Commonwealth Numbered Acts

INCOME TAX AMENDMENT ACT 2007 (NO. 16, 2007) - SCHEDULE 1

Income Tax Act 1986

1  Subsection 5(2)

Omit "27GA,".

2  After subsection 5(2)

Insert:

          (2A)  This Act does not impose tax payable in accordance with section 301‑ 175 or 306‑15 of the Income Tax Assessment Act 1997 .

3  Subsection 5(4)

Omit "an eligible entity within the meaning of Part IX of the Assessment Act", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997 )".

4  Paragraph 5(4)(a)

Omit "taxable contributions within the meaning of Part IX of the Assessment Act", substitute "contributions that are included in assessable income under Subdivision 295‑C of the Income Tax Assessment Act 1997 ".

5  Subsection 5(5)

Omit "Part IX of the Assessment Act", substitute "the Income Tax Assessment Act 1997 ".

6  Subsection 5(5)

Omit "section 288A", substitute "table item 2 in section 295‑320".

7  Subsection 5(6)

Omit "resident superannuation fund", substitute "Australian superannuation fund".

8  Subsection 5(6)

Omit "section 288B", substitute "table item 3 in section 295‑320".

9  Application

The amendments made by this Schedule apply to the 2007‑2008 income year and later years.

[ Minister's second reading speech made in--

House of Representatives on 7 February 2007

Senate on 26 February 2007 ]