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TAXATION LAWS AMENDMENT ACT (NO. 1) 1998 NO. 16, 1998 - SCHEDULE 11

- Amendments to improve further the readability of the Income Tax Assessment Act 1997

Part 1—Asterisking in operative provisions
1 Subsection 36-10(3)

Omit "exempt" (first occurring), substitute " * exempt".

2 Subsection 36-20(1)

Omit "total exempt", substitute "total * exempt".

3 Paragraphs 36-20(2)(a) and (b)

Omit "exempt" (first occurring), substitute " * exempt".

4 Subsection 36-20(3)

Omit "is exempt income", substitute "is * exempt income".

5 Subsection 70-30(3)

Omit "your trading stock", substitute "your * trading stock".

6 Paragraph 165-75(2)(b)

Repeal the paragraph, substitute:

(b)
the * company's share of each * notional loss (if any) of a partnership for the period;

7 Paragraph 165-75(2)(d)

Repeal the paragraph, substitute:

(b)
the * company's share of each * notional net income (if any) of a partnership for the period;

8 Subsection 165-75(3)

Omit " * income total exceeds the * loss total", substitute "income total exceeds the loss total".

9 Subsection 165-80(2)

Omit "notional loss or notional net income", substitute " notional loss or notional net income ".

10 Subsection 165-80(3)

Omit "company's share", substitute " company's share ".

11 Subsection 165-80(4)

Omit "company's share", substitute " company's share ".

12 Subsection 165-85(2)

Omit " * notional net income or * notional loss", substitute " notional net income or notional loss ".

13 Subsection 165-85(3)

Omit "company's share", substitute " company's share ".

14 Subsection 165-90(2)

Omit "company's share", substitute " * company's share".

15 Subsection 165-90(3)

Omit "company's share", substitute " company's share ".

16 Subsection 165-90(4)

Omit "company's share", substitute " company's share ".

17 Subsection 165-90(5)

Omit "company's share", substitute " company's share ".

18 Subsection 166-10(3)

Omit " * holding", substitute "holding".

19 Paragraph 166-10(4)(b)

Omit " * holding", substitute "holding".

20 Subsection 166-30(3)

Omit " * holding", substitute "holding".

21 Paragraph 166-30(4)(b)

Omit " * holding", substitute "holding".

22 Subsection 166-145(2)

Omit " * listed" (twice occurring), substitute "listed".

23 Subsection 166-145(3)

Omit " * listed" (twice occurring), substitute "listed".

24 Subsection 166-145(3)

Omit " * dividends", substitute "dividends".

25 Subsection 166-145(4)

Omit " * listed" (twice occurring), substitute "listed".

26 Subsection 995-1(1)

Insert:

"company's share":

(a)
of a partnership's * notional loss or * notional net income—has the meaning given by sections 165-80 and 165-85; and
(b)
of a partnership's * full year deductions—has the meaning given by sections 165-90.

27 Subsection 995-1(1) (definition of notional loss )

Repeal the definition, substitute:

"notional loss":

(a)
of a company—has the meaning given by sections 165-50 and 165-75; and
(b)
of a partnership—has the meaning given by sections 165-80 and 165-85.

28 Subsection 995-1(1)

Insert:

"notional net income" of a partnership has the meaning given by sections 165-80 and 165-85.

Part 2—Removing asterisks from Guide material
29 Subsections 6-1(1), (2), (3) and (4)

Repeal the subsections, substitute:

(1)
Assessable income consists of ordinary income and statutory income.

(2)
Some ordinary income, and some statutory income, is exempt income.

(3)
Exempt income is not assessable income.

(4)
Some ordinary income, and some statutory income, is neither assessable income nor exempt income.

30 Section 28-15

Omit " * car", substitute "car".

31 Section 28-110

Omit " * car", substitute "car".

32 Section 40-10

Omit " * capital", substitute "capital".

33 Subsection 40-15(1)

Omit " * capital", substitute "capital".

