Tax Laws Amendment (2006 Measures No. 6) Act 2007

No. 4, 2007

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

Contents

1 Short title

2 Commencement

3 Schedule(s)

Schedule 1—Specific listings of deductible gift recipients

Income Tax Assessment Act 1997

Schedule 2—Technical corrections and amendments

Part 1—General amendments

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Taxation Laws Amendment Act (No. 5) 2001

Tax Laws Amendment (2006 Measures No. 3) Act 2006

Part 2—Amendments commencing at different times

Airports (Transitional) Act 1996

Part 3—Asterisking amendments

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

Income Tax Assessment Act 1997

Tax Laws Amendment (2006 Measures No. 6) Act 2007

No. 4, 2007

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

[Assented to 19 February 2007]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Tax Laws Amendment (2006 Measures No. 6) Act 2007.

2  Commencement

 (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

 (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

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  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Specific listings of deductible gift recipients

Income Tax Assessment Act 1997

1  Subsection 30‑25(2) (table item 2.2.34)

Omit “1 July 2006”, substitute “1 July 2008”.

2  Subsection 30‑40(2) (at the end of the table)

Add:

3  Subsection 30‑50(2) (table item 5.2.16)

Omit “16 August 2005”, substitute “16 August 2006”.

4  Subsection 30‑70(2) (at the end of the table)

Add:

5  Subsection 30‑100(2) (at the end of the table)

Add:

6  Section 30‑105 (table item 13.2.5)

Omit “23 April 2006”, substitute “23 April 2008”.

7  Section 30‑105 (table item 13.2.6)

Omit “10 November 2005”, substitute “1 January 2007”.

8  Section 30‑105 (at the end of the table)

Add:

9  Subsection 30‑315(2) (after table item 45)

Insert:

10  Subsection 30‑315(2) (after table item 67)

Insert:

11  Subsection 30‑315(2) (after table item 80)

Insert:

12  Subsection 30‑315(2) (after table item 86C)

Insert:

13  Subsection 30‑315(2) (after table item 86E)

Insert:

14  Subsection 30‑315(2) (after table item 94AA)

Insert:

15  Subsection 30‑315(2) (after table item 112AF)

Insert:

Schedule 2—Technical corrections and amendments

Part 1—General amendments

Income Tax Assessment Act 1936

1  Section 102AAB (definition of approved form)

Repeal the definition.

2  Transitional

An approval of a form made by the Commissioner before the commencement of this item under the definition of approved form in section 102AAB of the Income Tax Assessment Act 1936 has effect on and after that commencement as if it had been made under section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.

3  Subsection 124K(1) (definition of Minister)

Repeal the definition, substitute:

Minister means the Minister administering the Film Licensed Investment Company Act 2005.

4  Subsection 159ZR(1) (definition of eligible income)

Omit “section 34A of the Audit Act 1901 or”.

5  Subsection 160AO(2)

Omit “Income Tax (International Agreements) Act 1953‑1960”, substitute “International Tax Agreements Act 1953”.

6  Subsections 160AO(2) and (3)

Renumber as subsections (1) and (2).

7  Subsection 252(2)

Repeal the subsection.

8  Subsections 252(3), (4) and (4A)

Renumber as subsections (2), (3) and (4).

9  Subsection 252(4A)

Omit “subsection (4)”, substitute “subsection (3)”.

10  Subsection 252(6)

Omit “subsection (3)”, substitute “subsection (2)”.

Income Tax Assessment Act 1997

11  Section 12‑5 (table item headed “film income”)

Omit “see also losses”, substitute “see also tax losses”.

12  Section 40‑145

Repeal the section.

13  Paragraph 118‑520(1)(c)

Omit “or residents of a Territory”.

14  Paragraph 118‑520(1)(d)

Omit “or a resident of a Territory”.

15  Subsection 995‑1(1) (note to the definition of purpose of producing assessable income)

Repeal the note, substitute:

Note: Section 32‑15 (about using property in providing entertainment) treats use of property as not being for the purpose of producing assessable income.

16  Subsection 995‑1(1) (definition of statutory accounting period) (the definition of statutory accounting period inserted by item 19 of Schedule 1 to the New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004)

Repeal the definition.

Taxation Administration Act 1953

17  Subsections 6B(1), (2), (5), (8) and (9)

Omit “Prime Minister”, substitute “Minister”.

18  Subsection 6B(11)

Repeal the subsection.

19  Transitional

An appointment made by the Prime Minister under section 6B of the Taxation Administration Act 1953 before the commencement of this item and in force at that commencement continues to have effect after that commencement according to its terms as if it had been made by the Minister just after that commencement.

20  Paragraph 298‑5(c) in Schedule 1 (the paragraph (c) added by item 168 of Schedule 7 to the Tax Laws Amendment (2006 Measures No. 2) Act 2006)

Omit “this Schedule.”, substitute “this Schedule; or”.

21  Paragraph 298‑5(c) in Schedule 1 (the paragraph (c) added by item 5 of Schedule 7 to the Tax Laws Amendment (2006 Measures No. 3) Act 2006)

Reletter as paragraph (d).

Taxation Laws Amendment Act (No. 5) 2001

22  Item 3 of Schedule 2

Omit “Legislative Instrument Act 2003”, substitute “Legislative Instruments Act 2003”.

Tax Laws Amendment (2006 Measures No. 3) Act 2006

23  Item 4 of Schedule 7

Repeal the item.

Part 2—Amendments commencing at different times

Airports (Transitional) Act 1996

24  Subsection 49B(7) (definition of entity)

Repeal the definition, substitute:

entity means any of the following:

 (a) a company;

 (b) a partnership;

 (c) a person in a capacity of trustee;

 (d) any other person.

Part 3—Asterisking amendments

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

25  Asterisking amendments of the A New Tax System (Goods and Services Tax) Act 1999

The provisions of the A New Tax System (Goods and Services Tax) Act 1999 listed in the table are amended as set out in the table.

Income Tax Assessment Act 1997

26  Asterisking amendments of the Income Tax Assessment Act 1997

The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.

[Minister’s second reading speech made in—

House of Representatives on 2 November 2006

Senate on 6 February 2007]