Schedule 6   Tax rebate for low income aged persons

Income Tax Assessment Act 1936

1   Paragraphs 160AAAA(2)(a) and (b)

Repeal the paragraphs, substitute:

(a) the taxpayer:

(i) is eligible for a pension, allowance or benefit under the Veterans' Entitlements Act 1986 (other than Part VII); and

(ii) has reached pension age, within the meaning of that Act; and

(iii) is not in gaol; or

(b) the taxpayer:

(i) is qualified for an age pension under the Social Security Act 1991; and

(ii) is not in gaol.

2   Paragraphs 160AAAB(2)(a) and (b)

Repeal the paragraphs, substitute:

(a) the beneficiary:

(i) is eligible for a pension, allowance or benefit under the Veterans' Entitlements Act 1986 (other than Part VII); and

(ii) has reached pension age, within the meaning of that Act; and

(iii) is not in gaol; or

(b) the beneficiary:

(i) is qualified for an age pension under the Social Security Act 1991; and

(ii) is not in gaol.

3   Application

The amendments made by this Schedule apply to assessments for the 2000-2001 year of income and later years of income.

Schedule 7   Demutualisation of Tower Corporation

Income Tax Assessment Act 1997

1   After section 112-90

Insert:

112-92 Demutualisation of certain entities

2   At the end of Division 118

Add:

Subdivision 118-H - Demutualisation of Tower Corporation

118-550 Demutualisation of Tower Corporation

(1) This section applies if, just before the mutual entity known in New Zealand as Tower Corporation ceased to be a mutual entity, you had membership rights in that entity.

Note: Tower Corporation demutualised on 1 October 1999.

No capital gain or capital loss from end of membership rights

(2) Disregard any *capital gain or *capital loss that resulted from any of your membership rights in Tower Corporation ceasing to exist when that entity ceased to be a mutual entity.

Note: Subsection (2) applies to you even if, because you could not be located at the time of demutualisation, you were not immediately issued with shares in the demutualised entity in substitution for your old membership rights, and rights to shares were instead put aside in a trust.

Cost base of replacement assets

(3) The *cost base and the *reduced cost base of any *shares or other *CGT assets that you *acquire in substitution for the membership rights that have ceased to exist do not include any amounts that you paid in acquiring or maintaining those old rights.

3   Application

The amendments made by this Schedule apply to all income years, whether beginning before or after this item commences.

Schedule 8   Minor amendments of Medicare Levy Act 1986

Medicare Levy Act 1986

1   Subsection 3(1) (definition of phase-in limit )

Omit "section 160AAA", substitute "subsection 160AAA(2)".

2   Subsection 3(1) (definition of threshold amount )

Omit "section 160AAA", substitute "subsection 160AAA(2)".

3   Application

The amendments made by this Schedule apply to assessments for the 2000-2001 year of income and later years of income.

Schedule 9   Income tax deductions for gifts

Part 1   Income Tax Assessment Act 1936

1   Subsection 78(3)

After "Amnesty International", insert "Australia".

2   Subsection 78(3)

Omit:

3   Subsection 78(3)

After:

insert:

4   Subsection 78(3)

After "National Safety Council of Australia", insert "Limited".

5   Subsection 78(4) (item 2.2.5 of table 2)

Omit "Australian Administrative Staff College", substitute "Monash Mt Eliza Graduate School of Business and Government Limited".

6   Subsection 78(4) (item 4.2.1 of table 4)

After "Amnesty International", insert "Australia".

7   Subsection 78(4) (item 4.2.4 of table 4)

After "National Safety Council of Australia", insert "Limited".

8   Subsection 78(4) (item 6.2.5 of table 6)

After "Victorian National Parks Association", insert "Incorporated".

Part 2   Income Tax Assessment Act 1997

9   Subsection 30-20(2) (at the end of the table)

Add:

10   Subsection 30-25(2) (table item 2.2.5)

Repeal the item, substitute:

11   Subsection 30-25(2) (table item 2.2.12)

Omit "none", substitute "the gift must be made before 21 February 2001".

12   Subsection 30-25(2) (at the end of the table)

Add:

13   Subsection 30-45(2) (table item 4.2.1)

After "Amnesty International", insert "Australia".

14   Subsection 30-45(2) (table item 4.2.4)

After "Australia", insert "Limited".

15   Subsection 30-45(2) (table item 4.2.8)

Omit "none",substitute "the gift must be made before 24 December 1999".

16   Subsection 30-45(2) (table item 4.2.16)

Omit "none", substitute "the gift must be made before 18 November 2000".

17   Subsection 30-45(2) (at the end of the table)

Add:

18   Subsection 30-50(2) (table item 5.2.9)

Omit "2001", substitute "2003".

19   Subsection 30-50(2) (table item 5.2.13)

Omit "2001", substitute "2002".

20   Subsection 30-50(2) (at the end of the table)

Add:

21   Subsection 30-55(2) (table item 6.2.5)

After "Association", insert "Incorporated".

22   Subsection 30-80(2) (at the end of the table)

Add:

23   Section 30-105 (at the end of the table)

Add:

24   Subsection 30-315(2) (after table item 2)

Insert:

25   Subsection 30-315(2) (table item 3)

After "Amnesty International", insert "Australia".

26   Subsection 30-315(2) (table item 13)

Repeal the item.

27   Subsection 30-315(2) (after table item 20A)

Insert:

28   Subsection 30-315(2) (after table item 21)

Insert:

29   Subsection 30-315(2) (table item 25A)

Repeal the item, substitute

30   Subsection 30-315(2) (after table item 27)

Insert:

31   Subsection 30-315(2) (after table item 28)

Insert:

32   Subsection 30-315(2) (after table item 34)

Insert:

33   Subsection 30-315(2) (after table item 72A)

Insert:

34   Subsection 30-315(2) (after table item 72B)

Insert:

35   Subsection 30-315(2) (after table item 73)

Insert:

36   Subsection 30-315(2) (table item 76)

After "Australia", insert "Limited".

37   Subsection 30-315(2) (after table item 110A)

Insert:

38   Subsection 30-315(2) (after table item 114)

Insert:

39   Subsection 30-315(2) (after table item 123)

Insert:

40   Subsection 30-315(2) (at the end of the table)

Add:

Part 3   Application of amendments

41   Application

The amendments made by items 1 and 6 apply to gifts made after 30 June 1985 and before 1 July 1997.

42   Application

The amendments made by items 2, 3 and 5 apply to gifts made after 22 July 1994 and before 1 July 1997.

43   Application

The amendments made by items 4 and 7 apply to gifts made after 14 September 1993 and before 1 July 1997.

44   Application

The amendment made by item 8 applies to gifts made after 18 March 1985 and before 1 July 1997.

45   Application - various items in Part 2

The amendments made by items 10, 13, 14, 21, 25, 26, 33 and 36 apply in relation to gifts made after 30 June 1997.

Schedule 10   Demutualisation of mutual entities other than insurance companies

Income Tax Assessment Act 1936

1   Paragraph 326-5(1)(a)

Omit "4 February 1999", substitute "14 March 2002".

2   At the end of subsection 326-5(2) of Schedule 2H

Add:

; or (c) if the demutualisation is implemented in accordance with the combined direct and holding company method of demutualisation - on the later of the following days:

(i) the day on which all the shares in the company that the entity became or becomes that were or are to be issued in connection with the demutualisation have been issued;

(ii) the day on which all the shares in the holding company that were or are to be issued in connection with the demutualisation have been issued.

3   After paragraph 326-25(b) of Schedule 2H

Insert:

(ba) the ordinary shares in the entity that are issued as mentioned in paragraphs 326-52(1)(c) and (e); and

(bb) the ordinary shares in the holding company that are issued as mentioned in paragraphs 326-52(1)(f) and (g); and

4   Section 326-40 of Schedule 2H

After "326-50", insert ", 326-52".

5   After section 326-50 of Schedule 2H

Insert:

326-52 Combined direct and holding company method

(1) The combined direct and holding company method of demutualisation is as follows:

(a) all membership rights in the entity are extinguished;

(b) the entity becomes a company with a share capital;

(c) shares ( ordinary shares ) of only one class in the entity are issued within the limitation period to existing members in exchange for the membership rights referred to in paragraph (a);

(d) shares (also ordinary shares ) of the same class in the entity are also issued to a company (the holding company ) within the limitation period;

(e) shares (also ordinary shares ) of the same class in the entity may be issued within the limitation period to new members;

(f) shares (also ordinary shares ) of only one class in the holding company are issued within the limitation period to existing members as a result of the extinguishment of the membership rights referred to in paragraph (a);

(g) shares (also ordinary shares ) of the same class in the holding company may be issued within the limitation period to new members;

(h) the total number of ordinary shares issued to members under paragraphs (f) and (g) is the same as the total number of ordinary shares issued to the holding company under paragraph (d);

(i) if a listing resolution was passed by the members of the entity - the ordinary shares in the entity are listed within the limitation period.

