Commonwealth Numbered Acts

COMMONWEALTH PLACES (CONSEQUENTIAL AMENDMENTS) ACT 1998 - SCHEDULE 1--Amendments

Commonwealth Places (Application of Laws) Act 1970

1 After subsection 4(1)

Insert:

(1A) Subsection (1) does not apply to the provisions of the laws of a State to the extent that those provisions have effect, as laws of the Commonwealth, under the Commonwealth Places (Mirror Taxes) Act 1998 .

Income Tax Assessment Act 1936

2 After paragraph 23(kf)

Insert:

(kg) taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 ;

Add:

(11) A deduction is not allowable under subsection (1) in respect of tax imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 .

Income Tax Assessment Act 1997

4 Section 11-10 (before table item headed "dividends or shares")

Insert:

Commonwealth places windfall tax
taxable amounts		51-49

5 Section 12-5 (before table item headed "companies, co-operative and mutual")

Insert:

Commonwealth places windfall tax
		26-17

6 After section 26-15

Insert:

COMMONWEALTH PLACES (CONSEQUENTIAL AMENDMENTS) ACT 1998 No. 23, 1998 - < SECT 26-17 Commonwealth places windfall tax You cannot deduct under this Act any tax that is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 .

7 After section 51-48

Insert:

COMMONWEALTH PLACES (CONSEQUENTIAL AMENDMENTS) ACT 1998 No. 23, 1998 - < SECT 51-49 Taxable amounts relating to Commonwealth places windfall tax Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are exempt from income tax.

[ Minister's second reading speech made in--

House of Representatives on 5 March 1998

Senate on 23 March 1998 ]