House of Representatives
Tax Laws Amendment (Small Business) Bill 2007
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello MP)Index
Schedule 1: Small business entities
| Bill reference | Paragraph number |
|---|---|
| Item 1, paragraph 328-110(1)(a) of the ITAA 1997 | 1.16 |
| Item 1, subparagraph 328-110(1)(b)(i) of the ITAA 1997 | 1.23 |
| Item 1, subparagraph 328-110(1)(b)(ii) of the ITAA 1997 | 1.25 |
| Item 1, paragraph 328-110(2)(a) of the ITAA 1997 | 1.26 |
| Item 1, paragraph 328-110(2)(b) of the ITAA 1997 | 1.29 |
| Item 1, subsection 328-110(3) of the ITAA 1997 | 1.31 |
| Item 1, subsection 328-110(4) of the ITAA 1997 | 1.33 |
| Item 1, subsection 328-110(5) of the ITAA 1997 | 1.18 |
| Item 1, subsection 328-115(2) of the ITAA 1997 | 2.62 |
| Item 1, subsection 328-115(3) of the ITAA 1997 | 2.64 |
| Item 1, paragraph 328-115(3)(a) of the ITAA 1997 | 2.65 |
| Item 1, paragraph 328-115(3)(b) of the ITAA 1997 | 2.66 |
| Item 1, paragraph 328-115(3)(c) of the ITAA 1997 | 2.68 |
| Item 1, subsection 328-120(1) and item 4, definition of 'annual turnover' in subsection 995-1(1) of the ITAA 1997 | 2.10 |
| Item 1, subsection 328-120(2) of the ITAA 1997 | 2.20 |
| Item 1, subsection 328-120(3) of the ITAA 1997 | 2.17 |
| Item 1, subsection 328-120(4) of the ITAA 1997 | 2.23 |
| Item 1, subsection 328-120(5) of the ITAA 1997 | 2.28 |
| Item 1, subsection 328-120(6) of the ITAA 1997 | 2.30 |
| Item 1, paragraph 328-125(2)(a) of the ITAA 1997 | 2.43 |
| Item 1, paragraph 328-125(2)(b) of the ITAA 1997 | 2.47 |
| Item 1, subsection 328-125(3) of the ITAA 1997 | 2.48 and 2.51 |
| Item 1, subsection 328-125(4) of the ITAA 1997 | 2.48 |
| Item 1, paragraph 328-125(4)(a) of the ITAA 1997 | 2.49 |
| Item 1, paragraph 328-125(4)(b) of the ITAA 1997 | 2.49 |
| Item 1, subsection 328-125(5) of the ITAA 1997 | 2.50 |
| Item 1, subsection 328-125(6) of the ITAA 1997 | 2.59 |
| Item 1, subsection 328-125(7) of the ITAA 1997 | 2.54 |
| Item 1, subsection 328-125(8) of the ITAA 1997 | 2.56 |
| Item 1, subsection 328-130(2) of the ITAA 1997 | 2.39 |
| Item 2, definition of 'affiliate' in subsection 995-1(1), and item 1, subsection 328-130(1) of the ITAA 1997 | 2.35 |
| Item 5, definition of 'connected with' in subsection 995-1(1) of the ITAA 1997; Schedule 1, item 1, subsection 328-125(1) of the ITAA 1997 | 2.41 |
| Item 6, definition of 'retail fuel' in subsection 995-1(1) of the ITAA 1997 | 2.19 |
| Item 7, definition of 'small business entity' in subsection 995-1(1) of the ITAA 1997 | 1.15 |
Schedule 2: Amendments relating to GST turnover thresholds
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 7, 16 to 21, 27, 28, 35, 36 and 38 to 58, paragraphs 23-5(b), 27-15(1)(a), 27-37(1)(a), 144-5(2)(a), 149-10(1)(b), 188-10(1)(a) and (b), 188-10(2)(a) and (b), subsections 23-10(1), 27-20(1), 27-22(1), 31-25(2), 33-10(2), 57-35(1), 83-25(1), 83-30(1), 84-5(2), 188-10(1) and (2), 188-15(1) to (3), 188-20(1) to (3), 188-24(1) and (2), and 188-40(1), sections 23-1, 188-1, 188-10, 188-15, 188-20, 188-22, 188-23, 188-25 and 195-1 of the GST Act; Schedule 2, items 61 to 65, paragraph 974-75(6)(b), subsections 974-75(7) and 995-1(1) of the ITAA 1997; Schedule 2, item 66, paragraphs 286-80(3)(c) and 286-80(4)(c) of Schedule 1 to the TAA 1953 | 4.28 |
