House of Representatives
Superannuation Legislation Amendment (Simplification) Bill 2007
Income Tax Amendment Bill 2007
Income Tax (Former Complying Superannuation Funds) Amendment Bill 2007
Income Tax (Former Non-resident Superannuation Funds) Amendment Bill 2007
Income Tax Rates Amendment (Superannuation) Bill 2007
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello MP)Index
Schedule 1: Consequential amendments etc.
| Bill reference | Paragraph number |
|---|---|
| Item 1 of the Income Tax (Former Non-resident Superannuation Funds) Amendment Bill 2007 | 3.30 and 3.34 |
| Items 1 and 2 of the Income Tax Amendment Bill 2007 | 2.42 |
| Items 1 and 2 of the Income Tax (Former Complying Superannuation Funds) Amendment Bill 2007 | 3.30 |
| Items 1, 2, 4, 5, 11, 12, 15 and 18 of the Income Tax Rates Amendment (Superannuation) Bill 2007 | 3.30 |
| Items 1, 19, 23 to 25, 29 to 33, 99, 109 to 111, 128 to 133, 148, 189, 192, 195, 221, 232, 234 to 236, 242, 243, 252 and 258 | 3.32 |
| Item 2 of the Income Tax (Former Non-resident Superannuation Funds) Amendment Bill 2007 | 3.38 |
| Items 2 to 4, 6 and 7 | 2.21 |
| Items 2 to 4, 6, 7, 181 and 405 | 2.20 |
| Item 3 of the Income Tax Amendment Bill 2007 | 3.35 |
| Item 3 of the Income Tax (Former Complying Superannuation Funds) Amendment Bill 2007 | 3.38 |
| Items 3, 6, 7, 9, 14, 16, 17, 20, 22 to 24, 33 and 34 of the Income Tax Rates Amendment (Superannuation) Bill 2007 | 2.15 |
| Items 4 and 5 of the Income Tax Amendment (Superannuation) Bill 2007 | 3.35 |
| Items 4 and 7 of the Income Tax Amendment Bill 2007 | 3.34 |
| Items 5, 6 and 8 of the Income Tax Amendment Bill 2007 | 3.30 |
| Items 5 and 179, Subdivisions AA and AB of the ITAA 1936 and sections 26-75, 26-80 and 26-85 of the ITAA 1997 | 1.53 |
| Item 7, Subdivision AACA | 1.54 |
| Item 8 | 3.29 |
| Items 8, 10, 13, 19, 21, 25 to 30 of the Income Tax Rates Amendment (Superannuation) Bill 2007 | 3.34 |
| Item 9 of the Income Tax Amendment Bill 2007 | 3.38 |
| Items 9 and 122 | 2.32 |
| Items 10 to 12, 20, 90, 92 to 97, 239, 241, 247, 248 and 367 to 369 | 2.25 |
| Items 13 to 15 | 2.32 |
| Items 17 and 97 | 2.28 |
| Items 18, 21, 39, 40, 57, 58, 72, 79, 88, 89, 101, 102, 108 to 111, 115, 116, 121, 148, 190, 191, 193, 195, 196, 198, 199, 203, 230 to 232, 234, 252, 273, 274, 276 | 3.30 |
| Items 20, 37, 81 to 83, 91, 92, 96, 144, 176, 180, 182, 246, 249, 367 to 369 and 377 | 2.27 |
| Items 20, 43 to 46, 135 and 136 | 2.31 |
| Items 20, 73, 75, 80, 176, 180, 182, 246, 249, 346, 367 to 369 and 377 | 2.33 |
| Items 22, 28, 69, 70, 84 to 87, 98, 104, 107, 124 to 127, 134, 141, 200, 201, 202, 204 | 3.35 |
| Items 26, 35, 36, 250, 251, 259 and 260 | 2.42 |
| Items 27, 34, 100 and 147 | 3.33 |
| Items 31 and 32 of the Income Tax Rates Amendment (Superannuation) Bill 2007 | 3.28 |
| Item 35 of the Income Tax Rates Amendment (Superannuation) Bill 2007 | 2.43 and 3.38 |
| Items 38, 112, 113, 137 to 139, 370 to 372 and 374 | 2.42 |
| Items 41, 51 to 56, 220, 221, 267 and 268 | 2.19 |
| Items 42, 47, 103, 105, 106, 140, 149, 244, 245 and 376 | 2.42 |
| Items 48 to 50, 74, 76, 77, 78, 123, 142, 143, 156, 163, 164, 166, 167, 168, 173, 177, 178, 186, 325, 326, 340, 381, 383, 402 and 403, subsections 24AYA(1), (3) and (7), 73B(1) and (20A), section 90 (definition of 'net income' and 'partnership loss'), subsection 262A(4A), subsections 57-40(1) and 57-50(1) in Schedule 2D to the ITAA 1936, sections 10-5, 12-5, 13-1 and 20-5, paragraphs 26-55(1)(d), 85-10(2)(f) and 85-10(2)(f) (Note) of the ITAA 1997, paragraph 1075(1)(c) and subparagraph 1185Y(3)(d)(iii) of the Social Security Act 1991, subsection 5(2) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003, section 45-340 in Schedule 1 (method statement, step 1, paragraph (g)) and section 45-375 in Schedule 1 (method statement, step 1, paragraph (f)) of the TAA 1953 and paragraph 46C(1)(c) and subparagraph 49Y(3)(f)(iii) of the Veterans' Entitlements Act 1986 | 1.56 |
