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Tax Laws Amendment (2008 Measures No. 4) Bill 2008

Tax Laws Amendment (2008 Measures No. 4) Act 2008

Explanatory Memorandum

Circulated by the authority of the Treasurer, the Hon Wayne Swan MP

Index

Schedule 1 : Demutualisation of private health insurers

Bill reference Paragraph number
Items 1, 2, 4 and 6 1.112
Item 3 1.117
Item 5 1.115
Item 7 1.116
Item 8 1.114
Item 9 and item 11, section 315-160 1.113
Item 10, subsection 197-37(1) 1.102, 1.104
Item 10, subsection 197-37(2) 1.103
Item 10, subsection 197-37(2) and paragraph 197-37(3)(a) 1.105
Item 10, subsection 197-37(2) and paragraph 197-37(3)(b) 1.106
Item 11, section 315-5 and paragraphs 315-20(a), (c) and (d) 1.31, 1.36
Item 11, section 315-5 and paragraph 315-20(b) 1.34, 1.37
Item 11, section 315-5 and paragraphs 315-20(b) to (d) 1.38
Item 11, section 315-10 and paragraphs 315-20(a), (c) and (d) 1.39
Item 11, section 315-10 and paragraph 315-20(b) 1.40
Item 11, subparagraph 315-15(a)(i) 1.24
Item 11, subparagraph 315-15(a)(ii) 1.25
Item 11, subparagraph 315-15(a)(iii) 1.26
Item 11, paragraphs 315-15(b) and (c) 1.27
Item 11, section 315-25 1.41
Item 11, paragraph 315-30(a) 1.43
Item 11, paragraph 315-30(b) 1.44
Item 11, subparagraph 315-30(c)(i) 1.42
Item 11, subparagraphs 315-30(c)(ii) and 315-30(c)(iii) 1.45
Item 11, subsection 315-80(1), subparagraph 315-85(1)(a)(i) 1.55
Item 11, subsection 315-80(1), subparagraph 315-85(1)(a)(ii) 1.65
Item 11, subsection 315-80(1) and subparagraph 315-85(1)(a)(iii) 1.57
Item 11, subsection 315-80(1) and subparagraph 315-85(1)(a)(iv) 1.66
Item 11, subsections 315-80(2) and 315-210(3) 1.52, 1.63
Item 11, subparagraphs 315-85(1)(a)(i) and (iii) 1.47
Item 11, subparagraph 315-85(1)(a)(ii) and (iv) 1.47
Item 11, paragraph 315-85(1)(b) 1.47
Item 11, paragraph 315-85(1)(c) 1.47
Item 11, subsection 315-85(2) 1.47
Item 11, subsection 315-85(3) 1.47
Item 11, subsection 315-90(1) 1.48
Item 11, subsection 315-90(2) 1.49, 1.97
Item 11, paragraph 315-140(a) 1.75
Item 11, paragraph 315-140(b) 1.75
Item 11, subparagraph 315-140(c)(i) 1.75
Item 11, subparagraph 315-140(c)(ii) 1.75
Item 11, subsection 315-145(1) and subparagraph 315-85(1)(a)(i) 1.78
Item 11, subsection 315-145(1) and subparagraph 315-85(1)(a)(iii) 1.79
Item 11, subsections 315-145(1), 315-210(1) and (2) 1.80, 1.83
Item 11, subsection 315-145(1) and subparagraph 315-85(1)(a)(ii) 1.81
Item 11, subsection 315-145(1) and subparagraph 315-85(1)(a)(iv) 1.82
Item 11, subsection 315-145(2) 1.76
Item 11, subsections 315-150(1) and (2) 1.85, 1.87
Item 11, subsection 315-150(3) 1.91, 1.94
Item 11, subsection 315-150(4) 1.90, 1.93
Item 11, section 315-155 1.88
Item 11, subsection 315-155(2) 1.89
Item 11, subsections 315-210(1) and (2) 1.59, 1.67
Item 11, subsection 315-210(2) 1.60
Item 11, subsections 315-260(1) and (2) 1.99
Item 11, subsection 315-260(3) 1.101
Item 11, subsection 315-260(4) 1.100
Item 11, paragraphs 315-310(1)(a) and (2)(a) 1.61
Item 11, paragraphs 315-310(1)(b) and (2)(a) 1.108
Item 11, paragraph 315-310(1)(b) and (2)(b) 1.109
Item 12 1.111

Schedule 2 : Family trusts

Bill reference Paragraph number
Item 1, subsection 272-80(5A) 2.13
Item 2, subsection 272-80(5B) 2.14
Item 3, paragraph 272-140(2)(b) 2.16
Item 4 2.18
Item 5, subsections 272-95(1) and (3) 2.12
Item 8 2.19

Schedule 3 : Minor amendments

Bill reference Paragraph number
Clause 2, item 4 in the table Table 3.3
Item 1, section 87-25 (note) Table 3.7
Items 2 and 3, paragraphs 135T(1)(a) and (h) Table 3.1
Item 4 Table 3.1
Items 5 and 9, subsections 6(2) and 6(2A) Table 3.2
Item 8, subsection 6(2AA) Table 3.2
Item 8, subsection 16(4AA) Table 3.2
Items 10 and 13, subsection 23L(1A) and paragraph 51AH(1)(c) Table 3.2
Item 11, subsection 23E(3) Table 3.2
Items 11 and 14 Table 3.2
Item 12, sub-subparagraph 47A(18)(d)(ii)(G) Table 3.2
Items 15 and 16, subsection 73A(6) Table 3.2
Items 15 and 17, subsection 73A(6) Table 3.2
Item 18 Table 3.2
Items 19, 21, 22, 24 to 26, 40, 41, 43, 98, 103 and 105, paragraph 115-290(1)(b) and subsections 124-780(6) (note 2) and 124-781(5) (note) of the ITAA 1997 and paragraphs 139DSH(b) and 139GCD(1)(d), subsections 109UC(4) (paragraph (b) of 'excluded trust'), 326-15(1) in Schedule 2H and 326-130(2) in Schedule 2H ('first trading day of demutualisation shares'), sections 121AQ ('first trading day of demutualisation shares') and 139DSA and Schedule 3 to the ITAA 1936 Table 3.3
Item 20, subsection 109Y(2), paragraphs (a) and (b) of the definition of 'repayments of non-commercial loans' Table 3.2
Item 23, paragraph 128B(3)(b) Table 3.2
Items 27 and 28, subsections 159H(1) and (2) Table 3.2
Items 29 to 35, 49, 50, 53 to 55, 59 to 61, 70 to 83 and 173, paragraphs 52-65(1)(b) and (ba), subsections 52-25(1) (table), 52-65(1) (note), 52-65(1B) and (1C), 52-150(1), 53-15(1) and (2) and 995-1(1) ('supplementary amount', item 2 in the table) and sections 11-15 ('family assistance', 'social security or like payments' and 'welfare'), 13-1 ('farm household support' and 'social security and other benefit payments'), 51-30 (items 3.2 and 3.3 in the table), 52-10 (items 7.1 and 7.2 in the table), 52-15 (item 1 in the table), 52-40 (item 7 in the table), 52-75 (items 1A and 1B in the table), 53-10 (item 4A in the table) and 53-25 of the ITAA 1997 and subsections 159J(6) (paragraphs (ac), (adaa), (adab), (adac), (adad) and (ae) of 'separate net income') and 160AAA(1) (paragraph (db) of 'rebatable benefit') of the ITAA 1936 Table 3.3
Item 36, paragraph 202EE(1)(d) Table 3.2
Items 37 and 38, paragraph 251U(1)(d), subsections 251U(1A) and 251U(1B) Table 3.2
Item 39, paragraph 57-25(4)(la) of Schedule 2D Table 3.2
Item 44, section 1-7 Table 3.3
Items 45, 64, 65, 84, 119 to 122, 124, 136, 137, 158, 161, 162 and 189, subparagraphs 292-100(2)(b)(i) and (7)(b)(i) and 974-110(1A)(d)(i) and (ii), paragraphs 3-10(1)(b), 61-405(a), 210-115(2)(a), 320-30(2)(a) and 820-960(2)(a) and subsections 30-230(1) (note), 30-230(6), 165-235(2), 180-5(2), 180-10(7) and 180-20(5) Table 3.3
Item 46, subsection 4-10(1) Table 3.3
Items 47 and 48, section 9-1 (items 12 and 13 in the table) Table 3.3
Item 51, section 11-15 ('education ...' entry under 'foreign aspects of income taxation') Table 3.3
Item 52, section 11-15 ('non-resident' entry under 'foreign aspects of income taxation') Table 3.3
Item 56, section 11-15 ('social security payments' entry under 'social security or like payments') Table 3.3
Items 57 and 59, section 11-15 ('social security or like payments' and 'welfare') Table 3.3
Item 58, section 11-15 ('vice regal') Table 3.3
Item 62, subsection 20-30(1) (item 1.8 in the table) Table 3.3
Items 63 and 181, paragraph 27-10(3)(a) of the ITAA 1997 and subsection 110-50(2) of Schedule 1 to the TAA 1953 (items 3 to 7, 42 to 7, 50 and 54 in the table) Table 3.3
Items 63 and 170, paragraph 27-10(3)(a) and subsection 995-1(1) ('registration') Table 3.3
Items 65, 119 to 122, 124, 136, 137, 158, 161 and 189, subparagraphs 292-100(2)(b)(i) and (7)(b)(i) and 974-110(1A)(d)(i), paragraphs 58-65(3)(a), 210-115(2)(a), 320-30(2)(a), 165-115A(1C)(a), 165-115E(4)(a), 165-115U(1D)(a) and 820-960(2)(a) and subsections 30-230(6), 165-235(2), 180-5(2), 180-10(7) and 180-20(5) Table 3.3
Items 66 to 69, subsections 30-270(4), 30-280(1) and 30-285(1) and section 30-255 Table 3.3
Items 85, 123, 138, 149, 150 and 159, paragraph 208-45(4)(b), subsections 375-805(3) and (5), 717-230(3), 717-265(4) and 960-120(1) (item 2 in the table) and section 65-10 Table 3.3
Item 86, section 102-20 (notes 3 to 5) Table 3.3
Item 87, section 109-60 (table) Table 3.3
Items 87 and 93, sections 109-60 (table) and 112-97 (items 24 to 24F in the table) Table 3.3
Items 88 and 89, subsections 110-40(1) (notes) and 110-43(1) (note) Table 3.3
Item 90, section 110-53 (heading) Table 3.3
Items 91 and 92, section 112-87 (items 1 and 2 in the table) Table 3.3
Items 94, 96, 99 to 101, 108 and 109, subsections 122-70(2) (note 2), 122-200(1) (note 2), 124-10(3) (note 5), 126-15(4) (note), and 126-60(2) (note 2) and sections 112-110 (note 3) and 112-45 (note 2) Table 3.3
Item 95, section 112-115 (item 6 in the table) Table 3.3
Items 97, 139 to 145, 148, 151, 152, 156 and 157, paragraphs 705-65(5A)(d), 705-75(5)(d), 707-310(3A)(c), 802-30(4)(c), subsections 115-280(3), 396-15(2), 396-25(1), 703-15(2) (items 1 and 2 in the table), 705-75(1), 705-110(1), 719-10(1) (table), 719-20(1) (item 2 in the table) and section 802-40 Table 3.3
Items 102, 104 and 106, subsections 124-780(1) (note 2), 124-781(1) (note 2) and 124-790(1) Table 3.3
Item 107, subsection 125-80(8) Table 3.3
Item 110, subsections 128-15(1) (notes) Table 3.3
Item 111, subsection 128-25(2) (notes) Table 3.3
Items 112, 113 and 135, subsections 130-80(4) (note 1), 130-83(4) (note) and 292-20(2) (note 1) Table 3.3
Item 114, paragraph 152-310(2)(a) Table 3.3
Items 115 to 117, subsections 165-37(1) and 165-55(6) and section 165-37 (heading) Table 3.3
Item 118, subsection 165-115H(2) (flowchart) Table 3.3
Items 125 to 129, paragraph 214-105(1)(b), subsections 214-5(5) and 214-20(3) and sections 214-55 and 214-85 Table 3.3
Items 126 and 128, paragraph 214-105(1)(b) and subsection 214-20(3) Table 3.3
Items 130 to 134, subparagraphs 250-15(c)(iii), 250-60(2)(b)(ii) and 250-60(4)(b)(iii) and paragraphs 250-55(b) and 250-115(3)(b) Table 3.3
Item 146, subsection 707-310(3) (item 6 in the table) Table 3.3
Item 147 Table 3.3
Item 153, subsection 770-15(1) (note) Table 3.3
Item 154, subparagraph 770-75(4)(b)(ii) Table 3.3
Item 155 Table 3.3
Items 160, 163 and 165, paragraphs 974-10(5)(e) and 974-112(1)(e) and subsections 974-150(2) to (4) Table 3.3
Item 164, subsection 974-150(1) Table 3.3
Item 166, subsection 995-1(1) (subparagraph (b)(i) of 'copyright collecting society') Table 3.3
Item 167, subsection 995-1(1) (paragraphs (b) to (d) of 'friendly society') Table 3.3
Item 168, subsection 995-1(1) ('full year deduction') Table 3.3
Item 169, subsection 995-1(1) ('general company tax rate') Table 3.3
Item 171, subsection 995-1(1) ('scheme') Table 3.3
Item 172, subsection 995-1(1) ('short-term hire agreement') Table 3.3
Item 174, section 4 Table 3.10
Item 175, section 1-7 Table 3.4
Item 176, subparagraph 35(1)(d)(iv) Table 3.6
Item 177, subsection 8AAB(5) (item 2B in the table) Table 3.5
Items 178 and 179, subsection 8AAB(5) (item 17K in the table) Table 3.5
Item 180, section 14ZQ Table 3.5
Item 182, subsection 250-10(2) of Schedule 1 (items 38A, 38B and 67 in the table) Table 3.5
Item 183, section 284-220 of Schedule 1 Table 3.5
Items 184 and 185, paragraphs 284-220(1)(a) and (b) of Schedule 1 Table 3.5
Item 186, subsection 3A(2) Table 3.9
Item 187; item 40 of Schedule 10 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 Table 3.8
Item 188; item 56 of Schedule 10 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 Table 3.8
Item 189, subsection 124-782(4) Table 3.3
Item 189, subparagraph 166-3(2)(b)(ii), paragraph 240-20(2)(b), subsections 30-15(2) (items 1 and 2 in the table), 104-10(4), 104-15(3), 104-20(3), 104-25(3), 104-30(3), 104-35(3), 104-40(3), 104-45(3), 104-55(3), 104-60(3), 104-110(3), 104-115(3), 104-130(3), 104-155(3), 116-45(1), 116-50(1) and 149-15(4) and (5) Table 3.3


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