House of Representatives
Taxation Laws Amendment Bill (No. 7) 2003
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Index
Clauses
| Bill reference | Paragraph number |
|---|---|
| Clause 4 | 9.132, 9.133 |
Schedule 1: Second World War payments
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 23AL | 1.7 |
| Item 2 | 1.38 |
| Item 3, subsection 118-37(5) | 1.8 |
Schedule 2: Specific gift recipients
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsection 30-25(2) | 2.17, 2.19 |
| Item 2, subsection 30-45(2) | 2.18, 2.21 |
| Item 3, subsection 30-70(2) | 2.22 |
Schedule 3: Gifts and covenants
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsection 30-5(3) | 2.57 |
| Item 2, subsection 30-5(4B) | 2.100 |
| Items 3 and 4, section 30-15, item 1 in the table, paragraphs (aa) and (c) in the column headed "Special conditions" | 2.57 |
| Item 5, section 30-15, item 2 in the table, paragraph (a) in the column headed "Recipient" | 2.57 |
| Items 6 to 8, section 30-15 (item 4 in the table, paragraph (a) in the column headed "Recipient" and paragraph (ba) in the column headed "Special Conditions") and section 30-15 (item 6 in the table, column headed "Recipient") | 2.50, 2.52 |
| Item 9, subsection 30-15(4) | 2.54 |
| Item 10, subsection 30-17(1) | 2.59 |
| Item 11, paragraph 30-17(1)(a) | 2.57 |
| Item 12, paragraph 30-17(1)(c) | 2.58 |
| Item 13, note to subsection 30-20(1) | 2.57 |
| Item 14, subsection 30-20(2) | 2.34 |
| Item 15, note to subsection 30-25(1) | 2.57 |
| Item 16, subsection 30-25(2) | 2.34 |
| Item 17, paragraph 30-30(1)(a) | 2.57 |
| Item 18, paragraph 30-30(1)(b) | 2.34 |
| Item 19, paragraph 30-30(1)(c) | 2.34 |
| Item 20, paragraph 30-30(1)(d) | 2.34 |
| Item 21, subsection 30-35(1) | 2.57 |
| Item 22, note to subsection 30-40(1) | 2.57 |
| Item 23, subsection 30-40(2) | 2.34 |
| Item 24, note to subsection 30-45(1) | 2.57 |
| Item 25, subsection 30-45(2) | 2.34 |
| Item 26, note to subsection 30-50(1) | 2.57 |
| Item 27, subsection 30-50(2) | 2.34 |
| Item 28, note to subsection 30-55(1) | 2.57 |
| Item 29, subsection 30-55(2) | 2.34 |
| Item 30, section 30-60 | 2.34 |
| Item 30, section 30-60 | 2.45 |
| Item 31, group heading before section 30-65 | 2.57 |
| Item 32, section 30-65 | 2.34 |
| Item 33, note to subsection 30-70(1) | 2.57 |
| Item 34, subsection 30-70(2) | 2.34 |
| Item 35, subsection 30-75(1) | 2.57 |
| Item 36, note to subsection 30-80(1) | 2.57 |
| Item 37, subsection 30-80(2) | 2.34 |
| Item 38, subsection 30-85(1) | 2.57 |
| Item 39, group heading before section 30-90 | 2.57 |
| Item 40, section 30-90 | 2.34 |
| Item 41, group heading before section 30-95 | 2.57 |
| Item 42, section 30-95 | 2.34 |
| Item 43, note to subsection 30-100(1) | 2.57 |
| Item 44, subsection 30-100(2) | 2.34 |
| Item 45, group heading before section 30-105 | 2.57 |
| Item 46, section 30-105 | 2.34 |
| Item 46, section 30-110 | 2.45 |
| Item 46, section 30-105 | 2.36, 2.41 |
| Item 46, subsection 30-105(7) | 2.38 |
| Item 47, section 30-115 | 2.59 |
| Item 48, subparagraphs 30-125(1)(b)(i) and (ii) | 2.59 |
| Item 49, subsection 30-125(2) | 2.58 |
| Item 50, subsection 30-125(2) | 2.57 |
| Item 51, paragraph 30-227(2)(a) | 2.59 |
| Item 52, subparagraph 30-227(2)(a)(ii) | 2.33, 2.36, 2.49, 2.52, 2.56 |
