2004-2005-2006 The Parliament of the Commonwealth of Australia HOUSE OF REPRESENTATIVES Presented and read a first time Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 (Treasury) A Bill for an Act to amend the law relating to taxation, and for related purposes [Page Break] 1 Short title ........................................................................................... 1 2 Commencement ................................................................................. 1 3 Schedule(s) ........................................................................................ 2 Schedule 1--Specific listings of deductible gift recipients 3 Income Tax Assessment Act 1997 3 Schedule 2--Technical corrections and amendments 5 Part 1--General amendments 5 Income Tax Assessment Act 1936 5 Income Tax Assessment Act 1997 6 Taxation Administration Act 1953 6 Taxation Laws Amendment Act (No. 5) 2001 7 Tax Laws Amendment (2006 Measures No. 3) Act 2006 7 Part 2--Amendments commencing at different times 8 Airports (Transitional) Act 1996 8 Part 3--Asterisking amendments 9 A New Tax System (Goods and Services Tax) Act 1999 9 Income Tax Assessment Act 1997 9 i Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 [Page Break] 1 taxation, and for related purposes 2 The Parliament of Australia enacts: 3 1 Short title 4 This Act may be cited as the Tax Laws Amendment (2006 5 Measures No. 6) Act 2006. 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 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 1 [Page Break] Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 The day on which this Act receives the and anything in Royal Assent. this Act not elsewhere covered by this table 2. Schedule 1 The day on which this Act receives the Royal Assent. 3. Schedule 2, The day on which this Act receives the items 1 to 23 Royal Assent. 4. Schedule 2, Immediately after the commencement of 14 September item 24 Part 1 of Schedule 2 to the Tax Laws 2006 Amendment (Repeal of Inoperative Provisions) Act 2006. 5. Schedule 2, The day on which this Act receives the items 25 and 26 Royal Assent. Note: This table relates only to the provisions of this Act as originally 1 passed by both Houses of the Parliament and assented to. It will not be 2 expanded to deal with provisions inserted in this Act after assent. 3 (2) Column 3 of the table contains additional information that is not 4 part of this Act. Information in this column may be added to or 5 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 2 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 [Page Break] 1 Schedule 1--Specific listings of deductible 2 gift recipients 3 4 Income Tax Assessment Act 1997 5 1 Subsection 30-25(2) (table item 2.2.34) 6 Omit "1 July 2006", substitute "1 July 2008". 7 2 Subsection 30-40(2) (at the end of the table) 8 Add: 9 3.2.9 Don Chipp Foundation Ltd the gift must be made after 26 June 2006 3.2.10 Lingiari Policy Centre the gift must be made after 25 July 2006 3 Subsection 30-50(2) (table item 5.2.16) 10 Omit "16 August 2005", substitute "16 August 2006". 11 4 Subsection 30-70(2) (at the end of the table) 12 Add: 13 8.2.11 Playgroup SA Inc the gift must be made after 5 August 2006 5 Subsection 30-100(2) (at the end of the table) 14 Add: 15 12.2.3 The Ranfurly Library Service Incorporated the gift must be made after 2 May 2006 6 Section 30-105 (table item 13.2.5) 16 Omit "23 April 2006", substitute "23 April 2008". 17 7 Section 30-105 (table item 13.2.6) 18 Omit "10 November 2005", substitute "1 January 2007". 19 8 Section 30-105 (at the end of the table) 20 Add: 21 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 3 [Page Break] 13.2.12 Nonprofit Australia Ltd the gift must be made after 28 June 2006 and before 29 June 2009 13.2.13 Point Nepean Community Trust the gift must be made after 26 June 2006 and before 11 June 2009 13.2.14 St Mary's Cathedral Restoration Appeal the gift must be made Incorporated after 26 April 2006 and before 27 April 2007 9 Subsection 30-315(2) (after table item 45) 1 Insert: 2 45AAA Don Chipp Foundation Ltd item 3.2.9 10 Subsection 30-315(2) (after table item 67) 3 Insert: 4 67A Lingiari Policy Centre item 3.2.10 11 Subsection 30-315(2) (after table item 80) 5 Insert: 6 81 Nonprofit Australia Ltd item 13.2.12 12 Subsection 30-315(2) (after table item 86C) 7 Insert: 8 86CA Playgroup SA Inc item 8.2.11 13 Subsection 30-315(2) (after table item 86E) 9 Insert: 10 86F Point Nepean Community Trust item 13.2.13 14 Subsection 30-315(2) (after table item 94AA) 11 Insert: 12 94AB Ranfurly Library Service Incorporated item 12.2.3 15 Subsection 30-315(2) (after table item 112AF) 13 Insert: 14 112AFA St Mary's Cathedral Restoration Appeal item 13.2.14 Incorporated 4 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 [Page Break] General amendments Part 1 1 Schedule 2--Technical corrections and 2 amendments 3 Part 1--General amendments 4 Income Tax Assessment Act 1936 5 1 Section 102AAB (definition of approved form) 6 Repeal the definition. 