Search

Commonwealth Numbered Acts

Search AustLII

▼
Search Options
  • Advanced Search…
×
Close
  • Specific Year
    Any

TAX LAWS AMENDMENT (2010 MEASURES NO. 1) ACT 2010 (NO. 56, 2010) - NOTES

TAX LAWS AMENDMENT (2010 MEASURES NO. 1) ACT 2010 (NO. 56, 2010) - NOTES

 

No. 56, 2010

 

 

 

 

 

  

  

Contents

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

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

3............ Schedule(s).......................................................................................... 4

4............ Amendment of assessments............................................................... 4

Schedule 1--Approved superannuation clearing house                                    6

Part 1--Main amendments                                                                                            6

Retirement Savings Accounts Act 1997                                                                   6

Superannuation Guarantee (Administration) Act 1992                                      6

Superannuation Industry (Supervision) Act 1993                                                8

Part 2--Amendments conditional on the Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010                                                                                                                     9

Income Tax Assessment Act 1936                                                                              9

Taxation Administration Act 1953                                                                           9

Part 3--Application provision                                                                                    10

Schedule 2--Forestry managed investment schemes                                      11

Income Tax Assessment Act 1936                                                                            11

Income Tax Assessment Act 1997                                                                            11

Taxation Administration Act 1953                                                                         11

Schedule 3--Managed investment trusts                                                               13

Income Tax Assessment Act 1936                                                                            13

Income Tax Assessment Act 1997                                                                            13

Income Tax (Transitional Provisions) Act 1997                                                 24

Taxation Administration Act 1953                                                                         27

Schedule 4--25% entrepreneurs' tax offset                                                         29

Income Tax Assessment Act 1997                                                                            29

Schedule 5--Consolidation                                                                                              33

Part 1--Use of the tax cost setting amount                                                           33

Division 1--Main amendments                                                                                33

Income Tax Assessment Act 1997                                                                            33

Division 2--Foreign currency gains and losses                                                   40

Income Tax Assessment Act 1997                                                                            40

Division 3--Application and transitional provisions                                           41

Part 2--Group restructures                                                                                         43

Income Tax Assessment Act 1997                                                                            43

Part 3--Pre‑CGT proportions                                                                                   48

Income Tax Assessment Act 1997                                                                            48

Part 4--No double counting of amounts in ACA                                               54

Income Tax Assessment Act 1997                                                                            54

Part 5--Pre‑joining time roll‑overs                                                                          56

Income Tax Assessment Act 1997                                                                            56

Income Tax (Transitional Provisions) Act 1997                                                 60

Part 6--Phasing out over‑depreciation adjustments                                          61

Division 1--Joining times between 8 May 2007 and 30 June 2009                     61

Income Tax Assessment Act 1997                                                                            61

Division 2--Repeal of section 705‑50 with effect from 1 July 2009                    61

Income Tax Assessment Act 1997                                                                            61

Income Tax (Transitional Provisions) Act 1997                                                 63

Part 7--Leaving time liabilities                                                                                   64

Division 1--Timing                                                                                                    64

Income Tax Assessment Act 1997                                                                            64

Division 2--Adjustment of step 4 amount                                                             65

Income Tax Assessment Act 1997                                                                            65

Part 8--Accounting principles                                                                                    68

Income Tax Assessment Act 1997                                                                            68

Part 9--Inherited deductions                                                                                      72

Income Tax Assessment Act 1997                                                                            72

Part 10--General insurance companies                                                                  73

Income Tax Assessment Act 1997                                                                            73

Part 11--Retained cost base assets                                                                         75

Division 1--Cash management trusts                                                                     75

Income Tax Assessment Act 1997                                                                            75

Division 2--Rights to future income assets                                                          75

Income Tax Assessment Act 1997                                                                            75

Division 3--Application provision                                                                         76

Part 12--Removal of CGT event L7                                                                      77

Income Tax Assessment Act 1997                                                                            77

Income Tax (Transitional Provisions) Act 1997                                                 77

Part 13--Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets                                                                                                                              78

Income Tax Assessment Act 1997                                                                            78

