Tax and Superannuation Laws Amendment (2014 Measures No. 5) Act 2015

(20 of 2015)

An Act to amend the law relating to taxation, and for related purposes

[Assented to 19 March 2015]

The Parliament of Australia enacts:

1   Short title

This Act may be cited as theTax and Superannuation Laws Amendment (2014 Measures No. 5) Act 2015.

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.

Note: This table relates only to the provisions of this Act as originally enacted.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   Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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   Abolishing the mature age worker tax offset

Income Tax Assessment Act 1997

1   Section 13-1 (table item headed "mature age workers")

Repeal the item.

2   Subdivision 61-K

Repeal the Subdivision.

3   Subsection 995-1(1) (definition of net income from working )

Repeal the definition.

Taxation Administration Act 1953

4   Section 45-340 in Schedule 1 (method statement, step 1, paragraph (d))

Repeal the paragraph.

5   Section 45-375 in Schedule 1 (method statement, step 1, paragraph (c))

Repeal the paragraph.

6   Application

The amendments made by this Schedule apply to assessments for the 2014-15 income year and later income years.

Schedule 4   Deductible gift recipients

Income Tax Assessment Act 1997

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

Add:

2   Subsection 30-80(2) (after table item 9.2.14)

Insert:

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

Add:

4   Section 30-315 (after table item 25A)

Insert:

5   Section 30-315 (after table item 45A)

Insert:

6   Section 30-315 (after table item 72A)

Insert: