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