Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1993No. 18, 1993 - SCHEDULE

                              SCHEDULE                        Section 58

AMENDMENT OF ACTS
Crimes (Taxation Offences) Act 1980 Subsection 3 (1) (definition of "income
tax"): After paragraph (ca) insert:

"(cb) any amount payable to the Commissioner under Division 1C of Part VI of
the Income Tax Assessment Act;".
Income Tax Assessment Act 1936 Section 94Y: Add at the end:

"(2) A corporate limited partnership is not liable to pay instalments under
Division 1C of Part VI for a year of income unless it was also a corporate
limited partnership in relation to the immediately preceding year of income.".
Section 166A: Add at the end:

"(2) If Subdivision 1C of Part VI applies to the taxpayer for a year of income
and the taxpayer lodges a return for that year, the following provisions
apply:

   (a)  the Commissioner is deemed to have made an assessment of the taxable
        income or net income, and the tax payable on that income, equal to
        those respective amounts specified in the return;

   (b)  the assessment is deemed to have been made on the due date that
        applies under section 221AZT;

   (c)  on and after the day on which the Commissioner is deemed to have made
        the assessment, the return is deemed to be a notice of the deemed
        assessment:

        (i)    under the hand of the Commissioner; and

        (ii)   served on the taxpayer on the day on which the Commissioner is
               deemed to have made the assessment.". After subsection 170AA
               (7): Insert:

"(7A) If Division 1C of Part VI applies to the taxpayer for a year of income
and, on the basis of the taxpayer's return, the taxable income was nil or no
tax was payable on the taxable income, the following provisions apply for the
purposes of subsection (6):

   (a)  the Commissioner is taken to have served a notice of the kind
        specified in paragraph (6) (a); and

   (b)  the reference in paragraph (6) (c) to the end of 30 days after the
        date of service of the notice is to be read as a reference to the due
        date that applies under section 221AZT.". Subsection 218 (6B)
        (definition of "tax"): After "1B," (wherever occurring) insert "1C,".
        Subsection 218 (6B) (definition of "taxpayer"): After "1B," insert
        "1C,". After section 221AK: Insert: Termination of operation of this
        Division

"221AKA.(1) This Division does not apply to a taxpayer in relation to a year
of income if Division 1C applies to the taxpayer for that year of income.

"(2) If this Division ceases to apply to a taxpayer because of subsection (1),
the taxpayer is no longer to be regarded as a relevant entity within the
meaning of this Division for any purpose of this Act.". Subsection 221YB (1):
Omit "(other than a relevant entity within the meaning of Division 1B)". After
subsection 221YB (1A): Insert:

"(1B) A taxpayer is not liable to pay provisional tax if Division 1B or 1C
applies to the taxpayer in relation to the year of income concerned.".
Subsection 222A (1) (definition of "taxation officer statement"): After
"section 221AZD" insert "or 221AZS". After subsection 222 (1A): Insert:

"(1B) A taxpayer is liable to pay additional tax by way of penalty under this
subsection if the taxpayer:

   (a)  fails to keep a record containing particulars of the basis of the
        calculation of the amounts that the taxpayer specified under section
        221AZS in a return for a year of income; or

   (b)  refuses or fails to produce to the Commissioner, when and as required
        by the Commissioner under this Act, a document containing particulars
        of the basis of the calculation of the amounts that the taxpayer
        specified under section 221AZS in a return for a year of income. The
        penalty is double the amount of tax payable by the taxpayer for that
        year of income.".