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Tax Laws Amendment (2012 Measures No. 2) Bill 2012

Tax Laws Amendment (2012 Measures No. 2) Act 2012

Pay As You Go Withholding Non-compliance Tax Bill 2012

Pay As You Go Withholding Non-compliance Tax Act 2012

Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012

Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2012

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

Index

Schedule 1: Companies' non-compliance with PAYG withholding and superannuation guarantee obligations

Bill reference Paragraph number
Item 1, subsection 8AAZL(4) of the TAA 1953 1.162
Item 2, subsections 269-35(1) and (2) in Schedule 1 to the TAA 1953 1.49
Item 2, subsections 269-35(1) to (4A) in Schedule 1 to the TAA 1953 1.48
Item 2, subsection 269-35(2) in Schedule 1 to the TAA 1953 1.50
Item 2, subsections 269-35(2) and (3) in Schedule 1 to the TAA 1953 1.52
Item 2, subsection 269-35(3) in Schedule 1 to the TAA 1953 1.51
Item 2, subsections 269-35 (4A) in Schedule 1 to the TAA 1953 1.58
Item 2, subparagraph 269-35(4A)(a)(i) in Schedule 1 to the TAA 1953 1.61
Item 2, subparagraph 269-35(4A)(a)(ii) in Schedule 1 to the TAA 1953 1.60
Item 3, subsection 269-52 in Schedule 1 to the TAA 1953 1.42
Item 4 1.155
Items 4 and 53, subsection 269-25(1) in Schedule 1 to the TAA 1953 1.41
Items 5 and 6, paragraph 269-20(3)(b) and subsection 269-20(4) in Schedule 1 to the TAA 1953 1.24, 1.46
Item 7 1.156
Item 8, subsection 269-30(3) in Schedule 1 to the TAA 1953 1.47
Item 8, subsection 269-30(1) in Schedule 1 to the TAA 1953 1.43
Item 9 1.157
Item 10, subsection 86-40(2) of the ITAA 1997 1.160
Item 11, subsection 995-1(1) of the ITAA 1997 and Clauses 1 to 4 of the Pay As You Go Withholding Non-compliance Tax Bill 2012 1.68
Items 12 and 14, subsection 8AAB(4) of the TAA 1953 and section 18-150 in Schedule 1 to the TAA 1953 1.79, 1.110
Items 13 and 14, sections 18-5 and 18-120 in Schedule 1 to the TAA 1953 1.72
Item 14, sections 18-125 and 18-135 in Schedule 1 to the TAA 1953 1.67, 1.70
Item 14, paragraphs 18-125(1)(a) to (c) in Schedule 1 to the TAA 1953 1.73
Item 14, paragraph 18-125(1)(c) in Schedule 1 to the TAA 1953 1.74
Item 14, paragraph 18-125(1)(d) in Schedule 1 to the TAA 1953 1.75
Item 14, subsection 18-125(2) in Schedule 1 to the TAA 1953 1.76
Item 14, subsection 18-125(3) in Schedule 1 to the TAA 1953 1.77
Item 14, section 18-130 in Schedule 1 to the TAA 1953 1.80
Item 14, section 18-130 and paragraph 18-185(c) in Schedule 1 to the TAA 1953 1.83
Item 14, subsection 18-130(2) in Schedule 1 to the TAA 1953 1.82
Item 14, subsections 18-130(2) and (6) in Schedule 1 to the TAA 1953 1.81
Item 14, subsection 18-130(2)(a) in Schedule 1 to the TAA 1953 1.85
Item 14, paragraph 18-130(2)(b) in Schedule 1 to the TAA 1953 1.86, 1.87
Item 14, subsection 18-130(3) in Schedule 1 to the TAA 1953 1.90
Item 14, subsection 18-130(4) in Schedule 1 to the TAA 1953 1.91
Item 14, paragraphs 18-130(5)(a) and (c) in Schedule 1 to the TAA 1953 1.92
Item 14, paragraphs 18-130(5)(b) and (c) in Schedule 1 to the TAA 1953 1.93
Item 14, paragraph 18-135(1)(a) in Schedule 1 to the TAA 1953 1.96
Item 14, paragraphs 135(1)(a) to (c) in Schedule 1 to the TAA 1953 1.95
Item 14, paragraph 18-135(1)(c) in Schedule 1 to the TAA 1953 1.97
Item 14, paragraphs 18-135(1)(d) and 3(a) in Schedule 1 to the TAA 1953 1.102
Item 14, paragraph 18-135(1)(d) and subsection 18-135(6) in Schedule 1 to the TAA 1953 1.106
Item 14, subsection 18-135(2) in Schedule 1 to the TAA 1953 1.98
Item 14, paragraph 18-135(2)(b) in Schedule 1 to the TAA 1953 1.99
Item 14, paragraph 18-135(3)(b) and subsection 18-135(4) in Schedule 1 to the TAA 1953 1.103
Item 14, subsection 18-135(5) in Schedule 1 to the TAA 1953 1.104
Item 14, subsection 18-135(7) in Schedule 1 to the TAA 1953 1.108
Item 14, section 18-140 in Schedule 1 to the TAA 1953 1.71
Item 14, subsection 18-140(1) in Schedule 1 to the TAA 1953 1.111
Item 14, subsection 18-140(2) in Schedule 1 to the TAA 1953 1.115
Item 14, subsection 18-140(3) in Schedule 1 to the TAA 1953 1.112, 1.113
Item 14, subsection 18-140(4) in Schedule 1 to the TAA 1953 1.114
Item 14, subsection 18-140(5) and paragraph 18-140(6)(a) in Schedule 1 to the TAA 1953 1.120
Item 14, subsection 18-140(5) and paragraph 18-140(6)(b) in Schedule 1 to the TAA 1953 1.122
Item 14, subsections 18-140(5) to (7) in Schedule 1 to the TAA 1953 1.119
Item 14, subsection 18-140(7) in Schedule 1 to the TAA 1953 1.123
Item 14, sections 18-145 to 18-155 in Schedule 1 to the TAA 1953 1.118
Item 14, subsection 18-155(2) in Schedule 1 to the TAA 1953 1.116
Item 14, subsection 18-155(1) in Schedule 1 to the TAA 1953 1.117
Item 14, section 18-160 in Schedule 1 to the TAA 1953 1.147
Item 14, subparagraph 18-160(2)(b)(ii) in Schedule 1 to the TAA 1953 1.150
Item 14, subsection 18-160(4) in Schedule 1 to the TAA 1953 1.148
Item 14, section 18-165 in Schedule 1 to the TAA 1953 1.125
Item 14, subsection 18-170(1) in Schedule 1 to the TAA 1953 1.128
Item 14, subsections 18-170(2) and (3) in Schedule 1 to the TAA 1953 1.129
Item 14, subsection 18-170(4) in Schedule 1 to the TAA 1953 1.130
Item 14, subsections 18-170(4) and (5) in Schedule 1 to the TAA 1953 1.131
Item 14, subsections 18-170(6) and (7) in Schedule 1 to the TAA 1953 1.133
Item 14, sections 18-170, 18-175 and 18-180 in Schedule 1 to the TAA 1953 1.134
Item 14, section 18-175 in Schedule 1 to the TAA 1953 1.127
Item 14, paragraphs 18-185(a) and (d) in Schedule 1 to the TAA 1953 1.142
Item 14, paragraph 18-185(b) in Schedule 1 to the TAA 1953 1.139
Item 14, paragraph 18-185(c) in Schedule 1 to the TAA 1953 1.141
Item 14, paragraph 18-185(6) in Schedule 1 to the TAA 1953 1.140
Item 14, section 18-190 in Schedule 1 to the TAA 1953 1.144
Items 14 and 15, subsection 250-10(2) and section 18-145 in Schedule 1 to the TAA 1953 1.78, 1.109
Items 16 and 20 to 22, paragraph 3(1)(cab), subsection 10(2) and sections 3C and 10 of the Taxation (Interest on Overpayments and Early Payments) Act 1983 1.94
Items 17 to 19, subsections 3(1) and (3) of the Taxation (Interest on Overpayments and Early Payments) Act 1983 1.138
Item 23 1.158
Items 24 to 34 1.159
Item 35, subsections 63A(3) and (4) of the SGA Act 1992 1.37
Items 35 and 48, subsections 63A(3) and (4) of the SGA Act 1992 1.18
Items 36 to 42 and 51, sections 268-1 and 268-5, subsections 268-10(1), (1A) and (3), and item 4 in the table in subsection 269-10(1) in Schedule 1 to the TAA 1953 1.32
Item 41, subsections 268-10(1) and (1A) in Schedule 1 to the TAA 1953 1.34
Items 41, 42 and 51, subsections 268-10(1) and (3) and items 4 and 5 in the table in subsection 269-10(1) in Schedule 1 to the TAA 1953 1.21
Item 43, subsection 268-75(1) in Schedule 1 to the TAA 1953 1.36
Item 45, subsection 268-90(2A) in Schedule 1 to the TAA 1953 1.39
Item 46 1.154
Item 47 1.153
Items 49 to 51, paragraph 269-5(a), subsection 269-10(1) and section 269-1 in Schedule 1 to the TAA 1953 1.19
Items 51 and 52, subsections 269-10(1) and (3) in Schedule 1 to the TAA 1953 1.29
Item 52, subsection 269-10(3) in Schedule 1 to the TAA 1953 1.28
Item 56, subsection 269-35(3A) in Schedule 1 to the TAA 1953 1.53
Item 57 1.152

