House of Representatives
Tax Laws Amendment (2011 Measures No. 2) Bill 2011
Explanatory Memorandum
Circulated By the Authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MPIndex
Schedule 1: Deductible gift recipients
| Bill reference | Paragraph number |
|---|---|
| Items 1 and 2, items 10.2.2 and 10.2.3 in the table in section 30-90 | 1.11 |
| Item 3, item 53A in the table in section 30-315 | 1.14 |
| Item 4, item 2.2.39 in the table in subsection 30-25(2) | 1.5 |
| Item 4, item 2.2.40 in the table in subsection 30-25(2) | 1.8 |
| Items 5 and 6, items 30A and 97AA in the table in section 30-315 | 1.13 |
Schedule 2: Self managed superannuation funds
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 62A | 2.19, 2.23 |
| Item 1, section 62A, note | 2.24 |
| Item 2, paragraph 353(1)(d) | 2.26 |
| Item 3 | 2.27, 2.28 |
Schedule 3: Use of TFNs for superannuation purposes
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsections 137(4) and (5) of the RSA Act; items 3, 6, 8 and 10, subsections 299H(4) and (5), 299J(4) and (5), 299K(4) and (5) and 299L(4) and (5) of the SIS Act | 3.30 |
| Item 2, section 137A of the RSA Act; item 12, section 299LA of the SIS Act | 3.13 |
| Item 2, subsection 137A(2) of the RSA Act; item 12, subsection 299LA(2) of the SIS Act | 3.17 |
| Item 2, subsection 137A(3) of the RSA Act; item 12, subsection 299LA(3) of the SIS Act | 3.16 |
| Items 2 and 16, note in subsection 137A(2) of the RSA Act; items 12 and 17, note in subsection 299LA(2) of the SIS Act | 3.20, 3.24 |
| Items 4, 5, 7, 9 and 11, subsections 299H(6) and (7), 299J(6) and (7), 299K(6) and (7), 299L(6) and (7) of the SIS Act | 3.31 |
| Items 13 and 18 | 3.26 |
| Items 14 and 15, section 16 of the RSA Act | 3.32 |
| Item 19 | 3.28 |
Schedule 4: GST: payments of taxes, fees and charges
| Bill reference | Paragraph number |
|---|---|
| Item 1, subparagraph 13-20(2)(ba)(i) | 4.41 |
| Item 2, section 81-1 | 4.41 |
| Item 2, subsection 81-5(1) | 4.21 |
| Item 2, subsections 81-5(2) and (3) | 4.23 |
| Item 2, subsection 81-10(1) | 4.26 |
| Item 2, subsections 81-10(2) and (3) | 4.31 |
| Item 2, subsection 81-10(4) | 4.28 |
| Item 2, subsection 81-10(5) | 4.30 |
| Item 2, section 81-15 | 4.33 |
| Item 2, section 81-20 | 4.34 |
| Item 2, section 81-25 | 4.36 |
| Item 3, subsection 82-10(3) | 4.41 |
| Item 4, subparagraph 117-5(1)(ba)(i) | 4.41 |
| Items 5 to 10, section 195-1 | 4.41 |
| Items 11 to 15, section 27-1, paragraphs 5-20(1)(b) and 5-20(6)(b) of the A New Tax System (Luxury Car Tax) Act 1999 | 4.41 |
| Item 16 | 4.38 |
Schedule 5: Other amendments
| Bill reference | Table | Page |
|---|---|---|
| Part 1 - A New Tax System (Goods and Services Tax) Act 1999 | 5.1 | 39 |
| Part 2 - Approved worker entitlement funds | 5.2 | 40 |
| Part 3 - Confidentiality of taxpayer information | 5.3 | 40 and 41 |
| Part 4 - Employee share schemes | 5.4 to 5.6 | 42 to 47 |
| Part 5 - General interest charge | 5.7 | 48 |
| Part 6 - Deductible gift recipients | 5.8 | 48 to 52 |
| Part 7 - Section 23AB of the Income Tax Assessment Act 1936 | 5.9 | 52 |
| Part 8 - Definitions and signposts to related material | 5.10 | 52 |
| Part 9 - Repeal of redundant reference to Papua New Guinea | 5.11 | 53 |
| Part 10 - Repeal of redundant references to franking | 5.12 | 53 |
| Part 11 - Correction of cross-reference in provision about dividend streaming etc. | 5.13 | 54 |
| Part 12 - Minor changes to provisions about concessional rebates | 5.14 | 54 |
| Part 13 - Fixing outdated references to Medicare levy | 5.15 | 54 |
| Part 14 - Repeal of references to previously repealed provision | 5.16 | 55 |
| Part 15 - Correction of asterisking of reference to tax debts | 5.17 | 55 |
| Part 16 - Repeal of outdated provisions about exemption from income tax | 5.18 | 55 and 56 |
| Part 17 - Correction of asterisking of references to quarter | 5.19 | 56 |
| Part 18 - Inclusion of Commissioner's discretion to extend main residence exemption from CGT | 5.20 | 56 and 57 |
| Part 19 - Nomination of controllers of discretionary trust | no table | 57 to 61 |
| Part 20 - Definitions mainly relevant to Subdivision 165-F of the Income Tax Assessment Act 1997 | 5.21 | 61 and 62 |
| Part 21 - Removal of definition from imputation provisions | 5.22 | 62 |
| Part 22 - Correction of outdated references to virtual PST assets | 5.23 | 63 |
| Part 23 - Repeal of spent provisions about land transport facilities borrowings | 5.24 | 64 |
| Part 24 - Prevention of double counting for direct value shifts | 5.25 | 64 and 65 |
| Part 25 - Ineligible income tax remission decisions | 5.26 | 65 |
| Part 26 - Correction of references to chains of fixed trusts | 5.27 | 66 |
| Part 27 - Gender-specific language | 5.28 | 66 to 69 |
| Part 28 - Misdescribed amendments | 5.29 and 5.30 | 70 |
| Part 29 - References to Schedules | 5.31 to 5.37 | 70 to 73 |
| Part 30 - References to taxation laws | 5.38 and 5.39 | 73 and 74 |
| Part 31 - Other amendments | 5.40 to 5.46 | 74 to 76 |