TAX LAW IMPROVEMENT ACT 1997

[Schedule 12 (item 65) amended Heading to Item 69 of Schedule 6
Schedule 12 (item 83) repealed Item 15 of Schedule 4
Schedule 12 (item 65) commenced on 1 July 1997
Schedule 12 (item 83) commenced on 3 July 2002]

Prepared by the Office of Legislative Drafting,
Attorney‑General's Department, Canberra

Contents

1............ Short title ............................................................................................ 1

2............ Commencement .................................................................................. 1

3............ Schedule(s) .......................................................................................... 1

4............ Application of amendments ............................................................... 1

Schedule 1--Amendment of the Income Tax Assessment Act 1997 2

Schedule 2--Assessable income 265

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 265

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 268

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 270

Part 4--Consequential amendments of other Acts 275

Financial Corporations (Transfer of Assets and Liabilities) Act 1993 275

Schedule 3--Exempt income 276

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 276

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 279

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 286

Part 4--Consequential amendments of other Acts 293

Australian Industry Development Corporation Act 1970 293

Australian National Railways Commission Act 1983 293

Australian Postal Corporation Act 1989 293

Australian Trade Commission Act 1985 293

Development Allowance Authority Act 1992 293

Export Finance and Insurance Corporation Act 1991 294

Federal Airports Corporation Act 1986 294

Health Insurance Commission Act 1973 294

Legislative Instruments Act 1997 294

National Rail Corporation Agreement Act 1992 294

Social Security Act 1991 294

Superannuation Guarantee (Administration) Act 1992 295

Schedule 4--Deductions 296

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 296

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 300

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 310

Part 4--Consequential amendments of other Acts 321

Fringe Benefits Tax Assessment Act 1986 321

Schedule 5--Trading stock (and some related matters) 322

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 322

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 330

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 336

Part 4--Consequential amendments of other Acts 346

Cattle Transaction Levy Act 1995 346

Financial Corporations (Transfer of Assets and Liabilities) Act 1993 346

Schedule 6--Depreciation 347

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 347

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 362

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 374

Part 4--Consequential amendments of other Acts 385

Bounty and Capitalisation Grants (Textile Yarns) Act 1981 385

Income Tax Rates Act 1986 385

Sales Tax Assessment Act 1992 385

Social Security Act 1991 385

Student and Youth Assistance Act 1973 386

Veterans' Entitlements Act 1986 386

Schedule 7--Leased cars 387

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 387

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 391

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 392

Schedule 8--Recoupment 393

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 393

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 395

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 400

Part 4--Consequential amendments of other Acts 405

Financial Corporations (Transfer of Assets and Liabilities) Act 1993 405

Schedule 9--Gifts or contributions 406

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 406

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 410

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 412

Part 4--Consequential amendments of other Acts 416

Customs Tariff Act 1995 416

Sales Tax (Exemptions and Classifications) Act 1992 416

Schedule 10--Entertainment expenses 417

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 417

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 418

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 420

Part 4--Consequential amendments of other Acts 421

Fringe Benefits Tax Assessment Act 1986 421

Schedule 11--Capital allowances for primary producers and some land‑holders 423

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997 423

Part 2--Consequential amendment of the Income Tax Assessment Act 1997 434

Part 3--Consequential amendment of the Income Tax Assessment Act 1936 440

Schedule 12--Miscellaneous 445

Part 1--Amendment of the Income Tax Assessment Act 1997 445

Part 2--Amendment of the Income Tax Assessment Act 1936 447

Part 3--Amendment of the Income Tax (Consequential Amendments) Act 1997 450

Part 4--Consequential amendments of other Acts 451

Airports (Transitional) Act 1996 451

Legislative Instruments Act 1997 451

Social Security Act 1991 452

Student and Youth Assistance Act 1973 452

Veterans' Entitlements Act 1986 452

Commonwealth Consolidated Acts

TAX LAW IMPROVEMENT ACT 1997 - NOTES