Note 1: Part 4-15 in Schedule 1 to the Taxation
Administration Act 1953 deals with collection and recovery of amounts on and
after 1 July 2000, replacing some provisions in Division 1 of Part VI of the
Income Tax Assessment Act 1936.
Note
2: FS assessment debts are also collected through the Pay As You Go (PAYG)
system of collecting income tax: see Parts 2-1, 2-5 and 2-10 in Schedule 1 to
the Taxation Administration Act
1953.
Superannuation
Contributions Tax (Assessment and Collection) Act 1997
51 At the end of subsection
15(4)
Add:
Note: For provisions about collection and recovery of
superannuation contributions surcharge and other related amounts, see Part 4-15
in Schedule 1 to the Taxation Administration Act 1953.
Superannuation
Contributions Tax (Members of Constitutionally Protected Superannuation Funds)
Assessment and Collection Act 1997
52 Subsection 15(8)
Omit “or within such further period as the Commissioner
allows”.
53 Saving
Despite the amendment of subsection 15(8) of the Superannuation
Contributions Tax (Members of Constitutionally Protected Superannuation Funds)
Assessment and Collection Act 1997 made by item 52, anything done under that
subsection before 1 July 2000 continues to have effect on and after that day as
if that subsection had not been so amended.
54 At the end of subsection
15(8)
Add:
Note: For provisions about collection and recovery of
superannuation contributions surcharge and other related amounts, see Part 4-15
in Schedule 1 to the Taxation Administration Act 1953.
Taxation
Administration Act 1953
Repeal the subsection, substitute:
(1) If there is an RBA deficit debt on an RBA at the end of a day, the tax
debtor is liable to pay to the Commonwealth the amount of the debt. The amount
is due and payable at the end of that day.
Note: For provisions about collection and recovery of the
amount, see Part 4-15 in Schedule 1.
Note: The heading to section 8AAZH is replaced by the
heading “Liability for RBA deficit debt”.
56 Section 14ZQ (paragraphs (a), (d) and (eb) of
the definition of delayed administration (beneficiary)
objection)
Repeal the paragraphs.
57 Section 14ZQ (paragraph (g) of the definition
of delayed administration (beneficiary) objection)
Repeal the paragraph, substitute:
(g) subsection 260-145(5) in Schedule 1 (because of paragraph (a) of that
subsection).
58 Section 14ZQ (paragraphs (a), (d) and (eb) of
the definition of delayed administration (trustee)
objection)
Repeal the paragraphs.
59 Section 14ZQ (paragraph (g) of the definition
of delayed administration (trustee) objection)
Repeal the paragraph, substitute:
(g) subsection 260-145(5) in Schedule 1 (because of paragraph (b) of that
subsection).
60 Paragraph 14ZW(1)(ab)
Omit “subsection 98(3) of the Fringe Benefits Tax Assessment Act
1986”, substitute “subsection 260-145(5) in Schedule 1 (because
of paragraph (a) of that subsection)”.
61 Paragraph 14ZW(1)(ac)
Omit “subsection 98(7) of the Fringe Benefits Tax Assessment Act
1986”, substitute “subsection 260-145(5) in Schedule 1 (because
of paragraph (b) of that subsection)”.
62 Saving
The amendments made by items 56 to 61 do not apply to anything done
under:
(a) a provision specified in a paragraph that is repealed or amended by
item 56, 57, 58 or 59; or
(b) that provision as it continues to have
effect because of item 134 of Schedule 2 to the A New Tax System (Tax
Administration) Act 1999.
63 Subsection 47(3)
Omit “Unless the Commissioner has extended the time to pay the
penalty, or permitted it to be paid by instalments, the”, substitute
“The”.
64 Subsection 47(3) (note)
Repeal the note.
65 At the end of section 16-70 in Schedule
1
Add:
Note: For provisions about collection and recovery of
amounts payable to the Commissioner under this Part, see Part
4-15.
66 At the end of section 45-15 in Schedule
1
Add:
Note 5: For provisions about collection and recovery of
amounts you are liable to pay under this Part, see Part 4-15.
67 Section 45-75 in Schedule
1
Omit “208, 209, 214, 254, 255, 258 and 259”, substitute
“254 and 255”.
68 At the end of section 298-15 in Schedule
1
Add:
Note: For provisions about collection and recovery of the
penalty, see Part 4-15.
