Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1987No. 62, 1987 - SECT 47

47. (1) The amendments made by sections 9, 12 and 13, paragraph 25 (a) and
section 35 apply to dividends satisfied by the issue, on or after 1 July 1987,
of shares.

(2) The amendments made by paragraphs 10 (b) and (c) and sections 11, 23, 24,
30 and 31 apply to assessments in respect of income of the year of income
commencing on 1 July 1987 and of all subsequent years of income.

(3) The amendments made by sections 14 to 22 (inclusive) and section 46 apply
in relation to an expense incurred by a taxpayer in a year of income
commencing on or after 1 July 1986.

(4) For the purposes of Subdivision F of Division 3 of Part III of the
Principal Act as amended by this Part, where:

   (a)  a taxpayer incurs a car expense in relation to a car during the year
        of income commencing on 1 July 1986;

   (b)  apart from this subsection, odometer records in relation to the car
        were not maintained by or on behalf of the taxpayer for:

        (i)    if the taxpayer elects that subsection 82KW (2) apply in
               relation to the car in relation to the year of income-the
               holding period within the meaning of that subsection; or

        (ii)   in any other case-the holding period within the meaning of
               section 82KUA; and

   (c)  before the date of lodgment of the taxpayer's return for the year of
        income, or within such further time as the Commissioner allows, the
        taxpayer sets out in a document, in the English language:

        (i)    reasonable estimates of the odometer readings of:

                (A)  the car; and

                (B)  if paragraph 82KTJ (1) (b) of that Act applies-both the
                     replacement car and the original car referred to in that
                     paragraph; as at the dates or times referred to in
                     paragraph (a) of the definition of 'odometer records' in
                     subsection 82KT (1) of that Act;

        (ii)   particulars of:

                (A)  the car; and

                (B)  if paragraph 82KTJ (b) of that Act applies-both the
                     replacement car and the original car referred to in that
                     paragraph; being particulars of the kind referred to in
                     paragraph (b) of that definition; and

        (iii)  a declaration signed by the taxpayer that, to the best of his
               or her knowledge and belief:

                (A)  the estimates are reasonable; and

                (B)  the particulars are correct; the following provisions
                     have effect:

   (d)  the document shall be deemed to be and to have been, at all times
        after the commencement of that holding period, odometer records
        maintained by or on behalf of the taxpayer in relation to the car for
        that holding period;

   (e)  the retention period in relation to the document shall be deemed to
        commence when the taxpayer signs the declaration.

(5) The amendments made by sections 32 and 34 do not apply in relation to a
film if an application in respect of the film under section 124ZAB or 124ZAC
of the Principal Act was received on or before 6 May 1987.