House of Representatives
Tax Laws Amendment (2005 Measures No. 2) Bill 2005
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello MP)This memorandum takes account of amendments made by the House of Representatives to the Bill as introduced.
Index
Schedule 1: Simplified imputation system
| Bill reference | Paragraph number |
|---|---|
| Item 1, steps 1 and 2 in the method statement in subsection 207-70(2) | 1.9 |
| Item 2, subsection 207-70(5) | 1.10 |
| Item 3 | 1.11 |
Schedule 2: CGT roll-over for transfer of assets to superannuation funds with licensed trustees
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 112-150 | 2.20 |
| Item 2, subsection 126-210(1) | 2.10 |
| Item 2, subsections 126-210(2) to (4) | 2.14 |
| Item 2, subsection 126-210(5) | 2.16 |
| Item 2, subsection 126-210(6) | 2.18 |
Schedule 3: Deducting expenditure on telecommunications rights
| Bill reference | Paragraph number |
|---|---|
| Items 1 and 4 | 3.16 |
| Item 2 | 3.15 Item 3, definition of an 'IRU' 3.13 Items 6 to 8 3.21 Item 9 3.24 Item 10 3.23 Item 11 3.25 Subitem 5(1) 3.14 Subitem 5(2) 3.18 Subitem 5(3) 3.17 Subitem 12(1) 3.22 Subitem 12(2) 3.31 Subitem 12(3) 3.30 |
Schedule 4: Changing from annual to quarterly payment of PAYG instalments
| Bill reference | Paragraph number |
|---|---|
| Item 1 | 4.8 |
| Items 2 and 3 | 4.9 |
| Item 4 | 4.10, 4.11 |
| Item 5 | 4.15 |
Schedule 5: Deductible gift recipients
| Bill reference | Paragraph number |
|---|---|
| Items 1 and 7 | 5.9 |
| Items 1 to 9 | 5.5, 5.11 |
| Items 2 and 5 | 5.6 |
| Items 3 and 8 | 5.7 |
| Items 3 and 9 | 5.10 |
| Items 4 and 6 | 5.8 |
Schedule 6: Goods and services tax and real property
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 17-99 | 6.50 |
| Item 2, paragraph 40-75(2A)(a) | 6.18 |
| Item 2, paragraph 40-75(2A)(b) | 6.19 |
| Item 3, subsection 48-55(1A) | 6.20, 6.21 |
| Item 4, paragraph 48-115(1)(a); item 5, subsection 48-115(1); item 6, paragraph 48-115(1)(c); item 7, paragraph 48-115(1)(d) | 6.22, 6.23 |
| Item 9, section 75-5 | 6.45 |
| Item 10, subsections 75-5(1) and (1A); subitem 28(3) | 6.38 |
| Item 11, subsection 75-5(2) | 6.35 |
| Item 11, subsections 75-5(2) and (4), paragraph 75-5(3)(c) | 6.13 |
| Item 11, subsections 75-5(2) and (4), paragraph 75-5(3)(d) | 6.15 |
| Item 11, paragraph 75-5(3)(b) | 6.33 |
| Item 12, subsection 75-10(2); item 13, subsection 75-10(3); item 17, section 75-15; item 27, section 195-1; item 27A, section 195-1 | 6.46 |
| Item 14, paragraph 75-10(3)(b); item 15, paragraph 75-10(3)(b); item 21 | 6.47 |
| Item 16, paragraph 75-11(1)(c) | 6.13 |
| Item 16, paragraph 75-11(1)(d) | 6.14 |
| Item 16, subsection 75-11(2) | 6.14 |
| Item 16, subsection 75-11(2A) | 6.16 |
| Item 16, subsection 75-11(2B) | 6.16 |
| Item 16, subsections 75-11(3) and (4) | 6.30 |
| Item 16, paragraphs 75-11(3)(b) and 75-11(4)(b) | 6.32 |
| Item 16, subsections 75-11(7) and (8) | 6.26 |
| Item 16, section 75-12 | 6.39 |
| Item 16, section 75-13 | 6.27 |
| Item 16, section 75-14 | 6.37 |
| Item 18, section 75-22 | 6.35 |
| Item 18, subsection 75-22(2) | 6.36 |
| Item 19, section 75-27 | 6.40 |
| Item 20, section 75-35 | 6.41 |
| Item 22, section 195-1; item 26, section 195-1; item 26A, section 195-1 | 6.52 |
| Item 23, section 195-1 | 6.51 |
| Item 24, section 195-1 | 6.48 |
| Item 25, section 195-1 | 6.49 |
| Item 27B, subsection 62(2) of the TAA 1953 | 6.53 |
| Subitems 28(1) and (2) | 6.42 |
| Subitem 28(3) | 6.44 |
Schedule 7: Superannuation and family law
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 4, subsection 27A(1); items 10 and 12, subsection 27ACA(5); items 15 and 17, subsection 27ACB(5); items 19 to 23, subsection 82AAC(3); item 28, subsection 82AAT(4); item 54, subsection 159T(3); item 56, subsection 274(5) | 7.39 |
| Items 5 and 6, subsection 27AAA(7A) | 7.15 |
| Item 7, paragraphs 27ACA(1)(b) and (c) | 7.18 |
| Item 8, subsection 27ACA(1) | 7.14 |
| Items 13 and 14, subsection 27ACB(1A) | 7.20 |
| Item 16, paragraph 27ACB(5)(e) | 7.23 |
| Item 18, subsection 82AAC(1A) | 7.26 |
| Items 24 to 27, subsections 82AAT(1A), (1AA), (1CB) and (1CBA) | 7.28 |
| Items 29 to 38, subsections 140M(1A) and (1C) | 7.30 |
| Item 39, paragraph 140M(1C)(d) | 7.31 |
| Item 40, paragraph 140M(1C)(g) | 7.32 |
| Items 41 to 47, subsections 140UA(1) and (2) | 7.33 |
| Items 48 to 50, section 140ZFA) | 7.34 |
| Item 51, subsection 140ZP(3) | 7.37 |
| Item 51, subsection 140ZN(4) | 7.38 |
| Item 52, subsection 140ZP(3) | 7.35 |
| Item 53, subsection 159T(1A) | 7.26 |
| Items 55 and 56, subsection 274(4) | 7.26 |
Schedule 8: Amendment of the Fringe Benefits Tax Assessment Act 1986
| Bill reference | Paragraph number |
|---|---|
| Item 1, paragraph 58PA(b) | 8.8 |
| Item 2, subparagraph 58PA(c)(i) | 8.12 |
| Item 3 | 8.14 |