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Tax Laws Amendment (2004 Measures No. 2) Bill 2004

Tax Laws Amendment (2004 Measures No. 2) Act 2004

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Index

Schedule 1: Life insurance companies

Bill reference Paragraph number
Item 1, subsection 148(10) of the ITAA 1936 1.51
Item 2, section 4-15 1.44
Item 3, section 12-5 1.44
Item 4, section 36-25 1.44
Item 5, section 320-1 1.44
Item 6, section 320-5 1.44
Item 7, paragraph 320-15(1)(b) 1.52
Item 8, paragraph 320-15(1)(c) 1.52
Items 9 and 10, section 320-15 1.44
Items 13, paragraph 320-15(1)(h) 1.58
Item 14, paragraph 320-15(1)(ja) 1.71
Item 15, paragraph 320-15(1)(k) 1.115
Item 16, subsection 320-15(2) 1.58, 1.61
Item 17, paragraph 320-40(5)(b) 1.112
Item 18, subsection 320-40(5A) 1.112
Item 19, subsection 320-40(6) 1.113
Item 20, subsection 320-40(6A) 1.113
Item 21, subsection 320-40(7) 1.115
Item 22, subsection 320-55(3) 1.76
Item 23, subsection 320-70(2) 1.61
Item 24 1.61
Item 24, subsection 320-75(1) 1.60
Item 24, subsection 320-75(4) 1.66
Items 25 and 26, subsection 320-80(2) 1.61
Item 27, subsection 320-85(2) 1.58, 1.61
Item 28, section 320-87 1.44
Item 29, section 320-100 1.52
Item 30, section 320-105 1.104
Item 31, section 320-120 1.44
Item 32, section 320-125 1.44
Item 33, sections 320-130 and 320-131 1.16
Item 33, section 320-133 1.17
Item 33, subsection 320-134(1) 1.34
Item 33, subsection 320-134(2) 1.35
Item 33, subsection 320-134(3) 1.36
Item 33, section 320-135 1.18
Item 33, section 320-137 1.21
Item 33, subsection 320-137(1) 1.23
Item 33, section 320-139 1.29
Item 33, subsection 320-141(1) 1.24
Item 33, subsection 320-141(2) 1.25
Item 33, subsection 320-143(1) 1.30
Item 33, subsection 320-143(2) 1.31
Item 33, section 320-149 1.38
Item 34 1.44
Item 35, section 320-165 1.44
Item 36, subsection 320-170(3) 1.77
Item 37, section 320-175 1.79
Item 38, section 320-180 1.79
Item 39 1.77
Item 40, subsection 320-185(1) 1.77
Item 41, subsection 320-185(4) 1.79
Item 42 1.77
Item 43, paragraph 320-195(3)(c) 1.77
Item 44, subsection 320-195(4) 1.77
Item 45, subsection 320-200(1) 1.79
Item 46, subsection 320-200(2A) 1.118
Item 47, subsection 320-200(4) 1.120
Items 48 and 49 1.44
Item 50, subsection 320-225(3) 1.102
Item 51, section 320-230 1.104
Item 52, section 320-235 1.104
Item 53 1.102
Item 54, subsection 320-240(1) 1.102
Item 55, subsection 320-240(4) 1.104
Item 56 1.86
Item 57, section 320-246 1.86
Item 57, paragraph 320-246(1)(e) 1.89
Item 57, subsection 320-246(3) 1.91
Item 57, subsection 320-246(4) 1.92
Item 57, subsection 320-246(5) 1.93
Item 57, section 320-247 1.98
Item 57, subsection 320-247(3) 1.99
Item 58 1.104
Item 59, paragraph 320-250(2)(c) 1.102
Item 61, subsection 320-255(1) 1.104
Item 62, subsection 320-255(3A) 1.120
Items 63 and 64, subsection 320-255(7) 1.120
Item 65, subsection 320-255(9) 1.118
Item 66, definition of 'class' in subsection 995-1(1) 1.17
Item 67, definition of 'complying superannuation class for a taxable income of a life insurance company' in subsection 995-1(1) 1.23
Item 68, definition of 'complying superannuation class for a tax loss of a life insurance company' in subsection 995-1(1) 1.24
Item 69, definition of 'exempt life insurance policy' in subsection 995-1(1) 1.86
Item 70, definition of 'net risk component' in subsection 995-1(1) 1.52
Item 71, definition of 'ordinary class for a taxable income of a life insurance company' in subsection 995-1(1) 1.29
Item 72, definition of 'ordinary class for a tax loss of a life insurance company' in subsection 995-1(1) 1.30
Item 73, definition of 'ordinary investment policy' in subsection 995-1(1) 1.60, 1.61
Items 74, 76, 77 and 79, subsection 995-1(1) 1.44
Item 75, definition of 'sickness policy' in subsection 995-1(1) 1.141
Item 78, definition of 'valuation time' in subsection 995-1(1) 1.79, 1.104
Item 80, section 320-100 of the Income Tax (Transitional Provisions) Act 1997 1.33
Item 81 1.44
Items 82 and 83, subsections 320-175(1A) and 320-230(1A) of the Income Tax (Transitional Provisions) Act 1997 1.126
Items 82 and 83, paragraphs 320-175(1)(e) and 320-230(1)(e) of the Income Tax (Transitional Provisions) Act 1997 1.123
Item 84, subsection 45-330(3) in Schedule 1 to the TAA 1953 1.45
Items 85 and 86, section 40-15 1.120
Item 87, subsection 320-200(2A) 1.119
Item 88, subsection 320-200(4) 1.120
Item 89, subsection 320-255(3A) 1.120
Item 90, subsection 320-255(5) 1.120
Items 91 and 92, subsection 320-255(7) 1.120
Item 93 1.120
Item 93, subsection 320-255(9) 1.119
Item 94, definition of 'notional adjustable value' in subsection 995-1(1) 1.120
Item 95, section 320-175 1.79
Item 96 1.104
Item 97, section 713-525 1.79, 1.104
Items 98 and 99, section 713-530 1.44
Item 100, section 320-246 1.86
Item 101, section 330-35 1.44
Items 102 and 103, paragraph 320-37(1)(d) 1.140
Items 105 and 106 1.44
Item 107, subsection 45-330(3) in Schedule 1 to the TAA 1953 1.45
Item 108, definition of 'dividend' in subsection 6(1) of the ITAA 1936 1.144
Item 109, paragraph 26(i) of the ITAA 1936 1.144
Items 110 and 111, section 26AH of the ITAA 1936 1.144
Item 112, subparagraph 102AE(2)(b)(iv) of the ITAA 1936 1.144
Item 113, section 282A of the ITAA 1936 1.144
Item 114, section 291A of the ITAA 1936 1.144
Item 115, section 297A of the ITAA 1936 1.144
Item 116, paragraph 320-15(1)(ca) 1.55
Item 117, paragraph 320-37(1)(c) 1.136
Item 118, subsection 320-37(1A) 1.136
Items 119 to 121, subsection 320-37(2) 1.136
Item 122 1.136
Items 123 and 124, definitions of 'Solvency Standard' and 'Valuation Standard' in subsection 995-1(1) 1.130
Item 125, section 288-70 in Schedule 1 to the TAA 1953 1.81, 1.106
Item 125, subsection 288-70(5) in Schedule 1 to the TAA 1953 1.82, 1.107
Subitem 126(7) 1.145, 1.148
Subitem 126(8) 1.56, 1.148
Subitem 126(9) 1.137
Subitem 126(10) 1.131, 1.148
Subitem 126(11) 1.83, 1.108, 1.148

Schedule 2: Consolidation etc.

Bill reference Paragraph number
Part 1, item 1 2.30
Part 2, item 2, section 713-120 2.24
Part 2, item 2, section 713-125 2.31
Part 2, item 2, subsections 713-125(1) and (3) 2.33
Part 2, item 2, section 713-130 2.27, 2.31
Part 2, item 2, paragraph 713-130(a) 2.29
Part 2, item 2, paragraph 713-130(b) 2.30
Part 2, item 2, subsection 713-135(1) 2.34, 2.36
Part 2, item 2, paragraph 713-135(1)(a) 2.39
Part 2, item 2, paragraph 713-135(1)(b) 2.37
Part 2, item 2, paragraph 713-135(1)(c) 2.38
Part 2, item 2, note 2 to subsection 713-135(1) 2.36
Part 2, item 2, subsection 713-135(2) 2.34
Part 2, item 2, subsection 713-135(3) 2.41
Part 2, item 2, subsection 713-140(1) 2.39
Part 2, item 2, subsection 713-140(2) 2.35, 2.39
Part 2, item 2, subsection 713-140(3) and (4) 2.41
Part 2, item 2, note to subsection 713-140(3) 2.42
Part 2, item 2, subsection 713-140(5) 2.40
Part 2, item 3, note to subsection 102L(1) 2.37
Part 2; item 4, note to subsection 102T(1) 2.37
Part 3, item 5, subsection 124-380(7) 2.48, 2.259
Part 3, item 7, subsection 126-50(6) 2.53
Part 3, item 8, subsection 703-60(2) 2.51
Part 3, item 9, paragraph 701D-10(5)(a) 2.264
Part 4, item 10, paragraph 104-510(1)(b) 2.260
Part 4, item 11, subsection 701-10(2) 2.57
Part 4, item 11, note at the end of subsection 701-10(2) 2.59
Part 4, item 13, section 701-58 2.60
Part 4, item 14, table item 1 in section 701-60 2.264
Part 4, item 15, paragraph 713-205(3)(a) 2.261
Part 4, item 16, note 1 to subsection 715-70(1) 2.264
Part 4, item 17, note 1 to subsection 715-225(1) 2.264
Part 4, item 18, paragraph 719-160(3)(a) 2.261
Part 4, item 19, section 701-15 of the Income Tax (Transitional (Provisions) Act 1997 2.264
Part 5, items 20 and 21, subsection 701-15(3) 2.67
Part 5, item 22, section 701-20 2.67
Part 5, items 23 and 24, section 701-45 2.67
Part 5, item 25, section 701-50 2.67
Part 5, items 26 and 27, section 701-60 2.67
Part 5, item 28, section 713-200 2.68
Part 5, item 29, paragraph 713-200(b) 2.68
Part 5, item 30, subsection 713-205(4) 2.66
Part 5, item 30, subsection 713-205(5) 2.66
Part 5, item 31, subsection 713-225(6A) 2.62
Part 5, item 32, subsection 713-250(1) 2.66
Part 5, item 32, subsection 713-250(2) 2.66
Part 5, item 32, subsection 713-255(1) 2.70
Part 5, item 32, subsection 713-255(2) 2.70
Part 5, item 32, subsection 713-255(3) 2.71
Part 5, item 32, subsection 713-255(4) 2.72
Part 5, item 32, note to subsection 713-255(4) 2.73
Part 5, item 32, subsection 713-260(1) 2.76
Part 5, item 32, subsection 713-260(2) 2.77
Part 5, item 32, subsection 713-255(5) 2.81, 2.82
Part 5, item 32, subsection 713-265(2) 2.85
Part 5, item 32, subsection 713-265(3) 2.87
Part 5, item 32, subsection 713-265(4) 2.89
Part 5, item 32, subsection 713-270(1) 2.93, 2.97
Part 5, item 32, paragraphs 713-270(2)(a) and (2)(b) 2.93
Part 5, item 32, paragraph 713-270(2)(c) 2.94
Part 5, item 32, paragraph 713-270(2)(d) 2.95
Part 5, item 32, subsection 713-270(3) 2.97
Part 5, item 32, paragraph 713-270(3)(a) 2.93
Part 6, item 33, subsection 705-65(5B) 2.101
Part 7, item 34, section 719-161 2.108
Part 7, item 34, subsection 719-161(1) 2.108
Part 7, item 34, subsection 719-161(2) 2.113, 2.115
Part 7, item 34, subsection 719-161(3) 2.117
Part 8, item 35, paragraph 160AFD(6)(b) 2.120
Part 8, item 36, subsection 707-205(1) 2.122
