Cth Places (Consequential Amendments) 1998

Commonwealth Places (Consequential Amendments) Act 1998

No. 23, 1998

An Act to make consequential amendments relating to Commonwealth places

[Assented to 17 April 1998]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Commonwealth Places (Consequential Amendments) Act 1998.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4 Application of amendments

(1) The amendments of the Income Tax Assessment Act 1936 apply to the 1996‑97 year of income.

(2) The amendments of the Income Tax Assessment Act 1997 apply to the 1997‑98 year of income and to all later years of income.

Schedule 1—Amendments

Commonwealth Places (Application of Laws) Act 1970

1 After subsection 4(1)

Insert:

(1A) Subsection (1) does not apply to the provisions of the laws of a State to the extent that those provisions have effect, as laws of the Commonwealth, under the Commonwealth Places (Mirror Taxes) Act 1998.

Income Tax Assessment Act 1936

2 After paragraph 23(kf)

Insert:

(kg) taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998;

3 At the end of section 51

Add:

(11) A deduction is not allowable under subsection (1) in respect of tax imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.

Income Tax Assessment Act 1997

4 Section 11‑10 (before table item headed “dividends or shares”)

Insert:

Commonwealth places windfall tax
taxable amounts.........................	51‑49

5 Section 12‑5 (before table item headed “companies, co‑operative and mutual”)

Insert:

Commonwealth places windfall tax
....................................	26‑17

6 After section 26‑15

Insert:

26‑17 Commonwealth places windfall tax

You cannot deduct under this Act any tax that is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.

7 After section 51‑48

Insert:

51‑49 Taxable amounts relating to Commonwealth places windfall tax

Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are exempt from income tax.

[Minister's second reading speech made in—

House of Representatives on 5 March 1998

Senate on 23 March 1998]

(12/98)