| Item 53, paragraph 30-227(2)(b) | 2.59 |
| Item 54, section 30-228 | 2.59 |
| Item 55, paragraph 30-230(2)(a) | 2.58 |
| Item 56, subsection 30-230(2A) | 2.58 |
| Item 57 | 2.85 |
| Item 57, section 30-247 | 2.86 |
| Item 57, subparagraph 30-247(1)(a)(i) | 2.78 |
| Item 57, section 30-248 | 2.78, 2.87 |
| Item 57, subsection 30-248(1) | 2.86 |
| Item 57, subsection 30-248(2) | 2.80 |
| Item 57, subsection 30-248(3) | 2.81 |
| Item 57, subsection 30-248(4) | 2.82 |
| Item 57, subsection 30-248(5) | 2.83, 2.88, 2.89 |
| Item 57, section 30-249 | 2.87 |
| Item 57, subsection 30-249(1) | 2.84 |
| Item 57, subsection 30-249(2) | 2.84 |
| Item 57, subsection 30-249A(1) | 2.90 |
| Item 57, subsection 30-249A(2) | 2.92 |
| Item 57, subsection 30-249A(3) | 2.92 |
| Item 57, subsection 30-249A(4) | 2.92 |
| Item 57, subsection 30-249B(1) | 2.93 |
| Item 57, subsection 30-249B(2) | 2.95 |
| Item 57, subsection 30-249B(3) | 2.95 |
| Item 57, subsection 30-249B(4) | 2.95 |
| Item 57, subsection 30-249C(1) | 2.96 |
| Item 57, subsection 30-249C(2) | 2.97 |
| Item 57, subsection 30-249C(3) | 2.97 |
| Item 57, subsection 30-249C(4) | 2.97 |
| Item 57, subsection 30-249D(1) | 2.98 |
| Item 57, subsection 30-249D(2) | 2.99 |
| Item 57, subsection 30-249D(3) | 2.99 |
| Item 58 | 2.60 |
| Item 58, section 30-311 | 2.60 |
| Item 58, subsection 30-312(1) | 2.73 |
| Item 58, subsection 30-312(2) | 2.74 |
| Item 58, subsection 30-312(3) | 2.75 |
| Item 58, paragraph 30-312(4)(a) | 2.63 |
| Item 58, paragraph 30-312(4)(b) | 2.64 |
| Item 58, subsection 30-313(1) | 2.67 |
| Item 58, subsection 30-313(2) | 2.68 |
| Item 58, section 30-314 | 2.69 |
| Item 58, paragraph 30-314(1)(a) | 2.70 |
| Item 58, paragraph 30-314(1)(b) | 2.71 |
| Item 58, subsection 30-314(2) | 2.71 |
| Item 58, section 30-314A | 2.61 |
| Item 60, subsection 30-315(2) (numerous items in the table contained in the index to the Division) | 2.59 |
| Item 61, subsection 30-315(2), item 112AA in the table, column headed "Provision" | 2.100 |
| Item 63, note to subsection 31-5(3) | 2.100 |
| Item 65, subsection 31-10(2) | 2.57 |
| Item 66, paragraph 50-60(b) | 2.57 |
| Item 67, section 50-60 | 2.57 |
| Item 68, subsection 50-75(2) | 2.57 |
| Item 69, paragraph 207-130(4)(a) | 2.57 |
| Item 70, paragraph 207-130(4)(b) and 207-130(4)(c) | 2.57 |
| Item 71, subsections 207-130(4A) and (4B) | 2.57 |
| Item 72 | 2.101 |
| Item 73 | 2.44 |
| Item 74 | 2.47 |
| Items 75 to 77 | 2.106 |
Schedule 4: Amendment of the Crimes (Taxation Offences) Act 1980
| Bill reference | Paragraph number |
|---|---|
| Item 1, paragraph 3(2)(a) | 3.10 |
| Item 2, paragraphs 13(1)(a), (b) and (d) | 3.9 |
| Item 3, paragraphs 14(1)(a), (b) and (d) | 3.9 |
| Item 4, paragraphs 15(1)(a), (b) and (d) | 3.9 |
| Item 5, paragraphs 16(1)(a), (b) and (d) | 3.9 |
| Item 6, paragraphs 17(1)(a), (b) and (d) | 3.9 |
| Item 7, paragraphs 18(1)(a), (b) and (d) | 3.9 |
| Item 8, paragraphs 19(1)(a), (b) and (d) | 3.9 |
| Item 9, paragraphs 20(1)(a), (b) and (d) | 3.9 |
| Items 10 and 23 | 3.20 |
| Item 11, paragraphs 3(2)(a) and (b) | 3.17 |
| Item 12, subsection 5(1) | 3.17 |
| Item 13, paragraph 5(2)(a) | 3.17 |
| Item 14, section 5 | 3.13 |
| Item 15, subsections 6(1) | 3.17 |
| Item 16, paragraph 6(2)(a) | 3.17 |