7 2 Transitional 8 An approval of a form made by the Commissioner before the 9 commencement of this item under the definition of approved form in 10 section 102AAB of the Income Tax Assessment Act 1936 has effect on 11 and after that commencement as if it had been made under 12 section 388-50 in Schedule 1 to the Taxation Administration Act 1953. 13 3 Subsection 124K(1) (definition of Minister) 14 Repeal the definition, substitute: 15 Minister means the Minister administering the Film Licensed 16 Investment Company Act 2005. 17 4 Subsection 159ZR(1) (definition of eligible income) 18 Omit "section 34A of the Audit Act 1901 or". 19 5 Subsection 160AO(2) 20 Omit "Income Tax (International Agreements) Act 1953-1960", 21 substitute "International Tax Agreements Act 1953". 22 6 Subsections 160AO(2) and (3) 23 Renumber as subsections (1) and (2). 24 7 Subsection 252(2) 25 Repeal the subsection. 26 8 Subsections 252(3), (4) and (4A) 27 Renumber as subsections (2), (3) and (4). 28 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 5 [Page Break] Part 1 General amendments 9 Subsection 252(4A) 1 Omit "subsection (4)", substitute "subsection (3)". 2 10 Subsection 252(6) 3 Omit "subsection (3)", substitute "subsection (2)". 4 Income Tax Assessment Act 1997 5 11 Section 12-5 (table item headed "film income") 6 Omit "see also losses", substitute "see also tax losses". 7 12 Section 40-145 8 Repeal the section. 9 13 Paragraph 118-520(1)(c) 10 Omit "or residents of a Territory". 11 14 Paragraph 118-520(1)(d) 12 Omit "or a resident of a Territory". 13 15 Subsection 995-1(1) (note to the definition of purpose of 14 producing assessable income) 15 Repeal the note, substitute: 16 Note: Section 32-15 (about using property in providing entertainment) treats 17 use of property as not being for the purpose of producing assessable 18 income. 19 16 Subsection 995-1(1) (definition of statutory accounting 20 period) (the definition of statutory accounting period 21 inserted by item 19 of Schedule 1 to the New 22 International Tax Arrangements (Participation 23 Exemption and Other Measures) Act 2004) 24 Repeal the definition. 25 Taxation Administration Act 1953 26 17 Subsections 6B(1), (2), (5), (8) and (9) 27 Omit "Prime Minister", substitute "Minister". 28 6 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 [Page Break] General amendments Part 1 18 Subsection 6B(11) 1 Repeal the subsection. 2 19 Transitional 3 An appointment made by the Prime Minister under section 6B of the 4 Taxation Administration Act 1953 before the commencement of this 5 item and in force at that commencement continues to have effect after 6 that commencement according to its terms as if it had been made by the 7 Minister just after that commencement. 8 20 Paragraph 298-5(c) in Schedule 1 (the paragraph (c) added 9 by item 168 of Schedule 7 to the Tax Laws Amendment 10 (2006 Measures No. 2) Act 2006) 11 Omit "this Schedule.", substitute "this Schedule; or". 12 21 Paragraph 298-5(c) in Schedule 1 (the paragraph (c) added 13 by item 5 of Schedule 7 to the Tax Laws Amendment 14 (2006 Measures No. 3) Act 2006) 15 Reletter as paragraph (d). 16 Taxation Laws Amendment Act (No. 5) 2001 17 22 Item 3 of Schedule 2 18 Omit "Legislative Instrument Act 2003", substitute "Legislative 19 Instruments Act 2003". 20 Tax Laws Amendment (2006 Measures No. 3) Act 2006 21 23 Item 4 of Schedule 7 22 Repeal the item. 23 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 7 [Page Break] Part 2 Amendments commencing at different times 1 Part 2--Amendments commencing at different times 2 Airports (Transitional) Act 1996 3 24 Subsection 49B(7) (definition of entity) 4 Repeal the definition, substitute: 5 entity means any of the following: 6 (a) a company; 7 (b) a partnership; 8 (c) a person in a capacity of trustee; 9 (d) any other person. 10 8 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 [Page Break] Asterisking amendments Part 3 1 Part 3--Asterisking amendments 2 A New Tax System (Goods and Services Tax) Act 1999 3 25 Asterisking amendments of the A New Tax System (Goods 4 and Services Tax) Act 1999 5 The provisions of the A New Tax System (Goods and Services Tax) Act 6 1999 listed in the table are amended as set out in the table. 7 Asterisking amendments Item Provision Omit: Substitute: *individual 1 Subsection 38-50(2) individual *individual 2 Paragraph 38-50(7)(b) individual *individual 3 Paragraph 184-1(1)(a) individual Income Tax Assessment Act 1997 8 26 Asterisking amendments of the Income Tax Assessment 9 Act 1997 10 The provisions of the Income Tax Assessment Act 1997 listed in the 11 table are amended as set out in the table. 12 Asterisking amendments Item Provision Omit: Substitute: *petroleum 1 Subparagraph 43-150(a)(v) petroleum 2 Subsection 87-40(1) agents *agents share 3 Paragraph 204-30(2)(b) paid-up share *paid-up capital capital *market 4 Subsection 995-1(1) market value value (subparagraph (b)(i) of the definition of apportionable deductions) *live 5 Subsection 995-1(1) live stock stock (subparagraph (b)(ii) of the definition of apportionable deductions) 13 Tax Laws Amendment (2006 Measures No. 6) Bill 2006 No. , 2006 9