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 2.30 - Consequential amendments of other Acts
Overview
This Chapter outlines the consequential amendments of other Commonwealth Acts required because of the rewriting of the CGT provisions.
The amending items 523 to 550 are in Part 4 of Schedule 2.
What Part 4 of Schedule 2 will do
Part 4 of Schedule 2 to the Bill amends Commonwealth Acts (other than the 1936 Act and the 1997 Act) to make changes that are necessary as a consequence of the rewriting and relocation of 1936 Act CGT provisions dealt with by the Bill.
The amendments replace references to 1936 Act provisions and concepts relating to CGT with references to the rewritten provisions and concepts.
The Bill will amend the following Acts (item numbers in the right-hand column refer to those in Schedule 2 to the Bill).
| Act | Item numbers |
|---|---|
| Australian Industry Development Corporation Act 1970 | 523-526 |
| Bank Integration Act 1991 | 527 |
| Civil Aviation Legislation Amendment Act 1995 | 528-529 |
| Commonwealth Serum Laboratories Act 1961 | 530-531 |
| Defence Act 1903 | 532-538 |
| Federal Airports Corporation Act 1986 | 539 |
| Financial Corporations (Transfer of Assets and Liabilities) Act 1993 | 540-545 |
| Income Tax Rates Act 1986 | 546-547 |
| Industry Research and Development Act 1986 | 548-549 |
| Transport Legislation Amendment (Search and Rescue Service) Act 1997 | 550 |
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