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Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014

Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015

Excess Exploration Credit Tax Bill 2014

Excess Exploration Credit Tax Act 2015

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP)

Index

Schedule 1: Excess non-concessional superannuation contributions tax reforms

Bill reference Paragraph number
Items 1 to 6, 9 to 14, 17, 19, 21 to 25, 27, 28, 30, 31, 34, 35, 37, 42 to 45 and 48 1.71
Item 7, sections 292-20, 292-25 and 292-30 of the ITAA 1997 1.40
Item 7, sections 292-20, 292-25, 292-30 and 292-85 of the ITAA 1997 1.41
Item 7, sections 292-20, 292-25, and 292-30 and item 8, section 292-85 of the ITAA 1997 1.55
Item 7, subsections 292-20, 292-25 and 292-30 of the ITAA 1997 1.65
Item 7, section 292-20 and subsection 292-25(1) of the ITAA 1997 1.39
Item 7, sections 292-25 and 292-30 of the ITAA 1997 1.48
Item 8, section 292-85 of the ITAA 1997 1.34, 1.36
Item 15, section 292-467 and item 8, section 292-85 of the ITAA 1997 1.63
Item 16, section 303-17 and item 7, sections 292-20 and 292-25 of the ITAA 1997 1.60
Item 18, section 14ZVC of the TAA 1953 1.68
Item 26, subsection 96-7(1) of Schedule 1 to the TAA 1953 1.24
Item 26, subsection 96-7(1) and item 44, subsection 97-25(1) of Schedule 1 to the TAA 1953 1.38
Item 26, paragraph 96-7(1)(b) of Schedule 1 to the TAA 1953 1.30
Item 26, paragraph 96-7(1)(c) of Schedule 1 to the TAA 1953, item 8, section 292-85 of the ITAA 1997 1.33
Item 26, subsection 96-7(5) of Schedule 1 to the TAA 1953 1.25
Item 26, subsections 96-7(5) and (8) of Schedule 1 to the TAA 1953 1.28
Item 26, subsection 96-7(4) of Schedule 1 to the TAA 1953 1.29
Item 26, subsections 96-7(6) and (7) of Schedule 1 to the TAA 1953 1.35
Item 29, section 96-12 of Schedule 1 to the TAA 1953 1.49
Item 32, subsection 96-20(1A) of Schedule 1 to the TAA 1953 1.26, 1.51
Item 33, subsection 96-20(3) of Schedule 1 to the TAA 1953 1.53
Item 36, subsections 96-25(2) and (3) of Schedule 1 to the TAA 1953 1.54
Items 38, 39 and 40, section 96-35 of Schedule 1 to the TAA 1953 1.56
Item 41, section 96-40, item 26, subsections 96-7(6) and 96-7(7) of Schedule 1 the TAA 1953 1.58
Item 41, section 96-42 of Schedule 1 to the TAA 1953 and item 46, subsection 286-75(2) of Schedule 1 to the TAA 1953 1.57
Item 44, section 97-25 of Schedule 1 to the TAA 1953 1.23
Item 44, paragraph 97-25(1)(b) of Schedule 1 to the TAA 1953 1.37
Item 44, subsection 97-30(1) of Schedule 1 to the TAA 1953 1.42, 1.47
Item 44, subsection 97-30(2) of Schedule 1 to the TAA 1953 1.46
Item 44, section 97-35 of Schedule 1 to the TAA 1953, item 15, subsection 292-467(4) of the ITAA 1997 1.67
Item 47, section 288-90 of Schedule 1 to the TAA 1953 1.72
Item 49 1.73

Schedule 2: Transferring tax investigation function to Inspector-General of Taxation

