Senate

Tax Law Improvement Bill (No. 1) 1998

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

CHANGE OF TITLE - TAX LAW IMPROVEMENT BILL (No. 1) 1998 - SENATE - Explanatory Memorandum.

The Tax Law Improvement Bill (No. 2) 1997 has been retitled the Tax Law Improvement Bill (No. 1) 1998. All references in this explanatory memorandum that refer to Tax Law Improvement Bill (No. 2) 1997 should now read Tax Law Improvement Bill (No. 1) 1998.
THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES TO THE BILL AS INTRODUCED

Chapter 2.28 - Consequential amendments of the Income Tax Assessment Act 1997

Overview

This Chapter explains the consequential amendments of the 1997 Act that are required as a result of the rewrite of the CGT provisions.

Background

The amending items 4 to 48 are in Part 2 of Schedule 2.

What Part 2 of Schedule 2 does

Part 2 of Schedule 2 to the Bill amends the 1997 Act as a consequence of the rewrite of the CGT provisions.

Listed below are summaries of the various categories of amendment made by the items of Part 2, Schedule 2:

Replace references to 1936 Act provisions with 1997 Act references
Item numbers: 4, 5, 6, 11, 13, 16
Replace references to old Part IIIA with reference to new Parts 3-1 and 3-3
Itemnumber: 15
Replace references to Part IIIA concepts with references to Parts 3-1 and 3-3 concepts
Item numbers: 7, 10, 12, 14, 17
Insert references to rewritten provisions
Item numbers: 9, 26, 27, 29, 31, 32, 34, 35
Substitute or insert references to newly defined terms
Item numbers: 20, 21, 22, 23, 24, 25, 43, 44, 47, 48
Replace defined terms with words having an ordinary meaning not requiring definition
Item numbers: 36, 37, 38, 39, 40, 41
Substitute updated references to rewritten roll-over provisions
Item number: 8
Improve the wording of provisions
Item numbers: 19, 30, 42, 45
Insert signposts
Item numbers: 28, 33
Repeal link notes
Item numbers: 18, 46


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