TAXATION LAWS AMENDMENT ACT (NO. 4) 1997

This compilation was prepared on 19 August 2010
taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Schedule(s) .......................................................................................... 1

Schedule 1--Thin capitalisation 2

Income Tax Assessment Act 1936 2

Schedule 2--Finance shares 11

Income Tax Assessment Act 1936 11

Schedule 3--Group certificates for employees ceasing employment 12

Part 1--Amendment of the Income Tax Assessment Act 1936 12

Part 2--Application 13

Schedule 4--Tax exempt entities that become taxable 14

Part 1--Amendment of Schedule 2D to the Income Tax Assessment Act 1936 14

Part 2--Application and transitional 16

Schedule 5--Charitable trusts 17

Income Tax Assessment Act 1936 17

Schedule 6--Quasi‑ownership of fixtures 22

Part 1--Amendment of the Income Tax Assessment Act 1997 22

Part 2--Amendment of the Income Tax Assessment Act 1936 27

Part 3--Application of amendments 29

Schedule 7--Electronic lodgment and electronic funds transfers 30

Part 1--Amendment of the Income Tax Assessment Act 1936 30

Part 2--Amendment of the Taxation Administration Act 1953 37

Part 3--Amendment of the Fringe Benefits Tax Assessment Act 1986 38

Part 4--Application of amendments 43

Schedule 8--Rate of tax for Friendly Societies etc. 44

Taxation (Deficit Reduction) Act (No. 2) 1993 44

Schedule 9--Leases of luxury cars 46

Part 1--Amendment of the Income Tax Assessment Act 1997 46

Part 2--Amendment of the Income Tax Assessment Act 1936 53

Part 3--Application of amendments 55

Notes 57

Notes to the Taxation Laws Amendment Act (No. 4) 1997

Note 1

The Taxation Laws Amendment Act (No. 4) 1997 as shown in this compilation comprises Act No. 174, 1997 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Taxation Laws Amendment Act (No. 4) 1997	174, 1997	21 Nov 1997	See s. 2
Taxation Laws Amendment Act (No. 3) 2003	101, 2003	14 Oct 2003	Schedule 6 (item 39): (a)	--
Tax Laws Amendment (2010 Measures No. 2) Act 2010	75, 2010	28 June 2010	Schedule 6 (item 77): 29 June 2010	--

(a) Subsection 2(1) (item 34) of the Taxation Laws Amendment Act (No. 3) 2003 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
34. Schedule 6, item 39	Immediately after the time specified in the Taxation Laws Amendment Act (No. 4) 1997 for the commencement of item 9 of Schedule 5 to that Act	21 November 1997

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 4.......................................	rep. No. 75, 2010
Schedule 5
Item 9....................................	rep. No. 101, 2003

Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 4) 1997 - NOTES