| Items 8 to 11, 22 and 30, paragraphs 29-40(1)(a), 131-5(1)(a) and 162-5(1)(a), subsection 29-40(1) of the GST Act | 4.21 |
| Items 9, 12 to 14, 22, 23, 26, 29 to 31, 34, 68 to 70, paragraphs 29-40(1)(a), 29-40(3)(a), 29-50(1)(a), 131-5(1)(a), 131-20(1)(c), 162-5(1)(a) and 162-30(1)(c), subsections 29-50(2), 131-20(6), 157-10(1) and 162-30(5) of the GST Act | 4.26 |
| Items 13, 14, 23 to 25, 29, 31 to 33 and 68 to 70, paragraphs 29-50(1)(a), 131-20(1)(c) and 162-30(1)(c), subsections 29-50(2), 131-20(5), 157-10(1) and 162-30(5) of the GST Act | 4.25 |
| Item 15, paragraph 29-50(3)(a) of the GST Act | 4.30 |
| Item 37, section 188-5 of the GST Act | 4.27 |
| Item 59, section 195-1 of the GST Act | 4.23 |
| Item 60, section 195-1 of the GST Act | 4.29 |
| Part 3 | 4.52 |
Schedule 3: STS taxpayers
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 78, 81 to 84, 87 to 96, 110 to 120, 149 to 159 and 162, subparagraphs 328-225(5)(a)(i) and (ii), paragraphs 104-235(4)(b), 328-170(b), 328-175(4)(a), 328-175(7)(a), 328-180(1)(a), 328-185(2)(a) and (b), 328-185(3)(a), 328-205(1)(a) and (c), 328-205(4)(b) and (c), 328-255(1)(a), 328-225(4)(a) and (b), 328-285(1)(a), 328-243(2)(b), 727-15(8)(a) and 727-470(2)(a), subsections 27-100(5), 40-25(1), 40-340(3), 40-425(7), 40-430(1), 70-5(3), 70-35(1), 70-40(1), 70-40(2),70-45(2), 328-175(1), (3) and (4), 328-180(2), (3) and (5), 328-185(1) and (3) to (7), 328-190(1) to (4), 328-195(1) to (3), 328-205(1), (2) and (4), 328-210(1) and (3), 328-225(1) to (4), 328-235(1) and (2), 328-247(1) and (2), 328-250(3), 328-285(1), 328-295(1) and (2), 716-25(2), 727-470(2), 995-1(1), sections 13-1, 20-157, 328-5, 328-10, 328-170, 328-200, 328-220, 328-280, 328-285 and 727-100 of the ITAA 1997; Schedule 3, items 163 to 167, paragraphs 328-115(1)(a) and 328-115(2)(a), subsections 40-10(3) and 328-115(3) and (4) of the Income Tax (Transitional Provisions) Act 1997 | 4.32 |
| Item 2, section 328-10 of the ITAA 1997 | 1.13 |
| Item 12, section 328-175 of the ITAA 1997; Schedule 3, item 174, section 328-440 of the Income Tax (Transitional Provisions) Act 1997 | 4.62 |
| Items 79 to 80, 85, 86 and 109, subsections 4-15(2), 328-285(1) and (2), section 328-290, Subdivisions 328-F and 328-G of the ITAA 1997 | 4.33 |
| Items 97 to 108, subsections 6(1), 82KZL(1), 170(1) and (14), section 82KZMD, paragraphs 73BA(4)(a) and 82KZMA(2)(b), subparagraph 82KZM(1)(aa)(i) of the ITAA 1936 | 4.75 |
| Items 121 to 148, 160 and 161, sections 61-500 and 61-525, subsections 61-505(2), 61-510(2), 61-515(2) and 61-520(2), paragraphs 61-505(1)(b) to (d), 61-510(1)(b), (c) to (e), 61-515(1)(b) to (e) and 61-520(1)(b), (c) to (e) and subsection 995-1(1) of the ITAA 1997 | 4.76 |
| Item 165, subsection 328-110(2) of the Income Tax (Transitional Provisions) Act 1997 | 2.71 |
| Item 165, subsection 328-110(3) of the Income Tax (Transitional Provisions) Act 1997 | 2.72 |