| Item 17, section 6 | 3.13 |
| Item 18, subsections 7(1) and (2) | 3.13 |
| Item 19, paragraph 7(3)(b) | 3.17 |
| Item 20, section 8 | 3.13 |
| Item 21, subsection 9(1) | 3.16 |
| Item 22, subsections 13(2), 14(2), 15(2), 16(2), 17(2), 18(2), 19(2), 20(2) | 3.17 |
Schedule 5: Consolidation: transitional foreign loss makers
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 701D-1 | 4.10 |
| Item 1, section 701D-10 | 4.13 |
| Item 1, paragraph 701D-10(1)(a) | 4.12 |
| Item 1, subsection 701D-10(2) | 4.12 |
| Item 1, subsection 701D-10(3) | 4.11 |
| Item 1, subsection 701D-10(4) | 4.12 |
| Item 1, subsection 701D-10(5) | 4.15 |
| Item 1, subsection 701D-15(2) | 4.18 |
| Item 1, subsection 701D-15(3) | 4.17 |
| Item 2, paragraph 707-325(1)(c) | 4.14 |
| Item 3, paragraph 707-350(1)(d) | 4.14 |
| Item 4, section 719-10 | 4.19 |
Schedule 6: Goods and services tax: interaction with consolidation regime
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsections 110-15(1) and (3) | 5.14 |
| Item 1, subsection 110-15(2) | 5.15 |
| Item 1, paragraph 110-15(2)(a) | 5.16 |
| Item 1, paragraph 110-15(2)(b) | 5.16 |
| Item 1, subsection 110-20(1) | 5.18 |
| Item 1, subsection 110-20(2) | 5.19 |
| Item 1, subsection 110-20(3) | 5.19 |
| Item 1, section 110-25 | 5.21 |
| Item 1, paragraph 110-30(1)(a) | 5.23 |
| Item 1, paragraph 110-30(1)(b) | 5.23 |
| Item 1, paragraph 110-30(1)(c) | 5.24 |
| Item 1, paragraph 110-30(1)(d) | 5.23 |
| Item 1, subsection 110-30(2) | 5.23 |
| Item 1, paragraph 110-30(3)(a) | 5.25 |
| Item 1, paragraph 110-30(3)(b) | 5.25 |
| Item 1, subsections 110-30(4) | 5.23 |
| Items 2, 4 to 6, section 195-1 | 5.20 |
| Items 3 and 10, section 195-1 | 5.22 |
| Items 7 and 9, section 195-1 | 5.27 |
| Item 8, section 195-1 | 5.27 |
| Item 11 | 5.28 |
Schedule 7: Imputation for life insurance companies
| Bill reference | Paragraph number |
|---|---|
| Item 2, section 205-15; item 4, subsection 219-15(3) | 6.7 |
| Item 2, section 205-15 | 6.45 |
| Item 3, subsection 205-25(1) | 6.7, 6.20 |
| Item 4, subsection 219-15(2), item 1 in the table | 6.17, 6.18, 6.23 |
| Item 4, subsection 219-15(2), item 2 in the table | 6.30, 6.31 |
| Item 4, subsection 219-15(2), item 3 in the table | 6.32, 6.33 |
| Item 4, subsection 219-15(2), item 4 in the table | 6.34, 6.35 |
| Item 4, subsection 219-15(2), items 5 and 6 in the table | 6.37, 6.38, 6.42 |
| Item 4, subsection 219-15(2), item 7 in the table | 6.46 |
| Item 4, subsection 219-15(3) | 6.44 |
| Item 4, subsection 219-30(2), item 1 in the table | 6.27, 6.29 |
| Item 4, subsection 219-30(2), item 2 in the table | 6.47, 6.48 |
| Item 4, section 219-45 | 6.21 |
| Item 4, section 219-50 | 6.7, 6.24 |
| Item 4, subsection 219-50(4) | 6.25 |
| Item 4, section 219-55 | 6.6, 6.36 |
| Item 9 | 6.7 |
| Item 9, section 219-40 | 6.52 |
| Item 9, section 219-45 | 6.54 |
Schedule 8: Overseas forces tax offsets
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsection 23AB(8A) | 7.6 |
| Item 2, subsection 79B(3A) | 7.8 |
Schedule 9: Roll-over for FSR transitions
| Bill reference | Paragraph number |
|---|---|
| Item 1, section 108-50 | 8.98 |
| Item 2, subsection 108-75(2) | 8.88 |
| Items 3 and 4, section 109-55 | 8.99 |
| Item 5, section 112-115 | 8.101 |
