Senate

Tax Law Improvement Bill (No. 1) 1998

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.

The Tax Law Improvement Bill (No. 2) 1997 has been retitled the Tax Law Improvement Bill (No. 1) 1998. All references in this explanatory memorandum that refer to Tax Law Improvement Bill (No. 2) 1997 should now read Tax Law Improvement Bill (No. 1) 1998.
THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES TO THE BILL AS INTRODUCED

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.

Background

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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