Senate

Explanatory Memorandum

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

CHANGE OF TITLE - TAX LAW IMPROVEMENT BILL (No. 1) 1998 - SENATE - Explanatory Memorandum.

Chapter 2.28 - Consequential amendments of the Income Tax Assessment Act 1997

Overview

This Chapter explains the consequential amendments of the 1997 Act that are required as a result of the rewrite of the CGT provisions.

Background

The amending items 4 to 48 are in Part 2 of Schedule 2.

What Part 2 of Schedule 2 does

Part 2 of Schedule 2 to the Bill amends the 1997 Act as a consequence of the rewrite of the CGT provisions.

Listed below are summaries of the various categories of amendment made by the items of Part 2, Schedule 2:

•

Replace references to 1936 Act provisions with 1997 Act references

Item numbers: 4, 5, 6, 11, 13, 16

•

Replace references to old Part IIIA with reference to new Parts 3-1 and 3-3

Itemnumber: 15

•

Replace references to Part IIIA concepts with references to Parts 3-1 and 3-3 concepts

Item numbers: 7, 10, 12, 14, 17

•

Insert references to rewritten provisions

Item numbers: 9, 26, 27, 29, 31, 32, 34, 35

•

Substitute or insert references to newly defined terms

Item numbers: 20, 21, 22, 23, 24, 25, 43, 44, 47, 48

•

Replace defined terms with words having an ordinary meaning not requiring definition

Item numbers: 36, 37, 38, 39, 40, 41

•

Substitute updated references to rewritten roll-over provisions

Item number: 8

•

Improve the wording of provisions

Item numbers: 19, 30, 42, 45

•

Insert signposts

Item numbers: 28, 33

•

Repeal link notes

Item numbers: 18, 46