Taxation Laws Amendment (CPI Indexation) Act 1999

No. 102, 1999

An Act to amend indexation and other provisions in tax laws, and for related purposes

[Assented to 16 July 1999]

The Parliament of Australia enacts:

This Act may be cited as the Taxation Laws Amendment (CPI Indexation) Act 1999.

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Items 3 and 4 of Schedule 1 are taken to have commenced on the day on which the Taxation Laws Amendment (FBT Cost of Compliance) Act 1995 received the Royal Assent.

3 Schedule(s)

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Car parking fringe benefits

Fringe Benefits Tax Assessment Act 1986

1 After subsection 39A(2)

Insert:

(2A) However, the factor mentioned in paragraph (2)(b) is taken to be 1 if the movement described in that paragraph is down.

2 Application

The amendment of section 39A of the Fringe Benefits Tax Assessment Act 1986 made by this Schedule applies in relation to each FBT year starting on or after 1 April 1998.

3 Section 39AA

Omit “39A(a)(iii)”, substitute “39A(1)(a)(iii)”.

4 Subsection 39DA(3) (definition of relevant parking premises)

Omit “39A(a)”, substitute “39A(1)(a)”.

5 Application

The amendments of sections 39AA and 39DA of the Fringe Benefits Tax Assessment Act 1986 made by this Schedule apply in relation to each FBT year starting on or after 1 April 1995.

Schedule 2—Concessional income tax rebates

Income Tax Assessment Act 1936

1 After subsection 159HA(6)

Insert:

(6A) If the indexation factor for an indexing year of income is less than 1.000, sections 159J, 159K and 159L apply in relation to the indexing year of income as if each indexable amount were the same as the previous indexable amount (as defined in subsection (1)). This subsection has effect despite subsection (1).

2 Application

The amendment of section 159HA of the Income Tax Assessment Act 1936 made by this Schedule applies to assessments for the 1998‑99 year of income and later years of income.

Schedule 3—Quarterly remitter threshold for sales tax

Sales Tax Assessment Act 1992

1 Subsection 62(2)

Omit “subsection (3)”, substitute “this section”.

2 After subsection 62(5)

Insert:

(5A) If the indexation factor is less than 1.000, the quarterly remitter threshold for the current year is the same as the quarterly remitter threshold under this section for the financial year immediately before the current year. This subsection has effect despite subsection (3).

3 Application

The amendments made by this Schedule apply in relation to the quarterly remitter threshold for the 1998‑99 financial year and for later financial years.

[Minister’s second reading speech made in—

House of Representatives on 11 March 1999

Senate on 21 June 1999]

(21/99)