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Tax Laws Amendment (2006 Measures No. 4) Bill 2006

Tax Laws Amendment (2006 Measures No. 4) Act 2006

Explanatory Memorandum

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

Index

Schedule 1: Marriage breakdown roll-over

Bill reference Paragraph number
Item 1, subsection 118-75(1) 1.45
Item 1, subsection 118-75(2) 1.46
Items 2, 5 and 6, subsection 118-178(2), note 2 to subsection 126-5(5) 1.34
Items 3 and 7, paragraphs 126-5(1)(d) to 126-5(1)(f), 126-15(1)(d) to (1)(f) 1.19
Items 3 and 7, subparagraphs 126-5(1)(d)(i) and 126-15(1)(d)(i) 1.24
Items 3 and 7, subparagraphs 126-5(1)(e)(i) and 126-15(1)(e)(i) 1.24
Items 3 and 7, subparagraphs 126-5(1)(d)(ii), 126-5(1)(e)(ii), 126-15(1)(d)(ii) and 126-15(1)(e)(ii) 1.27
Items 4 and 8, subsections 126-5(3A) and 126-15(5) 1.28
Item 9, subsection 126-25(1) 1.29
Item 9, subsection 126-25(2) 1.30
Item 10 1.48

Schedule 2: Consolidation

Bill reference Paragraph number
Items 1 to 5 and 7, subsections 701-35(1) and (3) of the Income Tax (Transitional Provisions) Act 1997 2.11
Item 6, subsection 701-35(2A) of the Income Tax (Transitional Provisions) Act 1997 2.9
Item 8 2.12

Schedule 3: Simplified imputation system: imputation for New Zealand residence companies

Bill reference Paragraph number
Item 1, subsection 220-350(1) 3.7
Item 1, subsection 220-350(2) 3.8
Item 1, subsection 220-350(3) 3.10
Items 2 and 5 3.14
Items 3 and 4, paragraphs 128TB(1)(e) and (3)(e) of the ITAA 1936 3.13

Schedule 4: CGT and foreign residents

Bill reference Paragraph number
Items 1 and 2; Schedule 4, items 17, 20, 23 to 25, 33, 36 to 38, 73, 89, 92 to 95, paragraphs 102AAZB(a) and 399(1)(c) of the ITAA 1936, section 408 of the ITAA 1936, paragraphs 410(d) and (e) of the ITAA 1936, item 15 and column 4 in the table in section 109-55, item 16 and column 4 in the table in section 109-55, items 1 and 2 and column 4 in the table in section 112-87, note 2 to subsection 128-25(2), note to section 768-915, note to subsection 768-920(4), subsections 768-920(5) and (8) and section 768-950 4.118
Item 2, subitem 3(a) in the table in section 855-15 4.94, 4.96
Item 2, subitem 3(b) in the table in section 855-15 4.95
Item 2, sections 855-5 and 855-25 4.15
Item 2, subsection 855-10(1) 4.18
Item 2, paragraph 855-10(1)(b) 4.21
Item 2, subsection 855-10(2) 4.20
Item 2, section 855-15 4.24, 4.24
Item 2, paragraph 855-20(a) 4.28
Item 2, paragraph 855-20(b) 4.28
Item 2, subsection 855-25(1) 4.31
Item 2, paragraph 855-25(1)(a) 4.36
Item 2, subparagraph 855-25(1)(a)(ii) 4.37
Item 2, paragraph 855-25(1)(b) 4.39
Item 2, subsection 855-30(1) 4.59
Item 2, subsection 855-30(2) 4.61, 4.64, 4.64
Item 2, subsections 855-30(3) and (4) 4.62
Item 2, subsection 855-30(3) 4.65
Item 2, subsection 855-30(4) 4.66
Item 2, item 1 in the table in subsection 855-30(4) 4.67, 4.75, 4.76
Item 2, item 2 in the table in subsection 855-30(4) 4.69, 4.70, 4.71
Item 2, subsection 855-30(5) 4.63, 4.84, 4.86
Item 2, section 855-35 4.19, 4.98
Item 2, sections 855-45, 855-50 and 855-55 4.110
Item 2, subsections 855-45(2) and (3), 855-50(2) and (3), 855-55(2) and (4) 4.112
Items 2, 29 and 40, section 855-40, item in the table headed 'foreign residents' in section 12-5, subsection 121-30(2); Schedule 4, item 87 4.113
Items 2 and 12, paragraph 855-25(2)(a), item 1 in the table in section 960-190, subsection 960-190(2) 4.47
Items 2 and 12, paragraph 855-25(2)(b), item 1 in the table in section 960-190, subsection 960-190(2) 4.49
Items 3 and 10, subsections 104-160(3) and 104-170(3) 4.104
Items 4 and 11, subsections 104-160(4A) and (4B) and 104-170(4A) and (4B) 4.106
Items 5 and 7, note 2 to subsection 104-160(6) and paragraph 104-165(3)(a) 4.109
Items 6, 13, 16, 18, 19, 21, 22, 26, 27, 28, 30 to 32, 34, 35, 39, 41 to 44, 46 to 53, 55, 56, 58, 59, 65 to 70, 74 to 82, 86, 90, 91, 96, 110, subsection 104-165(3), section 19 of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 , paragraph 23AH(3)(c) of the ITAA 1936, paragraph 396(2)(b), subsections 396(3), 406(2), 406(3) and 438(4) of the ITAA 1936, subparagraph 245-55(4)(a)(ii) and paragraph 245-65(2A)(b) to Schedule 2C of the ITAA 1936, paragraphs 104-215(2)(b) and paragraph 104-230(7)(c), item 15 and column 2 in the table in section 109-55, item 15A and, column 2 in the table in section 109-55, item 16 and column 2 in the table in section 109-55, paragraph 116-95(1)(c), subsections 122-25(6) and (7), subsections 122-135(6) and (7), subsection 124-70(4), subparagraphs 124-240(f)(ii) and 124-245(e)(ii), paragraphs 124-295(7)(b), 124-300(7)(b), 124-365(4)(b), 124-375(4)(b), 124-450(4)(b) and 124-460(4)(b), subparagraph 124-520(1)(e)(ii), subsections 124-795(1) and 124-870(3), paragraph 125-55(2)(b), note to subsection 125-55(2), subparagraph 125-70(1)(f)(ii), paragraph 126-20(1)(c), column 4 in the table in subsection 126-50(5), paragraphs 126-75(1)(c) and 130-80(4)(c), note 1 to subsection 130-80(4), paragraph 130-83(4)(c), note 1 to subsection 130-83(4), paragraph 130-85(4)(c), note 1 to subsection 130-85(4), subparagraphs 170-255(1)(d)(ii), (iii) and (iv), paragraphs 768-540(1)(c), 768-920(1)(c), 768-920(2)(d) and 768-955(1)(b), section 136-25 of the Income Tax (Transitional Provisions) Act 1997 4.117
Item 8, note to section 104-165; item 9; item 109, section 104-166 of the Income Tax (Transitional Provisions) Act 1997 4.100
Item 12, subsection 960-185(1) 4.52
Item 12, subsection 960-185(2) 4.53
Item 12, section 960-180 4.56
Item 12, items 1 to 3 in the table in section 960-190 4.46
Item 12, item 3 in the table in section 960-190, subsection 960-190(3) 4.50
Item 12, section 960-195 4.35
Items 14, 15, 104 and 107, subsection 6(1) of the ITAA 1936, subsection 995-1(1) 4.119
Item 41, paragraph 122-25(6)(a) 4.92
Items 41 to 44, subsections 122-25(6) and (7), subsections 122-135(6) and (7) 4.90
Items 45 and 101, paragraph 124-70(3)(b), subsection 995-1(1) 4.120
Items 54, 57 and 62 4.122
Item 59, subsection 124-795(1) 4.88
Item 61 4.122
Item 64, subsection 124-875(6) 4.89
Items 71 and 72, item 1 and column 2 in the table of subsection 128-15(4), item 3A in the table of subsection 128-15(4) 4.116
Item 83, Subdivision 768-G 4.114
Item 84, subsection 768-505(1) 4.114
Item 86, paragraph 768-540(1)(c) 4.114
Item 88, paragraph 768-915(b) 4.121
Items 97 to 99, section 960-61, subsection 960-70(3) and the table in subsection 960-80(1) 4.115
Items 100 to 103 and 105 to 108, subsection 995-1(1) 4.123
Item 107, section 104-165 of the Income Tax (Transitional Provisions) Act 1997 4.99
Item 111 4.101


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