Termination
Payments Tax (Assessment and Collection) Act 1997
69 At the end of subsection
11(2)
Add:
Note: For provisions about collection and recovery of
termination payments surcharge and other related amounts, see Part 4-15 in
Schedule 1 to the Taxation Administration Act 1953.
Tobacco
Charges Assessment Act 1955
70 Subsection 17(1)
Omit “Subject to subsection (2) of this section and section 23,
charge”, substitute “Charge”.
71 Subsection 17(1A)
Omit “Subject to subsection (2) of this section and section 23,
additional”, substitute “Additional”.
Trust
Recoupment Tax Assessment Act 1985
72 Subsection 4(6)
After “Assessment Act”, insert “, or subsection 255-5(2)
in Schedule 1 to the Taxation Administration Act 1953,”.
Note: The heading to section 4 is altered by omitting
“Assessment Act” and substituting “tax
legislation”.
73 Subsection 4(8)
Repeal the subsection.
74 Saving
Despite the repeal of subsection 4(8) of the Trust Recoupment Tax
Assessment Act 1985 by item 73, that subsection continues to have effect in
relation to a person who dies before 1 July 2000.
Veterans’
Entitlements Act 1986
75 Subsection 58J(1)
Omit “for the purposes of enabling the collection of tax”,
substitute “or Subdivision 260-A in Schedule 1 to the Taxation
Administration Act 1953, for the purpose of enabling the collection of an
amount”.
76 Subsection 58J(2)
Omit “for the purposes of enabling the collection of tax”,
substitute “or Subdivision 260-A in Schedule 1 to the Taxation
Administration Act 1953, for the purpose of enabling the collection of an
amount”.
77 At the end of section
58J
Add:
Note: The power of the Commissioner of Taxation to issue a
notice in relation to collection of tax under section 218 of the Income Tax
Assessment Act 1936 ceases on and after 1 July 2000. On and after that day,
he or she may issue a similar notice under Subdivision 260-A in Schedule 1 to
the Taxation Administration Act 1953.
Note: The heading to section 58J is altered by omitting
“—section 218 of the Income Tax Assessment
Act”.
Wool
Tax (Administration) Act 1964
78 Subsection 36(1)
Omit “Subject to section 37, tax”, substitute
“Tax”.
79 Subsection 36(2)
Omit “Subject to section 37, additional”, substitute
“Additional”.
A
New Tax System (Indirect Tax Administration) Act 1999
Repeal the item, substitute:
1 Subsection 8AAB(5) (after table item
17)
Insert:
|
17AA |
40 |
Taxation Administration Act 1953 |
A
New Tax System (Pay As You Go) Act 1999
After “Division 12”, insert “(except section
12-190)”.
3
After subitem 3(1) of Schedule 1
Insert:
(1A) Section 12-190 in Schedule 1 to the Taxation Administration Act
1953 applies to a payment made on or after 1 July 2000, but only if some or
all of the supply is made on or after that day. (When a supply is made is
determined for the purposes of this subitem in the same way as for the purposes
of the A New Tax System (Goods and Services Tax Transition) Act
1999.)
Income
Tax Assessment Act 1936
Omit all the words after “to have”, substitute “made a
TFN declaration in relation to the trustee that has effect under Division
3.”.
5 Application
The amendment made by item 4 applies to a person who quotes his or her tax
file number before, at or after the item’s commencement.
6 Section 202DI
Omit all the words after “to have”, substitute “made a
TFN declaration in relation to the provider of the RSA that has effect under
Division 3.”.
Note: The heading to section 202DI is altered by inserting
“of” after “taxation”.
7 Application
The amendment made by item 6 applies to a person who quotes his or her tax
file number before, at or after the item’s commencement.
8 Subsection 202DJ(1)
Omit “has quoted his or her tax file number as mentioned in
subregulation 98(8) or regulation 100 of the Income Tax Regulations,”,
substitute “has made a TFN declaration in relation to the trustee of the
entity, scheme or fund, or the RSA provider, that states his or her tax file
number, and has effect under Division 3 (except a declaration that includes a
statement mentioned in subsection 202CB(2)),”.
