Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1--Distributions to entities connected with a private company and related issues         3

Part 1--Main amendments                                                                                 Â           3

Income Tax Assessment Act 1936                                                                              3

Income Tax Assessment Act 1997                                                                            13

Part 2--Other amendments                                                                                        15

Fringe Benefits Tax Assessment Act 1986                                                             15

Income Tax Assessment Act 1936                                                                            15

Income Tax Assessment Act 1997                                                                            16

Part 3--Time limit for making franking assessments                                          17

Income Tax Assessment Act 1997                                                                            17

Part 4--Application                                                                                   Â                     18

Schedule 2--Transitional excess non‑concessional contributions            20

Income Tax (Transitional Provisions) Act 1997                                                 20

Schedule 3--Capital gains of testamentary trusts                                             21

Income Tax Assessment Act 1997                                                                            21

Schedule 4--Superannuation of deceased military and police                    25

Income Tax Assessment Act 1997                                                                            25

Schedule 5--Thin capitalisation                                                                                    27

Income Tax (Transitional Provisions) Act 1997                                                 27

Schedule 6--Repeal of dividend tainting rules                                                    28

Income Tax Assessment Act 1936                                                                            28

Income Tax Assessment Act 1997                                                                            28

Schedule 7--Interest withholding tax                                                                        30

Income Tax Assessment Act 1936                                                                            30

Schedule 8--Forestry managed investment schemes                                      37

Part 1--Main amendments                                                                                 Â         37

Income Tax Assessment Act 1936                                                                            37

Income Tax Assessment Act 1997                                                                            38

Taxation Administration Act 1953                                                                         47

Part 2--Other amendments                                                                                        50

Income Tax Assessment Act 1936                                                                            50

Income Tax Assessment Act 1997                                                                            51

Part 3--Application                                                                                   Â                     55

Schedule 9--Non‑resident trustee beneficiaries                                                 56

Income Tax Assessment Act 1936                                                                            56

Income Tax Assessment Act 1997                                                                            61

Income Tax Rates Act 1986                                                                                      64

Schedule 10--Distributions to foreign residents from managed investment trusts              69

Part 1--Main amendments                                                                                 Â         69

Taxation Administration Act 1953                                                                         69

Part 2--Consequential amendments                                                                        79

Income Tax Assessment Act 1936                                                                            79

Income Tax Assessment Act 1997                                                                            82

Taxation Administration Act 1953                                                                         82

Part 3--Application                                                                                   Â                     87

 

 

 

Tax Laws Amendment (2007 Measures No. 3) Act 2007

No. 79, 2007

 

An Act to amend the law relating to taxation, and for related purposes

[Assented to 21 June 2007]

The Parliament of Australia enacts: