Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Item

This kind of entity is liable to pay income tax worked out by reference to:

See:

1

A company that was a member of a wholly-owned group is jointly and severally liable to pay an amount of income tax if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment.

section 45-25

2

A superannuation provider in relation to a complying superannuation fund is to be assessed and is liable to pay income tax on no-TFN contributions income as well as on taxable income.

sections 295-5 and 295-605

3

A superannuation provider in relation to a non-complying superannuation fund is to be assessed and is liable to pay income tax on no-TFN contributions income as well as on taxable income.

sections 295-5 and 295-605

4

An RSA provider is to be assessed and is liable to pay income tax on no-TFN contributions income as well as on taxable income.

sections 295-5 and 295-605

5

An Australian resident individual with:

eligible foreign remuneration under section 23AF; or

foreign earnings under section 23AG;

(from working in a foreign country) is liable to pay income tax worked out by reference to his or her assessable income less some of his or her deductions.

section 23AF or 23AG

6

A trustee covered by item 11 in the table in section 9-1 is liable to pay income tax worked out by reference to the net income of the trust for the income year.

sections 98, 99 and 99A

7

The trustee of a corporate unit trust is liable to pay income tax worked out by reference to the net income of the trust for the income year.

section 102K

8

The trustee of a public trading trust is liable to pay income tax worked out by reference to the net income of the trust for the income year.

section 102S

9

An entity that is liable to pay income tax (worked out by reference to taxable income or otherwise) is also liable to pay income tax worked out by reference to diverted income or diverted trust income for the income year.

section 121H

10

An Australian insurer that re-insures overseas can elect to pay, as agent for the re-insurer, income tax worked out by reference to the amount of the re-insurance premiums.

section 148