2008 The Parliament of the Commonwealth of Australia HOUSE OF REPRESENTATIVES Presented and read a first time Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008 (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--Luxury Car Tax 3 A New Tax System (Luxury Car Tax) Act 1999 3 Taxation Administration Act 1953 3 Tax Laws Amendment (Luxury Car Tax) Act 2008 3 i Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008 [Page Break] 2 taxation, and for related purposes 3 The Parliament of Australia enacts: 4 1 Short title 5 This Act may be cited as the Tax Laws Amendment (Luxury Car 6 Tax--Minor Amendments) Act 2008. 7 2 Commence ment 8 (1) Each provision of this Act specified in column 1 of the table 9 commences, or is taken to have commenced, in accordance with 10 column 2 of the table. Any other statement in column 2 has effect 11 according to its terms. 12 Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008 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 items 1 to 7 Royal Assent. 3. Schedule 1, Immediately after the commencement of the 3 October 2008 item 8 Tax Laws Amendment (Luxury Car Tax) Act 2008. 1 Note: This table relates only to the provisions of this Act as originally 2 passed by both Houses of the Parliament and assented to. It will not be 3 expanded to deal with provisions inserted in this Act after assent. 4 (2) Column 3 of the table contains additional information that is not 5 part of this Act. Information in this column may be added to or 6 edited in any published version of this Act. 7 3 Schedule(s) 8 Each Act that is specified in a Schedule to this Act is amended or 9 repealed as set out in the applicable items in the Schedule 10 concerned, and any other item in a Schedule to this Act has effect 11 according to its terms. 12 2 Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008 [Page Break] 1 2 Schedule 1--Luxury Car Tax 3 4 A New Tax System (Luxury Car Tax) Act 1999 5 1 Paragraph 18-5(2)(a) 6 After "* refund-eligible car", insert "(or you would have borne luxury 7 car tax on the supply or importation if you had acquired the * car directly 8 rather than entering into a financing arrangement relating to the car)". 9 2 Paragraph 18-5(3)(a) 10 Omit "* borne by you as". 11 3 Paragraph 18-10(2)(a) 12 After "* refund-eligible car", insert "(or you would have borne luxury 13 car tax on the supply or importation if you had acquired the * car directly 14 rather than entering into a financing arrangement relating to the car)". 15 4 Paragraph 18-10(3)(a) 16 Omit "* borne by you as". 17 5 Application 18 The amendments made by items 1 to 4 apply to taxable supplies of 19 luxury cars and taxable importations of luxury cars on or after 1 July 20 2008. 21 Taxation Administration Act 1953 22 6 Section 8AAZA (paragraph (a) of the definition of credit) 23 After "Product Grants and Benefits Administration Act 2000", insert 24 "or Division 18 (refunds) of the A New Tax System (Luxury Car Tax) 25 Act 1999". 26 7 Application 27 The amendment made by item 6 applies to taxable supplies of luxury 28 cars and taxable importations of luxury cars on or after 1 July 2008. 29 Tax Laws Amendment (Luxury Car Tax) Act 2008 Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008 3 [Page Break] 1 8 Item 13 of Schedule 1 2 Repeal the item, substitute: 3 13 Application 4 The amendments made by this Schedule do not apply where: 5 (a) the contract to make the taxable supply or taxable 6 importation of the luxury car was entered into before 7.30 7 pm, by legal time in the Australian Capital Territory, on 8 13 May 2008; or 9 (b) the contract to make the taxable supply or taxable 10 importation of the luxury car was entered into before that 11 time and, after that time, a contract to finance the making of 12 the supply is entered into. 4 Tax Laws Amendment (Luxury Car Tax--Minor Amendments) Bill 2008 No. , 2008