34 Paragraph 40-15(1)(a)

Omit " * plant", substitute "plant".

35 Subsections 40-20(1) and (2)

Omit " * capital", substitute "capital".

36 Subsections 40-25(1) and (3)

Omit " * capital", substitute "capital".

37 Subsection 40-25(4)

Repeal the subsection, substitute:

(4)
You make the balancing adjustment by comparing:

the property's termination value for the purpose of the particular capital allowance;

with:

the property's written down value for the purpose of the particular capital allowance.
38 Subsection 40-25(5)

Omit " * termination" (wherever occurring), substitute "termination".

39 Subsection 40-25(5)

Omit " * written" (wherever occurring), substitute "written".

40 Subsection 40-30(1)

Omit " * capital", substitute "capital".

41 Subsections 41-5(1) and (2)

Omit " * capital", substitute "capital".

42 Section 43-65

Omit " * construction" (wherever occurring), substitute "construction".

43 Section 43-65

Omit " * pool", substitute "pool".

44 Section 43-110

Omit " * construction" (wherever occurring), substitute "construction".

45 Section 43-110

Omit " * your", substitute "your".

46 Section 43-110

Omit " * Your", substitute "Your".

47 Subsection 165-25(2)

Omit " * tax", substitute "tax".

48 Subsection 165-25(2)

Omit " * full", substitute "full".

49 Subsections 330-5(2) and (3)

Omit " * petroleum" (wherever occurring), substitute "petroleum".

50 Section 330-10

Omit " * ordinary", substitute "ordinary".

51 Section 330-10

Omit " * genuine", substitute "genuine".

52 Section 330-10

Omit " * petroleum", substitute "petroleum".

Part 3—Removing asterisks from non-operative material outside Guides
53 Section 11-1

Omit " * Ordinary", substitute "Ordinary".

54 Section 11-1

Omit " * statutory", substitute "statutory".

55 Section 13-1

Omit " * tax", substitute "tax".

56 Subsection 43-50(4)

Omit " * entertainment", substitute "entertainment".

57 Subsection 43-50(4)

Omit " * purpose", substitute "purpose".

58 Subsection 43-50(5)

Omit " * purpose", substitute "purpose".

59 Subsection 43-50(5)

Omit " * rehabilitation", substitute "rehabilitation".

Part 4—Making Guide status more obvious
60 At the end of section 6-1

Add:

[This is the end of the Guide.]

61 Before the group heading before section 15-3

Insert:

[This is the end of the Guide.]

62 At the end of section 20-15

Add:

[This is the end of the Guide.]

63 At the end of section 20-105

Add:

[This is the end of the Guide.]

64 Before the group heading before section 25-5

Insert:

[This is the end of the Guide.]

65 Before the group heading before section 26-5

Insert:

[This is the end of the Guide.]

66 Before the group heading before section 30-255

Insert:

[This is the end of the Guide.]

67 Before the group heading before section 30-295

Insert:

[This is the end of the Guide.]

68 Section 30-320

Omit "(except this section) has effect as if it were", substitute "is".

69 Before the group heading before section 36-35

Insert:

[This is the end of the Guide.]

70 Section 40-7

Omit "(except this section) has effect as if it were", substitute "is".

71 Before the group heading before section 41-15

Insert:

[This is the end of the Guide.]

72 Before the group heading before section 42-15

Insert:

[This is the end of the Guide.]

73 Before the group heading before section 42-65

Insert:

[This is the end of the Guide.]

74 Before the group heading before section 42-100

Insert:

[This is the end of the Guide.]

75 Before the group heading before section 42-120

Insert:

[This is the end of the Guide.]

76 Before the group heading before section 42-160

Insert:

[This is the end of the Guide.]

77 At the end of section 42-182

Add:

[This is the end of the Guide.]

78 At the end of section 42-232

Add:

[This is the end of the Guide.]

79 At the end of section 42-270

Add:

[This is the end of the Guide.]

