TAXATION LAWS AMENDMENT ACT (NO. 3) 1993

Table of Provisions

• Long Title

• 1 Short title  
• 2 Commencement  
• 3 Principal Act  
• 4 Object of Part  
• 5 Interpretation  
• 6 Application of amendments  
• 7 Principal Act  
• 8 Object of Division  
• 9 Interpretation  
• 10 Application of amendments  
• 11 Object of Division  
• 12 Certificate of sources of information  
• 13 Principal Act  
• 14 Object of Division  
• 15 Interpretation  
• 16 Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences  
• 17 Exploration and prospecting expenditure  
• 18 Application of amendments  
• 19 Object of Division  
• 20 Reduction in deductions that do not exclusively relate to producing assessable income  
• 21 Expenses of general management  
• 22 Apportionment of current year deductions between classes  
• 23 Application of amendments  
• 24 Object of Division  
• 25 Policies of life assurance  
• 26 Application of amendment  
• 27 Object of Division  
• 28 Deductions where payee declaration  
• 29 Deductions where no payee declaration  
• 30 Application of amendments  
• 31 Object of Division  
• 32 Interpretation  
• 33 Application of amendments  
• 34 Object of Division  
• 35 Deduction for gifts, pensions etc.  
• 36 Object of Division  
• 37 Taxable contributions  
• 38 Application of amendment  
• 39 Object of Division  
• 40 Interpretation  
• 41 Ascertainment of surplus or deficit  
• 42 Carry forward of franking surplus  
• 43 Initial payment of tax  
• 44 Subsequent payments of tax before determination of taxable income  
• 45 Final payment of tax  
• 46 Payments of tax made after the final payment of tax  
• 47 Receipt of franked dividends  
• 48 Receipt of franked dividends through trusts and partnerships  
• 49 Payment of excess offset  
• 50 Payment of excess foreign tax credit  
• 51 Lapsing of estimated debit  
• 52 Substituted estimated debit determination  
• 53 Life assurance companies-credit reducing section 160APYBA debit  
• 54 Life assurance companies-credit reducing section 160APYBB debit  
• 55 Life assurance companies-credit reducing section 160APYB debit  
• 56 Life assurance companies-credit reducing section 160APZ debit  
• 57 Life assurance companies-credit reducing subsection 160AQCD(1) debit  
• 58 Life assurance companies-credit reducing subsection 160AQCE(1) debit  
• 59 Insertion of new section  
• 60 Under-franking  
• 61 Excessive reduction in section 160APX debit  
• 62 Refunds in respect of initial payment of tax by a company  
• 63 Refunds of company tax  
• 64 Foreign tax credits-actual payment or application against non-franking credit liabilities  
• 65 Waiver of franking deficit tax  
• 66 Amended company tax assessment reducing tax  
• 67 Payment of franked dividends  
• 68 Estimated debit determination  
• 69 Transfer of asset to insurance funds  
• 70 Dividend streaming arrangements  
• 71 On-market share buy-back arrangements  
• 72 Life assurance companies-debit reducing section 160APMA credit  
• 73 Life assurance companies-debit reducing section 160APMB credit  
• 74 Life assurance companies-debit reducing section 160APMC credit  
• 75 Life assurance companies-debit reducing section 160APMD credit  
• 76 Life assurance companies-debit reducing section 160APQB credit  
• 77 Life assurance companies-debit reducing subsection 160APVC(1) credit  
• 78 Insertion of new section  
• 79 Determination of estimated class A debit  
• 80 Insertion of new section  
• 81 Insertion of new section  
• 82 How to work out the required franking amount  
• 83 What constitutes franking  
• 84 Company to give dividend statement to shareholders  
• 85 Liability to franking deficit tax  
• 86 Entitlement to offset  
• 87 Extra amount to be included in assessable income where franked dividend paid  
• 88 Franking rebate for certain beneficiaries  
• 89 Franking rebate in trustee's assessment  
• 90 Franking rebate for trustees of superannuation funds, ADFs and PSTs  
• 91 Franking rebate for certain partners  
• 92 Franking rebates for certain life assurance companies  
• 93 Adjustment where franking credit arises  
• 94 Adjustment for non-resident beneficiary  
• 95 Adjustment where trustee assessed for non-resident beneficiary  
• 96 Adjustment where trustee assessed for company  
• 97 Adjustment for non-resident partner  
• 98 First return deemed to be an assessment  
• 99 Part-year assessment  
• 100 Default assessment  
• 101 Amendment of assessments  
• 102 Interpretation  
• 103 Penalty for over-franking  
• 104 Penalty for failure to lodge return  
• 105 Penalty tax because of position taken  
• 106 Company to keep records  
• 107 Duties of payers  
• 108 Interpretation  
• 109 Application of amendments  
• 110 Transitional-carry forward of franking surplus from 1993-94  
• 111 Transitional-receipt of class A franked dividends or class B franked dividends etc. by a corporate shareholder before the start of the shareholder's 1994-95 franking year  
• 112 Transitional-estimated debit determinations etc.  
• 113 Transitional-reversing entries in class A franking account etc.  
• 114 Object of Division  
• 115 Insertion of new section  
• 116 Amendment of assessments  
• 117 Principal Act  
• 118 Object of Part  
• 119 Schedule 38  
• 120 Application of amendments  
• 121 Principal Act  
• 122 Object of Part  
• 123 Interpretation  
• 124 Application of amendments  
• 125 Principal Act  
• 126 Object of Part  
• 127 Transfer of expenditure-general  
• 128 Transfer of expenditure-group companies  
• 129 Insertion of new section  
• 130 Annual returns  
• 131 Defined terms  
• 132 Rule-person must have held interests in relation to transferring entity and receiving project  
• 133 Rule-loss company and profit company to have held interests and been group companies  
• 134 Principal Act  
• 135 General definitions  
• 136 Insertion of new section  
• 137 Amending Acts cannot impose penalties etc. earlier than 28 days after Royal Assent  
• 138 Schedule 1  
• 139 Application  
• 140 Object of Part  
• 141 Principal Act  
• 142 Interpretation  
• 143 Insertion of new section  
• 144 Schedule 1  
• 145 Application  
• 146 Transitional  
• 147 Principal Act  
• 148 Object of Part  
• 149 Interpretation: general  
• 150 Insertion of new section  
• 151 Payment of shortfall component  
• 152 Application of amendments  
• 153 Interpretation: general  
• 154 Payment of shortfall component  
• 155 Application of amendments  
• 156 Principal Act  
• 157 Object of Part  
• 158 Interpretation  
• 159 Application of amendments  
• 160 Principal Act  
• 161 Object of Division  
• 162 Interpretation  
• 163 Application of amendments  
• 164 Object of Division  
• 165 Interpretation  
• 166 Application of amendment  
• 167 Interpretation  
• 168 9-week deferral of initial payments of tax for 1993-94  
• 169 Deferred initial payments of tax for 1993-94 to be offset by prior payments of franking deficit tax  
• 170 IP offset provision to be ignored in calculating certain company tax thresholds  
• 171 Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes  
• 172 Franking credits and debits-effect of elimination or reduction of initial payment of tax  
• 173 Reduction of liability for franking deficit tax  
• 174 No refunds of amounts of franking deficit tax overpaid because of the FDT reduction provision  
• 175 Reduction of liability for franking deficit tax does not give rise to a franking credit under section 160APQA of the Assessment Act  
• 176 Object of Part  
• 177 Principal Act  
• 178 Exemptions  
• 179 Application of amendment  
• 180 Principal Act  
• 181 Rebate for certain non-profit employers etc.  
• 182 Application of amendment