House of Representatives

Tax Laws Amendment (2006 Measures No. 7) Bill 2006

Tax Laws Amendment (2006 Measures No. 7) Act 2007

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello MP)

Index

Schedule 1: Small business relief for CGT events

Bill reference Paragraph number
Items 1, 2, 46 and 51, paragraph 27A(1)(jaa) and subsection 140M(6) of the ITAA 1936, note to section 152-220, subsection 152-310(5) 1.106
Item 3 subsection 102-5(1), items 6 and 7, paragraphs 103-25(3)(b) and (c), item 10, section 104-5, item 19, section 152-5, item 21 and subsection 152-10(4). 1.107
Item 4, subsection 102-25(2), item 5, subsection 102-25(2A), item 8, section 104-5, item 16, paragraph 115-25(3)(hb), item 15, section 112-115, item 19, section 152-5, item 21, subsection 152-10(4) 1.108
Items 9, 12 and 56, sections 104-5, 104-185, 104-190, 152-400 1.105
Item 11, paragraph 104-135(1A)(c) 1.60
Item 12, section 104-185 1.89
Item 12, paragraph 104-185(1)(a) 1.87
Item 12, paragraph 104-185(1)(b) 1.87
Item 12, paragraphs 104-185(1)(c) and (3)(b) 1.91
Item 12, subparagraph 104-185(1)(c)(i) 1.87
Item 12, subparagraph 104-185(1)(c)(ii) 1.87
Item 12, paragraph 104-185(1)(d) 1.90
Item 12, subsections 104-185(2) and (3) 1.88
Item 12, paragraphs 104-185(5)(a) and (b) 1.92
Item 12, paragraph 104-185(5)(c) 1.93
Item 12, subsection 104-185(6) 1.94
Item 12, subsection 104-185(7) 1.95, 1.96
Items 12 and 13, paragraphs 104-185(1)(a), 197(1)(a) and 198(1)(a) 1.76
Items 12 and 13, section 104-190, subsection 104-197(5) 1.82
Items 12 and 13, section 104-190 and subsection 104-198(4) 1.86
Item 13, paragraph 104-197(1)(a) and subsection 104-197(3) 1.77
Item 13, paragraph 104-197(2)(a) 1.78
Item 13, subparagraph 104-197(2)(b)(i) 1.79
Item 13, subparagraph 104-197(2)(b)(ii) 1.79
Item 13, subsection 104-197(4) 1.81
Item 13, paragraph 104-198(1)(d 1.84
Item 13, subsection 104-198(2) 1.83
Item 13, subsection 104-198(3) 1.85
Item 17, subsection 116-30(1) 1.71
Items 18, 38 to 40, 43 to 45, 48 and 53, paragraph 152-5(c), sections 152-50 and 152-100, paragraph 152-110(1)(d), section 152-115, note to section 152-120, paragraph 152-305(2)(b) and the example in subsection 152-315(5) 1.21
Item 20, section 152-10 1.53
Item 20, paragraph 152-10(2)(a) 1.49
Item 20, paragraph 152-10(2)(b) 1.50
Item 22, section 152-15 1.26
Item 23, subsection 152-20(1) 1.25
Item 23, paragraph 152-20(1)(b) 1.24
Item 25, subparagraph 152-20(2)(b)(ii) 1.29, 1.31
Item 26, subsection 152-20(2A) 1.28
Item 27, subsections 152-20(3) and (4) 1.32
Item 28, subsection 152-25(2) 1.27
Item 29, subsection 152-30(5) 1.46
Item 30, subsection 152-30(6A) 1.47
Item 31, section 152-35 1.34
Item 31, subsections 152-35(1) and (2) 1.33, 1.35
Item 32, paragraph 152-40(1)(a) 1.37
Item 32, paragraph 152-40(1)(b) 1.38
Item 33, subparagraphs 152-40(3)(b)(ii) and (iii) 1.39
Item 35, subsection 152-40(3A) 1.41
Item 35, paragraph 152-40(3B) 1.42
Item 36, subparagraphs 152-40(4)(b)(i) and (c)(i) 1.43
Item 37, subsection 152-40(5) 1.44
Item 39, section 152-55 1.11
Item 39, section 152-60 1.23
Item 39, section 152-65 1.12
Item 39, subsection 152-70(1) 1.16
Item 39, subsection 152-70(1), item 1 in the table 1.13
Item 39, subsection 152-70(1), item 2 in the table 1.14
Item 39, subsection 152-70(1), item 3 in the table 1.15
Item 39, section 152-75 1.17
Item 39, subsections 152-80(1) and (2) 1.98
Item 39, paragraph 152-80(1)(c) 1.100
Item 39, paragraph 152-80(2)(a) 1.102
Item 39, paragraph 152-80(2)(b) 1.101
Item 39, subsection 152-80(3) 1.99
Item 41, paragraph 152-105(c) 1.54
Item 42, paragraph 152-110(1)(c) 1.55
Item 45, section 152-120 1.56
Item 45, subsection 152-125(2) 1.57
Items 45, 52 and 54, paragraph 152-125(2)(b), subsections 152-315(5) and 320(2) 1.22
Item 45, paragraph 152-125(1)(b) 1.61
Item 45, paragraphs 152-125(2)(a) and (b) 1.58
Items 45 and 58, subsection 152-125(3), paragraph 202-45(j) 1.59
Item 45, subsection 152-125(4) 1.62
Item 47, paragraph 152-305(1)(b) 1.67
Items 49 and 55, subsections 152-310(3) and 325(2) 1.68, 1.70
Item 55, subsection 152-325(1) 1.69
Item 55, paragraph 152-325(7)(a) 1.63
Item 55, paragraph 152-325(7)(b) 1.65
Item 57, section 152-410 1.73
Item 57, section 152-415 1.74
Items 59 to 64, subsection 995-1(1) 1.109
Item 67, Division 152 of the Income Tax (Transitional Provisions) Act 1997 1.97