Part 9, item 38, section 717-275 2.261
Part 9, items 39 and 40, section 717-280 2.261
Part 9, item 41, section 717-285 2.127, 2.261
Part 9, item 42, section 717-292 2.125
Part 9, item 43, sections 717-300 2.261
Part 9, items 44 and 45, section 717-305 2.261
Part 9, item 46, section 717-310 2.130
Part 9, items 46 to 48, section 717-310 2.261
Part 9, item 49, section 717-320 2.130
Part 9, item 50, section 719-903 2.137
Part 9, item 50, subsection 719-903(5) 2.138
Part 9, item 51, subitem 12(5) of Schedule 9 of the New Business Tax System (Consolidation and Other Measures) Act 2003 2.140
Part 9, item 52, subparagraph 717-15(1)(b)(i) 2.146
Part 9, item 53, subparagraph 717-15(1)(b)(i) 2.259
Part 9, item 54, paragraph 717-15(2)(b) 2.261
Part 9, item 55, subsection 717-15(3) 2.261
Part 9, item 56, section 717-22 2.148
Part 9, item 56, subsection 717-22(2), item 1 in the table 2.149
Part 9, item 56, subsection 717-22(2), item 2 in the table 2.150
Part 9, item 56, section 717-28 2.152
Part 10, item 57, subsection 721-10(2), item 10 in the table 2.187, 2.191
Part 10, item 57, subsection 721-10(2), item 15 in the table 2.187
Part 10, item 57, subsection 721-10(2), item 20 in the table 2.187, 2.188
Part 10, item 57, subsection 721-10(2), item 22 in the table 2.189
Part 10, item 58, subsection 721-10(3) 2.169
Part 10, item 59, subsection 721-15(3A) 2.156
Part 10, item 59, paragraph 721-15(3A)(a) 2.159, 2.160
Part 10, item 59, paragraph 721-15(3A)(b) 2.159, 2.161
Part 10, item 59, paragraph 721-15(3A)(c) 2.159, 2.163
Part 10, item 59, paragraph 721-15(3A)(d) 2.159, 2.166, 2.168
Part 10, item 60, subsection 721-25(1A) 2.176
Part 10, item 60, paragraph 721-25(1A)(b) 2.179, 2.180
Part 10, item 60, paragraph 721-25(1A)(c) 2.182
Part 10, item 60, subsection 721-25(1B) 2.183
Part 11, item 62, subsection 110-25(12) 2.195
Part 11, item 63, subsection 110-55(10) 2.195
Part 11, item 64 2.259
Part 12, item 65, subsection 14A(1) 2.201
Part 12, item 65, subsection 14A(2) 2.201
Part 12, item 65, subsection 14A(3) 2.203
Part 12, item 65, subsection 14A(4) 2.204
Part 12, item 65, subsection 14A(5) 2.205
Part 13, item 67, subsection 705-47(1) 2.225
Part 13, item 67, subsection 705-47(2) 2.227
Part 13, item 67, subsection 705-47(3) 2.235
Part 13, item 67, subsection 705-47(4) 2.236
Part 13, item 67, subsection 705-47(5) 2.237
Part 13, item 68, heading to section 705-55 2.263
Part 13, item 69, subparagraph 705-55(b)(iii) 2.263
Part 13, item 72, subsection 711-25(3) 2.243
Part 13, item 72, subsection 711-25(4) 2.245
Part 13, item 72, subsection 701-50(1) of the Income Tax (Transitional Provisions) Act 1997 2.246
Part 13, item 74, subsection 715-900(1) 2.219
Part 13, item 74, subsection 715-900(2) 2.221, 2.223
Part 13, item 75, subsection 701-50(2) of the Income Tax (Transitional Provisions) Act 1997 2.247
Part 13, item 75, subsection 701-50(3) of the Income Tax (Transitional Provisions) Act 1997 2.248
Part 13, item 75, subsection 701-50(4) of the Income Tax (Transitional Provisions) Act 1997 2.251
Part 13, item 76, subsection 702-4(1) of the Income Tax (Transitional Provisions) Act 1997 2.255
Part 13, item 76, subsection 702-4(2) of the Income Tax (Transitional Provisions) Act 1997 2.256
Part 13, item 76, subsection 702-4(3) of the Income Tax (Transitional Provisions) Act 1997 2.256