| Items 59 to 64, 226 and 227 | 2.23 |
| Items 65 to 68 | 2.24 |
| Items 71, 253 and 256, section 67AAA of the ITAA 1936 and subsection 995-1(1) of the ITAA 1997 | 1.55 |
| Items 74, 76 and 206, subsection 73B(1) (definition of 'contributions to superannuation funds'), subsection 73B(20A) of the ITAA 1936 and subsection 290-60(1) (Note) of the ITAA 1997 | 1.4 |
| Item 114 | 3.36 |
| Items 117 to 120 | 3.19 |
| Items 145, 146 and 284 to 286 | 2.42 |
| Items 150, 153, 154, 156, 159, 165, 173 and 174 | 3.37 |
| Items 151, 152, 155 to 158, 160, 161, 169 to 173 and 175 | 2.42 |
| Item 179, section 26-75 of the ITAA 1997 | 1.49 |
| Item 179, section 26-80 of the ITAA 1997 | 1.50 |
| Item 179, section 26-85 of the ITAA 1997 | 1.51 |
| Item 183 | 2.19 |
| Items 184 and 185 | 2.19 |
| Items 194 and 197 | 2.29 |
| Item 205, section 290-5 of the ITAA 1997 | 1.8 |
| Item 207, subsection 290-150(2) | 1.9 |
| Items 208 to 211, section 292-390 of the ITAA 1997 | 1.31 |
| Items 212 and 213 | 3.28 |
| Item 214 | 3.8 |
| Item 215 | 3.5 |
| Item 216 | 3.6 |
| Items 217 and 218 | 3.4 |
| Items 219 and 269, section 304-15 of the Income Tax (Transitional Provisions) Act 1997 | 2.19 |
| Items 222 and 223 | 2.19 |
| Item 224 | 2.18 |
| Item 225 | 2.18 |
| Items 228 and 229 | 3.28 |
| Item 233 | 3.28 |
| Items 237, 238, 240, 257, 269, 351 and 375 | 2.30 |
| Items 254 and 255 | 4.18 |
| Item 261, subsection 292-25(1A) of the Income Tax (Transitional Provisions) Act 1997 | 1.17 |
| Items 262 to 264, section 292-25 of the Income Tax (Transitional Provisions) Act 1997 | 1.16 |
| Item 265, section 292-90 of the Income Tax (Transitional Provisions) Act 1997 | 1.20 |
| Item 266, Subdivisions 295-B and 295-F | 3.16 |
| Item 266, Subdivision 295-F, subsection 295-390(6) | 3.17 |
| Item 266, Subdivision 295-G | 3.15 |
| Item 266, subsection 295-190(1) | 3.12 |
| Item 266, subsection 295-190(2) | 3.14 |
| Item 269, section 306-10 of the Income Tax (Transitional Provisions) Act 1997 | 2.18 |
| Item 270 | 2.18 |
| Item 271 | 2.18 |
| Item 272 | 2.18 |
| Items 275, 344, 345, 352 and 353 | 3.34 |
| Item 277 | 3.22 |
| Item 278 | 3.21 |
| Items 279 and 361 | 2.6 |
| Items 280 and 281 | 3.23 |
| Item 282 | 3.24 |
| Item 283 | 3.25 |
| Items 289, 290, 395, 396 and 401 | 2.35 |
| Items 291, 293, 397 and 399 | 2.36 |
| Items 292 and 398 | 2.37 |
| Items 294 to 296 | 2.38 |
| Items 297 to 324 | 2.41 |
| Items 328 to 338 | 2.34 |
| Item 341, paragraph 7(1)(b) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 | 1.46 |
| Items 342 and 343, paragraph 7(1)(c) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 | 1.47 |
| Items 344 and 345, subsection 995-1(1) of the ITAA 1997 | 1.48 |
| Items 349 and 350 | 2.7 |
| Item 353 | 3.31 |
| Items 362 and 363 | 3.31 |
| Item 366, subsection 8AAB(5) of the TAA 1953 | 1.30 |
| Item 373 | 2.4 |
| Item 384, subsection 250-10(2), Schedule 1 to the TAA 1953 | 1.34 |
| Item 385, item 67 in the table in subsection 250-10(2) of the TAA 1953 | 4.13 |
| Items 386 to 391, Division 280, Schedule 1 to the TAA 1953 | 1.29 |
| Item 392 | 4.17 |
| Item 393 | 4.16 |
| Item 394 | 3.26 |
| Item 406 | 1.57, 1.58, 2.43 and 3.38 |
Schedule 2: Small business relief for CGT events
