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Taxation Laws Amendment Bill (No. 5) 2003

Taxation Laws Amendment Act (No. 5) 2003

Supplementary Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
(This Memorandum takes account of amendments made by the House of Representatives to the Bill as introduced)

Index

Schedule 1: Thin Capitalisation: amendments taking effect on 1 July 2001
Bill reference Paragraph number
Item 1 1.138
Item 2, note 1 in section 820-39 1.18
Item 2, note 2 in section 820-39 1.15
Item 2, subsections 820-39(1) to (3) 1.7
Item 2, subsection 820-39(4) 1.12
Item 2, subsection 820-39(5) 1.13
Item 3, subsections 820-552(1) and (2) 1.16
Item 3, subsection 820-552(3) 1.16
Item 4, section 820-584 1.17
Item 5, note in subsection 820-942(2) 1.15
Item 6, subsection 820-430(1) 1.27, 1.28
Item 6, subsection 820-430(2) 1.31
Item 6, subsections 820-430(3) 1.28
Item 6, subsection 820-430(4) 1.29
Item 6, subsection 820-430(5) 1.35
Item 6, subsections 820-430(6) and (7) 1.33
Item 6, subsection 820-435(1) 1.23
Item 6, subsections 820-435(2) and (3) 1.24
Item 6, subsections 820-435(4) and (5) 1.25
Item 6, section 820-440 1.34
Item 6, subsection 820-445(1) 1.37
Item 6, subsection 820-445(2) 1.38
Item 6, subsection 820-445(3) 1.40
Item 6, subsection 820-445(4) 1.41
Items 7 to 11 1.36
Item 12, definition of 'precious metal' in subsection 995-1(1) 1.25
Item 13, note in subsection 820-680(2) 1.53
Item 14, subsection 820-680(2A) 1.47
Item 14, paragraphs 820-680(2B)(a) and 820-680(2B)(c) 1.48
Item 14, paragraph 820-680(2B)(b) 1.49
Item 14, subsection 820-680(2C) 1.50
Item 14, subsection 820-680(2D) 1.51
Item 14, subsection 820-680(2E) 1.52
Item 15, subsection 820-985(1) 1.53
Item 15, subsection 820-985(2) 1.54
Item 15, subsection 820-985(3) 1.55
Item 15, subsection 820-985(4) 1.56
Items 16 and 17 1.144
Item 18, subsection 820-85(3) 1.60
Item 19, subsection 820-120(2) 1.60
Item 20, subsection 820-185(3) 1.60
Item 21, subsection 820-225(2) 1.60
Item 22, subsection 820-942(1) 1.62
Item 23, subsection 820-942(1) 1.63
Item 24, subsection 820-942(1) 1.63
Item 25, subsection 820-942(1) 1.63
Item 26, definition of 'borrowed securities amount' in subsection 995-1(1) 1.59
Item 27, definition of 'non-debt liabilities' in subsection 995-1(1) 1.60
Item 28, definition of 'on-lent amount' in subsection 995-1(1) 1.61
Item 29, definition of 'financial entity' in subsection 995-1(1) 1.65, 1.66
Item 30, paragraphs 820-946(1)(c) and 820-946(1)(da) 1.71
Item 31, subsection 820-946(4) 1.69, 1.96
Item 32, paragraph 820-910(2)(b) 1.73
Item 32, paragraph 820-910(2)(c) 1.19, 1.74
Item 32, paragraph 820-910(2A)(b) 1.76
Item 32, subsections 820-910(2) and (2A) 1.75
Item 33, paragraph 820-40(1)(c) 1.78
Item 34, paragraph 820-795(2)(a) 1.80
Item 35, paragraph 820-105(2)(d) 1.143
Item 36, paragraphs 820-105(2)(f) and 820-105(2)(g) 1.82
Item 37, paragraph 820-215(2)(d) 1.143
Item 38, paragraphs 820-215(2)(f) and 820-215(2)(g) 1.82
Schedule 2: Thin Capitalisation: amendments taking effect on 1 July 2002
Bill reference Paragraph number
Item 1 1.139
Item 2, subsection 820-960(1) 1.88
Item 2, subsections 820-960(1A), (1B), (1C), (1D) and (2) 1.89
Item 2, subsections 820-960(4) and (5) 1.90
Item 2, subsection 820-960(6) 1.88
Item 3 1.144
Items 4 1.145
Item 5, section 820-95 1.95
Items 6 to 8 1.145
Item 7, subsection 820-100(2) 1.95
Item 9, subsection 100(3) 1.95
Items 10 and 12 1.145
Item 11, section 820-195 1.95
Item 13, subsection 820-200(2) 1.95
Items 14 and 16 1.145
Item 15, subsection 820-200(3) 1.95
Item 17, section 205 1.95
Items 18 and 20 1.145
Item 19, subsection 210(2) 1.95
Item 21, subsection 820-210(3) 1.95
Items 22 to 32 1.145
Item 33, definition of 'excluded equity interest' in subsection 995-1(1) 1.94
Item 34, definition of 'on issue' in subsection 995-1(1) 1.97
Item 35, subsection 820-562(3) 1.111
Items 36 and 37, subsection 820-589(3) 1.108
Items 37 and 38 1.142
Item 39, subsection 820-589(4) 1.110
Item 40, paragraphs 820-613(3)(a) and 820-613(3)(b) 1.109
Item 41, section 110-54 1.100
Items 42 to 48 1.101
Item 49 1.102, 1.140
Item 50 1.146
Item 51 1.140
Item 52, subsection 820-920(3) 1.103
Item 53, subsection 820-920(4) 1.104
Schedule 3: Thin Capitalisation: amendments taking effect on 1 July 2003
