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TAX LAWS AMENDMENT (2006 MEASURES NO. 2) ACT 2006 (NO. 58, 2006) - NOTES

 

No. 58, 2006

 

 

 

 

 

  

  


Contents

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

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

3............ Schedule(s).......................................................................................... 4

4............ Amendment of assessments............................................................... 4

Schedule 1—F‑111 Deseal/Reseal Ex‑gratia Lump Sum Payments          5

Income Tax Assessment Act 1997                                                                              5

Schedule 2—Specific gift recipients                                                                             6

Income Tax Assessment Act 1997                                                                              6

Schedule 3—CGT treatment of options                                                                     7

Income Tax Assessment Act 1997                                                                              7

Income Tax (Transitional Provisions) Act 1997                                                   9

Schedule 4—Compulsory acquisition                                                                         10

Income Tax Assessment Act 1997                                                                            10

Schedule 5—Franking deficit tax                                                                                 14

Income Tax Assessment Act 1997                                                                            14

Income Tax (Transitional Provisions) Act 1997                                                 15

Schedule 6—Choice of superannuation fund                                                         17

Superannuation Guarantee (Administration) Act 1992                                    17

Schedule 7—Technical corrections and improvements                                   18

Part 1—Amendments commencing on Royal Assent                                        18

A New Tax System (Commonwealth‑State Financial Arrangements) Act 1999  18

A New Tax System (Goods and Services Tax) Act 1999                                     18

A New Tax System (Goods and Services Tax Transition) Act 1999                 19

A New Tax System (Luxury Car Tax) Act 1999                                                    20

A New Tax System (Wine Equalisation Tax) Act 1999                                       20

Commonwealth Places (Mirror Taxes) Act 1998                                                21

Fringe Benefits Tax Assessment Act 1986                                                             21

Income Tax Assessment Act 1936                                                                            22

Income Tax Assessment Act 1997                                                                            24

Income Tax Rates Act 1986                                                                                      36

Income Tax (Transitional Provisions) Act 1997                                                 36

Sales Tax Legislation Amendment Act (No. 1) 1999                                          38

Superannuation Guarantee (Administration) Act 1992                                    38

Taxation Administration Act 1953                                                                         38

Taxation Laws Amendment Act (No. 2) 2000                                                       44

Part 2—Amendments commencing at other times                                              45

A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999                45

Fuel Tax Act 2006                                                                                                     45

Income Tax Assessment Act 1936                                                                            45

Income Tax Assessment Act 1997                                                                            46

Taxation (Interest on Overpayments and Early Payments) Act 1983             49

Tax Laws Amendment (2004 Measures No. 1) Act 2004                                    52

Tax Laws Amendment (2004 Measures No. 2) Act 2004                                    52

Part 3—Amendments relating to asterisking                                                         54

Division 1—Asterisking of “partnership”                                                              54

Income Tax Assessment Act 1997                                                                            54

Division 2—Asterisking of “derived”                                                                     54

Income Tax Assessment Act 1997                                                                            54

Division 3—Asterisking of “market value”                                                            57

Income Tax Assessment Act 1997                                                                            57

Division 4—Other asterisking amendments                                                           66

Income Tax Assessment Act 1997                                                                            66

Taxation Administration Act 1953                                                                         67

Part 4—Technical amendments relating to legislative instruments                68

A New Tax System (Goods and Services Tax) Act 1999                                     68

Commonwealth Places (Mirror Taxes) Act 1998                                                68

Energy Grants (Credits) Scheme Act 2003                                                           69

Excise Act 1901                                                                                                          69

Excise Tariff Act 1921                                                                                               69

Fringe Benefits Tax Assessment Act 1986                                                             70

Income Tax Assessment Act 1936                                                                            70

Income Tax Assessment Act 1997                                                                            71

Superannuation Contributions Tax (Assessment and Collection) Act 1997 72

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997                                                                                                  72

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003         72

Taxation Laws Amendment Act (No. 5) 2001                                                       73

 


 

 

Tax Laws Amendment (2006 Measures No. 2) Act 2006

No. 58, 2006

 

 

 

An Act to amend the law relating to taxation, and for related purposes

Assented to 22 June 2006

The Parliament of Australia enacts:



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