Note: Other things may happen in connection with the implementation of the demutualisation.

(2) The following diagram shows the main events that occur where this demutualisation method is used.

6   Paragraph 326-60(2)(b) of Schedule 2H

Repeal the paragraph, substitute:

(b) where the demutualisation is implemented by the method set out in section 326-45, 326-50 or 326-55 - of the ordinary shares in the demutualised entity or holding company that are issued in connection with the demutualisation (the issued shares ), the total number that are issued to existing members or to a trustee on behalf of existing members constitutes at least 90% of the issued shares; and

(ba) where the demutualisation is implemented by the method set out in section 326-52:

(i) of the ordinary shares in the demutualised entity that are issued to members other than the holding company in connection with the demutualisation (the issued entity shares ), the total number that are issued to existing members constitutes at least 90% of the issued entity shares; and

(ii) of the ordinary shares in the holding company that are issued in connection with the demutualisation (the issued holding company shares ), the total number that are issued to existing members constitutes at least 90% of the issued holding company shares; and

7   Subsection 326-65(1) of Schedule 2H

After "326-50(1)(a)", insert ", 326-52(1)(a)".

8   Paragraph 326-70(1)(a) of Schedule 2H

After "demutualisation share", insert "in the listed public company".

9   Paragraph 326-135(1)(a) of Schedule 2H

After "demutualisation share", insert "in that company that is not a listed public company".

10   Paragraph 326-185(1)(a) of Schedule 2H

After "direct method of demutualisation", insert ", or the combined direct and holding company method of demutualisation,".

11   At the end of section 326-190 of Schedule 2H

Add:

(2) If, under the combined direct and holding company method of demutualisation, shares in a demutualised entity or in a holding company are issued to an existing member, neither Part IIIA of this Act nor Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply in respect of any disposal of, or any CGT event constituted by the extinguishment of, as the case may be, the member's rights to have the shares issued to the member.

12   Paragraph 326-195(1)(a) of Schedule 2H

After "demutualisation", insert ", or the combined direct and holding company method of demutualisation,".

Schedule 11   Same asset roll-over

Income Tax Assessment Act 1936

1   Section 121AS (at the end of the notes)

Add:

6. A trustee who gets a roll-over under Subdivision 124-M of the Income Tax Assessment Act 1997 for an original interest consisting of shares issued as part of a demutualisation may be eligible for a further roll-over under Subdivision 126-D of that Act when a beneficiary becomes absolutely entitled to the replacement shares.

Income Tax Assessment Act 1997

2   Section 112-150 (after table item 6)

Insert:

3   Subsection 124-780(1) (after note 2)

Insert:

Note 3: A trustee who gets a roll-over under this Subdivision for an original interest consisting of shares issued as part of a demutualisation may be eligible for a further roll-over under Subdivision 126-D when a beneficiary becomes absolutely entitled to the replacement shares.

4   At the end of Division 126

Add:

Subdivision 126-D - Entitlement to shares after demutualisation and scrip for scrip roll-over

Guide to Subdivision 126-D

126-185 What this Subdivision is about

This Subdivision sets out when there is a roll-over for a CGT event that happens because a beneficiary becomes absolutely entitled to a share as against the trustee where the trustee obtained a roll-over under Subdivision 124-M following a demutualisation.

Table of sections

Operative provisions

126-190 When there is a roll-over

126-195 Consequences of roll-over

[This is the end of the Guide.]

Operative provisions

126-190 When there is a roll-over

There is a roll-over if:

(a) an insurance company demutualises; and

(b) the trustee of a trust holds a *share issued under the demutualisation in trust for an entity to whom the share would have been issued if the entity could, and were in a position to, prove the entity's entitlement to the share; and

(c) the trustee obtains a roll-over under Subdivision 124-M of this Act (Scrip for scrip roll-over) for the share because the trustee exchanges the share for a share (the replacement share ) in another company (whether or not the trustee receives something in addition to the replacement share); and

(d) a *CGT event happens in relation to the replacement share because the entity becomes absolutely entitled to the share as against the trustee.

