Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 147 of 1997 as amended
This compilation was prepared on 3 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) .......................................................................................... 2
Schedule 1--CGT exemption: disposing of small business retirement assets 3
Part 1--Amendment of the Income Tax Assessment Act 1936 3
Division 1--Amendment of CGT provisions 3
Division 2--Amendment of superannuation‑related provisions 18
Part 2--Amendment of the Terminations Payments Tax (Assessment and Collection) Act 1997 26
Part 3--Application 27
Schedule 2--Sale of mining rights 28
Income Tax Assessment Act 1936 28
Income Tax Assessment Act 1997 29
Schedule 3--Family tax initiative 31
Income Tax Assessment Act 1936 31
Schedule 4--Dividend imputation and tax exempt entities 34
Part 1--Amendment of the Income Tax Assessment Act 1936 34
Part 2--Application 39
Schedule 5--Principal residence exemption from CGT 40
Part 1--Amendment of the Income Tax Assessment Act 1936 40
Division 1--Dwellings acquired from deceased persons: extension of 12 month rule to 2 years 40
Division 2--Dwellings acquired from deceased persons: partial exemptions from CGT 40
Division 3--Dwellings acquired from deceased persons: status of residence at time of death 42
Division 4--Status of dwelling when first used for producing assessable income 46
Part 2--Application 48
Schedule 6--Treatment of payments made under firearms surrender arrangements 49
Part 1--Amendment of the Income Tax Assessment Act 1936 49
Part 2-- Amendment of the Income Tax Assessment Act 1997 51
Schedule 7--Remote area housing 52
Fringe Benefits Tax Assessment Act 1986 52
Schedule 8--Depreciation of lessor's fixtures 53
Income Tax Assessment Act 1936 53
Schedule 9--Increase in age limit for superannuation contributions 58
Part 1--Amendment of the Superannuation Guarantee (Administration) Act 1992 58
Part 2--Amendment of the Small Superannuation Accounts Act 1995 59
Schedule 10--Rebate for superannuation contributions made on behalf of a low‑income or non‑working spouse 60
Income Tax Assessment Act 1936 60
Schedule 11--Research and development 64
Income Tax Assessment Act 1936 64
Taxation Laws Amendment Act (No. 3) 1996 66
Schedule 12--Sales tax 68
Sales Tax (Exemptions and Classifications) Act 1992 68
Schedule 13--Subsidiary company liquidations and capital gains tax 69
Part 1--Amendment of the Income Tax Assessment Act 1936 69
Part 2--Application 74
Schedule 14--Gains and losses 75
Part 1--Income Tax Assessment Act 1936 (revenue losses) 75
Part 2--Income Tax Assessment Act 1936 (capital gains and capital losses) 79
Part 3--Income Tax Assessment Act 1936 (capital gains tax definitions) 115
Part 4--Income Tax Assessment Act 1997 (revenue losses) 116
Part 5--Income Tax (Consequential Amendments) Act 1997 120
Schedule 15--Deductions for gifts 121
Part 1--Amendment of the Income Tax Assessment Act 1936 121
Part 2--Amendment of the Income Tax Assessment Act 1997 123
Schedule 16--Technical amendments 125
Taxation Laws Amendment Act 1993 125
Taxation Laws Amendment Act (No. 3) 1994 125
Taxation Laws Amendment Act (No. 4) 1995 125
Taxation Laws Amendment Act (No. 3) 1996 125
Taxation Laws Amendment Act (No. 2) 1997 126
Taxation Laws Amendment (Private Health Insurance Incentives) Act 1997 126
Schedule 17--Employee share schemes 127
Income Tax Assessment Act 1936 127
Notes 129
Notes to
the
Taxation Laws Amendment Act (No. 3) 1997 Note 1 The Taxation Laws Amendment Act (No. 3) 1997
Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
147, 1997 |
14 Oct 1997 |
See s. 2 |
|
|
|
Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1999 |
131, 1999 |
13 Oct 1999 |
Schedule 6: (a) |
-- |
|
57, 2002 |
3 July 2002 |
Schedule 12 (item 54): (b) |
-- |
|
|
Tax Laws Amendment (2010 Measures No. 2) Act 2010 |
75, 2010 |
28 June 2010 |
Schedule 6 (item 64): 29 June 2010 |
-- |
(a) Subsection 2(4) of the Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1999 provides as follows:
(4) Schedule 6 is taken to have commenced on 14 October 1997, immediately after the commencement of Schedule 1 to the Taxation Laws Amendment Act (No. 3) 1997.
(b) Subsection 2(1) (item 54) 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 |
|
54. Schedule 12, item 54 |
Immediately after the commencement of section 2 of the Taxation Laws Amendment Act (No. 3) 1997 |
14 October 1997 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
S. 2....................................... |
am. No. 57, 2002 |
|
S. 4....................................... |
rep. No. 75, 2010 |
|
Schedule 1 |
|
|
Item 44.................................. |
rs. No. 131, 1999 |