Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

34   Application

 

(1) The amendment of the Principal Act made by section 16, in so far as that amendment applies to interest payable under section 170AA of the Principal Act, applies only to interest payable under section 170AA of the Principal Act in relation to assessments in respect of income for the 1992-93 year of income and all subsequent years of income.

      

(2) The amendments of the Principal Act made by sections 17, 18, 26 and 31, apart from the repeal of section 160AS and the insertion of sections 226A to 226F (inclusive), apply to:

(a) tax shortfalls, within the meaning of Part VII of the Principal Act as amended by this Act, for the 1992-93 year of income and all subsequent years of income, but not an accounting period adopted in lieu of the 1992-93 year of income and commencing before 1 July 1992; and

(b) franking tax shortfalls, within the meaning of Division 11 of Part IIIAA of the Principal Act as so amended, for a franking year commencing on or after 1 July 1992.

      

(3) Despite the repeal of section 160AS by this Act, that section continues to apply in so far as its continued application results, because of statements, in additional tax in respect of a franking year commencing before 1 July 1992.

      

(4) The amendments of section 170AA of the Principal Act made by this Act apply in relation to assessments in respect of the 1992-93 year of income and all subsequent years of income.

      

(5) Subject to subsection (6):

(a) the amendments of section 207 of the Principal Act made by this Act; and

(b) section 207A of the Principal Act as amended by this Act; and

(c) the amendment of subsection 160ARW(2) made by this Act;

apply to the late payment of tax, within the meaning of the Principal Act as so amended, in respect of:

(d) the 1992-93 year of income and all subsequent years of income; or

(e) a franking year commencing on or after 1 July 1992.

      

(6) Both:

(a) the amendment of section 207 of the Principal Act made by this Act; and

(b) section 207A of the Principal Act as amended by this Act;

apply to the late payment of provisional tax in respect of the 1993-94 year of income and all subsequent years of income.

      

(7) Despite the repeal of section 223 by this Act, that section continues to apply in so far as its continued application results, because of statements, in additional tax in respect of:

(a) the 1991-92 year of income or an earlier year of income; or

(b) an accounting period adopted in lieu of the 1992-93 year of income and commencing before 1 July 1992.

      

(8) The amendments made by sections 28, 29 and 30 and by section 31 in so far as it inserts sections 226A to 226F (inclusive) apply in relation to:

(a) assessments in respect of the 1992-93 year of income and all subsequent years of income, but not an accounting period adopted in lieu of the 1992-93 year of income and commencing before 1 July 1992; or

(b) the consideration of objections against such assessments.

      

(9) The amendments of the Principal Act made by subsection 33(1) do not apply to elections made before 1 July 1992 or, if the commencement of this Act is later, that commencement.

      

(10) The amendments of the Principal Act made by subsection 33(2):

(a) do not apply before 1 July 1992 or, if the commencement of this Act is later, that commencement; and

(b) do not affect the operation of notices given, or requests made, before the amendments apply.

      

(11) The amendment of section 159J of the Principal Act made by subsection 33(4) does not apply to claims for a rebate for the maintenance of an invalid relative made in a return lodged before 1 July 1992 or, if the commencement of this Act is later, that commencement.

      

(12) The amendments of section 160AM of the Principal Act made by subsection 33(4) do not apply to claims for a credit made in a return lodged before 1 July 1992 or, if the commencement of this Act is later, that commencement.

      

(13) The amendments of section 275 of the Principal Act made by subsection 33(4) apply to the year of income in which 1 July 1992 occurs, and to all later years of income.