Bill reference Paragraph number
Item 1 2.31
Items 1 and 3 2.32
Items 1, 2, 6, 7, and 9 2.34
Items 2, 4, 6, 7, 9, 12, 13, 14 and 18 2.33
Items 4, 8 and 10 2.35
Items 5, 7 and 17 2.23
Items 6 and 15, sections 4, 37B and 37Ct 2.71
Item 11 2.21
Item 11, table items 1 to 5 of section 15 2.56
Item 11, table items 1 to 14 in section 15 and section 16 2.50
Item 11, table items 1 and 13 in section 15 2.51
Item 11, table item 2 in section 15 2.52
Item 11, table item 4 in section 15 and section 16 2.53
Item 11, section 7 2.24
Item 11, subsection 7(1), sections 15 and 18 2.30
Item 11, paragraphs 7(1)(c) and (d) 2.25
Item 11, paragraph 7(1)(a) 2.26
Item 11, paragraph 7(1)(b) 2.27
Item 11, paragraph 7(1)(e) and section 10 of the IGT Act and item 35, paragraph 6D(4)(b) and subsection 6D(6) of the Ombudsman Act 2.28
Item 11, subsection 7(2) of the IGT Act 2.29
Item 11, subsection 8(1) 2.36
Item 11, subsection 8(2) 2.37
Item 11, subsection 8(3) 2.38
Item 11, section 9 2.39
Item 11, paragraph 10(1)(a) and subsection 10(5) 2.40
Item 11, paragraph 10(1)(b) 2.41
Item 11, subsection 10(2) 2.43
Item 11, subsections 10(3) and (4) 2.45
Item 11, section 15 2.47
Item 11, paragraphs 15(a) to (j) 2.49
Item 11, paragraph 15(c) 2.54
Item 11, paragraph 15(d) 2.55
Item 11, subsection 17(4) and paragraph 15(j) 2.57
Item 11, section 15 and subsections 16(3) and 17(2) 2.61
Item 11, paragraph 15(j) 2.58
Item 11, section 15 and subsection 17(1) 2.60
Item 11, section 15, subsection 17(3) and section 18 2.63
Item 11, section 18 2.66
Items 16 and 19 to 25 2.64
Items 26 to 28 2.67
Item 29, section 42 2.68
Item 30, subsection 43(2) 2.69
Items 31 and 32 2.70
Items 33 to 35 2.75
Item 35 2.76
Item 35, paragraph 6D(2)(c) of the Ombudsman Act 2.77
Items 36 and 39 to 43 2.73
Items 37 and 38 2.74
Item 44 2.78
Item 45 2.79
Item 46 2.80

Schedule 3: CGT exemption for compensation and insurance

Bill reference Paragraph number
Clause 4 3.28
Items 1 and 2, paragraphs 104-71(1)(da) and (db) 3.23
Item 3, paragraph 118-37(1)(a) 3.24
Item 3, paragraph 118-37(1)(b) 3.8
Item 3, paragraph 118-37(1)(ba) 3.9
Item 4, table item 3 in subsection 118-300(1) 3.10
Item 5, table item 7 in subsection 118-300(1) 3.13, 3.17
Item 6, subsection 118-300(1A) 3.12
Item 7, table item 10 in subsection 295-85(4) 3.19
Item 8 3.25

Schedule 4: Providing certainty for superannuation fund mergers

Bill reference Paragraph number
Items 1 and 5 4.21
Item 2 4.29
Item 3 4.25
Item 4 4.26, 4.27
Item 8 4.32
Item 9 4.33
Items 11 to 14 and 16 4.24
Items 14 and 15 4.23
Item 17 4.22

Schedule 5: Disclosing tax information relating to proceeds of crime orders

Bill reference Paragraph number
Items 1 and 2, subsection 355-70(1) of Schedule 1 to the TAA 1953 5.9
Item 3, subsection 355-70(5) of Schedule 1 to the TAA 1953 5.12

