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This is a Bill, not an Act. For current law, see the Acts databases.
2013
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Minerals Resource Rent Tax Repeal and
Other Measures Bill 2013
No. , 2013
(Treasury)
A Bill for an Act to amend the law relating to
taxation, superannuation, social security and family
assistance, and for other purposes
i Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Minerals resource rent tax
3
Part 1--Repeals
3
Minerals Resource Rent Tax Act 2012
3
Minerals Resource Rent Tax (Imposition--Customs) Act 2012
3
Minerals Resource Rent Tax (Imposition--Excise) Act 2012
3
Minerals Resource Rent Tax (Imposition--General) Act 2012
3
Part 2--Consequential amendments
4
Administrative Decisions (Judicial Review) Act 1977
4
A New Tax System (Goods and Services Tax) Act 1999
4
Crimes (Taxation Offences) Act 1980
4
Income Tax Assessment Act 1997
5
Minerals Resource Rent Tax (Consequential Amendments and
Transitional Provisions) Act 2012
9
Petroleum Resource Rent Tax Assessment Act 1987
9
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act
2013
11
Taxation Administration Act 1953
11
Taxation (Interest on Overpayments and Early Payments) Act 1983
17
Part 3--General transitional provisions
19
Part 4--Specific transitional provisions
20
Schedule 2--Loss carry back
21
Part 1--Repeals
21
Income Tax Assessment Act 1997
21
Income Tax (Transitional Provisions) Act 1997
21
Part 2--Consequential amendments
22
Income Tax Assessment Act 1936
22
Income Tax Assessment Act 1997
23
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 ii
Taxation Administration Act 1953
25
Part 3--Application, transitional and saving provisions
26
Income Tax (Transitional Provisions) Act 1997
26
Schedule 3--Small business instant asset write-off threshold
28
Income Tax Assessment Act 1997
28
Schedule 4--Deductions for motor vehicles
30
Income Tax Assessment Act 1997
30
Schedule 5--Geothermal energy
31
Income Tax Assessment Act 1997
31
Schedule 6--Superannuation Guarantee Charge percentage
36
Superannuation Guarantee (Administration) Act 1992
36
Schedule 7--Low income superannuation contribution
37
Superannuation (Government Co-contribution for Low Income
Earners) Act 2003
37
Schedule 8--Repeal of income support bonus
40
Part 1--Main amendments
40
Social Security Act 1991
40
Social Security (Administration) Act 1999
40
Part 2--Consequential amendments
42
Farm Household Support Act 1992
42
Income Tax Assessment Act 1997
42
Social Security Act 1991
43
Social Security (Administration) Act 1999
43
Part 3--Saving provisions
44
Schedule 9--Repeal of schoolkids bonus
46
Part 1--Amendments
46
A New Tax System (Family Assistance) Act 1999
46
A New Tax System (Family Assistance) (Administration) Act 1999
47
Income Tax Assessment Act 1997
48
iii Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Social Security (Administration) Act 1999
48
Part 2--Saving provisions
49
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 1
A Bill for an Act to amend the law relating to
1
taxation, superannuation, social security and family
2
assistance, and for other purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Minerals Resource Rent Tax Repeal
6
and Other Measures Act 2013.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
1 July 2014.
1 July 2014
3. Schedules 2 to
9
The day this Act receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Minerals resource rent tax Schedule 1
Repeals Part 1
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 3
Schedule 1
--
Minerals resource rent tax
1
Part 1
--
Repeals
2
Minerals Resource Rent Tax Act 2012
3
1 The whole of the Act
4
Repeal the Act.
5
Minerals Resource Rent Tax (Imposition--Customs) Act
6
2012
7
2 The whole of the Act
8
Repeal the Act.
9
Minerals Resource Rent Tax (Imposition--Excise) Act 2012
10
3 The whole of the Act
11
Repeal the Act.
12
Minerals Resource Rent Tax (Imposition--General) Act 2012
13
4 The whole of the Act
14
Repeal the Act.
15
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
4 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 2
--
Consequential amendments
1
Administrative Decisions (Judicial Review) Act 1977
2
5 Paragraph (e) of Schedule 1
3
Omit:
4
Minerals Resource Rent Tax Act 2012
5
6 Paragraph (e) of Schedule 1
6
Omit ", 3-15".
7
A New Tax System (Goods and Services Tax) Act 1999
8
7 Paragraph 177-12(4)(h)
9
Omit "1987; or", substitute "1987.".
10
8 Paragraph 177-12(4)(i)
11
Repeal the paragraph.
12
Crimes (Taxation Offences) Act 1980
13
9 Subsection 3(1) (definition of MRRT)
14
Repeal the definition.
15
10 Subsection 3(1) (definition of MRRT law)
16
Repeal the definition.
17
11 Part II (paragraph (i) of note to Part heading)
18
Omit "Part X);", substitute "Part X).".
19
12 Part II (paragraph (j) of note to Part heading)
20
Repeal the paragraph.
21
13 Part XI
22
Repeal the Part.
23
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 5
Income Tax Assessment Act 1997
1
14 Section 10-
5 (table item headed "minerals resource rent
2
tax")
3
Repeal the item.
4
15 Section 12-
5 (table item headed "capital allowances")
5
Omit:
6
Minerals Resource Rent Tax ............................................... 40-751
16 Section 15-85
7
Repeal the section.
8
17 Section 40-725
9
Omit:
10
•
paying minerals resource rent tax; and
11
18 Section 40-751
12
Repeal the section.
13
19 Subsection 703-50(1) (note 2)
14
Repeal the note.
15
20 Subsection 719-50(1) (note 2)
16
Repeal the note.
17
21 Subsection 721-10(2) (table items 75, 80 and 85)
18
Repeal the items.
19
22 Subsection 721-10(4)
20
Repeal the subsection.
21
23 Subsection 721-10(6)
22
Omit "subsections (4) and (5)", substitute "subsection (5)".
23
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
6 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
24 Subsection 721-10(6)
1
Omit "those subsections", substitute "that subsection".
2
25 Subsection 721-25(1AA)
3
Repeal the subsection.
4
26 Subsections 721-25(1B), (2) and (3)
5
Omit ", (1A) and (1AA)", substitute "and (1A)".
6
27 Section 960-265 (table item 14)
7
Repeal the item.
8
28 Subsection 995-1(1)
9
Repeal the following definitions:
10
(a) definition of allowance component;
11
(b) definition of applicable instalment rate;
12
(c) definition of arm's length consideration.
13
29 Subsection 995-1(1) (definition of base value)
14
Repeal the definition, substitute:
15
base value, of a
*
depreciating asset, has the meaning given by
16
subsection 40-70(1).
17
30 Subsection 995-1(1) (paragraph (b) of the definition of
18
base year)
19
Omit "1953; and", substitute "1953.".
20
31 Subsection 995-1(1) (paragraph (c) of the definition of
21
base year)
22
Repeal the paragraph.
23
32 Subsection 995-1(1) (definition of benchmark instalment
24
rate)
25
Repeal the definition, substitute:
26
benchmark instalment rate has the meaning given by
27
sections 45-360 and 45-530 in Schedule 1 to the Taxation
28
Administration Act 1953.