126-195 Consequences of roll-over

(1) A *capital gain or *capital loss the trustee makes from the *CGT event is disregarded.

(2) The first element of the *cost base of the replacement share for the entity is the cost base of the replacement share in the hands of the trustee just before the *CGT event happened. The first element of the *reduced cost base of the replacement share for the entity is worked out similarly.

Example: The JB mutual insurance company demutualises, issuing shares in JB Limited to its policyholders. It is unable to locate some of its policyholders so it establishes a trust and issues shares to the trustee on behalf of those policyholders. Steve is one of those policyholders (being potentially entitled to 50 shares).

JB Limited is taken over by PVDM Limited. Members of JB are issued with 2 shares in PVDM for each share they have in JB. The trustee obtains a roll-over under Subdivision 124-M for the exchange. Each PVDM share held by the trustee has a cost base and reduced cost base of $15.

Steve writes to the trustee and proves his entitlement to the shares held in trust for him.

There is a roll-over under this Subdivision so that any capital gain or loss made by the trustee is disregarded. The first element of the cost base and reduced cost base of each of Steve's PVDM shares is $15.

5   Application

The amendments made by this Schedule apply to CGT events happening on or after 10 December 1999.

Schedule 12   Technical amendments

Part 1   Amendments of Principal Acts

Crimes (Taxation Offences) Act 1980

1   Subsections 9(5) and (6)

Repeal the subsections.

Fringe Benefits Tax Assessment Act 1986

2   Subsection 136(1) (paragraph (q) of the definition of fringe benefit as inserted by item 31 of Schedule 1 to the Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998)

Omit "included.", substitute "included; or".

3   Subsection 136(1) (paragraph (q) of the definition of fringe benefit as inserted by item 11 of Schedule 8 to the Taxation Laws Amendment Act (No. 3) 1998)

Reletter as paragraph (r).

Income Tax Assessment Act 1936

4   Paragraph 103A(3)(a)

Omit "only.", substitute "only;".

5   Subsection 170(10AA) (after table item 20)

Insert:

6   Application

The amendment made by item 5 applies to assessments in respect of income for the 1998-99 year of income and all later years of income.

7   Subsection 170(10AA) (after table item 180)

Insert:

8   Paragraph 170(13)(b)

Omit "63B,".

9   Application

The amendment made by item 8 applies to assessments for the 1998-99 income year and later income years.

10   Subsection 222AOA(3) (the subsection (3) inserted by item 71 of Schedule 1 to the New Business Tax System (Alienation of Personal Services Income) Act 2000 )

Renumber as subsection (4).

11   Subsection 262A(1B)

Omit "(within the meaning of subsection 5(1) of the Banking Act 1959)".

12   Subsection 262A(1C)

Omit "23AAAB", substitute "50-80 of the Income Tax Assessment Act 1997".

13   Application

The amendment made by item 12 applies in relation to income derived on or after 1 July 1997.

14   Section 264BA

Renumber as section 264CA.

15   Subparagraph 245-170(h)(i) in Schedule 2C (the subparagraph 245-170(h)(i) inserted by the Tax Law Improvement Act (No. 1) 1998 )

Re-letter as subparagraph (ii).

Income Tax Assessment Act 1997

16   Before section 9-1

Insert:

9-1A Effect of this Division

This Division is a *Guide.

17   Before section 10-5

Insert:

10-1 Effect of this Division

This Division is a *Guide.

18   Before section 11-1

Insert:

11-1A Effect of this Division

This Division is a *Guide.

19   Section 11-15 (table item headed 'social security or like payments')

After:

insert:

20   Before section 12-5

Insert:

12-1 Effect of this Division

This Division is a *Guide.

21   Section 12-5 (table item headed 'bad debts')

Omit:

substitute:

22   Application

The amendment made by item 21 applies to assessments for the 1998-99 income year and later income years.

23   Section 12-5 (table item headed 'Higher Education Contribution Scheme (HECS)')

Omit:

substitute:

24   Application

The amendment made by item 23 applies to assessments for the 1997-98 income year and later income years.

