TAXATION LAWS AMENDMENT ACT (NO. 8) 2003

This compilation was prepared on 19 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 .................................................................................. 1

3............ Schedule(s) .......................................................................................... 2

Schedule 1--Franking of non‑share dividends 3

Part 1--Amendment of the Income Tax Assessment Act 1997 3

Part 2--Amendment of the Income Tax Assessment Act 1936 4

Part 3--Application 5

Schedule 2--Various amendments relating to consolidated groups 6

Part 1--Tax cost setting for certain depreciating assets 6

Income Tax Assessment Act 1997 6

Part 2--Cost base and reduced cost base of pre‑CGT assets 7

Income Tax Assessment Act 1997 7

Income Tax (Transitional Provisions) Act 1997 8

Part 3--CGT event in respect of reduction in tax cost setting amounts for reset cost base assets 9

Income Tax Assessment Act 1997 9

Part 4--Replacement of continuity of ownership test for retention of accelerated depreciation 11

Income Tax Assessment Act 1997 11

Part 5--Transitional adjustment to over‑depreciation provisions where no unfranked or partly franked dividends 12

Income Tax (Transitional Provisions) Act 1997 12

Part 6--Adjustments for errors etc. 13

Taxation Administration Act 1953 13

Part 7--Extension of certain consolidation provisions to cover MEC groups 16

Income Tax Assessment Act 1997 16

Income Tax (Transitional Provisions) Act 1997 17

Part 8--Excess franking deficit tax offsets 18

Income Tax Assessment Act 1997 18

Part 9--Application 21

Schedule 3--Conservation covenants 22

Income Tax Assessment Act 1997 22

Schedule 4--Depreciation of cars for FBT 23

Fringe Benefits Tax Assessment Act 1986 23

Schedule 5--Endorsement of perpetual bodies as deductible gift recipients 24

Income Tax Assessment Act 1997 24

Schedule 6--Farm management deposits 25

Income Tax Assessment Act 1936 25

Schedule 7--Tax offset arising from franking deficit tax liability 29

Part 1--Amendment of the Income Tax Assessment Act 1997 29

Part 2--Amendment of the Income Tax (Transitional Provisions) Act 1997 36

Part 3--Consequential amendments 42

Income Tax Assessment Act 1936 42

Income Tax Assessment Act 1997 42

Taxation Administration Act 1953 43

Notes 45

Notes to the Taxation Laws Amendment Act (No. 8) 2003

Note 1

The Taxation Laws Amendment Act (No. 8) 2003 as shown in this compilation comprises Act No. 107, 2003 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. 8) 2003	107, 2003	21 Oct 2003	See s. 2(1)
Tax Laws Amendment (2004 Measures No. 6) Act 2005	23, 2005	21 Mar 2005	Schedule 3 (item 110): Royal Assent Schedule 11: (a)	--
Tax Laws Amendment (2010 Measures No. 2) Act 2010	75, 2010	28 June 2010	Schedule 6 (item 95): 29 June 2010	--

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
8. Schedule 11	Immediately after the Taxation Laws Amendment Act (No. 8) 2003 received the Royal Assent.	21 October 2003

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 2.......................................	am. No. 23, 2005
S. 4.......................................	rep. No. 75, 2010
Schedule 7
Item 16..................................	rep. No. 23, 2005

Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 8) 2003 - NOTES