TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993

This compilation was prepared on 26 September 2000
taking into account amendments up to Act No. 94 of 1995

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

Part 1--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

Part 2--Amendment of the Fringe Benefits Tax Assessment Act 1986 2

Division 1--Principal Act 2

3............ Principal Act ....................................................................................... 2

Division 2--Amendments relating to non-deductible expenses 3

4............ Object of Division ............................................................................... 3

5............ Repeal of sections 64, 64A and 65 ...................................................... 3

6............ Interpretation ....................................................................................... 3

7............ Application of amendments ................................................................. 3

Division 3--Repeal of redundant provision 4

8............ Object of Division ............................................................................... 4

9............ Repeal of section 65CAA ................................................................... 4

10.......... Consequential amendments ................................................................. 4

11.......... Savings ............................................................................................... 4

Part 3--Amendment of the Income Tax Assessment Act 1936 5

Division 1--Principal Act 5

12.......... Principal Act ....................................................................................... 5

Division 2--Amendments to deny deductions to certain non-employees for certain car parking expenses 6

13.......... Object of Division ............................................................................... 6

14.......... Insertion of new section ...................................................................... 6

15.......... Keeping of records ............................................................................ 11

16.......... Application of amendments ............................................................... 11

Division 3--Amendments relating to certain non-deductible expenses 12

17.......... Object of Division ............................................................................. 12

18.......... Losses and outgoings ........................................................................ 12

19.......... Club fees and expenditure relating to leisure facilities ....................... 12

20.......... Deductions not allowable for entertainment expenses ....................... 12

21.......... Deductions for travel expenses where person accompanied by relative 13

22.......... Depreciation ...................................................................................... 13

23.......... Application of amendments ............................................................... 13

Division 4--Amendments relating to payments in lieu of annual leave or long service leave 14

24.......... Object of Division ............................................................................. 14

25.......... Interpretation ..................................................................................... 14

26.......... Application of amendments ............................................................... 16

27.......... Transitional ....................................................................................... 16

Division 5--Amendments relating to credit unions 18

28.......... Object of Division ............................................................................. 18

29.......... Interpretation ..................................................................................... 18

30.......... Insertion of new section .................................................................... 18

31.......... Exemption of interest received by credit unions ................................ 20

32.......... Co-operative companies .................................................................... 21

33.......... Sums received to be taxed ................................................................. 21

34.......... Application of amendment ................................................................ 21

Part 4--Amendment of the Income Tax Rates Act 1986 22

Division 1--Principal Act 22

35.......... Principal Act ..................................................................................... 22

Division 2--Credit unions 23

36.......... Object of Division ............................................................................. 23

37.......... Rates of tax payable by companies .................................................... 23

Part 5--Amendment of the Medicare Levy Act 1986 24

38.......... Object of Part .................................................................................... 24

39.......... Principal Act ..................................................................................... 24

40.......... Levy in cases of small incomes ......................................................... 24

41.......... Amount of levy--person who has spouse or dependants ................. 24

42.......... Application of amendments ............................................................... 24

Notes 25

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Taxation (Deficit Reduction) Act (No. 1) 1993	57, 1993	27 Oct 1993	27 Oct 1993
Taxation Laws Amendment (Budget Measures) Act 1995	94, 1995	27 July 1995	Schedule 3 (Part 2 (items 5, 6)): 1 July 1995 Schedule 9: Royal Assent Remainder: 9 May 1995	--

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 37 ...................................	am. No. 94, 1995

Commonwealth Consolidated Acts

TAXATION (DEFICIT REDUCTION) ACT (NO. 1) 1993 - NOTES