9 Saving
The amendment made by item 8 applies to a person who, immediately before
that item’s commencement, is taken to have quoted his or her tax file
number to a trustee or an RSA provider because of subsection 202DJ(1) of the
Income Tax Assessment Act 1936, as if that person had made a TFN
declaration in relation to the trustee or the RSA provider as mentioned in that
subsection as amended by that item.
After “221AZKC”, insert “, 221AZKEA”.
Insert:
If an instalment taxpayer’s assessment for the 1999-2000 year of
income is amended on one or more occasions, sections 221AZKB and 221AZKC apply,
and are taken always to have applied, as if the taxpayer’s assessed tax
for that year had always been the total of:
(a) the tax payable for that year; and
(b) the amount of interest (if any) payable under section 102AAM for that
year;
as shown in the notice of the taxpayer’s latest assessment for that
year.
Note: This may affect how much of the final instalment can
be deferred, and the number and amounts of quarterly payments by which the
taxpayer must pay off the deferred amount.
12
At the end of section 221AZKE
Add:
(2) Subsection (1) also has effect for the purposes of section 221AZKEA as
applying to the entity.
(3) In this section:
entity has the meaning given by section 960-100 of the
Income Tax Assessment Act 1997.
Income
Tax Assessment Act 1997
13
Subsection 2-15(3) (after item 4 of the table headed “Key participants in
the income tax system”)
Insert:
|
4A. |
foreign resident |
section 995-1 |
14
Subsections 26-25(1) and (2)
Repeal the subsections, substitute:
(1) You cannot deduct under this Act interest (within the meaning of
Division 11A of Part III of the Income Tax Assessment Act 1936) or a
*royalty if:
(a) Subdivision 12-F in Schedule 1 to the Taxation Administration Act
1953 requires you to withhold an amount from the interest or royalty;
and
(b) either:
(i) you fail to withhold the amount; or
(ii) after withholding the amount, you fail to comply with section 16-70
in that Schedule in relation to that amount.
(2) You cannot deduct under this Act interest (within the meaning of
Division 11A of Part III of the Income Tax Assessment Act 1936), or a
*royalty, that is in the form of a
*non-cash benefit if:
(a) section 14-5 or 14-10 in Schedule 1 to the Taxation Administration
Act 1953 requires you to pay an amount to the Commissioner before providing
the benefit, because of Subdivision 12-F in that Schedule; and
(b) you fail to pay the amount as required by that section.
Omit “a payment of”.
Omit “, for”, substitute “for”.
Taxation
Administration Act 1953
17
Subsection 8AAB(5) (after table item 17F)
Insert:
|
17GA |
45-232 in Schedule 1 |
Taxation Administration Act 1953 |
Omit “and liability”, substitute “,
liability”.
After “(HECS)”, insert “and liability to repay financial
supplement debts under the Student Financial Supplement Scheme
(SFSS)”.
20
After paragraph 11-1(c) in Schedule 1
Insert:
(da) amounts of liabilities to the Commonwealth under Part 2B.3 of the
Social Security Act 1991; and
(db) amounts of liabilities to the Commonwealth under Division 6 of Part
4A of the Student Assistance Act 1973; and
21 Section 12-215 in Schedule
1
Omit all the words before paragraph (a), substitute:
An entity that receives a payment of a
*dividend of a company that is an Australian
resident must withhold an amount from the dividend if:
22 Paragraph 12-215(b) in Schedule
1
After “is”, insert “or becomes”.
23 At the end of section 12-215 in Schedule
1
Add:
(2) The entity must withhold the amount:
(a) if the foreign resident is so entitled when the entity receives the
payment—immediately after the entity receives the payment; or
(b) if the foreign resident becomes so entitled after the entity receives
the payment—immediately after the foreign resident becomes so
entitled.
24 Section 12-250 in Schedule
1
Omit all the words before paragraph (a), substitute:
An entity that receives a payment of interest (within the meaning of
Division 11A of Part III of the Income Tax Assessment Act 1936) must
withhold an amount from the payment if:
25 Paragraph 12-250(b) in Schedule
1
After “is”, insert “or becomes”.
26 At the end of section 12-250 in Schedule
1
Add:
(2) The entity must withhold the amount:
(a) if the foreign resident is so entitled when the entity receives the
payment—immediately after the entity receives the payment; or
(b) if the foreign resident becomes so entitled after the entity receives
the payment—immediately after the foreign resident becomes so
entitled.