Schedule 6: Exploration development incentive

Bill reference Paragraph number
Item 1, item 27 in the table in section 67-23 of the ITAA 1997 6.28
Item 2, section 418-10 of the ITAA 1997 6.24
Item 2, paragraph 418-10(b) of the ITAA 1997 6.25
Item 2, subparagraph 418-10(1)(b)(ii) and section 418-30 of the ITAA 1997) 6.54
Item 2, section 418-15 of the ITAA 1997 6.31
Item 2, paragraph 418-15(1)(d) and subsection 418-15(2) of the ITAA 1997 6.34
Item 2, section 418-20 of the ITAA 1997 6.35
Item 2, subsections 418-20(1) and (4) of the ITAA 1997 6.37
Item 2, section 418-25 of the ITAA 1997 6.27
Item 2, sections 418-25 and 418-30 of the ITAA 1997 6.40
Item 2, subsection 418-20(2) of the ITAA 1997 6.41, 6.46
Item 2, subsection 418-20(3) of the ITAA 1997 6.48
Item 2, subsection 418-20(5) of the ITAA 1997 6.52
Item 2, section 418-50 of the ITAA 1997 6.62
Item 2, section 418-55 of the ITAA 1997 6.63
Item 2, section 418-70 of the ITAA 1997 6.67
Item 2, subsection 418-70(5) of the ITAA 1997 6.126
Item 2, section 418-75 of the ITAA 1997 6.70
Item 2, paragraph 418-75(1)(a) of the ITAA 1997 6.77
Item 2, paragraphs 418-75(1)(b) and (c) of the ITAA 1997 6.74
Item 2, subsection 418-75(2) of the ITAA 1997 6.96, 6.98
Item 2, paragraph 418-80(1)(a) of the ITAA 1997 6.87
Item 2, paragraph418-80(1)(b) of the ITAA 1997 6.82
Item 2, subsection 418-80(3) of the ITAA 1997 6.89
Item 2, subsection 418-80(4) of the ITAA 1997 6.93
Item 2, subsection 418-80(5) of the ITAA 1997 6.95
Item 2, subsections 418-85(1) and (2) of the ITAA 1997 6.106
Item 2, subsections 418-85(3), (4)and (5) of the ITAA 1997 6.112
Item 2, subsections 418-85(3) and (4) of the ITAA 1997 6.113
Item 2, section 418-95 of the ITAA 1997 6.105, 6.116
Item 2, step 3 in the method statement in subsection 418-85(2) and section 418-90 of the ITAA 1997 6.119
Item 2, subsection 418-90(5) of the ITAA 1997 6.125
Item 2, subsection 418-90(6) of the ITAA 1997 6.124
Item 2, section 418-110 of the ITAA 1997 6.128
Item 2, section 418-115 and paragraph 418-120(1)(a) of the ITAA 1997 6.135
Item 2, section 418-120 of the ITAA 1997 6.129
Item 2, section 418-125 of the ITAA 1997 6.137
Item 2, section 418-130 of the ITAA 1997 6.136, 6.138
Item 2, subsection 418-85(6) and section 418-150 of the ITAA 1997, and the Excess Exploration Credit Tax Bill 2014 6.141
Item 2, section 418-160 of the ITAA 1997 6.143
Items 2 and 33, sections 418-165 and 418-170 of the ITAA 1997 and section 280-101 in Schedule 1 to the TAA 1953 6.145
Item 2, section 418-175 of the ITAA 1997 6.146
Item 2, subsection 418-75(2) and section 418-185 of the ITAA 1997 6.151
Item 2, section 418-180 of the ITAA 1997 6.147
Item 2, subsection 418-185(3) of the ITAA 1997 6.154
Items 2, 16 to20, 22, 24 to 27, 28, 33 and 35 to 36, sections 418-1 and 13-1, item 1 in the table at the end of section 36-25, section 197-42, item 7 in the table in subsection 205-105(1), item 8 in the table in subsection 219-15(2), the definitions of 'annual investment report', 'excess exploration credit tax', 'exploration credit', 'greenfields minerals expenditure', 'greenfields minerals explorer', 'maximum exploration credit amount' and 'tax loss' in subsection 995-1(1) of the ITAA 1997, item 16A in the table in subsection 8AAB(4) of the TAA 1953 and the method statements in sections 45-340 and 45-375, item 38D in the table in subsection 250-10(2), paragraph 280-105(1)(a) and subsections 280-110(1) and 284-80(1) in Schedule 1 to the TAA 1953 6.155
Items 3 to 15, definitions of 'exploration credit' and 'exploration development tax offset' in subsection 6(1), paragraphs 177C(1)(bba), 177C(1)(fa) and 177C(2A)(c), subsection 177C(3) and paragraphs 177C(3)(cb) and (h), 177CB(1)(da), 177F(1)(d), 177F(1)(e) and 177F(3)(d) to (f) of the ITAA 36 6.30
Items 21 and 23, subparagraphs 418-80(2)(b)(ii) and (iii) and the definition of 'annual investment income report' in subsection 995-1(1) 6.159
Items 27 to 30, paragraph (h) at the end of step 1 of the method statement in section 45-340 and paragraph (g) at the end of step 1 of the method statement in section 45-375 of the ITAA 1997 6.29
Items 30 and 31, paragraph 155-5(2)(g) and item 4 in the table in subsection 155-15(1) in Schedule 1 to the TAA 1953 6.142, 6.144
Item 36, item 5 in the table in subsection 284-80(1) in Schedule 1 to the TAA 1953 6.150
Items 38 to 72 6.157
Item 73 6.156
Items 74 to 79 6.158

Schedule 6 Imposition Bill - Excess Exploration Credit Tax Bill 2014

Bill reference Paragraph number
Excess Exploration Credit Tax Bill 2014 6.141

Need to ask LDP Lead to itemise the EECT Bill above as this looks like it has not been done correctly

Schedule 7: Miscellaneous amendments

Bill reference Paragraph number
Item 1, section 17-15 of the GST Act 7.8
Item 2, subsection 31-15(3) of the GST Act 7.9
Item 3 7.10
Item 5, section 93-15 of the GST Act 7.13
Item 6 7.14
Item 7, section 5 of the Excise Act 1901 7.20
Item 8, subsection 116(2) of the Excise Act 1901 7.22
Item 9, section 94L of the ITAA 1936 7.27
Item 10 7.28
Item 11, subsection 160ZZVB(2) of the ITAA 1936 7.33
Items 13 and 14, section 13-1 of the ITAA 1997 7.34
Item 15, paragraph 40-340(2)(b) of the ITAA 1997 7.40
Item 17, item 2B in the table to subsection 295-490(1) of the ITAA 1997 7.44
Item 18, paragraph (a) 7.45
Item 18, paragraph (b) 7.46
Item 19, section 415-95 of the ITAA 1997 7.51
Item 20, subsection 420-60(4) of the ITAA 1997 7.56
Item 21 7.57
Item 22, Subdivision 420-B of the Income Tax (Transitional Provisions) Act 1997 7.58
Item 23, subparagraph 31(1)(b)(ii) of Schedule 1 to the PRRTAA 7.62
Item 24 7.63
Item 25, subparagraph 3(1)(e)(ii) of the Retirement Savings Accounts Act 1997 7.66
Items 26, 27 and 32, paragraph 18(3)(d) and subparagraph 14(4)(a)(iv) of the Superannuation Act 2005 and subparagraph 3AB(1)(b)(iii) of the Superannuation (Productivity Benefit) Act 1988 7.70
Item 28, subsection 32C(4A) of the Superannuation Guarantee (Administration) Act 1992 7.69
Items 29 and 30, paragraph 71(1)(g) of the SIS Act 7.74
Item 33, subsection 2(1) of the TAA 1953 7.76
Item 34, paragraph 3B(1AA)(a) of the TAA 1953 7.78
Item 35, section 14ZQ of the TAA 1953 7.81
Item 36, paragraph 14ZW(1AAC)(b) of the TAA 1953 7.17
Item 37 7.18
Item 38, paragraph 284-75(3)(b) of Schedule 1 to the TAA 1953 7.83
Item 39 7.84
Item 40, paragraph 355-25(2)(b) of Schedule 1 to the TAA 1953 7.90
Item 40, paragraph 355-25(2)(ba) of Schedule 1 to the TAA 1953 7.88
Item 41 7.89, 7.91
Item 42, section 355-70 of Schedule 1 to the TAA 1953 7.92
Item 43 7.93
Item 44, paragraph 35(1)(a) of the PRRTAA 7.102
Items 45, 46 and 48, items 22, 23 and 46 of Schedule 4 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 7.105
Item 47, subitem 30(2) of Schedule 4 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 7.107
Items 49 and 50, item 42 of Schedule 30 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 7.109
Item 51 7.110
Item 52, item 11 of Schedule 1 to the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 7.113
Items 53 and 54, item 34 of Schedule 2 to the Tax Laws Amendment (2013 Measures No. 2) Act 2013 7.116


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