25   Before section 13-1

Insert:

13-1A Effect of this Division

This Division is a *Guide.

26   Section 13-1 (table item headed 'dividends')

Omit:

27   Paragraph 25-25(6)(a)

Omit "borrowing", substitute "*borrowing".

28   Subsection 25-30(1)

Omit "borrowed", substitute "*borrowed".

29   Section 26-10 (link note)

Repeal the link note.

International Tax Agreements Act 1953

30   Paragraph (3) of article 8 of the agreement set out in Schedule 27

Omit "pargraphs", substitute "paragraphs".

31   Paragraph (3)(d) of article 5 of the agreement set out in Schedule 29

Omit "maintenace", substitute "maintenance".

32   Paragraph (1) of article 19 of the agreement set out in Schedule 34

Omit "receipient", substitute "recipient".

33   Paragraph (3)(b) of article 5 of the agreement set out in Schedule 37

Omit "mechandise", substitute "merchandise".

34   Paragraph (3)(b) of article 12 of the agreement set out in Schedule 39

Omit "commerical", substitute "commercial".

35   Paragraph (5) of article 12 of the agreement set out in Schedule 39

Omit "deemd", substitute "deemed".

Taxation Administration Act 1953

36   Paragraph 8WA(1AA)(b)

After "(g),", insert "(ga),".

37   Paragraphs 8WB(1A)(a) and (b)

After "(g),", insert "(ga),".

Part 2   Amendments of amending Acts

Aged Care (Consequential Provisions) Act 1997

38   Item 30 of Schedule 5

Omit "to the", substitute "for the".

A New Tax System (Indirect Tax and Consequential Amendments) Act 1999

39   Item 17 of Schedule 7

Repeal the fourth column of proposed table item LE14A.

A New Tax System (Pay As You Go) Act 1999

40   Item 62 of Schedule 2

Omit "is".

A New Tax System (Tax Administration) Act 1999

41   Item 22 of Schedule 6

Omit "60 days", substitute "the 60 days".

42   Item 33 of Schedule 11 (heading)

Omit " 160AQH(b)(vi) ", substitute " 160AQH(1)(b)(vi) ".

Income Tax (Consequential Amendments) Act 1997

43   Item 30 of Schedule 1

Omit "(8A) or", substitute "(8A), or".

New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001

44   Item 219 of Schedule 2

Omit "car depreciation", substitute "*car depreciation".

45   Item 230 of Schedule 2

Omit "quasi-owner of the *plant", substitute "*quasi-owner of the plant".

New Business Tax System (Miscellaneous) Act (No. 2) 2000

46   Subsection 2(6)

Omit "(Taxation Administration) Act (No. 2) 2000", substitute "(Tax Administration) Act (No. 1) 2000".

47   Item 26 of Schedule 1

Omit "loss year", substitute "*loss year".

48   Item 27 of Schedule 1

Omit "loss year", substitute "*loss year".

49   Item 29 of Schedule 1

Omit "first continuity period or the second", substitute "*first continuity period or the *second".

Taxation Laws Amendment Act (No. 1) 1997

50   Item 8 of Schedule 3

Omit "or right", substitute "or a right".

Taxation Laws Amendment Act (No. 1) 2001

51   Item 9 of Schedule 2

Omit "*hire", substitute "hire".

52   Item 36 of Schedule 2 (heading)

Omit " 195-15 ", substitute " 195-35 ".

Taxation Laws Amendment Act (No. 2) 1999

53   Item 36 of Schedule 1

Omit "employment", substitute "employment income".

Taxation Laws Amendment Act (No. 3) 1997

54   After subsection 2(6)

Insert:

(6A) Item 40 of Schedule 14 is taken to have commenced on 1 July 1997, immediately before the commencement of item 248 of Schedule 1 to the Income Tax (Consequential Amendments) Act 1997.

Taxation Laws Amendment Act (No. 3) 1999

55   Items 165 and 167 of Schedule 1

Omit "16%", substitute "20%".

Taxation Laws Amendment Act (No. 3) 2001

56   Item 36 of Schedule 2

Omit "pays", substitute "pay".

Taxation Laws Amendment Act (No. 6) 2001

57   Item 11 of Schedule 5

Omit "*consideration,", substitute "*consideration".