Part 14--Blackhole expenditure for MEC Groups                                           80

Income Tax Assessment Act 1997                                                                            80

Part 15--Transitional concession for SAPs                                                          81

New Business Tax System (Consolidation and Other Measures) Act 2003   81

Part 16--Loss multiplication rules for widely held companies                       83

Income Tax Assessment Act 1997                                                                            83

Part 17--CGT straddles                                                                                              89

Income Tax Assessment Act 1997                                                                            89

Part 18--Choice to consolidate                                                                                91

Income Tax Assessment Act 1997                                                                            91

Income Tax (Transitional Provisions) Act 1997                                               101

Taxation Administration Act 1953                                                                       102

Part 19--Life insurance companies                                                                        103

Division 1--Amendments applying before the introduction of first home saver accounts 103

Income Tax Assessment Act 1997                                                                          103

Division 2--Amendments applying from the introduction of first home savers accounts  104

Income Tax Assessment Act 1997                                                                          104

Part 20--Non‑membership equity interests                                                        105

Income Tax Assessment Act 1997                                                                          105

Schedule 6--Miscellaneous amendments                                                             110

Part 1--CGT main residence exemption for replacement dwelling           110

Income Tax Assessment Act 1997                                                                          110

Part 2--Small business retirement exemption                                                    113

Division 1--Main amendment                                                                                113

Income Tax Assessment Act 1997                                                                          113

Division 2--Related amendments                                                                          113

Income Tax Assessment Act 1997                                                                          113

Part 3--Waiver connected with proceeds of crime proceedings               115

Taxation Administration Act 1953                                                                       115

Part 4--Amendments relating to higher education                                           118

A New Tax System (Goods and Services Tax) Act 1999                                   118

Fringe Benefits Tax Assessment Act 1986                                                           118

Income Tax Assessment Act 1936                                                                          118

Income Tax Assessment Act 1997                                                                          118

Taxation Administration Act 1953                                                                       119

Taxation (Interest on Overpayments and Early Payments) Act 1983           120

Part 5--PAYG withholding from delayed payments for termination of employment  122

Division 1--Main amendments                                                                              122

Taxation Administration Act 1953                                                                       122

Division 2--Related amendments                                                                          123

Child Support (Registration and Collection) Act 1988                                  123

Income Tax Assessment Act 1936                                                                          123

Income Tax Assessment Act 1997                                                                          124

Part 6--Administrative penalties for false or misleading statements          125

Division 1--Main amendments                                                                              125

Taxation Administration Act 1953                                                                       125

Division 2--Consequential amendments                                                             131

Product Grants and Benefits Administration Act 2000                                    131

Superannuation Industry (Supervision) Act 1993                                            131

Division 3--Application provision                                                                       131

Division 4--Amendments with contingent commencement                             132

Taxation Administration Act 1953                                                                       132

Part 7--Offsets against superannuation guarantee charge                             133

Tax Laws Amendment (2008 Measures No. 2) Act 2008                                  133

Part 8--Status of certain superannuation funds                                                 134

Income Tax Assessment Act 1936                                                                          134

Part 9--Technical corrections                                                                                  135

A New Tax System (Luxury Car Tax) Act 1999                                                  135

Taxation Administration Act 1953                                                                       135

Tax Laws Amendment (2009 Measures No. 4) Act 2009                                  135

Part 10--Repeal of redundant material                                                                136

Income Tax Assessment Act 1936                                                                          136

Income Tax Assessment Act 1997                                                                          136

Taxation Administration Act 1953                                                                       136

Part 11--Other minor changes                                                                                137

A New Tax System (Goods and Services Tax) Act 1999                                   137

Income Tax Assessment Act 1936                                                                          137

Income Tax Assessment Act 1997                                                                          138

Income Tax (Transitional Provisions) Act 1997                                               144

Taxation Administration Act 1953                                                                       145

 

 

 

Tax Laws Amendment (2010 Measures No. 1) Act 2010

No. 56, 2010

 

 

 

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

[Assented to 3 June 2010]

The Parliament of Australia enacts:



Navigate

Print

Download

Cited By

Join the discussion