27 Section 12-285 in Schedule
1
Omit all the words before paragraph (a), substitute:
An entity that receives a payment of a
*royalty must withhold an amount from the
payment if:
28 Paragraph 12-285(b) in Schedule
1
After “is”, insert “or becomes”.
29 At the end of section 12-285 in Schedule
1
Add:
(2) The entity must withhold the amount:
(a) if the foreign resident is so entitled when the entity receives the
payment—immediately after the entity receives the payment; or
(b) if the foreign resident becomes so entitled after the entity receives
the payment—immediately after the foreign resident becomes so
entitled.
30
After paragraph 15-30(c) in Schedule 1
Insert:
(da) the rates specified in section 1061ZZFA (about repayments of
accumulated FS debts) of the Social Security Act 1991; and
(db) the rates specified in section 12ZK (about repayments of accumulated
FS debts) of the Student Assistance Act 1973; and
31
Paragraph 15-50(1)(b) in Schedule 1
Omit “11-1(b) or (c)”, substitute “11-1(b), (c), (da) or
(db)”.
32 Section 16-5 in Schedule 1
(note 2)
Omit “immediately after receiving the payment”, substitute
“at the time required by that section”.
33 Section 16-165 in Schedule
1
Repeal the section, substitute:
(1) Within 14 days after an entity (the payer) makes an
*eligible termination payment that includes one
or more retained amounts mentioned in subsection 27AC(2) of the Income Tax
Assessment Act 1936, the payer must:
(a) give a *payment summary that covers
the retained amount or amounts to the recipient of the payment (the
recipient); and
(b) give a copy of the summary to the Commissioner.
(The summary must cover only the retained amount or amounts.)
Note: The payer must give the payment summary even if the
payment is not covered by section 12-85.
Exceptions
(2) Subsection (1) does not apply if the
*eligible termination payment:
(a) is of a kind mentioned in paragraph (a) or (jaa) of the definition of
eligible termination payment in subsection 27A(1) of the Income
Tax Assessment Act 1936; and
(b) is a CGT exempt component within the meaning of that
subsection.
(3) Subsection (1) also does not apply if the
*eligible termination payment:
(a) is a death benefit of a kind set out in item 2 or 4 of Table 1 in
subsection 27AAA(2) of the Income Tax Assessment Act 1936; and
(b) is made to a person who is a dependant (within the meaning of
paragraph (b) of the definition of dependant in subsection 27A(1)
of that Act) of the deceased taxpayer concerned.
34 Paragraph 16-170(1)(f) in Schedule
1
Repeal the paragraph, substitute:
(f) specifies the retained amount or amounts (if any) mentioned in
subsection 16-165(1) that it covers; and
(g) is in the *approved form.
35
At the end of section 45-5 in Schedule 1
Add:
; and (d) amounts of liabilities to the Commonwealth under Part 2B.3 of
the Social Security Act 1991; and
(e) amounts of liabilities to the Commonwealth under Division 6 of Part 4A
of the Student Assistance Act 1973.
36
After subsection 45-120(2) in Schedule 1
Insert:
(2A) The instalment income of a
*life insurance entity or
*registered organisation for a period also
includes its *statutory income, to the extent
that the statutory income:
(a) is reasonably attributable to that period; and
(b) is included in the *CS/RA class of
its assessable income for the income year that is or includes that
period.
Note: The CS/RA class relates to the Complying
Superannuation/Roll-over Annuity aspect of the entity’s
business.
37
At the end of section 45-330 in Schedule 1
Add:
Special rule for life insurance entities and registered
organisations
(3) The adjusted taxable income of a
*life insurance entity or
*registered organisation for the
*base year is worked out as follows:
Method statement
Step 1. Recalculate each component of the taxable income for the
*base assessment (except the
*CS/RA component), disregarding any
*capital gains.
Step 2. Add up the components recalculated under step 1.
Step 3. Add to the step 2 result the
*CS/RA component for the
*base assessment.
Step 4. Add to the step 3 result the deductions for
*tax losses used in making the
*base assessment.
Step 5. Reduce the step 4 result by the amount of any
*tax loss, to the extent that the life
insurance entity or registered organisation can carry it forward to the next
income year.
38
Section 45-340 in Schedule 1 (after step 3 of the method
statement)
Insert:
Step 3A. The amount (if any) that you would have been liable to pay
for the *base year by way of an
*FS assessment debt if your taxable income for
the base year had been your *adjusted taxable
income, or your *adjusted withholding income,
for that year is worked out.