29
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 7
33 Subsection 995-1(1) (paragraph (c) of the definition of
1
hold)
2
Omit "section 420-12; and", substitute "section 420-12.".
3
34 Subsection 995-1(1) (paragraph (d) of the definition of
4
hold)
5
Repeal the paragraph.
6
35 Subsection 995-1(1) (note at the end of the definition of
7
hold)
8
Repeal the note.
9
36 Subsection 995-1(1) (definition of instalment income)
10
Repeal the definition, substitute:
11
instalment income has the meaning given by sections 45-120,
12
45-260, 45-280, 45-285, 45-286 and 45-465 in Schedule 1 to the
13
Taxation Administration Act 1953.
14
37 Subsection 995-1(1) (definition of instalment quarter)
15
Repeal the definition, substitute:
16
instalment quarter has the meaning given by section 45-60 in
17
Schedule 1 to the Taxation Administration Act 1953.
18
38 Subsection 995-1(1)
19
Repeal the following definitions:
20
(a) definition of miner;
21
(b) definition of mining expenditure;
22
(c) definition of mining loss;
23
(d) definition of mining profit;
24
(e) definition of mining project interest;
25
(f) definition of mining project split;
26
(g) definition of mining project transfer;
27
(h) definition of mining revenue;
28
(i) definition of mining revenue event;
29
(j) definition of MRRT;
30
(k) definition of MRRT allowance;
31
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
8 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
(l) definition of MRRT law;
1
(m) definition of MRRT liability;
2
(n) definition of MRRT payable;
3
(o) definition of MRRT return;
4
(p) definition of MRRT year.
5
39 Subsection 995-1(1)
6
Insert:
7
petroleum resource rent tax amount means any debt or credit that
8
arises directly under the
*
petroleum resource rent tax provisions.
9
40 Subsection 995-1(1)
10
Insert:
11
petroleum resource rent tax provisions means the
*
petroleum
12
resource rent tax law, other than
*
BAS provisions.
13
41 Subsection 995-1(1)
14
Repeal the following definitions:
15
(a) definition of pre-mining expenditure;
16
(b) definition of pre-mining project interest;
17
(c) definition of pre-mining revenue;
18
(d) definition of rehabilitation tax offset;
19
(e) definition of resource rent tax amount;
20
(f) definition of resource rent tax provisions;
21
(g) definition of split percentage;
22
(h) definition of starting base asset;
23
(i) definition of starting base return.
24
42 Subsection 995-1(1) (definition of start time)
25
Repeal the definition, substitute:
26
start time of a
*
depreciating asset has the meaning given by
27
section 40-60.
28
43 Subsection 995-1(1) (definition of taxable mining profit)
29
Repeal the definition.
30
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 9
44 Subsection 995-1(1) (definition of taxable resource)
1
Repeal the definition.
2
45 Subsection 995-1(1) (definition of termination value)
3
Repeal the definition, substitute:
4
termination value has the meaning given by section 40-300.
5
Minerals Resource Rent Tax (Consequential Amendments
6
and Transitional Provisions) Act 2012
7
46 Schedule 4
8
Repeal the Schedule.
9
Petroleum Resource Rent Tax Assessment Act 1987
10
47 Section 2 (note at the end of paragraph (b) of the
11
definition of exploration permit)
12
Repeal the note, substitute:
13
Note:
An authority or right may not be covered by this paragraph
14
because it is the subject of a determination of the Resources
15
Minister under section 2AA, or because the activities relating to
16
petroleum are only incidental to the activities relating to other
17
resources (see section 2AC).
18
48 Section 2 (definition of petroleum)
19
Omit "However, petroleum does not include a taxable resource within
20
the meaning of the Minerals Resource Rent Tax Act 2012.".
21
49 Section 2 (note at the end of paragraph (c) of the definition
22
of production licence)
23
Repeal the note, substitute:
24
Note:
An authority or right may not be covered by this paragraph
25
because it is the subject of a determination of the Resources
26
Minister under section 2AA, or because it is limited to the
27
incidental recovery of coal seam gas (see section 2AB).
28
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
10 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
50 Section 2 (note at the end of paragraph (b) of the
1
definition of retention lease)
2
Repeal the note, substitute:
3
Note:
An authority or right may not be covered by this paragraph
4
because it is the subject of a determination of the Resources
5
Minister under section 2AA, or because the activities relating to
6
petroleum are only incidental to the activities relating to other
7
resources (see section 2AC).
8
51 After section 2AA
9
Insert:
10
2AB Exclusion of incidental recovery of coal seam gas
11
(1) An authority or right under an Australian law is taken, for the
12
purposes of this Act (other than this section), not to be an authority
13
or right mentioned in paragraph (c) of the definition of production
14
licence in section 2 if the only recovery of petroleum that is
15
undertaken under the authority or right is recovery of coal seam
16
gas, being recovery that:
17
(a) is a necessary result of coal mining that the holder of the
18
authority or right carries out under the authority or right; or
19
(b) is necessary to ensure a safe working environment for coal
20
mining carried out under the authority or right; or
21
(c) is necessary to minimise the fugitive emission of methane or
22
similar gases during the course of coal mining carried out
23
under the authority or right.
24
(2) This section does not apply to an authority or right that is the
25
subject of a determination under subsection 2AA(1).
26
2AC Exclusion of incidental exploration etc. for petroleum
27
An authority or right under an Australian law is taken, for the
28
purposes of this Act (other than this section), not to be:
29
(a) an authority or right mentioned in paragraph (b) of the
30
definition of exploration permit in section 2; or
31
(b) an authority or right mentioned in paragraph (b) of the
32
definition of retention lease in that section;
33
if, to the extent that the authority or right permits activities of a
34
kind mentioned in a subparagraph of that paragraph, it only permits
35
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 11
them as an incident of exploration for resources other than
1
petroleum.
2
52 After subsection 37(2)
3
Insert:
4
(2A) Despite subsection (1), if:
5
(a) a payment made by a person would, apart from this
6
subsection, be exploration expenditure incurred by the person
7
in relation to a petroleum project; and
8
(b) the person holds, under an Australian law, an authority or
9
right (however described) that permits activities relating to
10
resources other than petroleum to be carried on in the eligible
11
exploration or recovery area in relation to the project;
12
the payment is taken, for the purposes of this Act, to be exploration
13
expenditure only to the extent that it would be reasonable to
14
conclude that the purpose of the payment is exploring for
15
petroleum in order to obtain a commercial return from petroleum.
16
(2B) An authority or right referred to in paragraph (2A)(b) may be a
17
production licence, exploration permit or retention lease, including
18
a production licence to which the petroleum project relates.
19
(2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend
20
by implication the scope of subsection (1).
21
Tax and Superannuation Laws Amendment (2013 Measures
22
No. 1) Act 2013
23
53 Item 169 of Schedule 7
24
After "any of the", insert "petroleum".
25
Taxation Administration Act 1953
26
54 Subsection 3B(1C)
27
Omit "sections 3D and 3E,", substitute "section 3E,".
28
55 Section 3D
29
Repeal the section.
