Senate
Tax Laws Amendment (2006 Measures No. 3) Bill 2006
New Business Tax System (Untainting Tax) Bill 2006
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 Bills as introduced
Index
Schedule 1: Cyclone Larry income support payments
| Bill reference | Paragraph number |
| Item 1, subsection 160AAA(1) | 1.14 |
| Item 2, section 13-1 | 1.17 |
| Item 3, section 13-1 | 1.18 |
Schedule 2: Cyclones Larry and Monica business payments
| Bill reference | Paragraph number |
| Item 1, subsection 1(1) | 2.10 |
| Item 1, paragraph 1(1)(b) | 2.9 |
Schedule 3: Interim income support payments
| Bill reference | Paragraph number |
| Item 1, subsection 160AAA(1) | 3.9 |
| Item 2, section 13-1 | 3.15 |
| Item 3, section 13-1 | 3.16 |
| Item 4, section 13-1 | 3.17 |
Schedule 4: Simplified imputation system (share capital tainting rules)
| Bill reference | Paragraph number |
| Item 1, section 197-5 and subsection 197-50(1) | 4.11 |
| Item 1, section 197-10 | 4.14 |
| Item 1, subsection 197-15(1) | 4.15 |
| Item 1, subsection 197-15(2) | 4.16 |
| Item 1, section 197-25 | 4.18 |
| Item 1, subsection 197-30(1) | 4.21 |
| Item 1, subsection 197-30(2) | 4.22 |
| Item 1, subsection 197-30(3) | 4.23 |
| Item 1, subsection 197-30(4) | 4.24 |
| Item 1, paragraphs 197-35(1)(a) to (c) | 4.25 |
| Item 1, paragraph 197-35(1)(d) | 4.26 |
| Item 1, subsection 197-35(2) | 4.27 |
| Item 1, subsection 197-35(3) | 4.28 |
| Item 1, paragraphs 197-40(1)(a) to (c) | 4.31 |
| Item 1, paragraph 197-40(1)(d) | 4.32 |
| Item 1, paragraph 197-40(1)(e) | 4.33 |
| Item 1, paragraph 197-40(1)(f) | 4.35 |
| Item 1, subsection 197-40(2) | 4.36 |
| Item 1, subsection 197-40(3) | 4.37 |
| Item 1, subsection 197-45(1) | 4.40 |
| Item 1, subsection 197-45(2) | 4.42 |
| Item 1, subsection 197-50(2) | 4.44 |
| Item 1, section 197-55 | 4.45 |
| Item 1, section 197-60 | 4.55 |
| Item 1, subsection 197-60(1) | 4.52 |
| Item 1, subsection 197-60(2) and section 197-70 | 4.50 |
| Item 1, subsection 197-60(3) | 4.56 |
| Item 1, section 197-65 | 4.47 |
| Item 1, subsection 197-65(3) | 4.48, 4.49 |
| Item 1, sections 197-75, 197-80 and 197-85 | 4.62 |
| Items 2 and 17, section 197-5 of the Income Tax (Transitional Provisions) Act 1997 | 4.64 |
| Item 2, section 197-10 of the Income Tax (Transitional Provisions) Act 1997 | 4.68 |
| Item 2, sections 197-15 and 197-20 of the Income Tax (Transitional Provisions) Act 1997 | 4.69 |
| Item 2, section 197-25 of the Income Tax (Transitional Provisions) Act 1997 | 4.71 |
| Items 3 to 7 | 4.72 |
| Items 8 to 12 | 4.73 |
| Items 13 to 16 | 4.74 |
| Items 18 and 19, subsection 160ARDM(2B) of the ITAA 1936 | 4.17 |
| Item 19, subsection 160ARDM(2C) of the ITAA 1936 | 4.20 |
| Items 20 and 21, subsections 160ARDM(4A) and (6) of the ITAA 1936 | 4.30 |
| Items 20 and 21, subsections 160ARDM(4B) and (6) of the ITAA 1936 | 4.39 |
| Item 22 | 4.67 |
Schedule 5: Government grants
| Bill reference | Paragraph number |
| Item 1, subsection 118-37(2) | 5.25 |
| Item 1, paragraph 118-37(2)(a) | 5.24 |
| Item 1, paragraph 118-37(2)(e) | 5.19 |
Schedule 6: Tax offset for Medicare levy surcharge (lump sum payments in arrears)
| Bill reference | Paragraph number |
| Items 1, 2 and 9 | 6.26 |
| Item 4, subsection 61-585(1) | 6.21 |
| Item 4, paragraph 61-580(1)(d) | 6.16 |
| Item 4, subsections 61-585(2) and 61-580(2) | 6.23 |
| Item 4, section 61-590 | 6.14 |
| Item 4 | 6.10 |
| Items 5 to 7, subsection 995-1(1), definitions of 'exempt foreign employment income', 'Medicare levy surcharge', and 'MLS lump sums' | 6.28 |
| Item 8, section 61-575 of the Income Tax (Transitional Provisions) Act 1997 | 6.25 |
| Items 10 and 11 | 6.27 |
