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 (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
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
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 (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: