TAXATION LAWS AMENDMENT ACT (NO. 2) 1999

This compilation was prepared on 18 August 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--Australia as a regional financial centre 2

Part 1--OBUs, withholding tax and thin capitalisation 2

Income Tax Assessment Act 1936 2

Income Tax Assessment Act 1997 10

Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 11

Part 2--Foreign Investment Funds 12

Income Tax Assessment Act 1936 12

Part 3--Controlled foreign companies 16

Income Tax Assessment Act 1936 16

Schedule 2--Commercial debt forgiveness 18

Income Tax Assessment Act 1936 18

Schedule 3--Depreciation of plant previously owned by an exempt entity 19

Part 1--Income Tax Assessment Act 1997 19

Part 2--Income Tax (Transitional Provisions) Act 1997 57

Part 3--Income Tax Assessment Act 1936 58

Part 4--Application of amendments 60

Schedule 4--Franking credits, franking debits and the intercorporate dividend rebate 61

Income Tax Assessment Act 1936 61

Schedule 5--Franking of dividends by exempting companies and former exempting companies 119

Income Tax Assessment Act 1936 119

Schedule 6--Deductions for gifts 173

Income Tax Assessment Act 1997 173

Schedule 7--Distributions to beneficiaries and partners that are equivalent to interest 174

Income Tax Assessment Act 1936 174

Notes 185

Notes to the Taxation Laws Amendment Act (No. 2) 1999

Note 1

The Taxation Laws Amendment Act (No. 2) 1999 as shown in this compilation comprises Act No. 93, 1999 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Taxation Laws Amendment Act (No. 2) 1999	93, 1999	16 July 1999	See s. 2
Taxation Laws Amendment Act (No. 2) 2002	57, 2002	3 July 2002	Schedule 12 (item 53): (a)	--
Tax Laws Amendment (2010 Measures No. 2) Act 2010	75, 2010	28 June 2010	Schedule 6 (item 51): 29 June 2010	--

(a) Subsection 2(1) (item 53) of the Taxation Laws Amendment Act (No. 2) 2002 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
53. Schedule 12, item 53	Immediately after the time specified in the Taxation Laws Amendment Act (No. 2) 1999 for the commencement of item 36 of Schedule 1 to that Act	16 July 1999

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 4.......................................	rep. No. 75, 2010
Schedule 1
Item 36..................................	am. No. 57, 2002

Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 1999 - NOTES