30
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
12 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
56 Subsection 8AAB(4) (table items 19A, 45A and 45B)
1
Repeal the items.
2
57 Subparagraph 8AAZLG(1)(b)(ii)
3
After "any of the", insert "petroleum".
4
58 Paragraph 8AAZLH(1)(b)
5
After "any of the", insert "petroleum".
6
59 Section 14ZQ (definition of starting base assessment)
7
Repeal the definition, substitute:
8
starting base assessment has the meaning given by clause 23 of
9
Schedule 2 to the Petroleum Resource Rent Tax Assessment Act
10
1987.
11
60 Subsections 14ZW(1AB) and (1AC)
12
Repeal the subsections.
13
61 Paragraph 11-1(g) in Schedule 1
14
Repeal the paragraph.
15
62 Paragraphs 12-330(1)(b) and 12-335(2)(a) in Schedule 1
16
Omit ",
*
MRRT".
17
63 Subsection 18-10(3) in Schedule 1 (notes 1 and 2)
18
Repeal the notes, substitute:
19
Note:
Section 18-55 provides a credit for amounts withheld in respect of
20
petroleum resource rent tax.
21
64 Group heading before section 18-49 in Schedule 1
22
Repeal the heading.
23
65 Section 18-49 in Schedule 1
24
Repeal the section.
25
66 Part 3-15 in Schedule 1
26
Repeal the Part.
27
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 13
67 Paragraph 155-5(2)(e) in Schedule 1
1
Repeal the paragraph.
2
68 Subsection 155-15(1) in Schedule 1 (table item 4)
3
Repeal the item.
4
69 Subsection 155-30(3) in Schedule 1
5
Repeal the subsection, substitute:
6
(3) This section does not apply if the
*
assessable amount is the
7
*
Division 293 tax payable by you in relation to an income year in
8
relation to your
*
taxable contributions for the income year.
9
70 Section 155-55 in Schedule 1 (heading)
10
Repeal the heading, substitute:
11
155-55 Amendment to give effect to certain anti-avoidance
12
declarations
13
71 Paragraph 155-55(b) in Schedule 1
14
Omit "declarations); or", substitute "declarations).".
15
72 Paragraph 155-55(c) in Schedule 1
16
Repeal the paragraph.
17
73 Section 155-55 in Schedule 1
18
Omit "or determination".
19
74 Section 155-57 in Schedule 1
20
Repeal the section.
21
75 Subsection 155-90(1) in Schedule 1
22
Omit "(1)".
23
76 Subsection 155-90(2) in Schedule 1
24
Repeal the subsection.
25
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
14 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
77 Subsection 250-10(2) in Schedule 1 (table items 39C, 39D
1
and 136)
2
Repeal the items.
3
78 Section 280-1 in Schedule 1
4
Omit "minerals resource rent tax,".
5
79 Section 280-50 in Schedule 1
6
Omit "
*
MRRT,".
7
80 Section 280-101 in Schedule 1
8
Repeal the section.
9
81 Paragraph 280-105(1)(a) in Schedule 1
10
Omit "
*
MRRT,".
11
82 Subsection 280-110(1) in Schedule 1
12
Omit "280-101,".
13
83 Section 280-170 in Schedule 1
14
Omit "
*
MRRT,".
15
84 Section 284-30 in Schedule 1 (note)
16
Repeal the note.
17
85 Section 284-35 in Schedule 1 (note)
18
Repeal the note.
19
86 Paragraph 284-75(2)(a) in Schedule 1
20
Omit "
*
MRRT law or".
21
87 Paragraph 284-75(2)(b) in Schedule 1
22
Omit "MRRT law or".
23
88 Subsection 284-80(1) in Schedule 1 (table items 3 and 4)
24
Omit ", the
*
MRRT law".
25
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 15
89 Subsection 284-80(1) in Schedule 1 (table item 4)
1
Omit ", the MRRT law".
2
90 Subsection 284-90(1) in Schedule 1 (cell at table item 4,
3
column headed "In this situation:")
4
Repeal the cell, substitute:
5
You have a
*
shortfall amount, all or part of which
resulted from you or your agent treating an
*
income
tax law or the
*
petroleum resource rent tax law as
applying to a matter or identical matters in a
particular way that was not
*
reasonably arguable, and
that amount is more than your
*
reasonably arguable
threshold.
91 Paragraph 284-90(3)(a) in Schedule 1
6
Repeal the paragraph, substitute:
7
(a) unless paragraph (b) applies--the greater of $10,000 or 1%
8
of whichever of the following applies:
9
(i) the income tax payable by the entity for the income
10
year, worked out on the basis of the entity's
*
income tax
11
return;
12
(ii) the
*
petroleum resource rent tax payable by the entity
13
for the year of tax (within the meaning of the Petroleum
14
Resource Rent Tax Assessment Act 1987) most closely
15
corresponding to the income year, worked out on the
16
basis of the entity's return under Division 1 of Part VI
17
of that Act; or
18
92 Subsection 286-75(2AA) in Schedule 1
19
Repeal the subsection.
20
93 Paragraph 286-80(2)(a) in Schedule 1
21
Omit "(2AA),".
22
94 Paragraph 350-5(b) in Schedule 1
23
Repeal the paragraph.
24
95 Section 352-1 in Schedule 1
25
Omit "and the MRRT law".
26
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
16 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
96 Subdivision 352-B in Schedule 1
1
Repeal the Subdivision.
2
97 Subparagraphs 353-10(1)(a)(ii), (b)(ii) and (c)(ii) in
3
Schedule 1
4
Repeal the subparagraphs.
5
98 Section 353-15 in Schedule 1 (heading)
6
Repeal the heading, substitute:
7
353-15 Access to premises for the purposes of the indirect tax laws
8
and the Division 293 tax law
9
99 Subsection 353-15(1) in Schedule 1
10
Omit ", the
*
MRRT law".
11
100 Section 353-17 in Schedule 1
12
Repeal the section.
13
101 Subsection 355-50(1) in Schedule 1 (note 2)
14
Omit ", 3D".
15
102 Paragraph 357-55(faa) in Schedule 1
16
Repeal the paragraph.
17
103 Subsection 360-5(1) in Schedule 1
18
Omit "(other than a provision about
*
MRRT)".
19
104 Subsection 444-5(1) in Schedule 1
20
Omit ", the
*
MRRT law".
21
105 Subsections 444-5(1A) and (1B) in Schedule 1
22
Repeal the subsections.
23
106 Subsection 444-5(2) in Schedule 1
24
Omit ", the
*
MRRT law".
25
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 17
107 Subsections 444-10(1) and (2) in Schedule 1
1
Omit "and the
*
MRRT law".
2
108 Subsection 444-10(3) in Schedule 1
3
Omit "or the
*
MRRT law".
4
109 Subsection 444-10(5) in Schedule 1
5
Omit "and the
*
MRRT law".
6
110 Section 444-15 in Schedule 1
7
Omit "or the
*
MRRT law".
8
111 Subsections 444-30(1), (2) and (3) in Schedule 1
9
Omit ", the
*
MRRT law".
10
112 Subsections 444-70(1) and (2) in Schedule 1
11
Omit "or the
*
MRRT law".