| Bill reference | Paragraph number |
|---|---|
| Items 1, 5 and 6, section 11-15, paragraph 152-310(2)(a) and subsection 152-310(5) of the ITAA 1997 | 1.41 |
| Items 2, 7 and 8, paragraph 82-135(fa), subsections 152-325(3A) and (9) of the ITAA 1997 | 1.44 |
| Item 3, paragraphs 152-305(1)(b) and (c) of the ITAA 1997 | 1.38 |
| Items 4 and 6, subsections 152-305(1) (Note 2) and 152-310(4) of the ITAA 1997 | 1.40 |
| Item 7, subsection 152-325(3A) of the ITAA 1997 | 1.45 |
| Item 8, subsections 152-325(7) and (8) of the ITAA 1997 | 1.42 |
| Item 9, subsection 290-150(4) of the ITAA 1997 | 1.7 |
| Item 9, paragraph 290-150(4)(a) of the ITAA 1997 | 1.38 |
| Item 9, paragraph 290-150(4)(b) of the ITAA 1997 | 1.43 |
| Items 10 to 12, subsections 292-100(4) and (6) of the ITAA 1997 | 1.25 |
| Item 12 | 1.36 and 1.57 |
Schedule 3: Other amendments
| Bill reference | Paragraph number |
|---|---|
| Item 1 | 2.9 |
| Items 1 to 3 | 2.12 |
| Item 2 | 2.10 |
| Items 4 to 7 | 2.5 |
| Items 8 and 9 | 2.17 |
| Item 10 | 2.16 |
| Item 10, section 285-5 of the ITAA 1997 | 1.11 |
| Items 11 and 12, paragraphs 290-85(1)(b) and (c) of the ITAA 1997 | 1.5 |
| Items 13 and 14, subsections 290-85(1A) and (3) of the ITAA 1997 | 1.6 |
| Item 15, subsection 290-180(3A) of the ITAA 1997 | 1.10 |
| Item 16, subsection 292-25(3) of the ITAA 1997 | 1.18 |
| Items 17 and 18, paragraphs 292-90(1)(aa) and 292-90(4)(a) of the ITAA 1997 | 1.21 |
| Item 18, paragraph 292-90(4)(b) of the ITAA 1997 | 1.22 |
| Item 18, paragraph 292-90(4)(c) of the ITAA 1997 | 1.24 |
| Items 19 and 20, paragraphs 292-100(2)(b) and 292-100(7)(b) of the ITAA 1997 | 1.26 |
| Items 21, 24 and 25, paragraph 292-170(6)(d) and subsection 292-170(7) of the ITAA 1997 | 1.14 |
| Items 22 and 23, section 292-170 of the ITAA 1997 | 1.15 |
| Item 26, paragraph 292-330(b) of the ITAA 1997 | 1.33 |
| Items 27 to 32 and 48 to 50, sections 292-410 and 292-415 of the ITAA 1997, sections 292-80B and 292-80C of the Income Tax (Transitional Provisions) Act 1997 | 1.27 |
| Items 31 and 32, subparagraph 292-415(1)(c)(ii) and paragraph 292-415(2)(b) of the ITAA 1997 | 1.28 |
| Items 33, 34 and 38 to 41 | 3.9 |
| Item 35 | 2.19 |
| Item 36 | 2.18 |
| Item 37, paragraph 307-10(a) of the ITAA 1997 | 2.30 |
| Item 37, paragraph 307-10(ab) of the ITAA 1997 | 2.13 |
| Items 38 to 41 | 2.18 |
| Items 42 and 43 | 2.18 |
| Item 44 | 2.18 |
| Item 45, section 290-15 of the Income Tax (Transitional Provisions) Act 1997 | 1.13 |
| Items 46 and 47, paragraphs 292-80(3)(ea) and 292-80(3)(fa) of the Income Tax (Transitional Provisions) Act 1997 | 1.19 |
| Items 52 and 53 | 4.25 |
| Item 54, paragraphs 104A(1)(a) and 104A(2)(a) of the Superannuation Industry (Supervision) Act 1993 | 4.8 |
| Item 54, paragraphs 104A(1)(b) and 104A(2)(b) of the Superannuation Industry (Supervision) Act 1993 | 4.9 |
| Item 54, paragraphs 104A(2)(c) and (d) of the Superannuation Industry (Supervision) Act 1993 | 4.10 |
| Item 54, subsection 104A(3) of the Superannuation Industry (Supervision) Act 1993 | 4.11 |
| Items 55 and 56, sections 15DD and 15DE of the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 | 4.14 |
| Item 57 | 4.15 |
| Items 58 and 59 | 4.5 |
| Item 60 | 4.6 |
| Items 61 and 62, section 14ZW of the TAA 1953 | 1.32 |
| Items 63 to 65 | 2.4 |
| Item 66 | 1.57 and 2.43 |
Schedule 4: Technical corrections
| Bill reference | Paragraph number |
|---|---|
| Item 1 | 2.42 |
| Item 2 | 2.42 |
| Items 4 to 6 | 2.42 |
| Items 7 and 8 | 4.19 |
| Items 9 to 11 | 2.42 |
| Item 12 | 4.20 |
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