39
Section 45-340 in Schedule 1 (step 4 of the method
statement)
Omit “and 3”, substitute “, 3 and 3A”.
40
Section 45-375 in Schedule 1 (after step 3 of the method
statement)
Insert:
Step 3A. The amount (if any) that you would have been liable to pay
for the variation year by way of an *FS
assessment debt if your taxable income for that year had been your
*adjusted assessed taxable income for that year
is worked out.
41
Section 45-375 in Schedule 1 (step 4 of the method
statement)
Omit “and 3”, substitute “, 3 and 3A”.
42
Group heading before section 360-60 in Schedule 1
Repeal the heading, substitute:
43
Section 360-60 (heading) in Schedule 1
Repeal the heading, substitute:
44
Subsection 360-60(1) in Schedule 1
Repeal the subsection, substitute:
(1) A person who is authorised to perform a function, or exercise a power,
of the Commissioner under this Division must do so only at places approved by
the Commissioner.
45
Section 360-75 in Schedule 1 (table item 35)
46
Section 360-75 in Schedule 1 (after table item 50)
Insert:
|
section 52-150 |
Family assistance payments |
47
After paragraph 360-80(a) in Schedule 1
Insert:
(ba) a fee or commission you incur as mentioned in section 25-7 (for
advice about family tax benefit) of the Income Tax Assessment Act 1997;
or
48
Section 360-85 in Schedule 1 (table item 10)
Repeal the item.
Insert:
adjusted tax on *adjusted
taxable income or on *adjusted withholding
income has the meaning given by section 45-340 in Schedule 1 to the Taxation
Administration Act 1953.
2
Subsection 995-1(1) (definition of
adjusted taxable
income)
Omit “section 45-330”, substitute “sections 45-330 and
45-480”.
3
Subsection 995-1(1) (definition of
adjusted withholding
income)
Omit “section 45-335”, substitute “sections 45-335 and
45-485”.
4
Subsection 995-1(1) (definition of base
assessment)
Omit “section 45-320”, substitute “sections 45-320 and
45-470”.
5
Subsection 995-1(1) (definition of base
year)
Omit “section 45-320”, substitute “sections 45-320 and
45-470”.
6
Subsection 995-1(1) (definition of
benchmark instalment
rate)
Omit “section 45-360”, substitute “sections 45-360 and
45-530”.
7
Subsection 995-1(1) (definition of
benchmark tax)
Omit “section 45-365”, substitute “sections 45-365 and
45-535”.
Insert:
Commissioner’s instalment rate has the meaning given by
section 45-115 in Schedule 1 to the Taxation Administration Act
1953.
Insert:
CS/RA class of the assessable income of a
*life insurance entity or
*registered organisation has the meaning given
by section 116CE or 116GD of the Income Tax Assessment Act
1936.
Insert:
CS/RA component of the taxable income of a
*life insurance entity or
*registered organisation has the meaning given
by section 110 or 116E of the Income Tax Assessment Act 1936.
11
Subsection 995-1(1) (definition of
instalment
income)
Omit “and 45-280”, substitute “, 45-280, 45-285 and
45-465”.
Insert:
FS assessment debt means an FS assessment debt
under:
(a) subsection 19AB(2) of the Social Security Act 1991;
or
(b) the Student Assistance Act 1973 as in force at a time on or
after 1 July 1998.
Insert:
majority control has the meaning given by section 45-145 in
Schedule 1 to the Taxation Administration Act 1953.
Insert:
multi-rate trustee has the meaning given by section 45-455 in
Schedule 1 to the Taxation Administration Act 1953.
15
Subsection 995-1(1) (definition of
notional tax)
Omit “section 45-325”, substitute “sections 45-325 and
45-475”.
Insert:
reduced beneficiary’s share of a trust’s net
income for an income year has the meaning given by section 45-483 in Schedule 1
to the Taxation Administration Act 1953.
Insert:
reduced no beneficiary’s share of a trust’s net
income for an income year has the meaning given by section 45-483 in Schedule 1
to the Taxation Administration Act 1953.
Insert:
single-rate trustee has the meaning given by section 45-450
in Schedule 1 to the Taxation Administration Act 1953.