Schedule 2: Interest withholding tax

Bill reference Paragraph number
Item 1, subparagraph 128F(1)(f)(i) 2.22
Item 1, subparagraph 128F(1A)(f)(ii) 2.22
Item 2, paragraph 128F(1A)(e) 2.23
Item 3, paragraph 128F(1B)(c) 2.24
Item 4, subsection 128F(1C) 2.25
Item 5, subparagraphs 128FA(1)(b)(i) and (ii) 2.27
Item 6, paragraph 128FA(2)(c) 2.28
Item 7, subsection 128FA(2A) 2.29
Item 8 2.30

Schedule 3: Streamline gift fund and integrity arrangements for deductible gift recipients

Bill reference Paragraph number
Items 1 and 2, subsections 30-125(1) and (2) of the ITAA 1997 3.18
Item 4, subsection 30-125(6) of the ITAA 1997 3.22
Item 7, subsection 30-130(3) of the ITAA 1997 3.19
Item 8, subsection 353-20(1) of the TAA 1953 3.9
Item 8, subsection 353-20(3) of the TAA 1953 3.15
Item 8, subsection 353-20(4) of the TAA 1953 3.13
Item 8, paragraph 353-20(4)(c) of the TAA 1953 3.14
Item 10, subsection 382-15(1) of the TAA 1953 3.24
Item 10, subsection 382-15(2) of the TAA 1953 3.25

Schedule 4: Deductible gift recipient extensions

Bill reference Paragraph number
Item 1 4.7
Items 1 to 4 4.5
Item 2 4.6
Item 3 4.8
Item 4 4.9

Schedule 5: Effective life of tractors and harvesters

Bill reference Paragraph number
Item 1, subsection 40-102(5) 5.13
Item 1, subsection 40-102(5), items 7 and 8 in the table 5.12
Item 2 5.14

Schedule 6: Farm management deposits

Bill reference Paragraph number
Item 1, paragraph 393-10(1)(b) 6.6
Item 2, heading in subsection 393-35(6) 6.7
Item 3, subsection 393-35(6) 6.7
Item 4 6.8

Schedule 7: Capital protected borrowings

Bill reference Paragraph number
Item 1, subsection 247-10(1) 7.57, 7.64
Item 1, subsections 247-10(1) and (2) 7.19
Item 1, paragraph 247-10(1)(a) 7.15
Item 1, paragraph 247-10(1)(b) 7.16
Item 1, subsection 247-15(1) 7.17
Item 1, subsections 247-15(1) and (5) 7.24
Item 1, paragraph 247-15(1)(b) 7.18
Item 1, subsection 247-15(2) 7.22, 7.78
Item 1, subsection 247-15(3) 7.41, 7.80
Item 1, subsection 247-15(4) 7.38, 7.40
Item 1, subsection 247-15(5) 7.27
Item 1, subsection 247-20(1) 7.42
Item 1, subsection 247-20(2) 7.43
Item 1, subsection 247-20(3) 7.44
Item 1, subsection 247-20(3), Step 1 7.45
Item 1, subsection 247-20(4) 7.53
Item 1, subsections 247-20(4) and (5) 7.55
Item 1, subsection 247-20(5) 7.54
Item 1, subsection 247-20(6) 7.65
Item 1, subsection 247-25(1) 7.68
Item 1, subsection 247-25(2) 7.69
Item 1, subsection 247-30(1) 7.70
Item 1, subsection 247-30(2) 7.75
Item 2, section 247-5 of the Income Tax (Transitional Provisions) Act 1997 7.77
Item 2, subsection 247-10(1) of the Income Tax (Transitional Provisions) Act 1997 7.82
Item 2, subsection 247-10(2) of the Income Tax (Transitional Provisions) Act 1997 7.87, 7.88
Item 2, subsection 247-10(3) of the Income Tax (Transitional Provisions) Act 1997 7.93
Item 2, subsection 247-10(4) of the Income Tax (Transitional Provisions) Act 1997 7.94
Item 2, subsection 247-10(5) of the Income Tax (Transitional Provisions) Act 1997 7.95
Item 2, subsection 247-10(6) of the Income Tax (Transitional Provisions) Act 1997 7.96
Item 2, section 247-15 of the Income Tax (Transitional Provisions) Act 1997 7.88, 7.89
Item 2, subsection 247-15(1) of the Income Tax (Transitional Provisions) Act 1997 7.99, 7.107
Item 2, subsection 247-15(2) of the Income Tax (Transitional Provisions) Act 1997 7.100
Item 2, subsection 247-20(1) and section 247-25 of the Income Tax (Transitional Provisions) Act 1997 7.98
Item 2, subsection 247-20(1) of the Income Tax (Transitional Provisions) Act 1997 7.101
Item 2, subsection 247-20(2) of the Income Tax (Transitional Provisions) Act 1997 7.102
Item 2, subsection 247-20(3) of the Income Tax (Transitional Provisions) Act 1997 7.103
Item 2, subsection 247-25(2) of the Income Tax (Transitional Provisions) Act 1997 7.106
Part 2, items 2 and 3 7.108

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