| Item 6 subsection 124-5(1) | 8.102 |
| Items 7 to 9, subsections 124-5(1) and (2) | 8.103 |
| Items 10 and 11, subsection 124-10(3) | 8.104 |
| Item 12, subsection 124-15(5) | 8.105 |
| Item 13, section 124-880 | 8.16 |
| Item 13, paragraph 124-880(b) | 8.18 |
| Item 13, paragraph 124-880(d) | 8.17 |
| Item 13, sections 124-880, 124-885, 124-890, 124-900, 124-905 and 124-910 | 8.95 |
| Item 13, section 124-885 | 8.52 |
| Item 13, section 124-890 | 8.69 |
| Item 13, subsection 124-895(1) | 8.22, 8.54, 8.71 |
| Item 13, subsection 124-895(2) | 8.24, 8.56, 8.73 |
| Item 13, subsections 124-895(3) to (7) | 8.25, 8.74 |
| Item 13, subsection 124-895(8) | 8.26 |
| Item 13, subsection 124-900(1) | 8.30 |
| Item 13, paragraph 124-900(1)(b) | 8.33 |
| Item 13, paragraph 124-900(1)(d) | 8.31 |
| Item 13, paragraph 124-900(1)(e) | 8.32 |
| Item 13, subsection 124-900(2) | 8.36 |
| Item 13, paragraph 124-900(3)(a) | 8.38 |
| Item 13, paragraph 124-900(3)(b) | 8.39 |
| Item 13, subsection 124-905(1) | 8.59 |
| Item 13, paragraph 124-905(1)(d) | 8.60 |
| Item 13, paragraph 124-905(1)(e) | 8.61 |
| Item 13, subsection 124-905(2) | 8.62 |
| Item 13, paragraph 124-905(3)(a) | 8.64 |
| Item 13, paragraph 124-905(3)(b) | 8.65 |
| Item 13, subsection 124-910(1) | 8.77 |
| Item 13, subsection 124-910(2) | 8.78 |
| Item 13, paragraph 124-910(3)(a) | 8.80 |
| Item 13, paragraph 124-910(3)(b) | 8.81 |
| Item 13, subsections 124-915(1) to (6) | 8.41, 8.67, 8.83 |
| Item 13, subsection 124-915(7) | 8.42 |
| Item 13, subsections 124-920(1) to (6) | 8.44, 8.85 |
| Item 13, subsections 124-920(7) to (10) | 8.45, 8.86 |
| Item 13, subsection 124-920(11) | 8.46 |
| Item 13, sections 124-925 and 124-930 | 8.97 |
| Item 14, subsections 152-45(1A) and (1B) | 8.91 |
| Item 15, subsections 152-115(1A) and (1B) | 8.92 |
| Item 16, definition of 'Australian financial services licence' in subsection 995-1(1) | 8.11 |
| Item 17 | 8.95 |
Schedule 10: Foreign hybrids
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsection 92(2) of the ITAA 1936 | 9.70 |
| Item 2, section 94B of the ITAA 1936 | 9.138 |
| Item 3, subsections 94D(4) and (5) of the ITAA 1936 | 9.37 |
| Item 5, section 485AA of the ITAA 1936 | 9.33 |
| Item 5, subsections 485AA(1) and (2) of the ITAA 1936 | 9.34 |
| Item 5, subsections 485AA(3), (4) and (7) of the ITAA 1936 | 9.35 |
| Item 5, subsection 485AA(5) of the ITAA 1936 | 9.36 |
| Item 5, subsection 485AA(6) of the ITAA 1936 | 9.36 |
| Item 6 | 9.116 |
| Item 7, section 12-5 | 9.138 |
| Items 9 and 10, subsections 102-25(2) and (2B) | 9.137 |
| Item 11, section 104-5 and item 13, section 110-10 | 9.137 |
| Item 12, section 104-270 and item 15, paragraph 830-50(2)(b) | 9.77 |
| Item 14, section 112-97 | 9.137 |
| Item 15, section 830-5 | 9.22 |
| Item 15, subsection 830-10(1) | 9.23 |
| Item 15, paragraph 830-10(1)(a) | 9.24 |
| Item 15, paragraph 830-10(1)(b) | 9.25 |
| Item 15, paragraph 830-10(1)(c) | 9.26 |
| Item 15, paragraph 830-10(1)(d) | 9.27 |
| Item 15, paragraph 830-10(1)(e) | 9.28 |
| Item 15, subsections 830-10(2) and 830-15(5) | 9.36 |
| Item 15, paragraph 830-15(1)(a) and subsection 830-15(2) | 9.31 |
| Item 15, paragraphs 830-15(1)(b) to (d) | 9.30 |
| Item 15, subsections 830-15(3) and (4) | 9.32 |
