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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax and Superannuation Laws
Amendment (2015 Measures No. 4) Bill
2015
No. , 2015
(Treasury)
A Bill for an Act to amend the law relating to
taxation and superannuation, and for related
purposes
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Scrip for scrip roll-over
3
Income Tax Assessment Act 1997
3
Schedule 2--Foreign employment income and Australian
government employees
8
Income Tax Assessment Act 1936
8
Schedule 3--Lost member small account threshold
9
Superannuation (Unclaimed Money and Lost Members) Act 1999
9
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
1
A Bill for an Act to amend the law relating to
1
taxation and superannuation, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Tax and Superannuation Laws
6
Amendment (2015 Measures No. 4) Act 2015.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
No. , 2015
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedules 1
and 2
The day this Act receives the Royal Assent.
3. Schedule 3,
item 1
31 December 2015.
31 December
2015
4. Schedule 3,
item 2
31 December 2016.
31 December
2016
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Scrip for scrip roll-over Schedule 1
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
3
Schedule 1
--Scrip for scrip roll-over
1
2
Income Tax Assessment Act 1997
3
1 Subsection 104-25(5) (note 4)
4
Repeal the note.
5
2 Section 112-53 (table item
2, column headed "In this
6
situation:")
7
Omit "an ultimate holding company under that arrangement from a
8
member of its wholly-owned", substitute "a member of a wholly-owned
9
group under that arrangement from another member of the".
10
3 Paragraph 124-780(3)(d)
11
Omit "arrangement", substitute "
*
arrangement".
12
4 At the end of subsection 124-780(3)
13
Add:
14
; and (f) if an acquiring entity is a member of a wholly-owned
15
group--no member of the group issues equity (other than a
16
replacement interest), or owes new debt, under the
17
arrangement:
18
(i) to an entity that is not a member of the group; and
19
(ii) in relation to the issuing of the replacement interest.
20
5 Subparagraphs 124-781(1)(a)(i) and (ii)
21
After "acquiring entity", insert "and the replacement entity".
22
6 Subsection 124-782(1) (note 2)
23
Omit "an ultimate holding company by an acquiring entity", substitute
24
"a member of an acquiring wholly-owned group by another member of
25
the group".
26
7 Subsections 124-783(9) and (10)
27
Omit "acquiring entity" (wherever occurring), substitute "replacement
28
entity".
29
Schedule 1 Scrip for scrip roll-over
4
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
No. , 2015
8 Section 124-784
1
Repeal the section, substitute:
2
124-783A Rights that affect stakes
3
(1) An entity has a significant stake in another entity if:
4
(a) the first entity has one or more
*
stake options in the other
5
entity; and
6
(b) the first entity would have such a stake (under
7
section 124-783) if the first entity acquired
*
stake interests in
8
the other entity under any of those stake options.
9
Note:
Paragraph (b) is satisfied if there are any circumstances (e.g. the
10
first entity exercises some but not all of the stake options) in
11
which the first entity would have a significant stake in the other
12
entity, even if in other circumstances the first entity would not
13
have such a stake.
14
(2) An entity, or 2 or more entities, have a common stake in the
15
original entity just before the
*
arrangement started and in the
16
replacement entity just after the arrangement was completed if:
17
(a) the entities:
18
(i) had one or more
*
stake options in the original entity
19
before the arrangement started; or
20
(ii) have one or more stake options in the replacement
21
entity; and
22
(b) the entities would have such stakes (under section 124-783)
23
if:
24
(i) the entities had acquired
*
stake interests in the original
25
entity under any of the stake options mentioned in
26
subparagraph (a)(i); or
27
(ii) the entities acquired stake interests in the replacement
28
entity under some or all of the stake options mentioned
29
in subparagraph (a)(ii).
30
(3) Something is a stake option an entity has in another entity if it
31
gives the first entity, or its
*
associates, a right to acquire the
32
following (stake interests):
33
(a) if the other entity is a company:
34
(i) voting rights in the company; or
35
Scrip for scrip roll-over Schedule 1
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
5
(ii) the right to receive any part of any
*
dividends that the
1
company may pay; or
2
(iii) the right to receive any part of any distribution of capital
3
of the company;
4
(b) if the other entity is a trust--the right to receive any part of
5
any distribution to beneficiaries of the trust of income or
6
capital of the trust;
7
and the acquisition could occur before the end of 5 years after the
8
*
arrangement was completed.
9
Example 1: An option.
10
Example 2: A share that gives a voting right that is temporarily supressed.
11
(4) For the purposes of subsection (1), treat the reference in
12
subparagraph (3)(a)(i) to voting rights as being a reference to
13
*
shares carrying voting rights.
14
(5) This section does not limit subsections 124-783(6) to (10).
15
124-784 Cost base of equity or debt given within acquiring group
16
Purpose
17
(1) This section allocates an appropriate
*
cost base to equity issued, or
18
new debt owed, under the
*
arrangement, by a member of a
19
*
wholly-owned group to another member (the recipient) of the
20
group, if:
21
(a) the acquiring entity is a member of the group; and
22
(b) the cost base of an original interest was transferred or
23
allocated under section 124-782 because the original interest
24
holder is a
*
significant stakeholder or a
*
common stakeholder
25
for the arrangement.
26
Allocation of cost base
27
(2) The first element of the
*
cost base of the equity or debt for the
28
recipient is that part of the cost base of the original interest
29
transferred or allocated under section 124-782 as:
30
(a) may be reasonably allocated to the equity or debt; and
31
(b) is not more than the
*
market value of the equity or debt just
32
after the
*
arrangement was completed.
33
Schedule 1 Scrip for scrip roll-over
6
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
No. , 2015
9 Subparagraph 124-784A(1)(a)(i)
1
After "section 124-780", insert "or 124-781".
2
10 Subsection 124-784A(2) (method statement, step 3)
3
Repeal the step, substitute:
4
Step 3. Add up the
*
market value at the completion time of all of
5
the:
6
(a)
if the replacement entity is a company--
*
shares
7
*
on issue by the replacement entity; and
8
(b)
if the replacement entity is a company--options,
9
rights and similar interests issued by the
10
replacement entity that give the holder an
11
entitlement to acquire a share in the replacement
12
entity at or after the completion time; and
13
(c)
if the replacement entity is a trust--units or other
14
interests in the replacement entity; and
15
(d)
if the replacement entity is a trust--options, rights
16
or similar interests issued by the replacement entity
17
that gives the holder an entitlement to acquire a
18
unit or other interest in the replacement entity at or
19
after the completion time.
20
11 Section 124-784C
21
Repeal the section, substitute:
22
124-784C Cost base of equity or debt given within acquiring group
23
Purpose
24
(1) This section allocates an appropriate
*
cost base to equity issued, or
25
new debt owed, under the
*
arrangement by a member of a
26
*
wholly-owned group to another member (the holder) of the group,
27
if:
28
(a) an acquiring entity is a member of the group; and
29
Scrip for scrip roll-over Schedule 1
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
7
(b) the cost base of the acquiring entity for a qualifying interest
1
was worked out under section 124-784B.
2
Allocation of cost base
3
(2) The first element of the
*
cost base of the equity or debt for the
4
holder is that part of the cost base of the qualifying interest worked
5
out under section 124-784B as:
6
(a) may be reasonably allocated to the equity or debt; and
7
(b) is not more than the
*
market value of the equity or debt at the
8
completion time.
9
12 Subsection 995-1(1) (definition of common stake)
10
Omit "section 124-783", substitute "sections 124-783 and 124-783A".
11
13 Subsection 995-1(1) (definition of significant stake)
12
Omit "section 124-783", substitute "sections 124-783 and 124-783A".
13
14 Subsection 995-1(1)
14
Insert:
15
stake interest has the meaning given by subsection 124-783A(3).
16
stake option has the meaning given by subsection 124-783A(3).
17
15 Application of amendments
18
The amendments made by this Schedule apply in relation CGT events
19
happening after 7.30 pm, by legal time in the Australian Capital
20
Territory, on 8 May 2012.
21
Schedule 2 Foreign employment income and Australian government employees
8
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
No. , 2015
Schedule 2
--Foreign employment income and
1
Australian government employees
2
3
Income Tax Assessment Act 1936
4
1 Paragraph 23AG(1AA)(a)
5
After "employer", insert "(except if that employer is an Australian
6
government agency (within the meaning of the Income Tax Assessment
7
Act 1997))".
8
2 Application of amendments
9
The amendment made by this Schedule applies to the 2016-17 year of
10
income and later years of income.
11
Lost member small account threshold Schedule 3
No. , 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
2015
9
Schedule 3
--Lost member small account
1
threshold
2
3
Superannuation (Unclaimed Money and Lost Members) Act
4
1999
5
1 Paragraph 24B(1)(b)
6
Omit "$2,000", substitute "$4,000".
7
Note:
This item commences on 31 December 2015.
8
2 Paragraph 24B(1)(b)
9
Omit "$4,000", substitute "$6,000".
10
Note:
This item commences on 31 December 2016.
11