Schedule 2: Amendments to the TOFA consolidation interaction and transitional provisions

Bill reference Paragraph number
Clause 2, item 9 in the table 2.88
Item 1, paragraph 715-375(1)(b) 2.26
Item 2, paragraph 715-375(1)(c) 2.25
Item 3, subsection 715-375(2) 2.32
Item 3, paragraph 715-375(2)(a) 2.37, 2.44
Item 3, paragraph 715-375(2)(b) 2.33
Item 4, section 715-378 2.45
Item 5, subitem 104B 2.49
Item 5, subitem 104B(1) 2.50
Item 5, paragraphs 104B(1)(a) and (b) 2.51
Item 5, paragraph 104B(1)(c) 2.52
Item 5, paragraphs 104B(1)(d) and (e) 2.55
Item 5, paragraph 104B(1)(f) 2.58
Item 5, paragraph 104B(1)(g) 2.59
Item 5, subitem 104B(2)(a) 2.61
Item 5, paragraph 104B(2)(b) 2.65
Item 5, subitem 104B(3) 2.73
Item 5, subitems 104B(4) to 104B(7) 2.78
Item 5, subitems 104B(8) and (9) 2.70
Item 5, item 104C 2.83
Item 5, paragraphs 104C(1)(a) and (b) 2.84
Item 5, paragraphs 104C(1)(c) and (e) 2.84
Item 5, paragraph 104C(1)(d) 2.84
Item 5, paragraph 104C(1)(f) 2.84
Item 5, paragraph 104C(2) 2.85
Item 5, paragraphs 104C(3)(a), (b) and (c) 2.86
Item 5, paragraphs 104C(3)(b) and (e) 2.86
Item 5, paragraph 104C(3)(d) 2.86
Item 5, paragraph 104C(4) 2.87
Item 6 2.89

Schedule 3: Consolidation

Bill reference Paragraph number
Item 1, subsection 701-55(5C) 3.39
Item 1, subsection 701-55(5D) 3.52, 3.87, 3.106
Item 2, subsection 701-55(6) of the pre-rules 3.27
Items 3 and 4, heading to section 701-56 3.30
Items 5, 25, 26, 45, 46 and 47, sections 12-5 and 701-58 3.135
Item 6, subsections 701-63(1) and (2) of the pre-rules 3.54
Items 6 and 12, subsection 701-63(3) of the pre-rules and the definition of 'non-deductible right to future income' in subsection 995-1(1) 3.36
Items 6 and 11, subsection 701-63(3) of the pre-rules and the definition of 'asset forming part of goodwill' in subsection 995-1(1) 3.62
Items 6 and 13, subsection 701-63(5) of the pre-rules and the definition of 'right to future income' in subsection 995-1(1) 3.34
Items 6 and 16, subsection 701-63(5) of the pre-rules and the definition of 'unbilled income asset' in subsection 995-1(1) 3.37
Item 7 3.35
Item 8, paragraph 705-25(5)(d) of the pre-rules 3.49
Items 8, 54 and 55, subsection 269-30(2) in Schedule 1 to the TAA 1953 1.44
Item 9, subsection 716-405(1) of the pre-rules 3.41
Item 9, subsections 716-405(2) and (5 of the pre-rules) 3.42
Item 9, paragraph 716-405(2)(a) of the pre-rules 3.43
Item 9, paragraph 716-405(2)(b) of the pre-rules 3.44
Item 9, paragraph 716-405(4)(a) of the pre-rules 3.45
Item 9, paragraph 716-405(4)(b) of the pre-rules 3.46
Item 9, subsection 716-405(6) of the pre-rules 3.47
Item 10, section 716-410 3.40
Items 11 and 19, subsection 701-63(3) of the interim rules and the definition of 'asset forming part of goodwill' in subsection 995-1(1) 3.74
Items 12 and 19, subsection 701-63(4) of the interim rules and the definition of 'non-deductible right to future income' in subsection 995-1(1) 3.75
Item 13 and 33, subsection 701-63(5) of the prospective rules and the definition of 'right to future income' in subsection 995-1(1) 3.108
Items 15 to 21, 23 and 24, subsections 701-55(5C) and (6), subsections 701-56(1) and (2), subsection 701-63(5), section 701-90, paragraph 705-25(5)(d) and sections 716-405 and 716-410 of the interim rules 3.68
Item 16, subsection 701-55(6) 3.97
Item 19, subsections 701-63(1) and (2) of the interim rules 3.71
Item 22, subsection 705-56A(1) 3.83
Item 22, subsection 705-56A(2) 3.84
Item 22, subsection 705-56A(3) 3.85
Item 22, subsection 705-56A(4) 3.86
Items 27 and 37 to 41, sections 705-35 and 705-40 3.96
Item 28, subsection 701-55(5C) of the prospective rules 3.103
Items 29 to 31, subsections 701-56(1), (1A), (1B) and (2) of the prospective rules 3.98
Items 30, 31, 35, 42, 43 and 44 3.110
Item 32, paragraph 701-56(3)(d) 3.95
Items 33 and 48, subsection 701-63(6) of the prospective rules and the definition of 'WIP amount asset' in subsection 995-1(1) 3.104
Item 34, section 701-67 3.90
Item 36, paragraph 705-25(5)(d) of the prospective rules 3.107
Item 49, subitem 50(3), subitem 50(5) and item 51 3.117
Item 49 and subitems 50(1) and (2) 3.116
Item 49, subitems 50(1) and (3), and item 52 3.122
Item 49 and subitems 50(1) and (4) 3.125
Item 49 and subitems 50(5) and (6) 3.118
Item 52 3.129
Section 4 3.134
Subitems 51(1) and (2) 3.126
Subitem 51(3) 3.128

Schedule 4: Change to managed investment trust final withholding tax rate

Bill reference Paragraph number
Item 1, subparagraph 4(1)(a)(ii) 4.6, 4.7
Items 1 to 3, subparagraphs 12-385(3)(a)(iii), 12-390(3)(a)(iii) and 12-390(6)(a)(iii) 4.9


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