House of Representatives
Tax Laws Amendment (2012 Measures No. 1) Bill 2012
Revised Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)Index
Schedule 1: Disallow deductions against rebatable benefits
| Bill reference | Paragraph number |
| Item 1, section 12-5, after item in the table headed 'rates and land taxes' | 1.16 |
| Item 2, subsection 26-19(1) | 1.28 |
| Item 2, subsections 26-19(1) and (2) | 1.17, 1.27 |
| Item 2, subsection 26-19(2) | 1.30 |
| Item 3, note at the end of the definition of 'purpose of producing assessable income' in subsection 995-1(1) | 1.32 |
| Item 4 | 1.33 |
Schedule 2: Limiting the trading stock exception for superannuation funds
| Bill reference | Paragraph number |
| Items 1 to 4, subsection 70-10(2) | 2.11 |
| Item 4, subsection 70-10(2) | 2.10, 2.12 |
| Item 5 | 2.13 |
| Item 6 | 2.15 |
Schedule 3: Tax exemption for payments to individuals for recent floods
| Bill reference | Paragraph number |
| Item 1 | 3.11 |
| Item 2 | 3.13 |
| Items 3 and 4 | 3.15 |
Schedule 4: Phasing out the dependent spouse tax offset
| Bill reference | Paragraph number |
| Items 1, 4 and 8 | 4.39 |
| Items 2, 3 and 6 | 4.40 |
| Items 5 and 7 | 4.41 |
| Item 9 | 4.42 |
| Item 10 | 4.43 |
| Item 11 | 4.44 |
| Item 12 | 4.46, 4.47 |
Schedule 5: Miscellaneous amendments to the taxation laws
| Bill reference | Paragraph number |
| Item 1, section 960-260 of the ITAA 1997 | 5.16 |
| Item 2, section 960-265 of the ITAA 1997 | 5.14 |
| Items 2 and 3, section 960-265 and definition of 'index number' in subsection 995-1(1) of the Income Tax Assessment Act 1997 (ITAA 1997) | 5.9 |
| Item 3, definition of 'index number' in subsection 995-1(1) of the ITAA 1997 | 5.15 |
| Items 4 and 5, notes to subsections 15-5(1) and (4) of the MRRT | 5.40 |
| Item 6, note to section 30-5 of the MRRT | 5.4 |
| Items 7 and 8, paragraph 30-15(1)(c) and the note to subsection 30-15(1) of the MRRT | 5.24 |
| Items 9 and 10, paragraph 30-25(5)(a) and subparagraph 30-25(5)(a)(ii) of the MRRT | 5.21 |
| Item 11, subsection 30-25(5) of the MRRT | 5.26 |
| Item 12, paragraph 30-55(b) of the MRRT | 5.29, 5.31 |
| Items 13 and 15, paragraph 35-40(2)(b) and subsection 135-15(1) of the MRRT | 5.41 |
| Item 14, paragraph 115-10(1)(e) of the MRRT | 5.35 |
| Item 15, subsection 135-15(2) of the MRRT | 5.39 |
| Item 16, subsection 200-10(1) of the MRRT | 5.43 |
| Items 17 and 18, item 2 in the table in subsection 350-10(1) in Schedule 1 to the TAA 1953 | 5.7 |
| Item 19, paragraph (a) in the cell in item 4 in the table, column headed 'and the record or disclosure ...', of subsection 355-65(8) in Schedule 1 to the TAA 1953 | 5.44 |
| Clause 2, item 1 in the table | 5.45 |
| Clause 2, items 2 and 3 in the table | 5.8, 5.46 |
| Clause 2, item 4 in the table | 5.47 |