Schedule 3: Venture capital

Bill reference Paragraph number
Items 1 to 3 3.8
Item 4 3.9
Item 5 3.13
Item 6 3.18
Subitem 7(1) 3.15

Schedule 4: FBT housing benefits

Bill reference Paragraph number
Item 1, subsection 135X(3) 4.9
Item 2 4.10

Schedule 5: CGT event K6 and demergers

Bill reference Paragraph number
Item 1, subsections 104-230(9A) and 104-230(9B) 5.10
Item 1, paragraphs 104-230(9A)(b) and 104-230(9B)(b) 5.9
Item 1, paragraphs 104-230(9A)(c) and 104-230(9B)(c) 5.9
Item 2 5.13

Schedule 6: Deductions for United Medical Protection Limited support payments

Bill reference Paragraph number
Item 2 6.9, 6.10
Item 3 6.12
Item 4 6.11

Schedule 7: Compulsory third party insurance

Bill reference Paragraph number
Item 1, subsection 78-40(2) 7.6
Item 2, paragraph 79-10(2)(c) 7.8
Item 3, subsection 79-15(4) 7.12
Item 4, subsection 79-25(2A) 7.15
Item 5, paragraph 79-50(2)(a) 7.17
Item 6, subsection 79-70(2) 7.6
Item 6, subsection 79-70(3) 7.20
Item 7, subsection 79-90(1) 7.23
Item 8, subsection 79-90(2) 7.23
Item 9, subsection 79-95(2) 7.25
Item 10, subsection 79-95(3) 7.26
Item 11, paragraph 80-5(1)(b) 7.27
Item 12, paragraph 80-40(1)(b) 7.27
Item 13, subparagraph 80-80(1)(b)(ii) 7.27
Item 14 7.28