12
113 Subdivision 444-F in Schedule 1
13
Repeal the Subdivision.
14
Taxation (Interest on Overpayments and Early Payments)
15
Act 1983
16
114 Subsection 3(1) (paragraph (d) of the definition of
17
decision to which this Act applies)
18
Omit "or 160".
19
115 Subsection 3C(1)
20
Omit "(1) In", substitute "In".
21
116 Subsection 3C(1) (table item 160)
22
Repeal the item.
23
117 Subsection 3C(2)
24
Repeal the subsection.
25
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
18 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
118 Section 12AA (heading)
1
Repeal the heading, substitute:
2
12AA Entitlement to interest for RBA surpluses after notification of
3
BAS amount or petroleum resource rent tax amount
4
119 Paragraph 12AA(a)
5
Before "resource rent tax amount", insert "petroleum".
6
120 Section 12AA (note)
7
Before "resource rent tax amount", insert "petroleum".
8
121 Paragraph 12AB(a)
9
Before "resource rent tax amount", insert "petroleum".
10
122 Section 12AB (note)
11
Before "resource rent tax amount", insert "petroleum".
12
123 Paragraph 12AC(b)
13
Before "resource rent tax amount", insert "petroleum".
14
124 Section 12AC (note)
15
Before "resource rent tax amount", insert "petroleum".
16
125 Section 12AF
17
Insert:
18
petroleum resource rent tax amount has the same meaning as in
19
subsection 995-1(1) of the Tax Act.
20
126 Section 12AF (definition of resource rent tax amount)
21
Repeal the definition.
22
Minerals resource rent tax Schedule 1
General transitional provisions Part 3
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 19
Part 3
--
General transitional provisions
1
127 Objects
2
The objects of this Part are:
3
(a) to provide for the winding-up of the minerals resource rent
4
tax; and
5
(b) to ensure the administration, collection and recovery of the
6
minerals resource rent tax for the MRRT years ending on or
7
before 30 June 2014; and
8
(c) to continue taxpayers' rights and obligations relating to
9
MRRT years ending on or before 30 June 2014.
10
128 Effect of repeals and amendments on preceding MRRT
11
years
12
Despite the repeals and amendments made by this Schedule, the Acts
13
amended or repealed continue to apply, after the commencement of this
14
Schedule, in relation to any MRRT year ending on or before 30 June
15
2014 as if those repeals and amendments had not happened.
16
129 Provisions of Part 4 may override this Part
17
The provisions of this Part have effect subject to the provisions of
18
Part 4.
19
Schedule 1 Minerals resource rent tax
Part 4 Specific transitional provisions
20 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 4
--
Specific transitional provisions
1
130 Substituted accounting periods
2
If:
3
(a) an entity has, under section 18 of the Income Tax Assessment
4
Act 1936, accounting periods that are not financial years; and
5
(b) one of those accounting periods started before 1 July 2014
6
and ends after that day;
7
the period starting at the beginning of that accounting period and ending
8
on 30 June 2014 is treated as an MRRT year for the purposes of the
9
Minerals Resource Rent Tax Act 2012 as it continues to apply because
10
of Part 3 of this Schedule.
11
Note 1: Section 190-20 of the Minerals Resource Rent Tax Act 2012 (to the extent that it
12
continues to apply because of Part 3 of this Schedule) will adjust threshold amounts
13
under that Act in relation to that MRRT year.
14
Note 2: Subsection 115-110(2) in Schedule 1 to the Taxation Administration Act 1953 (to the
15
extent that it continues to apply because of Part 3 of this Schedule) will adjust
16
instalment quarters under that Act in relation to that MRRT year.
17
131
Continuation of Commissioner's power to make certain
18
legislative instruments
19
(1)
Despite the repeal by this Act of section 117-5 in Schedule 1 to the
20
Taxation Administration Act 1953, the Commissioner's power under
21
subsection 117-5(5) in that Schedule to make legislative instruments
22
continues after that repeal.
23
(2)
This item does not affect any other powers of the Commissioner under
24
Schedule 1 to the Taxation Administration Act 1953, as it continues to
25
apply because of Part 3 of this Schedule.
26
Loss carry back Schedule 2
Repeals Part 1
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 21
Schedule 2
--
Loss carry back
1
Part 1
--
Repeals
2
Income Tax Assessment Act 1997
3
1 Division 160
4
Repeal the Division.
5
Income Tax (Transitional Provisions) Act 1997
6
2 Division 160
7
Repeal the Division.
8
Schedule 2 Loss carry back
Part 2 Consequential amendments
22 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 2
--
Consequential amendments
1
Income Tax Assessment Act 1936
2
3 Subsection 6(1) (definition of loss carry back tax offset)
3
Repeal the definition.
4
4 Subsection 92A(3)
5
Omit "or 160".
6
5 Paragraph 177C(1)(baa)
7
Repeal the paragraph.
8
6 Paragraph 177C(1)(ea)
9
Repeal the paragraph.
10
7 Paragraph 177C(2)(ca)
11
Repeal the paragraph.
12
8 Subsection 177C(3)
13
Omit ", (ca)(i)".
14
9 Paragraph 177C(3)(caa)
15
Repeal the paragraph.
16
10 Paragraph 177C(3)(fa)
17
Repeal the paragraph.
18
11 Paragraph 177CB(1)(ca)
19
Repeal the paragraph.
20
12 Paragraph 177F(1)(ca)
21
Repeal the paragraph.
22
13 Paragraph 177F(3)(ca)
23
Repeal the paragraph.
24
Loss carry back Schedule 2
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 23
Income Tax Assessment Act 1997
1
14 Section 13-1 (table item
headed "losses")
2
Repeal the item.
3
15 Subsection 36-17(1) (note 1)
4
Omit "1".
5
16 Subsection 36-17(1) (note 2)
6
Repeal the note.
7
17 Section 36-25 (table dealing with tax losses of corporate
8
tax entities)
9
Omit:
10
See also Division 160 (loss carry back
tax offset)
18 Section 36-25 (table dealing with tax losses of pooled
11
development funds (PDFs), item 1)
12
Repeal the item, substitute:
13
1.
A company is a pooled development
fund (PDF) at the end of an income
year for which it has a tax loss: it can
only deduct the loss while it is a PDF.
Section 195-5
19 Section 36-25 (table dealing with tax losses of VCLPs,
14
ESVCLPs, AFOFs and VCMPs, item 1)
15
Repeal the item, substitute:
16
1.
A limited partnership that has a tax loss
becomes a VCLP, an ESVCLP, an
AFOF or a VCMP: it cannot deduct the
loss while it is a VCLP, an ESVCLP, an
AFOF or a VCMP.
Subdivision 195-B
20 Section 67-23 (table item 13A)
17
Repeal the item.
18
21 Paragraph 195-15(5)(b)
19
Omit "and".
20
Schedule 2 Loss carry back
Part 2 Consequential amendments
24 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
22 Paragraph 195-15(5)(c)
1
Repeal the paragraph.
2
23 Group heading before section 195-37
3
Repeal the heading.
4
24 Section 195-37
5
Repeal the section.
6
25 Section 195-72
7
Repeal the section.
