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This is a Bill, not an Act. For current law, see the Acts databases.
INCOME TAX RATES AMENDMENT (RESEARCH AND DEVELOPMENT) BILL 2011
2010
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax Rates Amendment
(Research and Development) Bill 2010
No. , 2010
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
i Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendments
3
Income Tax Rates Act 1986
3
Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010 1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Income Tax Rates Amendment
5
(Research and Development) Act 2010.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (Research and
Development) Act 2010 commences.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in Column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amendments Schedule 1
Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010 3
Schedule 1--Amendments
1
2
Income Tax Rates Act 1986
3
1 Subsection 12(7)
4
Omit "section 12A" (wherever occurring), substitute "sections 12A and
5
12B".
6
2 After section 12A
7
Insert:
8
12B Rate of extra income tax for recoupments for R&D activities
9
The rate of extra income tax payable by a taxpayer under
10
Subdivision 355-G (about government R&D recoupments) of the
11
Income Tax Assessment Act 1997 for a year of income is 10%.
12
3 At the end of Part III
13
Add:
14
31 Rate of extra income tax for recoupments for R&D activities
15
The rate of extra income tax payable under Subdivision 355-G
16
(about government R&D recoupments) of the Income Tax
17
Assessment Act 1997 for a year of income is 10%.
18
4 Application
19
The amendments made by this Schedule apply to assessments for years
20
of income commencing on or after 1 July 2010.
21