Schedule 8: Public ambulances service

Bill reference Paragraph number
Items 1 to 5 8.11
Items 6 and 7 8.17
Item 8 8.20
Items 9 and 10 8.19
Item 11 8.21

Schedule 9: Overseas superannuation payments

Bill reference Paragraph number
Item 1 9.23
Item 2 9.16
Item 2, paragraph 27CAA(1)(c) 9.24, 9.26
Item 2, subsection 27CAA(2) 9.25, 9.31, 9.32
Item 2, subsection 27CAA(2), definition of 'additional contributions' 9.29, 9.35
Item 2, subsection 27CAA(2), definition of 'accumulated entitlement' 9.34
Item 2, subsection 27CAA(3) 9.17
Item 2, subsection 27CAA(4) 9.18
Item 2, subsection 27CAA(5) 9.19
Item 2, section 27CAB 9.26, 9.27
Item 4, paragraph 274(10)(d) 9.18
Item 5, section 533B 9.21
Item 6, section 607AA 9.22
Item 7 9.36

Schedule 10: Franked distributions received through certain partnerships and trustees

Bill reference Paragraph number
Items 1, 2, 16, 17 10.81
Items 3 and 4 10.71
Items 5 and 6 10.72
Item 7, subsection 207-35(3) 10.24
Item 7, section 207-45 10.28
Item 7, paragraphs 207-50(2)(a), (3)(a) and (4)(a) 10.15
Item 7, paragraph 207-50(2)(b) 10.15
Item 7, paragraphs 207-50(2)(c), (3)(c) and (4)(c) 10.15
Item 7, paragraph 207-50(3)(b) 10.15
Item 7, paragraph 207-50(4)(b) 10.15
Item 7, subsection 207-50(5) 10.17
Item 7, subsections 207-55(1) and (2) 10.19
Item 7, subsection 207-55(3) 10.20
Item 7, column 2 in item 3 in the table in subsection 207-55(3) 10.21
Item 7, section 207-57 10.22
Item 8, subsection 207-90(1) 10.30
Item 8, subsection 207-90(2) 10.31
Item 8, subsection 207-95(1) 10.32
Item 8, subsection 207-95(5) 10.36
Item 8, subsection 207-95(6) 10.37
Items 9, 10 and 12 10.73
Item 11, subsection 207-110(1) 10.39
Item 11, subsection 207-110(2) 10.40
Item 13 10.74
Item 14, subsections 207-145(1) and (2) 10.43
Item 14, subsection 207-145(3) 10.44
Item 14, subsection 207-150(1) 10.47
Item 14, subsections 207-150(2) to (4) 10.46
Item 14, subsection 207-150(5) 10.48
Item 14, subsection 207-150(6) 10.48
Item 14, subsection 207-150(7) 10.49
Item 14, subsection 207-150(8) 10.50
Item 15, section 207-160 10.52
Items 18 and 19 10.75
Items 20 to 22 10.82
Item 23 10.70
Items 32 and 39, paragraphs 220-400(1)(d) and 220-405(1)(e) 10.66
Items 33 and 34 10.65
Item 35, subsections 220-400(4) to (6) 10.67
Item 36, section 207-405 10.68
Item 37, paragraph 220-405(1)(d) 10.69
Item 40, subsection 220-405(2) 10.57
Item 40, subsection 220-405(3) 10.58
Item 40, subsection 220-405(4) 10.59
Item 40, subsection 220-405(5) 10.60
Item 40, subsection 220-405(6) 10.61
Item 40, subsection 220-405(7) 10.62
Item 40, subsection 220-405(8) 10.63
Item 40, subsection 220-405(9) 10.64
Item 41 10.76
Item 42 10.77
Subitem 43(1) 10.86
Subitem 43(2) 10.83
Subitem 43(3) 10.84
Subitem 43(4) 10.85
Item 44 10.87

Schedule 11: Technical corrections

Bill reference Paragraph number
Items 1 to 4, section 160AFE 11.6
Item 5 11.8

Schedule 12: Personal service business determinations

Bill reference Paragraph number
Item 1, subsection 87-60(3) 12.13
Item 1, subsection 87-60(3A) Table 12.1
Item 1, subsection 87-60(3B) Table 12.1
Items 2, 3, 6 and 7 12.21
Item 4, subsection 87-60(4) Table 12.1
Item 5, subsection 87-65(3) 12.15
Item 9 12.22
Items 10 to 12, subsection 87-60(3), paragraph 87-60(3B)(a), section 87-60 12.17
Items 13 to 15, subsection 87-65(3), paragraph 87-65(3B)(a), section 87-65 12.20
Item 16 12.23


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