House of Representatives
Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP)Index
Schedule 1: First Home Saver Accounts
| Bill reference | Paragraph number |
| Items 1 and 3, the whole of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008 and the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 | 1.21 |
| Item 2, the whole of the First Home Saver Accounts Act 2008 | 1.18 |
| Items 4 to 44, 118 to 150, 175 to 187, 193 to 194, the definitions of 'contribution', 'FHSA' and 'FHSA provider' in section 5 and table items 43A and 43B in subsection 6(2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the definition of 'prudential framework law' in subsection 3(1), paragraphs 3(2)(g) and (h), the note to subsection 3(2) and the definitions of 'protected document' and 'protected information' in subsection 56(1) of the Australian Prudential Regulation Authority Act 1998, paragraphs 12A(1)(h) and 12BAA(7)(ga) of the Australian Securities and Investments Commission Act 2001, subparagraph 11CA(1)(a)(iii), paragraph 11CA(1)(c), subparagraphs 11CA(2)(aa)(ii) and (iii), subsection 18A(5), the definition of 'reviewable decision of APRA' in section 51A, subsection 62A(4), paragraph 69(3)(b) and the note to subsection 69(3) of the Banking Act 1959, the definitions of 'FHSA product' and 'managed investment scheme' in section 9, the definition of 'basic deposit product' and 'FHSA product' in section 761A, table item 2A in subsection 761E(3), paragraphs 761E(3A)(ba), 764A(1)(ha) and 766E(3)(cb), subsection 946AA(1A), paragraph 961F(c), the definition of 'relevant financial product' in subsection 1016A(1) and subparagraphs 1017D(1)(b)(iiia) and 1019A(1)(a)(iiia) of the Corporations Act 2001, the definitions of 'leviable body', 'leviable FHSA entity' and 'levy' in section 7 and subsection 8(7) of the Financial Institutions Supervisory Levies Collection Act 1998, subparagraphs 14(2)(a)(ii) and (iii), 14(4)(b)(ii) and (iii), subsections 74(1), 74(2), 126(1), 126(2) and 216(1), the note to subsection 216(1), subsections 230A(14), 230B(11) and 236(1AA) of the Life Insurance Act 1995, paragraph 8(8)(ba), the definitions of 'financial investment', 'investment' and 'return' in subsection 9(1), paragraph 9(1C)(cb), subsection 9(9B), the definitions of 'trust', 'investment' and 'return' in subsection 23(1) and paragraphs 1118(1)(fa), 1207P(1)(c) and 1207P(1)(d) of the Social Security Act 1991, paragraphs 29G(2)(f) and (v), subsection 108A(3) and the note to subsection 108A(3) of the Superannuation Industry (Supervision) Act 1993, paragraph 5H(8)(ia), the definitions of 'financial investment', 'investment' and 'return' in subsection 5J(1), paragraph 5J(1C)(cb), subsection 5J(6B) and paragraphs 52(1)(faa), 52ZZB(1)(c) and 52ZZB(1)(d) of the Veterans' Entitlements Act 1986 and the heading specifying First Home Saver Accounts Act 2008 in Division 2 of Part 1 and items 4 and 5 in Schedule 8 of the Omnibus Repeal Day (Spring 2014) Act 2015 | 1.31 |
| Items 45 to 117, 151 to 174, 188 to 192, the definition of 'fringe benefit' in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986, subsection 5(2B) of the Income Tax Act 1986, the definitions of 'assessment', 'FHSA', 'FHSA trust' and 'full self-assessment taxpayer' in subsection 6(1), subparagraph 26AH(7)(ba)(i), section 95AA, subparagraph 102MD(a)(ii), paragraphs 124ZM(3)(d), 124ZM(3)(da) and 124ZM(6)(a), the definition of 'complying superannuation/FHSA class of taxable income' in paragraph 124ZM(6)(a), paragraph 202(kb) and the definitions of 'interest-bearing account', 'interest bearing deposit' and 'unit trust' in section 202A of the Income Tax Assessment Act 1936 as well as paragraph 272-100(e) in Schedule 2F to the Income Tax Assessment Act 1936, table item 8A in section 9-1, the table item headed 'reimbursement' in section 10-5, the table item headed 'first home saver accounts' in 11-55, section 15-80, paragraphs 51-120(c) and (d), subparagraphs 115-100(a)(ii), 115-100(b)(iia) and 115-280(a)(ia), paragraphs 115-280(2)(a), 115-280(2)(b), 115-280(5)(a), 115-280(5)(b), 166-245(2)(ba) and 166-245(3)(ba), subsection 205-15(3), paragraphs 205-30(2)(a), 207-15(2)(a), 207-35(1)(c) and 207-45(ca), subsection 210-175(2), the definition of 'complying superannuation/FHSA class of taxable income' in subsection 210-175(2), subparagraph 290-5(c)(iii), paragraphs 290-5(d) and (e), the method statement in subsection 295-10(2), section 295-171, table item 4A in section 296-495, paragraph 295-555(1)(b), the note to subsection 295-555(1), paragraph 295-555(3)(b), subsection 295-555(4), paragraphs 295-615(1)(d) and (e), section 320-1, paragraphs 320-80(2)(b) and 320-85(2)(ba), subsection 320-107(3), the definition of 'complying superannuation/FHSA class rate' in subsection 320-107(3), Division 345, subparagraph 380-15(1)(d)(iv) and subsections 713-545(6) and subsection 995-1(1) of the ITAA 1997, subsection 3(1), paragraphs 23(2)(ba) and (3)(aa), subsection 23(3A), paragraph 23A(b) and section 30 of the Income Tax Rates Act 1986 and table items 4 and 16 in subsection 8AAB(4) and paragraph 15C(8)(c) in the Taxation Administration Act 1953 as well as paragraphs 12-1(3)(b), 45-120(2)(c), 45-120(2)(ca), 45-120(2A)(b), 45-290(2)(c) and 45-290(2)(d), subsection 45-290(3), paragraphs 45-330(2)(c) and 45-330(2)(d), the method statement in subsection 45-330(3), paragraphs 45-370(2)(c) and 45-370(2)(d), the method statement in subsection 45-370(3), table items 24D, 24E and 38C in subsection 250-10(2), subsections 286-75(2B), 286-75(2C), 288-70(1) and 288-70(2), paragraph 288-70(2)(a), table item 6 in subsection 355-65(3), table item 5 in subsection 355-65(4), table item 2 in subsection 355-65(5) and Division 391 in Schedule 1 to the Taxation Administration Act 1953 | 1.29 |
| Items 195 and 197 | 1.32, 1.33 |
| Item 196 | 1.47 |
| Items 198 to 202 | 1.40 |
| Item 203 | 1.37 |
| Item 205 | 1.48 |
| Subitem 197(2) and items 198 to 202 | 1.39 |
| Subitem 197(2) and items 200, 201 and 202 | 1.35 |
| Subitem 204(3) | 1.45 |
| Subitem 204(1) | 1.41 |
| Subitem 204(2) | 1.42 |
Schedule 2: Dependent spouse tax offset
| Bill reference | Paragraph number |
| Items 1, 3, 4, 6, 7, 9, 11 and 13 to 15, subsections 23AB(7), 23AB(7A), 79A(2), 79A(4), 79B(2), 79B(4), 79B(4A) and 79B(6) of the ITAA 1936 | 2.23 |
| Items 3, 7 and 14, subsections 23AB(7A), 79A(4) (definition of 'relevant rebate amount'), and 79B(6) (definition of 'concessional rebate amount') of the ITAA 1936 | 2.25 |
| Item 16 | 2.22 |
| Item 17, Subdivision 961-A of the ITAA 1997 | 2.30 |
| Item 17, Subdivision 961-B of the ITAA 1997 | 2.32 |
| Items 18 to 20, 24 to 26 and 33 | 2.35 |
| Items 21 and 22 | 2.34 |
| Items 21 to 23 and 30 to 32 | 2.33 |
| Item 28, subsection 61-10(1) of the ITAA 1997 | 2.24 |
| Item 38 | 2.38 |
| Item 39 | 2.39 |
Schedule 3: Offshore banking units
| Bill reference | Paragraph number |
| Items 1 and 2, paragraph 121D(1)(c), paragraph 121D(4A)(a) and subparagraph 121D(4A)(b)(i) of the ITAA 1936 | 3.31 |
| Item 2, subsection 121D(4B) of the ITAA 1936 | 3.32 |
