House of Representatives

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012

Explanatory Memorandum

(Circulated By Authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

Index

Schedule 1: Entrepreneurs' tax offset

Bill reference Paragraph number
Items 1 to 3, headings under section 13-1, Subdivision 61-J 1.8
Items 4 to 9, note to subsection 328-10(2), section 995-1, paragraphs 328-111(2)(c) and 328-112(3)(c) of the IT(TP)A 1997, paragraph (c) of step 1 in section 45-340 in Schedule 1 to the TAA 1953 1.10
Item 10 1.9

Schedule 2: Increase to the small business instant asset write-off threshold

Bill reference Paragraph number
Items 1 to 3, 5 to 7, 16 to 24, 26, 27, 30 to 39, 40, 44, 46 to 54 and 61 to 64 2.32
Items 4, 8, 9 and 67 to 69 2.13
Items 8 to 13, 68 and 69 2.11
Items 10 to 13 and 69 2.18
Item 14 2.20
Items 15 and 65, section 328-200 of the Income Tax (Transitional Provisions) Act 1997 (IT(TP)A 1997) 2.21
Items 25, 28 and 29 2.23
Items 41 to 43, 70 and 71 2.24
Items 45 and 72 2.19
Items 55 to 60 and 72 to 74 2.28
Item 65 2.33
Items 66 and 75 2.29

Schedule 3: Small business entities' deductions for motor vehicles

Bill reference Paragraph number
Item 1, subsection 328-190(2A) 3.23
Item 2 3.37
Item 3, subsection 328-237(1) 3.18
Item 3, paragraph 328-237(1)(d) 3.15, 3.19
Item 3, subsections 328-237(2) and (3) 3.24
Item 3, subsections 328-237(2) to (4) 3.21
Item 3, subsections 328-237(2) and (4) 3.22
Item 3, subsection 328-237(5) 3.27
Items 4 to 6, subsections 328-250(1) and (2) and paragraph 328-250(3)(b) 3.34
Item 7 3.36

Schedule 4: Low income superannuation contribution

Bill reference Paragraph number
Item 2, section 12B 4.16, 4.24, 4.31
Item 2, section 12C 4.8
Item 2, subsection 12C(b) 4.17
Item 2, paragraph 12E(2)(a) 4.22
Item 2, paragraph 12E(2)(c) 4.23
Item 3, paragraph 14(1)(d) 4.15

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).