TAXATION LAWS AMENDMENT ACT (NO. 1) 1998

This compilation was prepared on 23 September 2010
taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Schedule(s) .......................................................................................... 1

Schedule 1--Capital gains tax roll‑over relief for small businesses 2

Part 1--Amendments relating to disposals of shares or units in unit trusts 2

Income Tax Assessment Act 1936 2

Part 2--Technical amendments 14

Income Tax Assessment Act 1936 14

Schedule 2--Amendment of the Sales Tax Assessment Act 1992 22

Schedule 3--Land transport facilities 44

Part 1--Insertion of new Division 396 44

Income Tax Assessment Act 1997 44

Part 2--Other amendments 58

Income Tax Assessment Act 1997 58

Part 3--Transitional and application provisions 61

Schedule 4--Removing exemption for CRAFT Scheme payments 63

Income Tax Assessment Act 1997 63

Schedule 5--Technical amendments of the Income Tax Assessment Act 1997 64

Schedule 6--Technical amendments of the Income Tax Assessment Act 1936 74

Schedule 7--Technical amendments of the Income Tax (Transitional Provisions) Act 1997 77

Schedule 8--Technical amendments of the Income Tax (Consequential Amendments) Act 1997 81

Schedule 9--Technical amendments of other Acts 82

Financial Corporations (Transfer of Assets and Liabilities) Act 1993 82

Schedule 10--"Catch‑up" amendments 83

Part 1--Amendment of the Income Tax Assessment Act 1997 83

Part 2--Amendment of the Income Tax Assessment Act 1936 88

Part 3--Amendment of the Airports (Transitional) Act 1996 97

Part 4--Amendment of the Civil Aviation Legislation Amendment Act 1995 102

Part 5--Amendment of the Federal Airports Corporation Act 1986 103

Schedule 11--Amendments to improve further the readability of the Income Tax Assessment Act 1997 104

Part 1--Asterisking in operative provisions 104

Part 2--Removing asterisks from Guide material 107

Part 3--Removing asterisks from non‑operative material outside Guides 110

Part 4--Making Guide status more obvious 111

Part 5--Application of amendments made by this Schedule 120

Notes 121

Notes to the Taxation Laws Amendment Act (No. 1) 1998

Note 1

The Taxation Laws Amendment Act (No. 1) 1998 as shown in this compilation comprises Act No. 16, 1998 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Taxation Laws Amendment Act (No. 1) 1998	16, 1998	16 Apr 1998	See s. 2
Taxation Laws Amendment Act (No. 3) 1999	11, 1999	31 Mar 1999	Schedule 3 (items 3, 4): (a)	--
Taxation Laws Amendment Act (No. 2) 2002	57, 2002	3 July 2002	Schedule 12 (items 74, 75, 86): Royal Assent	Sch. 12 (item 86)
Tax Laws Amendment (2010 Measures No. 2) Act 2010	75, 2010	28 June 2010	Schedule 6 (item 34): 29 June 2010	--

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 2.......................................	am. No. 11, 1999
S. 4.......................................	rep. No. 75, 2010
Schedule 3
Items 8, 9..............................	rep. No. 57, 2002
Schedule 11
Item 108................................	rep. No. 57, 2002

Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 1) 1998 - NOTES