TAX AND SUPERANNUATION LAWS AMENDMENT (2015 MEASURES NO. 1) ACT 2015 (NO. 70, 2015)

Contents

1............ Short title............................................................................................. 2

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 4

Schedule 1--First Home Saver Accounts 5

Part 1--Repeals of Acts 5

First Home Saver Account Providers Supervisory Levy Imposition Act 2008 5

First Home Saver Accounts Act 2008 5

Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 5

Part 2--Consequential amendments 6

Division 1--Main amendments 6

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 6

Australian Prudential Regulation Authority Act 1998 6

Australian Securities and Investments Commission Act 2001 7

Banking Act 1959 7

Corporations Act 2001 8

Financial Institutions Supervisory Levies Collection Act 1998 10

Fringe Benefits Tax Assessment Act 1986 10

Income Tax Act 1986 10

Income Tax Assessment Act 1936 11

Income Tax Assessment Act 1997 12

Income Tax Rates Act 1986 18

Life Insurance Act 1995 19

Social Security Act 1991 20

Superannuation (Government Co-contribution for Low Income Earners) Act 2003 21

Superannuation Industry (Supervision) Act 1993 21

Taxation Administration Act 1953 22

Veterans' Entitlements Act 1986 24

Division 2--Repeals of Tax Code definitions 26

Income Tax Assessment Act 1997 26

Division 3--Other bulk amendments 27

Income Tax Assessment Act 1997 27

Part 3--Amendment of the Omnibus Repeal Day (Spring 2014) Act 2015 28

Omnibus Repeal Day (Spring 2014) Act 2015 28

Part 4--Application and transitional provisions 29

Division 1--Definitions 29

Division 2--General provisions 29

Division 3--Specific provisions 31

Schedule 2--Dependent spouse tax offset 33

Part 1--Main amendments 33

Income Tax Assessment Act 1936 33

Income Tax Assessment Act 1997 35

Part 2--Consequential amendments 41

Income Tax Assessment Act 1936 41

Income Tax Assessment Act 1997 41

Medicare Levy Act 1986 42

Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 43

Part 3--Technical amendments 44

Income Tax Assessment Act 1997 44

Part 4--Application of amendments 45

Schedule 3--Offshore banking units 46

Part 1--Trading in subsidiaries 46

Income Tax Assessment Act 1936 46

Part 2--The choice principle 47

Income Tax Assessment Act 1936 47

Part 3--Allocation of expenses 50

Income Tax Assessment Act 1936 50

Part 4--Eligible OB activities 53

Income Tax Assessment Act 1936 53

Part 5--Internal financial dealings 57

Income Tax Assessment Act 1936 57

Part 6--Application of amendments 58

Schedule 4--Exemption for Global Infrastructure Hub Ltd 59

Part 1--Amendments commencing day after Royal Assent 59

Income Tax Assessment Act 1997 59

Part 2--Sunsetting on 1 July 2021 60

Income Tax Assessment Act 1997 60

Schedule 5--Deductible gift recipient extensions 61

Income Tax Assessment Act 1997 61

Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 61

Schedule 6--Miscellaneous amendments 62

Part 1--General amendments 62

A New Tax System (Goods and Services Tax) Act 1999 62

Charities (Consequential Amendments and Transitional Provisions) Act 2013 62

Fringe Benefits Tax Assessment Act 1986 63

Fuel Tax Act 2006 63

Income Tax Assessment Act 1997 64

Income Tax Rates Act 1986 67

Income Tax Rates Amendment (Temporary Flood and Cyclone Reconstruction Levy) Act 2011 67

Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 67

Product Stewardship (Oil) Act 2000 67

Superannuation (Government Co-contribution for Low Income Earners) Act 2003 68

Tax Agent Services Act 2009 68

Taxation Administration Act 1953 69

Taxation (Deficit Reduction) Act (No. 3) 1993 70

Taxation (Interest on Overpayments and Early Payments) Act 1983 70

Treasury Legislation Amendment (Repeal Day) Act 2015 70

Part 2--Consequential amendments relating to the Public Governance, Performance and Accountability Act 2013 71

Australian Charities and Not-for-profits Commission Act 2012 71

Schedule 7--Investment Manager Regime 74

Part 1--Main amendments 74

Income Tax Assessment Act 1997 74

Part 2--Other amendments 88

Income Tax Assessment Act 1936 88

Income Tax Assessment Act 1997 88

Income Tax (Transitional Provisions) Act 1997 89

Commonwealth Numbered Acts

TAX AND SUPERANNUATION LAWS AMENDMENT (2015 MEASURES NO. 1) ACT 2015 (NO. 70, 2015) - NOTES