Contents

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

2............ Commencement................................................................................... 2

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

4............ Amendment of assessments................................................................ 3

Schedule 1--Removing tax issues facing special disability trusts             4

Part 1--Extending CGT main residence exemption to special disability trusts  4

Income Tax Assessment Act 1997                                                                              4

Part 2--CGT exemption for assets transferred to special disability trusts             12

Income Tax Assessment Act 1997                                                                            12

Part 3--Extending definitions to cover veterans' special disability trusts             13

Income Tax Assessment Act 1997                                                                            13

Schedule 2--Pacific Seasonal Worker Pilot Scheme                                      14

Part 1--Amendments commencing on Royal Assent                                 14

Income Tax Rates Act 1986                                                                                      14

Part 2--Amendments commencing on 1 July 2016                                     15

Income Tax Rates Act 1986                                                                                      15

Schedule 3--TOFA and PAYG instalments                                                       16

Part 1--Amendments                                                                                                  16

Taxation Administration Act 1953                                                                         16

Part 2--Application of amendments                                                                   17

Schedule 4--Notification of TOFA transitional elections                            20

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009        20

Schedule 5--Farm management deposits                                                              22

Part 1--Early repayments in the event of applicable natural disasters 22

Income Tax Assessment Act 1997                                                                            22

Part 2--Providers must report monthly                                                             24

Income Tax Assessment Act 1997                                                                            24

Taxation Administration Act 1953                                                                         24

Part 3--Owners may have farm management deposits with more than one FMD provider         25

Income Tax Assessment Act 1997                                                                            25

Part 4--Contacting owners before forfeiting FMD deposits as unclaimed money           26

Banking Act 1959                                                                                                      26

Schedule 6--Temporary loss relief for merging superannuation funds  27

Income Tax Assessment Act 1997                                                                            27

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                    27

Schedule 7--Penalty notice validation                                                                     29

Schedule 8--Ancillary funds                                                                                         30

Part 1--Public ancillary funds                                                                                30

Division 1--Main amendments                                                                              30

A New Tax System (Australian Business Number) Act 1999                              30

Income Tax Assessment Act 1997                                                                            30

Taxation Administration Act 1953                                                                         31

Division 2--Amendments commencing on 1 July 2012                                    36

Taxation Administration Act 1953                                                                         36

Division 3--Transitional provisions                                                                       36

Part 2--Minor amendments                                                                                     39

Income Tax Assessment Act 1936                                                                            39

Taxation Administration Act 1953                                                                         39

Schedule 9--Film tax offsets                                                                                         40

Income Tax Assessment Act 1997                                                                            40

 

 

 

Tax Laws Amendment (2011 Measures No. 7) Act 2011

No. 147, 2011

 

An Act to amend the law relating to taxation, and for other purposes

[Assented to 29 November 2011]

The Parliament of Australia enacts: