House of Representatives
Tax Laws Amendment (2011 Measures No. 7) Bill 2011
Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)Index
Schedule 1: Removing tax issues facing special disability trusts
| Bill reference | Paragraph number |
| Clause 4 | 1.63 |
| Part 1, item 3, section 118-105 | 1.30 |
| Parts 1 to 3, items 5, 9 and 12 | 1.62 |
| Part 1, item 4, section 118-215 and subsections 118-218(1) to (3) | 1.28 |
| Part 1, item 4, subsections 118-218(1) and (2) | 1.29, 1.34 |
| Part 1, item 4, subsections 118-218(1) to (3) | 1.32, 1.34, 1.38 |
| Part 1, item 4, subsection 118-218(3) | 1.29 |
| Part 1, item 4, subsection 118-218(4) | 1.39 |
| Part 1, item 4, section 118-220 | 1.43 |
| Part 1, item 4, section 118-220 and subsection 118-225(1) | 1.51 |
| Part 1, item 4, section 118-222 | 1.54 |
| Part 1, item 4, subsection 118-225(1) | 1.46, 1.53 |
| Part 1, item 4, paragraphs 118-225(2)(a), (3)(a) and (c) and subsection 118-225(4) | 1.46, 1.48 |
| Part 1, item 4, paragraphs 118-225(2)(b), (3)(b) and (c) and subsection 118-225(4) | 1.57 |
| Part 1, item 4, subsection 118-227(1) | 1.44, 1.56 |
| Part 1, item 4, subsection 118-227(2) | 1.44 |
| Part 1, item 4, subsection 118-227(3) | 1.55 |
| Part 1, item 4, section 118-230 | 1.59 |
| Part 2, item 6, section 118-85 | 1.21 |
| Part 2, item 6, paragraph 118-85(1)(b) | 1.22 |
| Part 2, item 6, subsection 118-85(2) | 1.22 |
| Part 2, items 7 and 8, subsection 128-15(4) (item 1 in the table) and (after item 3A in the table) | 1.24 |
| Part 3, items 10 and 11, definitions of 'principal beneficiary' and 'special disability trust' in subsection 995-1(1) | 1.19 |
Schedule 2: Pacific Seasonal Worker Pilot Scheme
| Bill reference | Paragraph number |
| Not applicable | Not applicable |
Schedule 3: TOFA and PAYG instalments
| Bill reference | Paragraph number |
| Item 1, subsection 45-120(2C) | 3.10 |
| Item 1, subparagraphs 45-120(2C)(a)(ii) and 45-120(2C)(b)(ii) | 3.15 |
| Item 1, subsection 45-120(2D) | 3.18 |
| Item 1, subsection 45-120(2E) | 3.20 |
| Item 2 | 3.22, 3.23 |
| Subitems 3(1) and (2) | 3.24 |
| Subitems 3(3) and (5) | 3.30 |
| Subitems 3(4) and (6) | 3.31 |
| Subsection 3(7) | 3.33 |
| Paragraph 3(7)(d) | 3.34 |
| Subitems 3(7) and (8) | 3.36 |
| Subitem 3(9) | 3.37 |
Schedule 4: Notification of TOFA transitional elections
| Bill reference | Paragraph number |
| Item 1 | 4.18 |
| Item 2 | 4.10 |
| Item 3 | 4.19 |
| Item 4 | 4.17 |
Schedule 5: Farm management deposits
| Bill reference | Paragraph number |
| Part 1, item 1, section 393-1, item 2, paragraph 393-15(2)(d), item 3, note 1 to subsection 393-40(1), item 4, note 1 to subsection 393-40(2), and item 7, paragraph (d) of note 1 to subsection 393-55(2) | 5.32 |
| Part 1, item 5, subsection 393-40(3A) | 5.27 |
| Part 1, item 6, subsection 393-40(4) | 5.31 |
| Part 1, item 8 | 5.47 |
| Part 2, item 9, note to section 393-1, and item 10, heading to subsection 398-5(1) in Schedule 1 to the TAA 1953 | 5.37 |
| Part 2, item 11, subsection 398-5(1) in Schedule 1 to the TAA 1953 | 5.33 |
| Part 2, item 12, subsection 398-5(1) in Schedule 1 to the TAA 1953, items 13 to 15, paragraphs 398-5(3)(a) to (d) in Schedule 1 to the TAA 1953 | 5.35 |
| Part 2, item 16 | 5.48 |
| Part 3, item 17, item 5 in the table in section 393-35 | 5.38 |
| Part 3, item 18, item 10 in the table in section 393-35, item 19, subsections 393-55(4) and (5) | 5.40 |
| Part 3, item 20 | 5.49 |
| Part 4, item 21, subsection 69(1A) of the Banking Act 1959 | 5.43 |
| Part 4, item 22, subsection 69(2) of the Banking Act 1959 | 5.46 |
| Part 4, item 23 | 5.50 |
Schedule 6: Temporary loss relief for merging superannuation funds
| Bill reference | Paragraph number |
| Item 1, section 310-1 (note 1) of the ITAA 1997 | 6.10 |
| Items 2 to 4, item 11 of Schedule 2 to the Tax Laws Amendment (2009 Measures No. 6) Act 2010 | 6.11 |
| Item 5, subitem 11(2) of Schedule 2 to the Tax Laws Amendment (2009 Measures No. 6) Act 2010 | 6.9 |
| Item 6, Schedule 2 to the Tax Laws Amendment (2009 Measures No. 6) Act 2010 | 6.16 |
Schedule 7: Penalty notice validation
| Bill reference | Paragraph number |
| Item 1 | 7.17 |
Schedule 8: Ancillary funds
| Bill reference | Paragraph number |
| Clause 2 | 8.60 |
| Items 1 and 16, paragraph 26(3)(ga) of the A New Tax System (Australian Business Number) Act 1999 and section 426-104 in Schedule 1 to the TAA 1953 | 8.57 |
| Items 2, 3, and 7, item 2 in the table in subsection 30-15(2) of the ITAA 1997; definition of 'ancillary fund' in subsection 995-1(1) of the ITAA 1997 | 8.23 |
| Items 4 and 5, subsection 30-125(1) of the ITAA 1997 | 8.25, 8.35 |
| Item 6, paragraph 31-10(1)(b) of the ITAA 1997 | 8.69 |
| Items 8 and 16, definition of 'public ancillary fund' in subsection 995-1(1) of the ITAA 1997 and section 426-102 in Schedule 1 to the TAA 1953 | 8.24 |
| Items 9 and 16, definition of 'public ancillary fund guidelines' in subsection 995-1(1) of the ITAA 1997 and section 426-103 in Schedule 1 to the TAA 1953 | 8.34 |
| Item 10 | 8.71 |
| Items 11 to 15 | 8.26 |
| Item 16, section 426-102 in Schedule 1 to the TAA 1953 | 8.27, 8.32 |
| Item 16, subparagraph 426-102(1)(a)(ii) in Schedule 1 to the TAA 1953 | 8.29 |
| Item 16, subsection 426-102(3) in Schedule 1 to the TAA 1953 | 8.50 |
| Items 18 to 22 | 8.45 |
| Item 20, subparagraph 426-120(2)(b)(ii) | 8.47 |
| Items 23 to 34 | 8.49 |
| Item 35, section 426-170 in Schedule 1 to the TAA 1953 | 8.56 |
| Item 36 | 8.68 |
| Items 38 and 40 | 8.61 |
| Item 39 | 8.62 |
| Item 41 | 8.66 |
| Items 42 and 43 | 8.70 |
Schedule 9: Film tax offsets
| Bill reference | Paragraph number |
| Items 2 and 4, paragraph 376-2(3)(c) and section 376-40 | 9.85 |
| Items 5, 6, 25 and 27 | 9.61 |
| Item 7, paragraph 376-55(4)(g) | 9.51 |
| Items 8 to 11 and 16, subparagraph 376-65(2)(c)(v), subsection 376-65(4), paragraph 376-65(4)(a) and subsection 376-65(6) | 9.77 |
| Items 12 to 14, subsection 376-65(6) | 9.49 |
| Items 15, 17 and 18, subsection 376-65(6) | 9.50 |
| Item 19, paragraph 376-125(4)(c) | 9.72 |
| Item 20, section 376-135 | 9.57, 9.81 |
| Items 21 and 23, section 376-135 and subsection 376-170(2) | 9.75 |
| Item 22, subsection 376-150(1) | 9.58, 9.82, 9.86 |
| Item 23, subsection 376-170(2) | 9.58, 9.59, 9.73 |
| Items 24 and 26, subsection 376-170(4) | 9.68 |
| Item 28, section 376-185 | 9.79, 9.84, 9.88 |
| Items 29 and 30, subsection 960-50(6) | 9.65 |
| Subitem 31(1) | 9.90 |
| Subitem 31(2) | 9.91 |
| Subitem 31(3) | 9.89 |