TAX LAWS AMENDMENT (2011 MEASURES NO. 2) ACT 2011 (NO. 41, 2011)

Contents

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

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

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

Schedule 1--Deductible gift recipients 5

Part 1--Amendments commencing on 1 January 2011 5

Income Tax Assessment Act 1997 5

Part 2--Amendments commencing on Royal Assent 6

Income Tax Assessment Act 1997 6

Part 3--Sunsetting on 1 July 2016 7

Income Tax Assessment Act 1997 7

Schedule 2--Self managed superannuation funds 8

Superannuation Industry (Supervision) Act 1993 8

Schedule 3--Use of TFNs for superannuation purposes 10

Part 1--Amendments commencing on 1 July 2011 10

Retirement Savings Accounts Act 1997 10

Superannuation Industry (Supervision) Act 1993 11

Part 2--Amendments commencing on Proclamation 13

Retirement Savings Accounts Act 1997 13

Superannuation Industry (Supervision) Act 1993 14

Schedule 4--GST: payments of taxes, fees and charges 16

A New Tax System (Goods and Services Tax) Act 1999 16

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

Schedule 5--Other amendments 22

Part 1--A New Tax System (Goods and Services Tax) Act 1999 22

Part 2--Approved worker entitlement funds 23

Fringe Benefits Tax Assessment Act 1986 23

Income Tax Assessment Act 1997 24

Taxation Administration Act 1953 24

Part 3--Confidentiality of taxpayer Information 27

Division 1--Main amendments 27

Income Tax Assessment Act 1936 27

Income Tax Assessment Act 1997 27

Taxation Administration Act 1953 28

Division 2--Amendment contingent on the Human Services Legislation Amendment Act 2011 28

Taxation Administration Act 1953 28

Part 4--Employee share schemes 29

Division 1--Income Tax Assessment Act 1997 29

Division 2--Income Tax (Transitional Provisions) Act 1997 30

Division 3--Minor amendment 31

Income Tax Assessment Act 1997 31

Part 5--General interest charge 32

Taxation Administration Act 1953 32

Part 6--Deductible gift recipients 38

Division 1--Amendments commencing on Royal Assent 38

Income Tax Assessment Act 1997 38

Division 2--Amendments commencing on 1 July 2011 39

Income Tax Assessment Act 1997 39

Division 3--Other amendment 40

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 40

Part 7--Section 23AB of the Income Tax Assessment Act 1936 41

Income Tax Assessment Act 1936 41

Part 8--Definitions and signposts to related material 42

Income Tax Assessment Act 1936 42

Part 9--Repeal of redundant reference to Papua New Guinea 43

Income Tax Assessment Act 1936 43

Part 10--Repeal of redundant references to franking 44

Income Tax Assessment Act 1936 44

Part 11--Correction of cross-reference in provision about dividend streaming etc. 45

Income Tax Assessment Act 1936 45

Part 12--Minor changes to provisions about concessional rebates 46

Income Tax Assessment Act 1936 46

Part 13--Fixing outdated references to Medicare levy 47

Income Tax Assessment Act 1997 47

Part 14--Repeal of references to previously repealed provisions 48

Income Tax Assessment Act 1997 48

Part 15--Correction of asterisking of reference to tax debts 49

Income Tax Assessment Act 1997 49

Part 16--Repeal of outdated provisions about exemption from income tax 50

Income Tax Assessment Act 1936 50

Income Tax Assessment Act 1997 50

Part 17--Correction of asterisking of references to quarter 51

Income Tax Assessment Act 1997 51

Part 18--Inclusion of Commissioner's discretion to extend main residence exemption from CGT 52

Income Tax Assessment Act 1997 52

Part 19--Nomination of controllers of discretionary trust 53

Income Tax Assessment Act 1997 53

Part 20--Definitions mainly relevant to Subdivision 165-F of the Income Tax Assessment Act 1997 57

Income Tax Assessment Act 1997 57

Taxation Administration Act 1953 62

Part 21--Removal of definition from imputation provisions 63

Income Tax Assessment Act 1997 63

Part 22--Correction of outdated references to virtual PST assets 65

Income Tax Assessment Act 1997 65

Part 23--Repeal of spent provisions about land transport facilities borrowings 66

Income Tax Assessment Act 1997 66

Part 24--Prevention of double counting for direct value shifts 67

Income Tax Assessment Act 1997 67

Part 25--Ineligible income tax remission decisions 69

Taxation Administration Act 1953 69

Part 26--Correction of references to chains of fixed trusts 70

Income Tax Assessment Act 1997 70

Part 27--Gender-specific language 71

Income Tax Assessment Act 1936 71

Part 28--Misdescribed amendments 87

Tax Laws Amendment (2010 Measures No. 1) Act 2010 87

Tax Laws Amendment (Transfer of Provisions) Act 2010 87

Part 29--References to Schedules 88

Family Trust Distribution Tax (Primary Liability) Act 1998 88

Family Trust Distribution Tax (Secondary Liability) Act 1998 88

Fringe Benefits Tax Assessment Act 1986 88

Income Tax Assessment Act 1936 88

Income Tax Assessment Act 1997 89

Income Tax (Transitional Provisions) Act 1997 90

Medicare Levy Act 1986 90

Superannuation Contributions Tax (Assessment and Collection) Act 1997 91

Part 30--References to taxation laws 92

Income Tax Assessment Act 1997 92

Taxation Administration Act 1953 92

Part 31--Other amendments 94

Income Tax Assessment Act 1936 94

Income Tax Assessment Act 1997 94

Income Tax (Transitional Provisions) Act 1997 95

Superannuation Legislation Amendment Act 2010 95

Taxation Administration Act 1953 95

Taxation (Interest on Overpayments and Early Payments) Act 1983 95

Tax Laws Amendment (2007 Measures No. 5) Act 2007 96

Commonwealth Numbered Acts

TAX LAWS AMENDMENT (2011 MEASURES NO. 2) ACT 2011 (NO. 41, 2011) - NOTES