8
26 Subparagraph 205-35(1)(b)(ii)
9
Omit "a
*
loss carry back tax offset, or".
10
27 Subparagraph 205-35(1)(b)(ii)
11
Omit "(about R&D),", substitute "(about R&D)".
12
28 Paragraph 320-149(2)(aa)
13
Repeal the paragraph.
14
29 Subsection 830-65(3)
15
Omit "or 160".
16
30 Paragraph 960-20(2)(b)
17
Omit "amount; or", substitute "amount.".
18
31 Paragraph 960-20(2)(c)
19
Repeal the paragraph.
20
32 Paragraph 960-20(4)(e)
21
Omit "forward; or", substitute "forward.".
22
33 Paragraph 960-20(4)(f)
23
Repeal the paragraph.
24
34 Subsection 995-1(1) (definition of carry back)
25
Repeal the definition.
26
Loss carry back Schedule 2
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 25
35 Subsection 995-1(1) (definition of income tax liability)
1
Repeal the definition.
2
36 Subsection 995-1(1) (definition of interest in membership
3
interests)
4
Repeal the definition.
5
37 Subsection 995-1(1) (definition of loss carry back choice)
6
Repeal the definition.
7
38 Subsection 995-1(1) (definition of loss carry back tax
8
offset)
9
Repeal the definition.
10
39 Subsection 995-1(1) (definition of loss carry back tax
11
offset component)
12
Repeal the definition.
13
40 Subsection 995-1(1) (definition of scheme for a
14
disposition)
15
Repeal the definition.
16
Taxation Administration Act 1953
17
41 Section 45-340 in Schedule 1 (method statement, step 1,
18
paragraph (dc))
19
Repeal the paragraph.
20
Schedule 2 Loss carry back
Part 3 Application, transitional and saving provisions
26 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 3
--
Application, transitional and saving
1
provisions
2
42 Application
3
The amendments made by this Schedule apply to assessments for the
4
2013-14 income year and later income years.
5
43 Making and amending assessments, and doing other
6
things, in relation to past matters
7
(1)
Even though a part of an Act is repealed or amended by this Schedule,
8
the repeal or amendment is disregarded for the purpose of doing any of
9
the following under any Act or legislative instrument (within the
10
meaning of the Legislative Instruments Act 2003):
11
(a) making or amending an assessment (including under a
12
provision that is itself repealed or amended);
13
(b) exercising any right or power, performing any obligation or
14
duty or doing any other thing (including under a provision
15
that is itself repealed or amended);
16
in relation to any act done or omitted to be done, any state of affairs
17
existing, or any period ending, before the repeal or amendment applies.
18
(2)
This item does not limit the operation of the Acts Interpretation Act
19
1901.
20
Income Tax (Transitional Provisions) Act 1997
21
44 Before Subdivision 960-E
22
Insert:
23
Subdivision 960-B--Utilisation of tax attributes
24
Table of sections
25
960-20
Utilisation--corporate loss carry back
26
960-20 Utilisation--corporate loss carry back
27
(1) For the purposes of subsection 960-20(2) of the Income Tax
28
Assessment Act 1997, a tax loss is utilised to the extent that it is
29
Loss carry back Schedule 2
Application, transitional and saving provisions Part 3
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 27
carried back under former Division 160 of that Act (which
1
provided for a corporate loss carry back tax offset for the 2012-13
2
income year).
3
(2) For the purposes of subsection 960-20(4) of that Act, net exempt
4
income for an income year is utilised to the extent that, because of
5
it, an amount was reduced under step 2 of the method statement in
6
former subsection 160-15(2) of that Act (which was about
7
calculating a loss carry back tax offset component).
8
Schedule 3 Small business instant asset write-off threshold
28 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Schedule 3
--
Small business instant asset
1
write-off threshold
2
3
Income Tax Assessment Act 1997
4
1 Section 328-170 (fourth paragraph)
5
Omit "$6,500", substitute "$1,000".
6
2 Section 328-180 (heading)
7
Repeal the heading, substitute:
8
328-180 Assets costing less than $1,000
9
3 Paragraph 328-180(1)(b)
10
Omit "$6,500", substitute "$1,000".
11
4 Paragraphs 328-180(2)(a) and (3)(a)
12
Omit "$6,500", substitute "$1,000".
13
5 Subsection 328-210(1)
14
Omit "$6,500", substitute "$1,000".
15
6 Subsection 328-210(3) (example)
16
Repeal the example, substitute:
17
Example: Amanda's Graphics is a small business entity for the 2014-15 income
18
year and chooses to use this Subdivision for that year. The business
19
has an opening pool balance of $8,500 for its general small business
20
pool for that year.
21
During that year, Amanda acquired a new computer for $2,000. The
22
taxable purpose proportion of its adjustable value is:
23
$2,000 x 80% business use estimate = $1,600
24
Amanda also sold her business car for $9,600 during that year. The car
25
was used 100% in the business.
26
To work out whether she can deduct an amount under this section,
27
Amanda uses this calculation:
28
$8,500 + $1,600 - $9,600 = $500
29
Small business instant asset write-off threshold Schedule 3
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 29
Because the result is less than $1,000, Amanda can deduct the $500
1
for the income year. The pool's closing balance for the year is zero.
2
7 Subsection 328-215(4)
3
Omit "$6,500", substitute "$1,000".
4
8 Subsection 328-250(1)
5
Omit "$6,500", substitute "$1,000".
6
9 Subsection 328-250(4) (heading)
7
Repeal the heading, substitute:
8
Special rule for assets costing less than $1,000
9
10 Subsection 328-253(4) (heading)
10
Repeal the heading, substitute:
11
Special rule for expenditure on assets costing less than $1,000
12
11 Application of amendments
13
(1)
Subject to subitems (2) and (3), the amendments made by this Schedule
14
apply to a depreciating asset if:
15
(a) the asset was first installed ready for use, for a taxable
16
purpose, on or after 1 January 2014; or
17
(b) the asset was first used, for a taxable purpose, on or after
18
1 January 2014, but was not installed ready for use prior to
19
that date.
20
(2)
The amendments made by item 4 of this Schedule apply to an amount if
21
the amount is included in the second element of the cost of a
22
depreciating asset at any time on or after 1 January 2014.
23
(3)
The amendments made by items 5 and 6 of this Schedule apply to
24
assessments for income years finishing on or after 1 January 2014.
25
Schedule 4 Deductions for motor vehicles
30 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Schedule 4
--
Deductions for motor vehicles
1
2
Income Tax Assessment Act 1997
3
1 Subsection 328-190(2A)
4
Repeal the subsection.
5
2 Section 328-200 (method statement, step 2, paragraph (c))
6
Omit ", and subsection 328-237(2) (if relevant),".
7
3 Group heading before section 328-237
8
Repeal the heading.
9
4 Section 328-237
10
Repeal the section.
11
5 Subsection 328-250(1)
12
Omit ", subsection 328-190(2) (assets that will be pooled) or
13
subsection 328-237(2) (certain motor vehicles)", substitute "or
14
subsection 328-190(2) (assets that will be pooled)".
15
6 Subsection 328-250(2)
16
Omit ", 328-190(2) or 328-237(2)", substitute "or 328-190(2)".
17
7 Paragraph 328-250(3)(b)
18
Omit ", 328-190(2) or 328-237(2)", substitute "or 328-190(2)".
19
8 Application of amendments
20
The amendments made by this Schedule apply to a depreciating asset
21
that is a motor vehicle if:
22
(a) the asset was first installed ready for use, for a taxable
23
purpose, on or after 1 January 2014; or
24
(b) the asset was first used, for a taxable purpose, on or after
25
1 January 2014, but was not installed ready for use prior to
26
that date.
27
Geothermal energy Schedule 5
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 31
Schedule 5
--
Geothermal energy
1
2
Income Tax Assessment Act 1997
3
1 Section 12-
5 (table item headed "capital allowances")
4
Omit:
5
exploration or prospecting ................................................. 40-80(1) and (1A),
40-730
geothermal exploration information .................................. Subdivision 40-B
geothermal exploration rights ............................................ Subdivision 40-B
substitute:
6
exploration or prospecting ................................................. 40-80(1), 40-730
2 Section 15-40
7
Before "Your", insert "(1)".
8
3 Section 15-40
9
Omit "or
*
geothermal exploration information".
10
4 At the end of section 15-40
11
Add:
12
(2) Your assessable income includes an amount you receive for
13
providing
*
geothermal exploration information you have to another
14
entity if:
15
(a) you continue to have the information; and
16
(b) the information is, and continues to be, relevant to:
17
(i)
*
geothermal energy extraction that you carry on or
18
propose to carry on; or
19
(ii) a
*
business that you carry on that includes
*
exploration
20
or prospecting for
*
geothermal energy resources from
21
which energy can be extracted by geothermal energy
22
extraction; and
23
(c) the amount you receive is not assessable as
*
ordinary income
24
under section 6-5.
25
It does not matter whether the information is generally available or
26
not.
27
Schedule 5 Geothermal energy
32 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
(3) Geothermal exploration information is geological, geophysical or
1
technical information that:
2
(a) relates to the presence, absence or extent of
*
geothermal
3
energy resources in an area; or
4
(b) is likely to help in determining the presence, absence or
5
extent of such resources in an area.
6
(4) Geothermal energy extraction means operations that are for:
7
(a) the extraction of energy from
*
geothermal energy resources;
8
and
9
(b) the
*
purpose of producing assessable income.
10
5 Paragraphs 40-30(2)(ba) and (bb)
11
Repeal the paragraphs.
12
6 Section 40-40 (table item 9A)
13
Repeal the item.
14
7 Subsection 40-80(1A)
15
Repeal the subsection.
16
8 Subsection 40-290(5)
17
Repeal the subsection, substitute:
18
Exception: mining, quarrying or prospecting information
19
(5) This section does not apply to
*
mining, quarrying or prospecting
20
information.
21
9 Subsection 40-300(2) (table item 12)
22
Repeal the item.
23
10 Paragraph 40-630(1)(b)
24
Omit "or
*
geothermal energy extraction".
25
11 Subsection 40-630(1) (note)
26
Omit "or geothermal energy extraction".
27
Geothermal energy Schedule 5
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 33
12 Paragraphs 40-630(1A)(b), (1B)(b) and (3)(b)
1
Omit "or
*
geothermal energy extraction".
2
13 Paragraph 40-650(3)(a)
3
Omit "or
*
geothermal energy extraction".
4
14 Paragraph 40-650(3)(b)
5
Omit "or that extraction".
6
15 Subsection 40-730(1) (heading)
7
Repeal the heading.
8
16 Subsections 40-730(2A) and (2B)
9
Repeal the subsections.
10
17 Subsection 40-730(3)
11
Repeal the subsection, substitute:
12
(3) Also, you cannot deduct expenditure under subsection (1) to the
13
extent that it forms part of the
*
cost of a
*
depreciating asset.
14
18 Paragraph 40-730(4)(b)
15
Omit "and for
*
geothermal energy resources".
16
19 Paragraph 40-730(4)(c)
17
Omit ", or of extracting energy from geothermal energy resources,".
18
20 Paragraph 40-730(4)(d)
19
Omit "materials; and", substitute "materials.".
20
21 Paragraph 40-730(4)(e)
21
Repeal the paragraph.
22
22 Subsections 40-730(7A), (7B) and (9)
23
Repeal the subsections.
24
23 Subparagraph 43-70(2)(fa)(iv)
25
Omit "or (1A)".
26
Schedule 5 Geothermal energy
34 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
24 Section 112-38
1
Repeal the section.
2
25 After paragraph 124-710(1)(a)
3
Insert:
4
(aa) an authority, licence, permit or entitlement under an
5
Australian law to prospect or explore for
*
geothermal energy
6
resources in an area; or
7
26 Paragraph 124-710(1)(b)
8
After "minerals", insert "or geothermal energy resources".
9
27 Paragraph 124-710(1)(c)
10
After "(a)", insert ", (aa)".
11
28 After paragraph 124-710(2)(a)
12
Insert:
13
(aa) an authority, licence, permit or entitlement under an
14
Australian law to extract energy from
*
geothermal energy
15
resources in an area; or
16
29 Paragraph 124-710(2)(b)
17
After "minerals", insert ", or extract energy from geothermal energy
18
resources,".
19
30 Paragraph 124-710(2)(c)
20
After "(a)", insert ", (aa)".
21
31 Paragraph 165-55(2)(ba)
22
Repeal the paragraph.
23
32 Paragraphs 716-300(1)(b) and (c)
24
Omit "or (1A)".
25
33 Subsection 716-300(1) (note)
26
Omit "Subsections 40-80(1) and (1A), which are in that Subdivision,
27
provide", substitute "Subsection 40-80(1), which is in that Subdivision,
28
provides".
29
Geothermal energy Schedule 5
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 35
34 Subsection 995-1(1) (definition of geothermal energy
1
extraction)
2
Omit "40-730(7B)", substitute "15-40(4)".
3
35 Subsection 995-1(1) (definition of geothermal energy
4
extraction right)
5
Repeal the definition.
6
36 Subsection 995-1(1) (definition of geothermal energy
7
resources)
8
Repeal the definition, substitute:
9
geothermal energy resources means matter occurring naturally
10
within the Earth and containing energy as heat.
11
37 Subsection 995-1(1) (definition of geothermal exploration
12
information)
13
Omit "40-730(9)", substitute "15-40(3)".
14
38 Subsection 995-1(1) (definition of geothermal exploration
15
right)
16
Repeal the definition.
17
39 Application and saving provisions
18
(1)
The amendments of sections 40-30, 40-80 and 40-290 of the Income
19
Tax Assessment Act 1997 by this Schedule do not affect deductions or
20
balancing adjustments for geothermal exploration rights or geothermal
21
exploration information that started to be held before 1 July 2014.
22
(2)
The amendments of sections 40-630 and 40-650 of the Income Tax
23
Assessment Act 1997, and the repeal of subsection 40-730(2A) of that
24
Act, by this Schedule apply to expenditure incurred after 30 June 2014.
