Tax Laws Amendment (2006 Measures No. 1) Act 2006 (32 of 2006)

Schedule 1   Foreign source income exemptions for temporary residents

Part 2   Other amendments

Income Tax Assessment Act 1997

40   Application

 

(1) Sections 768-910, 768-945, 768-960, 768-965, 768-970 and 768-975 of the Income Tax Assessment Act 1997 apply for an income year that begins on or after the start-up day.

      

(2) Sections 768-915, 768-920, 768-925, 768-930, 768-935 and 768-940 of the Income Tax Assessment Act 1997 and items 20 and 21 of this Schedule apply if the relevant CGT event happens on or after the start-up day.

      

(3) For the purposes of sections 768-920, 768-925, 768-930, 768-935, 768-940 and 768-945 of the Income Tax Assessment Act 1997, items 8, 9 and 10 of this Schedule apply if:

(a) the relevant CGT event happens on or after the start-up day; and

(b) the relevant matching shares or rights were acquired on or after 1 July 2004.

      

(4) Section 768-950 of the Income Tax Assessment Act 1997 and items 26, 30 and 33 of this Schedule apply to an individual becoming an Australian resident on or after the start-up day.

      

(5) Section 768-955 of the Income Tax Assessment Act 1997 applies to an individual ceasing to be a temporary resident (but remaining an Australian resident) on or after the start-up day.

      

(6) For the purposes of section 768-955 of the Income Tax Assessment Act 1997, items 8, 9 and 10 of this Schedule apply if:

(a) the individual ceases to be a temporary resident (but remains an Australian resident) on or after the start-up day; and

(b) the relevant CGT asset is a matching share or right that was acquired on or after 1 July 2004.

      

(7) Section 768-980 of the Income Tax Assessment Act 1997 applies to a payment of interest made on or after the day on which this Act receives the Royal Assent.

      

(8) The amendments made by items 13, 14 and 15 of this Schedule apply for an income year that begins on or after the start-up day.

      

(9) In this item:

start-up day means the 1 July next following the day on which this Act receives the Royal Assent.