| Item 15, section 830-20 and item 26, definition of 'foreign hybrid tax provisions' in subsection 995-1(1) | 9.40 |
| Item 15, section 830-25 | 9.41 |
| Item 15, section 830-30 | 9.43 |
| Item 15, section 830-35 | 9.88 |
| Item 15, section 830-40 | 9.45 |
| Item 15, section 830-45 | 9.67 |
| Item 15, subsection 830-45(1) | 9.53 |
| Item 15, subsection 830-45(2) | 9.69 |
| Item 15, subsection 830-45(3) | 9.70 |
| Item 15, section 830-50 | 9.74 |
| Item 15, subsection 830-50(3) | 9.78 |
| Item 15, subsection 830-50(4) | 9.78 |
| Item 15, section 830-55 | 9.54 |
| Item 15, subsection 830-60(1) | 9.57 |
| Item 15, step 1 in subsection 830-60(1) | 9.59 |
| Item 15, step 1(b) in subsection 830-60(1) | 9.60, 9.65 |
| Item 15, step 2(a) in subsection 830-60(1) | 9.66 |
| Item 15, subsection 830-60(2) | 9.61, 9.63 |
| Item 15, paragraph 830-60(2)(f) | 9.64 |
| Item 15, sections 830-65 and 830-70 | 9.54 |
| Item 15, subsections 830-65(2) and 830-70(2) | 9.79 |
| Item 15, subsection 830-65(3) | 9.75 |
| Item 15, subsections 830-75(1) and (2) | 9.49 |
| Item 15, subsections 830-75(3) and (4) | 9.50 |
| Item 15, sections 830-80 and 830-90 and subsections 830-95(1) and (2) | 9.100 |
| Item 15, sections 830-85 and 830-90 and subsection 830-95(3) | 9.114 |
| Item 15, section 830-90 | 9.102 |
| Item 15, subsection 830-95(1) | 9.103 |
| Item 15, subsection 830-95(1) and section 830-100 | 9.104 |
| Item 15, subsection 830-95(1) | 9.105, 9.107 |
| Item 15, subsection 830-95(2) | 9.108, 9.111 |
| Item 15, step 4 in subsection 830-95(2) | 9.112 |
| Item 15, subsection 830-95(3) | 9.115 |
| Item 15, section 830-100 | 9.98 |
| Item 15, section 830-105 | 9.97 |
| Item 15, section 830-110 | 9.83, 9.113 |
| Item 15, subsection 830-115(1) | 9.84 |
| Item 15, subsection 830-115(2) | 9.85 |
| Item 15, section 830-120 | 9.86 |
| Item 15, subsection 830-125(1) | 9.89 |
| Item 15, subsection 830-125(2) | 9.94 |
| Item 15, Subdivision 830-B | 9.38 |
| Item 15, Subdivision 830-D | 9.80 |
| Items 16 to 37, subsection 995-1(1) | 9.138 |
| Item 38, subsection 830-1(1) of the IT(TP) Act 1997 | 9.116 |
| Item 38, subsection 830-1(2) of the IT(TP) Act 1997 | 9.117 |
| Item 38, subsection 830-5(1) of the IT(TP) Act 1997 | 9.118 |
| Item 38, subsection 830-5(2) of the IT(TP) Act 1997 | 9.118 |
| Item 38, subsections 830-5(3) and (4) of the IT(TP) Act 1997 | 9.118 |
| Item 38, section 830-10 of the IT(TP) Act 1997 | 9.119 |
| Item 38, subsection 830-15(1) of the IT(TP) Act 1997 | 9.132 |
| Item 38, paragraph 830-15(1)(b) of the IT(TP) Act 1997 | 9.131 |
| Item 38, paragraphs 830-15(2)(a) to (c) of the IT(TP) Act 1997 | 9.132 |
| Item 38, paragraphs 830-15(2)(d) and (e) of the IT(TP) Act 1997 | 9.133 |
| Item 38, subsection 830-15(3) of the IT(TP) Act 1997 | 9.134 |
| Item 38, paragraphs 830-15(3)(d) and (e) of the IT(TP) Act 1997 | 9.135 |
| Item 38, subsections 830-15(4) and (5) of the IT(TP) Act 1997 | 9.136 |
| Item 38, subsection 830-20(2) of the IT(TP) Act 1997 | 9.120 |
| Item 38, subsections 830-20(3) and (4) of the IT(TP) Act 1997 | 9.125, 9.127 |
| Item 38, subsection 830-20(5) of the IT(TP) Act 1997 | 9.130 |
Schedule 11: Technical amendments
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 164 | 10.2 |
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