25
(3)
The amendments by this Schedule affecting sections 112-38 and
26
124-710 of the Income Tax Assessment Act 1997 apply in relation to
27
authorities, licences, permits and entitlements held after 30 June 2014.
28
Schedule 6 Superannuation Guarantee Charge percentage
36 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Schedule 6
--
Superannuation Guarantee
1
Charge percentage
2
3
Superannuation Guarantee (Administration) Act 1992
4
1 Subsection 19(2)
5
Repeal the subsection, substitute:
6
(2) The charge percentage for a quarter in a year described in an item
7
of the table is the number specified in column 2 of the item.
8
9
Charge percentage (unless reduced under section 22 or 23)
Item
Column 1
Year
Column 2
Charge percentage
1
Year starting on 1 July 2013
9.25
2
Year starting on 1 July 2014
9.25
3
Year starting on 1 July 2015
9.25
4
Year starting on 1 July 2016
9.5
5
Year starting on 1 July 2017
10
6
Year starting on 1 July 2018
10.5
7
Year starting on 1 July 2019
11
8
Year starting on 1 July 2020
11.5
9
Year starting on or after 1 July 2021
12
2 Application of amendment
10
The amendment made by this Schedule applies for the purpose of
11
calculations under section 19 of the Superannuation Guarantee
12
(Administration) Act 1992 for quarters starting on or after 1 July 2013.
13
Low income superannuation contribution Schedule 7
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 37
Schedule 7
--
Low income superannuation
1
contribution
2
3
Superannuation (Government Co-contribution for Low
4
Income Earners) Act 2003
5
1 Subsection 5(2)
6
Omit:
7
•
Part 2A (sections 12B to 12G) tells you who are the people
8
entitled to a low income superannuation contribution. It also
9
tells you how much the low income superannuation
10
contribution is.
11
2 Part 2A
12
Repeal the Part.
13
3 Subsection 49(1)
14
Omit "Part 2A,".
15
4 Section 55 (note)
16
Repeal the note.
17
5 Section 56 (definition of concessional contributions)
18
Repeal the definition.
19
6 Section 56 (definition of low income superannuation
20
contribution)
21
Repeal the definition.
22
7 Application of amendments
23
(1)
The amendments made by this Schedule apply in relation to
24
concessional contributions for financial years starting on or after 1 July
25
2013.
26
Schedule 7 Low income superannuation contribution
38 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
(2)
However, section 12G of the Superannuation (Government
1
Co-contribution for Low Income Earners) Act 2003:
2
(a) continues to apply, until the commencement of this Schedule,
3
for quarters or financial years ending before that
4
commencement; and
5
(b) ceases to apply, in relation to concessional contributions for
6
any financial year, at that commencement.
7
Note:
Section 12G requires the Commissioner to give reports to the Minister for presenting to
8
the Parliament. This subitem ensures that reporting under that section (including for
9
LISC payable for the 2012-13 financial year) is required up to, but not after, the
10
commencement of this Schedule.
11
(3)
For the purposes of this item, concessional contributions has the same
12
meaning as in the Income Tax Assessment Act 1997.
13
8 Transitional
--
notifying certain decisions
14
(1)
If, on or after the commencement of this Schedule, the Commissioner
15
makes a decision under paragraph 12F(1)(b) of the Superannuation
16
(Government Co-contribution for Low Income Earners) Act 2003 in
17
respect of a person, the Commissioner is not required to notify the
18
person of the decision.
19
Note:
A decision under paragraph 12F(1)(b) is a decision by the Commissioner that the
20
Commissioner would not have determined that a low income superannuation
21
contribution was payable in respect of a person if the Commissioner had had
22
information that was obtained after that determination.
23
(2)
Subitem (1) has effect despite subsection 12F(2) of that Act.
24
9 Transitional
--
Deadlines for the 2012-13 financial year
25
Determining that a LISC is payable
26
(1)
The Commissioner must not determine under section 13 of the
27
Superannuation (Government Co-contribution for Low Income Earners)
28
Act 2003 that a low income superannuation contribution is payable
29
unless the Commissioner becomes satisfied before 1 July 2015 that the
30
contribution is payable.
31
Determining that an underpaid amount of LISC is payable
32
(2)
The Commissioner must not determine under section 19 of the
33
Superannuation (Government Co-contribution for Low Income Earners)
34
Act 2003 that an underpaid amount is to be paid unless the
35
Low income superannuation contribution Schedule 7
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 39
Commissioner becomes satisfied before 1 July 2015 that the amount
1
paid is less than the correct amount of low income superannuation
2
contribution.
3
Schedule 8 Repeal of income support bonus
Part 1 Main amendments
40 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Schedule 8
--
Repeal of income support bonus
1
Part 1
--
Main amendments
2
Social Security Act 1991
3
1 Subsection 23(1) (definition of income support bonus)
4
Repeal the definition.
5
2 Subsection 23(1) (definition of income support bonus test
6
day)
7
Repeal the definition.
8
3 Paragraph 23(4AA)(ac)
9
Repeal the paragraph.
10
4 Part 2.18B
11
Repeal the Part.
12
5 Section 1190 (table item 71)
13
Repeal the item.
14
6 Subsection 1191(1) (table item 43)
15
Repeal the item.
16
7 Subsection 1192(10)
17
Repeal the subsection.
18
Social Security (Administration) Act 1999
19
8 Section 12L
20
Repeal the section.
21
9 Subsection 47(1) (paragraph (l) of the definition of lump
22
sum benefit)
23
Omit "payment; or", substitute "payment.".
24
Repeal of income support bonus Schedule 8
Main amendments Part 1
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 41
10 Subsection 47(1) (paragraph (m) of the definition of lump
1
sum benefit)
2
Repeal the paragraph.
3
11 Section 47DAB
4
Repeal the section.
5
Schedule 8 Repeal of income support bonus
Part 2 Consequential amendments
42 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 2
--
Consequential amendments
1
Farm Household Support Act 1992
2
12 Subsection 24A(8A)
3
Repeal the subsection.
4
13 Subsection 24AA(10A)
5
Repeal the subsection.
6
14 Subsection 24B(6)
7
Repeal the subsection.
8
Income Tax Assessment Act 1997
9
15 Section 11-
15 (table item headed "social security or like
10
payments")
11
Omit:
12
income support bonus under the Social Security Act
1991 ................................................................................
52-10
income support bonus under the scheme prepared under
Part VII of the Veterans' Entitlements Act 1986 ...........
52-65
income support bonus under the scheme determined
under section 258 of the Military Rehabilitation and
Compensation Act 2004 .................................................
52-114
16 Paragraph 52-10(1)(zb)
13
Omit "1991; or", substitute "1991.".
14
17 Paragraph 52-10(1)(zc)
15
Repeal the paragraph.
16
18 Subsection 52-10(1M)
17
Repeal the subsection.
18
19 Paragraph 52-65(1)(c)
19
Repeal the paragraph.
20
Repeal of income support bonus Schedule 8
Consequential amendments Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 43
20 Subsection 52-65(1K)
1
Repeal the subsection.
2
21 Section 52-75 (table item 5D)
3
Repeal the item.
4
22 Section 52-114 (table item 16A)
5
Repeal the item.