Schedule 7: Reporting superannuation contributions
| Bill reference | Paragraph number |
| Item 3, section 78 | 7.8 |
| Item 3, section 78A | 7.13 |
| Item 3, paragraph 78(1)(b) | 7.12 |
| Item 3, paragraph 78(1)(c) | 7.11 |
| Items 4 and 5, paragraphs 298-5(b) and (c) | 7.16 |
| Item 6 | 7.17 |
Schedule 8: Exclusion for fringe benefits to address personal security concern
| Bill reference | Paragraph number |
| Item 1, subparagraph 5E(3)(l)(i) | 8.10 |
| Item 1, subparagraph 5E(3)(l)(ii) | 8.13 |
| Item 2, paragraph 5E(3)(l) | 8.20 |
| Item 2, subsection 5E(6) | 8.27 |
| Item 3 | 8.43 |
Schedule 9: Pre-1 July 88 funding credits
| Bill reference | Paragraph number |
| Item 1 | 9.15 |
| Item 2 | 9.16 |
| Items 3 and 4 | 9.20 |
| Item 5 | 9.17, 9.18 |
Schedule 10: Allowing certain funds to obtain an ABN
| Bill reference | Paragraph number |
| Items 1 and 3, paragraph 38(1)(h) of the ABN Act and paragraph 9-20(1)(h) of the GST Act | 10.12 |
| Items 2 and 4, paragraph 38(2)(c) of the ABN Act and paragraph 9-20(2)(c) of the GST Act | 10.17 |
| Item 5 | 10.15 |
Schedule 11: Deductible gift categories
| Bill reference | Paragraph number |
| Items 1, 3 to 5 and 14, subsections 29-40(2) and (2A), subsections 29-50(5) and (6), sections 29-69, 37-1 and 157-1 | 12.11 |
| Item 2, section 30-35 | 11.44 |
| Item 2, section 30-35 and items 19 to 22, subsection 995-1(1) | 11.46 |
| Item 2, section 30-37 | 11.45 |
| Item 3, paragraph 30-37(a) | 11.55 |
| Item 4, item 4.1.5 in the table in subsection 30-45(1); and item 5, section 30-46 | 11.25 |
| Item 4, item 4.1.5 in the table in subsection 30-45(1); item 5, section 30-46; item 8, item 9.1.2 in the table in subsection 30-80(1); and item 11, section 30-86 | 11.18 |
| Item 4, item 4.1.6 in the table in subsection 30-45(1) | 11.32 |
| Item 4, item 4.1.7 in the table in subsection 30-45(1) | 11.37 |
| Item 5, section 30-46 | 11.26, 11.27 |
| Items 5 and 11, sections 30-46 and 30-85 | 11.20 |
| Item 6, item 5.1.3 in the table in subsection 30-50(1) | 11.8, 11.9 |
| Item 8, item 9.1.2 in the table in subsection 30-80(1) | 11.19 |
| Item 8, item 9.1.2 in the table in subsection 30-80(1); and item 11, section 30-86 | 11.28 |
| Item 11, section 30-86 | 11.29, 11.31 |
| Item 1, item 2.1.13 in the table in subsection 30-25(1); and item 2, section 30-37 | 11.41 |
| Items 7 to 9 | 11.53 |
| Items 7 to 9 and subsections 30-80(1), 30-85(2) and 30-85(4) | 11.54 |
| Items 12 to 18, subsection 30-315(2) | 11.56 |
| Items 19 to 22, subsection 995-1(1) | 11.57 |
| Item 23 | 11.52 |
| Item 24 | 11.53 |
Schedule 12: GST treatment of gift-deductible entities
| Bill reference | Paragraph number |
| Item 2 | 12.14 |
| Items 6, 7, 9, 10, 12 and 15, subsections 38-250(4), 38-255(3), 38-270(3), 40-160(3) and 111-18(3) and section 195-1 | 12.17 |
| Item 8, paragraph 38-260(a) | 12.23 |
| Item 11, paragraph 63-5(2)(a) | 12.19 |
| Item 13, subsection 129-45(3) | 12.22 |
| Item 14, subsections 157-5(3) and 157-10(3) | 12.12 |
| Item 16 | 12.24 |
Schedule 13: Technical correction
| Bill reference | Paragraph number |
| Item 1 | 13.5 |
| Item 2 | 13.6 |
Schedule 14: Wine equalisation tax
| Bill reference | Paragraph number |
| Items 1 and 2 | 14.6 |
| Item 3 | 14.7 |
Schedule 15: GST treatment of residential premises
| Bill reference | Paragraph number |
| Item 1, paragraph 40-35(1)(a) | 15.11 |
| Items 2 to 6, paragraphs 40-35(2)(a), 40-65(2)(b), 40-70(1)(a) and 40-70(2)(b), subsection 40-65(1) | 15.9 |
| Item 7, paragraph 40-75(1)(a) | 15.19 |
| Item 8, section 195-1 - definition of 'floating home', and item 9, section 195-1 - definition of 'residential premises' | 15.7 |
| Item 10 | 15.17 |