Contents

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

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

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

4............ Amendment of assessments................................................................ 3

Schedule 1--Companies' non-compliance with PAYG withholding and superannuation guarantee obligations                                                                                                     4

Part 1--Recovery of penalties                                                                                  4

Division 1--Amendments applying to future and undischarged penalties       4

Taxation Administration Act 1953                                                                           4

Division 2--Penalties for new directors                                                                   7

Taxation Administration Act 1953                                                                           7

Division 3--Remission of penalties                                                                          7

Taxation Administration Act 1953                                                                           7

Part 2--Credits                                                                                                               10

Income Tax Assessment Act 1997                                                                            10

Taxation Administration Act 1953                                                                         10

Taxation (Interest on Overpayments and Early Payments) Act 1983              26

Part 3--Superannuation guarantee charge                                                        29

Division 1--Estimates                                                                                               29

Corporations Act 2001                                                                                             29

Superannuation Guarantee (Administration) Act 1992                                    31

Taxation Administration Act 1953                                                                         31

Division 2--Penalties                                                                                                35

Superannuation Guarantee (Administration) Act 1992                                    35

Taxation Administration Act 1953                                                                         35

Schedule 2--Consolidation and TOFA                                                                  39

Income Tax Assessment Act 1997                                                                            39

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009        40

Schedule 3--Consolidation                                                                                             44

Part 1--Pre rules                                                                                                            44

Income Tax Assessment Act 1997                                                                            44

Part 2--Interim rules                                                                                                   50

Income Tax Assessment Act 1997                                                                            50

Part 3--Prospective rules                                                                                          58

Income Tax Assessment Act 1997                                                                            58

Part 4--Application                                                                                                     62

 

 

 

Tax Laws Amendment (2012 Measures No. 2) Act 2012

No. 99, 2012

 

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

[Assented to 29 June 2012]

The Parliament of Australia enacts:

[Minister's second reading speech made in--

House of Representatives on 24 May 2012

Senate on 21 June 2012]