| Item 165, section 328-111 of the Income Tax (Transitional Provisions) Act 1997 | 4.55 |
| Item 165, section 328-112 of the Income Tax (Transitional Provisions) Act 1997 | 4.59 |
| Items 168, 170 and 172, subsections 328-115(3) and (4), section 328-120 of the Income Tax (Transitional Provisions) Act 1997 | 4.65 |
| Item 173, sections 328-185 and 328-195 of the Income Tax (Transitional Provisions) Act 1997 | 4.60 |
| Item 175, section 727-470 of the Income Tax (Transitional Provisions) Act 1997 | 4.69 |
| Part 3 | 4.53 |
Schedule 4: Capital gains tax small business concessions
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 3, paragraphs 152-5(a) and 152-10(1)(c), section 152-5 of the ITAA 1997 | 4.36 |
| Items 2 and 3, subparagraph 152-10(1)(c)(iii) and paragraph 152-5(a) of the ITAA 1997 | 4.37 |
| Items 2, 4, and 22, 23 and 25, paragraphs 152-5(a) and 727-15(8)(b), subsections 165-115AA(1) and 165-115GC(4), section 152-15 of the ITAA 1997 | 4.38 |
| Items 5 to 16 and 26, subparagraphs 152-20(2)(b)(i) and 152-40(1)(a)(ii), paragraphs 152-15(c), 152-20(2)(a) and (b), 152-20(3)(a), 152-20(2)(b) and 152-40(1)(b), subsections 152-20(4) and 995-1(1), sections 152-25 and 152-30 of the ITAA 1997 | 4.40 |
| Items 17, 18 and 21, subsection 152-40(1), section 152-42 of the ITAA 1997 | 4.47 |
| Items 19 and 20, subsections 152-40(1A) and (2) of the ITAA 1997 | 4.44 |
| Item 27, paragraph 19-20(1)(a) of the A New Tax System (Wine Equalisation Tax) Act 1999 | 4.81 |
| Item 28, section 33-1 of the A New Tax System (Wine Equalisation Tax) Act 1999 | 4.80 |
| Items 29 and 30, subsections 104-197(2) and 152-305(3) of the ITAA 1997 | 4.77 |
| Item 30, subsection 152-305(3) of the ITAA 1997 | 4.78 |
Schedule 5: Fringe benefits tax: car parking exemption
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 4, paragraphs 58GA(1)(d) and 58GA(2)(c), subsection 58GA(2) of the Fringe Benefits Tax Assessment Act 1986 | 4.48 |
| Item 5, subsection 58GA(3) of the Fringe Benefits Tax Assessment Act 1986 | 4.49 |
| Item 7 | 4.71 |
Schedule 6: PAYG instalments
| Bill reference | Paragraph number |
|---|---|
| Items 1 and 4 to 8, subsections 45-125(7) and 45-130(1) to (3) of Schedule 1 of the TAA 1953 | 4.72 |
| Items 2 and 3, subparagraphs 45-130(1)(b)(ii) and 45-130(1)(c)(i) of Schedule 1 to the TAA 1953 | 4.50 |
Schedule 7: Roll-over relief
| Bill reference | Paragraph number |
|---|---|
| Item 1, paragraphs 328-243(1A)(a) to (c) and (f) | 3.13 |
| Item 1, paragraph 328-243(1A)(d) | 3.14 |
| Item 1, paragraph 328-243(1A)(e) | 3.16 |
| Items 1 and 4 to 8 , subsections 45-125(7) and 45-130(1) to (3) of Schedule 1 to the TAA 1953 | 4.51 |
| Item 2 | 3.17 |
Schedule 8: Miscellaneous amendments
| Bill reference | Paragraph number |
|---|---|
| Items 1 to 8, subsection 82KZL(1) of the Income Tax Assessment Act 1936 (ITAA 1936), Subdivision 960-Q and subsection 995-1(1) of the ITAA 1997 and section 40-340 of the Income Tax (Transitional Provisions) Act 1997 | 4.74 |
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