80 Before the group heading before section 42-310

Insert:

[This is the end of the Guide.]

81 Before the group heading before section 42-330

Insert:

[This is the end of the Guide.]

82 Before the group heading before section 42-345

Insert:

[This is the end of the Guide.]

83 Before the group heading before section 42-355

Insert:

[This is the end of the Guide.]

84 Before the group heading before section 43-10

Insert:

[This is the end of the Guide.]

85 At the end of section 43-65

Add:

[This is the end of the Guide.]

86 At the end of section 43-110

Add:

[This is the end of the Guide.]

87 Before the group heading before section 43-140

Insert:

[This is the end of the Guide.]

88 Before the group heading before section 43-160

Insert:

[This is the end of the Guide.]

89 At the end of section 43-205

Add:

[This is the end of the Guide.]

90 Before the group heading before section 43-230

Insert:

[This is the end of the Guide.]

91 Before the group heading before section 43-250

Insert:

[This is the end of the Guide.]

92 Before the group heading before section 52-10

Insert:

[This is the end of the Guide.]

93 Before the group heading before section 52-65

Insert:

[This is the end of the Guide.]

94 Before the group heading before section 52-105

Insert:

[This is the end of the Guide.]

95 Before the group heading before section 53-10

Insert:

[This is the end of the Guide.]

96 Before the group heading before section 55-5

Insert:

[This is the end of the Guide.]

97 At the end of section 70-80

Add:

[This is the end of the Guide.]

98 Before the group heading before section 165-10

Insert:

[This is the end of the Guide.]

99 At the end of section 165-30

Add:

[This is the end of the Guide.]

100 Before the group heading before section 166-145

Insert:

[This is the end of the Guide.]

101 Before the group heading before section 166-220

Insert:

[This is the end of the Guide.]

102 Before the group heading before section 166-265

Insert:

[This is the end of the Guide.]

103 At the end of section 170-5

Add:

[This is the end of the Guide.]

104 Before the group heading before section 195-5

Insert:

[This is the end of the Guide.]

105 Before the group heading before section 330-150

Insert:

[This is the end of the Guide.]

106 Before the group heading before section 330-300

Insert:

[This is the end of the Guide.]

107 Before the group heading before section 330-480

Insert:

[This is the end of the Guide.]

108 Before the group heading before section 330-585

Insert:

[This is the end of the Guide.]

109 Before the group heading before section 375-805

Insert:

[This is the end of the Guide.]

110 At the end of section 385-95

Add:

[This is the end of the Guide.]

111 Before the group heading before section 387-55

Insert:

[This is the end of the Guide.]

112 Before the group heading before section 387-125

Insert:

[This is the end of the Guide.]

113 Before the group heading before section 387-305

Insert:

[This is the end of the Guide.]

114 Before the group heading before section 387-355

Insert:

[This is the end of the Guide.]

115 Before the group heading before section 387-405

Insert:

[This is the end of the Guide.]

116 At the end of section 387-455

Add:

[This is the end of the Guide.]

117 Before the group heading before section 900-105

Insert:

[This is the end of the Guide.]

118 At the end of section 900-145

Add:

[This is the end of the Guide.]

119 At the end of section 900-165

Add:

[This is the end of the Guide.]

120 Before the group heading before section 900-215

Insert:

[This is the end of the Guide.]

121 Subsection 950-150(1)

Repeal the definition, substitute:

(1)
A Guide consists of:

(a)
sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc.; or
(b)
a Subdivision, Division or Part that is identified as a Guide by a provision in the Subdivision, Division or Part.

122 Subsection 995-1(1) (definition of link note )

Repeal the definition, substitute:

"link note" means a note:

(a)
included at the end of one group of units to indicate the number of the next unit (see section 2-30); or
(b)
indicating the end of a * Guide.

Part 5—Application of amendments made by this Schedule
123 Application

The amendments made by this Schedule apply to assessments for the 1997-98 income year and later income years.



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