Commonwealth Numbered Acts

A NEW TAX SYSTEM (INCOME TAX LAWS AMENDMENT) ACT 1999 NO. 60, 1999 - SCHEDULE 2--Abolition

1 Section 13-1 (table item headed "eligible termination payments (ETPs)")

Omit:

savings and investment income, payments included in...........

Subdivision 61-A

2 Section 13-1 (table item headed "savings and investment income")

Repeal the item.

3 Section 13-1 (table item headed "superannuation")

Omit:

undeducted contributions..................................................

Subdivision 61-A

4 Section 13-1 (table item headed "superannuation")

Omit "also".

5 Subdivision 61-A

Repeal the Subdivision, substitute:

[The next Subdivision is Subdivision 61-G.]

6 Section 995-1(1)(definition of savings and investment income )

Repeal the definition.

7 Application

The amendments made by this Part apply to assessments for the 1999-2000 income year and later income years.

Part 2--Consequential amendments of the Income Tax Assessment Act 1936

8 Paragraph 221YAB(1)(b) (definition of Qualifying rebates )

Omit "of this Act and the tax offset under Subdivision 61-A of the Income Tax Assessment Act 1997 " .

9 Paragraph 221YDA(1)(da)

Omit "and the tax offset to which he or she will be entitled for that year of income under Subdivision 61-A of the Income Tax Assessment Act 1997 ".

10 Subparagraph 221YDA(2)(a)(ii)

Omit "and the tax offset under Subdivision 61-A of the Income Tax Assessment Act 1997 ".

11 Subparagraph 221YDA(2)(a)(ii)

Omit "and that tax offset".

12 Application

The amendments made by this Part apply for the purposes of working out amounts of provisional tax (including instalments) payable for the 1999-2000 income year and later income years.