6
Social Security Act 1991
7
23 Paragraph 1231(1AA)(b)
8
Omit ", farmers hardship bonus or income support bonus", substitute
9
"or farmers hardship bonus".
10
Social Security (Administration) Act 1999
11
24 Section 123TC (paragraph (f) of the definition of category I
12
welfare payment)
13
Repeal the paragraph.
14
25 Section 123TC (paragraph (aa) of the definition of
15
category Q welfare payment)
16
Repeal the paragraph.
17
Schedule 8 Repeal of income support bonus
Part 3 Saving provisions
44 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Part 3
--
Saving provisions
1
26 Saving provisions
2
(1)
If, before the commencement of this item, a person was, under
3
Part 2.18B of the Social Security Act 1991, qualified for an income
4
support bonus on an income support bonus test day occurring before
5
that commencement, then, despite the amendments made by Parts 1 and
6
2 of this Schedule, that Act and the Social Security (Administration) Act
7
1999, as in force immediately before that commencement, continue to
8
apply on and after that commencement in relation to that qualification.
9
(2)
Despite the amendments made by items 12 to 14, subsections 24A(8A),
10
24AA(10A) and 24B(6) of the Farm Household Support Act 1992, as in
11
force immediately before the commencement of this item, continue to
12
apply on and after that commencement in relation to payments of
13
income support bonus made before, on or after that commencement
14
under the Social Security Act 1991.
15
(3)
Despite the amendment made by item 18, subsection 52-10(1M) of the
16
Income Tax Assessment Act 1997, as in force immediately before the
17
commencement of this item, continues to apply on and after that
18
commencement in relation to payments of income support bonus made
19
before, on or after that commencement under the Social Security Act
20
1991.
21
(4)
Despite the amendment made by item 20, subsection 52-65(1K) of the
22
Income Tax Assessment Act 1997, as in force immediately before the
23
commencement of this item, continues to apply on and after that
24
commencement in relation to payments of income support bonus made
25
before, on or after that commencement under the scheme prepared
26
under Part VII of the Veterans' Entitlements Act 1986.
27
(5)
Despite the amendment made by item 22, item 16A of the table in
28
section 52-114 of the Income Tax Assessment Act 1997, as in force
29
immediately before the commencement of this item, continues to apply
30
on and after that commencement in relation to payments of income
31
support bonus made before, on or after that commencement under the
32
scheme determined under section 258 of the Military Rehabilitation and
33
Compensation Act 2004.
34
(6)
Despite the amendments made by items 24 and 25:
35
Repeal of income support bonus Schedule 8
Saving provisions Part 3
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 45
(a) paragraph (f) of the definition of category I welfare payment
1
in section 123TC of the Social Security (Administration) Act
2
1999, as in force immediately before the commencement of
3
this item; and
4
(b) paragraph (aa) of the definition of category Q welfare
5
payment in that section as so in force;
6
continue to apply on and after that commencement in relation to
7
payments of income support bonus made before, on or after that
8
commencement.
9
Schedule 9 Repeal of schoolkids bonus
Part 1 Amendments
46 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Schedule 9
--
Repeal of schoolkids bonus
1
Part 1
--
Amendments
2
A New Tax System (Family Assistance) Act 1999
3
1 Subsection 3(1) (definition of bonus test day)
4
Repeal the definition.
5
2 Subsection 3(1) (definition of current education period)
6
Repeal the definition.
7
3 Subsection 3(1) (paragraph (f) of the definition of family
8
assistance)
9
Omit "supplement; or", substitute "supplement.".
10
4 Subsection 3(1) (paragraph (g) of the definition of family
11
assistance)
12
Repeal the paragraph.
13
5 Subsection 3(1) (paragraph (ba) of the definition of FTB
14
child)
15
Repeal the paragraph.
16
6 Subsection 3(1) (definition of previous education period)
17
Repeal the definition.
18
7 Subsection 3(1) (definition of primary school amount)
19
Repeal the definition.
20
8 Subsection 3(1) (definition of relevant schoolkids bonus
21
child)
22
Repeal the definition.
23
9 Subsection 3(1) (definition of schoolkids bonus)
24
Repeal the definition.
25
Repeal of schoolkids bonus Schedule 9
Amendments Part 1
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 47
10 Subsection 3(1) (definition of secondary school amount)
1
Repeal the definition.
2
11 Division 1A of Part 3
3
Repeal the Division.
4
12 Division 1A of Part 4
5
Repeal the Division.
6
13 Clause 2 of Schedule 4 (table items 17AB and 17AC)
7
Repeal the items.
8
14 Subclause 3(1) of Schedule 4 (table items 17AB and 17AC)
9
Repeal the items.
10
A New Tax System (Family Assistance) (Administration) Act
11
1999
12
15 Division 2A of Part 3
13
Repeal the Division.
14
16 Paragraph 66(1)(ba)
15
Repeal the paragraph.
16
17 Paragraph 71(1)(a)
17
Omit ", single income family supplement or schoolkids bonus",
18
substitute "or single income family supplement".
19
18 Subsection 93A(6) (paragraph (ab) of the definition of
20
family assistance payment)
21
Repeal the paragraph.
22
19 Section 219TA (paragraph (ca) of the definition of relevant
23
benefit)
24
Repeal the paragraph.
25
20 Subsection 221(5)
26
Repeal the subsection.
27
Schedule 9 Repeal of schoolkids bonus
Part 1 Amendments
48 Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013
Income Tax Assessment Act 1997
1
21 Section 11-
15 (table item headed "family assistance")
2
Omit:
3
schoolkids bonus ................................................................. 52-150
22 Section 52-150
4
Omit ", ETR payment or schoolkids bonus", substitute "or ETR
5
payment".
6
Social Security (Administration) Act 1999
7
23 Subdivision DG of Division 5 of Part 3B
8
Repeal the Subdivision.
9
Repeal of schoolkids bonus Schedule 9
Saving provisions Part 2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 No. , 2013 49
Part 2
--
Saving provisions
1
24 Saving provisions
2
(1)
If, before the commencement of this item, an individual was, under
3
Division 1A of Part 3 of the Assistance Act, eligible for schoolkids
4
bonus on a bonus test day occurring before that commencement, then,
5
despite the amendments made by Part 1 of this Schedule, the Assistance
6
Act and the Administration Act, as in force immediately before that
7
commencement, continue to apply on and after that commencement in
8
relation to that eligibility.
9
(2)
Despite the amendment made by item 22, section 52-150 of the Income
10
Tax Assessment Act 1997, as in force immediately before the
11
commencement of that item, continues to apply on and after that
12
commencement in relation to payments of schoolkids bonus made
13
before, on or after that commencement.
14
(3)
Despite the amendment made by item 23, Subdivision DG of Division 5
15
of Part 3B of the Social Security (Administration) Act 1999, as in force
16
immediately before the commencement of that item, continues to apply
17
on and after that commencement in relation to payments of schoolkids
18
bonus made before, on or after that commencement.
19
(4)
In this item:
20
Administration Act means the A New Tax System (Family Assistance)
21
(Administration) Act 1999.
22
Assistance Act means the A New Tax System (Family Assistance) Act
23
1999.
24
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