Tax Laws Amendment (2011 Measures No. 3) Act 2011
(51 of 2011)
An Act to amend the law relating to taxation, and for related purposes
[Assented to 27 June 2011]
The Parliament of Australia enacts:
1 Short Title
This Act may be cited as the Tax Laws Amendment (2011 Measures No. 3) Act 2011.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
27 June 2011 |
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2. Schedule 1 |
1 July 2011. |
1 July 2011 |
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3. Schedule 2 |
Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Transfer of Provisions) Act 2010. |
1 July 2010 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1 12-month export period for the GST-free supply of new recreational boats
A New Tax System (Goods and Services Tax) Act 1999
1 Subsection 38-185(1) (after table item 4)
Insert:
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4A |
Export of new recreational boats |
a supply of a *ship, but only if: (a) the ship is a *new recreational boat on the earliest day (the receipt day ) on which one or more of the following occurs: (i) the *recipient takes physical possession of the ship; (ii) if *consideration for the supply is provided in instalments under a contract that requires the ship to be exported - the supplier receives any of the final instalment; (iii) if consideration for the supply is provided in instalments under a contract that requires the ship to be exported - the supplier gives an *invoice for the final instalment; and (b) the supplier or recipient exports the ship from Australia within 12 months (or such further period as the Commissioner allows) after the receipt day; and (c) subsection (6) does not apply at any time during the period: (i) starting on the receipt day; and (ii) ending when the supplier or recipient exports the ship. |
2 At the end of section 38-185
Add:
Export of new recreational boats
(5) For the purposes of item 4A of the table in subsection (1), the *ship is a new recreational boat if the ship:
(a) has not been substantially reconstructed; and
(b) has not been sold, leased or used since the completion of its construction, except in connection with:
(i) the supply or acquisition of the ship as stock held for the purpose of sale or exchange in *carrying on an *enterprise; or
(ii)the supply mentioned in that item, or the acquisition of the ship by the *recipient as mentioned in that item; and
(c) was designed, and is fitted out, principally for use in activities done as private recreational pursuits or hobbies; and
(d) is not a commercial ship.
(6) For the purposes of item 4A in the table in subsection (1), this subsection applies if, apart from use of the *ship by the supplier in connection with the supply of the ship to the *recipient, the *ship is used:
(a) as security for the performance of an obligation (other than an obligation relating to the acquisition of the ship); or
(b) in *carrying on an *enterprise in Australia; or
(c) in Australia in carrying on an enterprise outside Australia, not including use that involves the ship being used:
(i) in a way that is private or domestic in nature; or
(ii) in an activity, or series of activities, done as a private recreational pursuit or hobby; or
Example: Allowing an employee to live on the ship, or to take the ship on a fishing trip.
(d) for *consideration, unless the consideration:
(i) consists of the provision of services by an employee of an enterprise carried on by the *recipient outside Australia; or
(ii) is in respect of the recipient competing in a race or other sporting event (e.g. a prize).
3 Section 195-1
Insert:
new recreational boat has the meaning given by subsection 38-185(5).
4 Application provision
The amendments made by this Schedule apply to supplies that:
(a) are made under contracts entered into on or after the commencement of this item; and
(b) are not made pursuant to rights or options granted before that commencement.
Schedule 2
Income Tax (Transitional Provisions) Act 1997
1 Section 5-5
Before “Division 5”, insert “Subject to section 5-15 of this Act,”.
2 Section 5-10 (heading)
Repeal the heading, substitute:
5-10 General interest charge liabilities under former subsection 204(3)
3 At the end of Division 5
Add:
5-15 Application of section 5-15 of the Income Tax Assessment Act 1997
(1) Section 5-15 of the Income Tax Assessment Act 1997 (General interest charge payable on unpaid income tax or shortfall interest charge), as originally enacted, applies to an amount of income tax or shortfall interest charge you must pay for a financial year, if the income tax or shortfall interest charge is due to be paid on or after the commencement of that section.
(2) For the purposes of subsection (1), it does not matter whether the financial year ended before, on or after the commencement of that section.
4 Former subsection 204(3) of the Income Tax Assessment Act 1936
For the purposes of applying, at a particular time, former subsection 204(3) of the Income Tax Assessment Act 1936 in relation to any tax, it does not matter whether the tax had been assessed at that time.