Bill reference Paragraph number
Items 1 to 5 and 7 1.147
Item 6, subsection 820-589 1.116
Item 8, subsections 820-613(2) and (3) 1.119
Item 9, subsection 820-615(2) 1.131
Items 8 and 9, subsections 820-613(2) and (3) and 820-615(2) 1.127
Item 10, definition of 'ADI equity capital' in subsection 995-1(1) 1.127
Items 11 and 12, definitions of 'equity capital' and 'equity interest in an entity' in subsection 995-1(1) 1.123
Item 13 1.148
Item 14, definition of 'worldwide equity' in subsection 995-1(1) 1.126
Items 15 and 18 1.141
Item 16, subsection 820-680(1) 1.133
Item 17, subsection 820-680(1A) 1.134
Schedule 4: Foreign dividend accounts
Bill reference Paragraph number
Item 1, paragraph 128TB(1)(b) 1.137
Item 2 1.139
Schedule 5: FBT exemption for public hospitals
Bill reference Paragraph number
Items 1, 2, 4 and 5 2.12, 2.13
Items 2, 4 and 5 2.14
Items 6 and 7 2.16, 2.17, 2.18
Item 8 2.19
Schedule 6: Reducing tax on excessive ETPs
Bill reference Paragraph number
Items 1 to 4 3.10
Items 5 to 8 3.11, 3.12, 3.13
Items 9 and 10 3.26
Items 11 and 16 3.25
Items 12 to 15 3.27
Items 17 to 20 3.28
Item 21 3.30
Item 22 3.29
Item 23 3.31
Schedule 7: Application of same business test
Bill reference Paragraph number
Item 1, subsection 165-13(2), item 1 in the table 4.21
Item 1, subsection 165-13(2), item 2 in the table 4.24
Item 1, subsection 165-13(2), item 3 in the table 4.25
Item 2, paragraph 165-10(b) 4.46
Item 3, subsection 165-115B(3) 4.47
Item 4, subsection 165-115B(4) 4.46
Item 5, subsection 165-115BA(4) and (5) 4.46
Item 6, paragraph 165-115BA(5)(c) 4.47
Item 7, paragraph 707-125(1)(b) 4.46
Item 8, subsection 707-125(2) 4.46
Item 9, subparagraph 707-125(2)(a)(ii) 4.47
Item 10, note to subsection 707-125(2) 4.47
Item 11, subsection 715-90(2) 4.47
Item 12, note to subsection 719-260(2) 4.46
Items 13, 14 and 21, definition of 'test time' in subsection 995-1(1) 4.47
Item 16, subsection 165-126(2), item 1 in the table 4.28
Item 16, subsection 165-126(2), subitem 2(a) in the table 4.31
Item 16, subsection 165-126(2), subitem 2(b) in the table 4.32
Item 16, subsection 165-126(2), item 3 in the table 4.33
Item 17, paragraph 165-120(1)(c) 4.46
Items 18 and 19, section 165-132 4.47
Item 20, definition of 'minimum continuity period' in subsection 995-1(1) 4.47
Schedule 8: Tax losses
Bill reference Paragraph number
Item 1, section 245-110 in Schedule 2C to the ITAA 1936 5.57
Item 2, section 57-75 in Schedule 2D to the ITAA 1936 5.57
Item 3, note to subsection 268-60(5) in Schedule 2F to the ITAA 1936 5.57
Item 4, note 3 to subsection 4-10(3A) of the ITAA 1997 5.55, 5.57
Items 5 and 6, note to section 36-10 5.58
Items 7 and 8, section 36-15 (heading), subsection 36-15(1) of the ITAA 1997 5.12
Item 9, paragraph 36-17(5)(a) 5.22
Item 9, paragraph 36-17(5)(b) 5.23
Item 9, subsection 36-17(2) of the ITAA 1997 5.16
Item 9, subsection 36-17(3) 5.17
Item 9, subsection 36-17(4) 5.18
Item 9, subsection 36-17(6) 5.20
Item 9, subsection 36-17(7) 5.32
Item 9, subsection 36-17(8) 5.32
Item 9, subsection 36-17(9) 5.32
Item 9, paragraph 36-17(10)(a) 5.28
Item 9, paragraph 36-17(10)(b) 5.29
Item 9, paragraph 36-17(10)(c) 5.30
Item 9, subsection 36-17(11) 5.25
Item 9, subsection 36-17(12) 5.25
Item 10, section 36-25, table headed 'tax losses of corporate tax entities' of the ITAA 1997 5.56
Item 11, paragraph 36-55(1)(a) of the ITAA 1997 5.39
Item 11, paragraph 36-55(1)(b) 5.40
Item 11, subsection 36-55(2) 5.42
Item 12, note to subsection 165-70(5) of the ITAA 1997 5.57
Item 13, note to section 165-70 5.58
Item 14, subsection 170-20(1) of the ITAA 1997 5.57
Item 15, subsection 170-45(1) of the ITAA 1997 5.35
Item 16, note to subsection 175-35(5) of the ITAA 1997 5.57
Item 17, note to section 175-35 5.58
Item 17A, paragraph 707-310(3)(c) 5.54
Item 17B, paragraph 707-310(3A)(a) 5.51
Item 17B, paragraph 707-310(3A)(b) 5.53
Item 17B, paragraph 707-310(3A)(c) 5.54
Items 19 to 21, notes to definitions of 'loss year' and 'tax loss' in subsection 995-1(1) of the ITAA 1997 5.58
Item 18, definition of 'excess franking offsets' in subsection 995-1(1) 5.41
Items 22 and 23, subsections 45-330(2A) and (3) in Schedule 1 to the TAA 1953 5.49
Subitems 24(1) and (2) 5.43
Subitem 24(3) 5.44
Subitem 24(4) 5.45


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