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This is a Bill, not an Act. For current law, see the Acts databases.
1998
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
A New Tax
System (Income Tax Laws Amendment) Bill
1998
No. ,
1998
(Treasury)
A Bill
for an Act to implement A New Tax System by amending the law about income tax,
and for related purposes
ISBN: 0642 379440
Contents
Income Tax Assessment Act
1997 3
Part 1—Amendment of the Income Tax Assessment Act
1997 4
Part 2—Consequential amendments of the Income Tax Assessment Act
1936 5
Income Tax
Regulations 6
A Bill for an Act to implement A New Tax System by
amending the law about income tax, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the A New Tax System (Income Tax Laws
Amendment) Act 1998.
(1) This Act commences, or is taken to have commenced:
(a) after all the Acts listed in subsection (2) have received the Royal
Assent; and
(b) on the day after the last day on which any of those Acts received the
Royal Assent.
(2) These are the Acts that must have received the Royal Assent for this
Act to commence:
(a) the A New Tax System (Goods and Services Tax) Act
1998;
(b) the A New Tax System (Goods and Services Tax Administration) Act
1998;
(c) the A New Tax System (Goods and Services Tax
Imposition—Excise) Act 1998;
(d) the A New Tax System (Goods and Services Tax
Imposition—Customs) Act 1998;
(e) the A New Tax System (Goods and Services Tax
Imposition—General) Act 1998.
(1) Subject to section 2, each Act that is specified in a Schedule to this
Act is amended or repealed as set out in the applicable items in the Schedule
concerned, and any other item in a Schedule to this Act has effect according to
its terms.
(2) The Income Tax Regulations are amended as set out in the applicable
items in Schedule 3 to this Act, and any other item in that Schedule has effect
according to its terms.
Income
Tax Assessment Act 1997
1 Section 11-15 (table item headed “social
security or like payments”)
Before:
|
child care assistance |
52-120 |
Insert:
|
bonus payments made to certain older Australians |
Subdivision 52-E |
2 After subsection 36-20(3)
Insert:
(3A) Excluded exempt income also includes exempt income to
which section 52-130 (about exempting bonus payments made to certain older
Australians) applies.
3 After Subdivision 52-D
Insert:
Table of sections
52-130 Bonus payments made to certain older Australians are
exempt
A payment made to you under the A New Tax System (Bonuses for Older
Australians) Act 1998 is exempt from income tax.
Part
1—Amendment of the Income
Tax Assessment Act 1997
1 Section 13-1 (table item headed
“eligible termination payments (ETPs)”)
Omit:
|
savings and investment income, payments included in........... |
Subdivision 61-A |
|
2 Section 13-1 (table item headed “savings
and investment income”)
Repeal the item.
3 Section 13-1 (table item headed
“superannuation”)
Omit:
|
undeducted
contributions.................................................. |
Subdivision 61-A |
|
4 Section 13-1 (table item headed
“superannuation”)
Omit “also”.
5 Subdivision 61-A
Repeal the Subdivision, substitute:
[The next Subdivision is Subdivision 61-G.]
6 Section 995-1(1)(definition of savings and
investment income)
Repeal the definition.
7 Application
The amendments made by this Part apply to assessments for the 1999-2000
income year and later income years.
Part
2—Consequential amendments
of the Income Tax Assessment Act 1936
8 Paragraph 221YAB(1)(b) (definition of
Qualifying rebates)
Omit “of this Act and the tax offset under Subdivision 61-A of the
Income Tax Assessment Act 1997”.
9 Paragraph 221YDA(1)(da)
Omit “and the tax offset to which he or she will be entitled for that
year of income under Subdivision 61-A of the Income Tax Assessment Act
1997”.
10 Subparagraph
221YDA(2)(a)(ii)
Omit “and the tax offset under Subdivision 61-A of the Income Tax
Assessment Act 1997”.
11 Subparagraph
221YDA(2)(a)(ii)
Omit “and that tax offset”.
12 Application
The amendments made by this Part apply for the purposes of working out
amounts of provisional tax (including instalments) payable for the 1999-2000
income year and later income years.
1 Regulation 150AA (definition of rebate
amount)
Omit “subregulation 150AB(2)”, substitute “subregulations
150AB(2) and (2A)”.
2 Subregulation 150AB(1) (definition of
rebate amount)
Omit “subregulation (2)”, substitute “subregulations (2)
and (2A)”.
3 After subregulation
150AB(2)
Insert:
(2A) For this regulation, a taxpayer’s rebate amount
for the 2000-2001 year of income or a later year of income is
increased:
(a) by $250 if, for at least one day during that income year, he or she
would be treated as not being a member of a couple for the purposes of
applying column 2 of item 1 of Table B in point 1064-B1 of SSA91; or
(b) by $175 in any other case.
4 Subregulation 150AB(3) (definition of
rebate amount)
Omit “subregulation (2)”, substitute “subregulations (2)
and (2A)”.
5 Subregulation 151(2) (definition of
Taxpayer’s rebate amount)
Omit “subregulation (3)”, substitute “subregulations (3)
and (3A)”.
6 After subregulation
151(3)
Insert:
(3A) Subject to subregulation (5), for the purposes of this regulation,
the Taxpayer’s rebate amount for the 2000-2001 year of
income or a later year of income is increased:
(a) by $250 if the taxpayer has received a single-rate pension;
or
(b) by $175 in any other case.
7 Subregulation 151(5)
Omit “subregulation (3)”, substitute “subregulations (3)
and (3A)”.
8 Amendment or repeal of Income Tax
Regulations
The amendment of the Income Tax Regulations by this Schedule does not
prevent the amendment or repeal, by regulations, of the Income Tax Regulations
as amended by this Schedule.