| Item 2, subparagraph 121D(4A)(b)(ii) of the ITAA 1936 | 3.34 |
| Items 3, 5 and 7, paragraph 121B(2)(a), subsection 121D(1) and subsection121EB(1) of the ITAA 1936 | 3.101 |
| Items 4 and 6, section 121C and subsections 121EAA(2) and (3) of the ITAA 1936 | 3.41 |
| Item 6, subsection 121EAA(4) of the ITAA 1936 | 3.46 |
| Item 6, subsections 121EAA(4) to (6) of the ITAA 1936 | 3.47 |
| Item 6, subsection 121EAA(1) of the ITAA 1936 | 3.40 |
| Items 8, 9, 10, 11, 12 and 16, subsection 6(1), paragraphs 121B(2)(b) and 121EH(a), and sections 121C and 121E of the ITAA 1936 | 3.102 |
| Items 13 and 14, section 121EDA and subsection 121EE(2) of the ITAA 1936 | 3.56 |
| Item 15, subsection 121EF(4) of the ITAA 1936 | 3.53 |
| Items 17, 18, 19 and 32, sections 121C and 121DB, and paragraph 121D(1)(d) of the ITAA 1936 | 3.72 |
| Items 17, 28 and 32, sections 121C and 121DB, and subsection 121D(5) of the ITAA 1936 | 3.80 |
| Items 18, 20, 31 and 32, sections 121C and 121DC, paragraph 121D(1)(f), and subsection 121D(7) of the ITAA 1936 | 3.90 |
| Items 18, 21 and 32, section 121C, paragraph 121D(1)(ga) and section 121DD of the ITAA 1936 | 3.91 |
| Items 18 and 22, section 121C and paragraph 121D(2)(b) of the ITAA 1936 | 3.59 |
| Items 18, 24 and 25, section 121C and subsection 121D(3) of the ITAA 1936 | 3.65 |
| Item 23, paragraph 121D(2)(e) of the ITAA 1936 | 3.63 |
| Item 26, paragraph 121D(4)(aa) of the ITAA 1936 | 3.79 |
| Item 27, paragraph 121D(4)(i) of the ITAA 1936 | 3.69 |
| Items 29 and 30, paragraphs 121D(6A)(e) and (f) of the ITAA 1936 | 3.88 |
| Item 33, subsection 121EB(4) of the ITAA 1936 | 3.99 |
| Item 33, subsection 121EB(5) of the ITAA 1936 | 3.100 |
| Subitem 34(1) | 3.103 |
| Subitem 34(2) | 3.104 |
Schedule 4: Exemption for Global Infrastructure Hub Ltd
| Bill reference | Paragraph number |
| Item 1 | 4.7, 4.9, 4.10, 4.11, 4.12 |
| Item 2 | 4.13 |
Schedule 5: Deductible gift recipient extensions
| Bill reference | Paragraph number |
| Item 1, table item 5.2.32 in subsection 30-50(2) of the ITAA 1997 | 5.5, 5.7 |
| Items 2 and 3, table item 8 in subsection 2(1) and heading in Division 1 of Part 2 of Schedule 4 of the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 | 5.9 |
Schedule 6: Miscellaneous amendments
| Bill reference | Paragraph number |
| Item 1, section 23-1 of the A New Tax System (Goods and Services Tax) Act 1999 | 6.8 |
| Item 2, paragraph 134-10(1)(e) of GST Act | 6.10 |
| Item 3, item 31 of Schedule 1 to the Charities (Consequential Amendments and Transitional Provisions) Act 2013 | 6.12 |
| Item 4, subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 | 6.23 |
| Items 5 to 11, sections 3-5, 41-5, 41-10, 42-5, 43-7 and 110-5 of the Fuel Tax Act 2006 | 6.26 |
| Item 12 | 6.27 |
| Items 13 and 14, section 13-1 of the Income Tax Assessment Act 1997 | 6.28 |
| Items 15 to 26, 32 to 34 and 36, sections 25-110, 26-47, 30-242, 35-5, 35-10, 40-880, 41-20, 316-65, 415-15, 415-20 and 995-1 of the ITAA 1997 | 6.34 |
| Item 27, subparagraph 83A-130(1)(a)(ii) of the ITAA 1997 | 6.44 |
| Item 28 | 6.45 |
| Items 29 and 30, sections 104-5 and 112-97 of the ITAA 1997 | 6.38 |
| Item 31, subsections 205-30(1) and 219-30(1) of the ITAA 1997 | 6.49 |
| Item 35, subsection 995-1(1) of the ITAA 1997 | 6.39 |
| Items 37 to 38, 55 and 56, section 995-1 of the ITAA 1997 and sections 111-60 and 382-5 of Schedule 1 to the TAA 1953 | 6.54 |
| Items 39 and 40, section 12B of the Income Tax Rates Act 1986 | 6.57 |
| Item 41, item 16 of Schedule 3 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 | 6.17 |
| Item 42, section 4A of the Product Stewardship (Oil) Act 2000 | 6.59 |
| Items 43 to 46, sections 16 and 20 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 | 6.63 |
| Items 47 to 50, section 20-5 of the Tax Agent Services Act 2009 | 6.65 |
| Item 51, section 12-390 of Schedule 1 to the TAA 1953 | 6.68 |
| Items 52 and 53, sections 105-1 and 105-140 of Schedule 1 to the TAA 1953 | 6.69 |
| Item 54 | 6.70 |
| Items 57 and 58, section 426-55 of Schedule 1 to the TAA 1953 | 6.71 |
| Item 59 | 6.76 |
| Items 60 to 61, sections 2 and 7 of the Taxation (Deficit Reduction) Act (No. 3) 1993 | 6.77 |
| Item 62, section 12A of the Taxation (Interest on Overpayments and Early Payments) Act 1983 | 6.81 |
| Item 63 | 6.82 |
| Item 64, item 73 of Schedule 2 to the Treasury Legislation Amendment (Repeal Day) Act 2015 | 6.84 |
| Items 65 to 81, sections 110-15, 115-30, 115-50, 125-5, 125-10, 125-15, 135-15, 140-20, 145-5, 175-70 and 300-5 of the Australian Charities and Not-for-profits Commission Act 2012 | 6.86 |
Schedule 7: Investment manager regime
| Bill reference | Paragraph number |
| Item 1, sections 842-200 and 842-205 | 7.80 |
| Item 1, subsection 842-210(1) | 7.16 |
| Item 1, subsection 842-210(2) | 7.17 |
| Item 1, subsection 842-215(1) | 7.24 |
| Item 1, paragraphs 842-215(1)(a), (b) and (c) and 842-215(2)(a), (b) and (c) | 7.22 |
| Item 1, subsection 842-215(2) | 7.29, 7.31 |
| Item 1, paragraphs 842-215(3)(d) and (5)(c) | 7.27 |
| Bill reference | Paragraph number |
| Item 1, paragraph 842-215(3)(c) and subsection 842-215(7) | 7.39 |
| Item 1, paragraph 842-215(3)(e) | 7.30 |
| Item 1, subsections 842-215(3) and (4) | 7.35 |
| Item 1, subsection 842-215(5) | 7.67 |
| Item 1, subsection 842-215(6) | 7.34 |
| Item 1, subsection 842-215(7) | 7.33 |
| Item 1, section 842-220 | 7.19 |
| Item 1, paragraphs 842-225(1)(a) and (b) | 7.25, 7.42 |
| Item 1, paragraph 842-230(1)(c) | 7.43 |
| Item 1, paragraph 842-230(2)(a) | 7.44 |
| Item 1, paragraph 842-230(2)(b) | 7.58 |
| Item 1, paragraph 842-230(2)(c) | 7.61 |
| Item 1, subsections 842-235(1) and (2) | 7.47 |
| Item 1, subsections 842-235(1) and (3) | 7.51 |
| Item 1, subsections 842-235(1) and (4) | 7.49 |
| Item 1, subsections 842-235(1) and (5) | 7.50 |
| Item 1, subsections 842-235(1) and (6) | 7.54 |
| Item 1, subsections 842-235(1) and (7) | 7.55 |
| Item 1, subsections 842-235(1) and (8) | 7.52 |
| Item 1, subsections 842-235(1) and (9) | 7.53 |
| Item 1, section 842-240 | 7.64 |
| Item 1, paragraphs 842-245(1)(a) and (b) | 7.68 |
| Item 1, paragraph 842 245(1)(c) and subsection 842-245(2) | 7.69 |
| Item 1, subparagraphs 842-245(1)(d)(i) and (ii) | 7.70 |
| Item 1, subparagraph 842-245(1)(d)(iii) | 7.72 |
| Item 1, subsection 842-250(1) | 7.73 |
| Item 1, paragraph 842-250(1)(b) and subsection 842-250(8) | 7.74 |
| Item 1, subsection 842-250(2) | 7.78 |
| Item 1, subsections 842-250(3), (4) and (5) | 7.75 |
| Item 1, subsections 842-250(6) and (7) | 7.77 |
| Items 2 and 3 | 7.83 |
| Item 5 | 7.81 |
| Items 6, 7, 8, 9 and 10 | 7.82 |
| Item 11 and item 12, paragraph 842-207(1)(a) of the IT(TP)A 1997 | 7.89 |
| Item 11 and item 12, paragraph 842-207(1)(b) and subsection 842-207(2) of the IT(TP)A 1997 | 7.90 |
| Bill reference | Paragraph number |
| Item 12, section 842-209 | 7.86 |
| Item 12, subsection 842-208(1) of the IT(TP)A 1997 | 7.84 |
| Item 12, subsections 842-208(2) and (3) of the IT(TP)A 1997 | 7.85 |
| Item 12, sections 842-208 of the IT(TP)A 1997 | 7.91 |