58   Before item 16L of Schedule 6

Insert:

Income Tax Assessment Act 1997

59   Heading before item 17 of Schedule 6

Repeal the heading.

Taxation Laws Amendment (Company Law Review) Act 1998

60   Item 5 of Schedule 6

Omit "is a dividend", substitute "is a *dividend".

61   Item 8 of Schedule 6

Omit "is a dividend", substitute "is a *dividend".

Taxation Laws Amendment (Private Health Insurance) Act 1998

62   Item 4 of Schedule 2

Omit " 23(kca) ", substitute " 23(kc) ".

Taxation Laws Amendment (Research and Development) Act 2001

63   Subsection 2(3)

After "commencement of", insert "Schedule 1 to".

Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998

64   Subitem 23(4) of Schedule 1

Omit "1997-98 year of income or a day in an earlier", substitute "qualifying".

Tax Law Improvement Act 1997

65   Item 69 of Schedule 6 (heading)

Omit " 53H ", substitute " 53G ".

Tax Law Improvement Act (No. 1) 1998

66   Item 373 of Schedule 2

Omit "1991", substitute "1990".

67   Item 374 of Schedule 2

Omit "1991", substitute "1990".

68   Item 519 of Schedule 2 (heading)

Omit " 254-255 ", substitute " 245-255 ".

Part 3   Repeals

A New Tax System (Indirect Tax and Consequential Amendments) Act 1999

69   Item 13 of Schedule 3

Repeal the item.

70   Item 77 of Schedule 3

Repeal the item.

A New Tax System (Tax Administration) Act (No. 2) 2000

71   Item 8A of Schedule 2

Repeal the item.

Financial Sector Reform (Consequential Amendments) Act 1998

72   Item 92 of Schedule 1

Repeal the item.

Social Security and Veterans' Affairs Legislation Amendment (Pension Bonus Scheme) Act 1998

73   Item 1 of Schedule 3

Repeal the item.

Taxation Laws Amendment Act (No. 1) 1998

74   Items 8 and 9 of Schedule 3

Repeal the items.

75   Item 108 of Schedule 11

Repeal the item.

Taxation Laws Amendment Act (No. 2) 2000

76   Items 14, 15, 16 and 17 of Schedule 6

Repeal the items.

77   Item 9 of Schedule 11

Repeal the item.

Taxation Laws Amendment Act (No. 3) 1998

78   Item 19 of Schedule 3

Repeal the item.

Taxation Laws Amendment (Film Licensed Investment Company) Act 1998

79   Item 12 of Schedule 1

Repeal the item.

Taxation Laws Amendment (Landcare and Water Facility Tax Offset) Act 1998

80   Item 10 of Schedule 1

Repeal the item.

Taxation Laws Amendment (Private Health Insurance) Act 1998

81   Item 3 of Schedule 1

Repeal the item.

Taxation Laws (Technical Amendments) Act 1998

82   Item 17 of Schedule 1

Repeal the item.

Tax Law Improvement Act 1997

83   Item 15 of Schedule 4

Repeal the item.

Tax Law Improvement Act (No. 1) 1998

84   Items 95 and 466 of Schedule 2

Repeal the items.

85   Items 3 and 18 of Schedule 3

Repeal the items.

86   Application

An item in a Schedule to an Act that is repealed by an item in this Part is taken never to have had any effect.

Part 4   Amendments to correct asterisks

Taxation Administration Act 1953

87   Paragraph 360-100(1)(b) in Schedule 1

Omit "*inquiry period", substitute "inquiry period".

88   Subsection 360-100(2) in Schedule 1

Omit "*capital gain" (second occurring), substitute "capital gain".

89   Subsection 360-100(2) in Schedule 1

Omit "*capital loss" (second occurring), substitute "capital loss".

90   Paragraph 360-100(3)(a) in Schedule 1

Omit "cars", substitute "*cars".

91   Subsection 360-100(4) in Schedule 1

Omit "*inquiry period", substitute "inquiry period".

92   Paragraphs 360-140(1)(a) and (2)(a) in Schedule 1

Omit "*inquiry period", substitute "inquiry period".

93   Paragraph 360-145(1)(g) in Schedule 1

Omit "*SPOR taxpayer", substitute "SPOR taxpayer".

94   Paragraph 360-145(1)(g) in Schedule 1

Omit "*income tax return", substitute "income tax return".