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COMMONWEALTH PLACES (CONSEQUENTIAL AMENDMENTS) BILL 1998

1996-97-98

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES




Presented and read a first time









Commonwealth Places (Consequential Amendments) Bill 1998

No. , 1998

(Treasury)



A Bill for an Act to make consequential amendments relating to Commonwealth places

9801220—1,067/4.3.1998—(12/98)  Cat. No. 97 2710 8  ISBN 0644 516437

Contents

Commonwealth Places (Application of Laws) Act 1970 0644516437.html

Income Tax Assessment Act 1936 0644516437.html

Income Tax Assessment Act 1997 0644516437.html

A Bill for an Act to make consequential amendments relating to Commonwealth places

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Commonwealth Places (Consequential Amendments) Act 1998.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4 Application of amendments

(1) The amendments of the Income Tax Assessment Act 1936 apply to the 1996-97 year of income.

(2) The amendments of the Income Tax Assessment Act 1997 apply to the 1997-98 year of income and to all later years of income.

Schedule 1—Amendments

Commonwealth Places (Application of Laws) Act 1970

1 After subsection 4(1)

Insert:

(1A) Subsection (1) does not apply to the provisions of the laws of a State to the extent that those provisions have effect, as laws of the Commonwealth, under the Commonwealth Places (Mirror Taxes) Act 1998.

Income Tax Assessment Act 1936

2 After paragraph 23(kf)

Insert:

(kg) taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998;

3 At the end of section 51

Add:

(11) A deduction is not allowable under subsection (1) in respect of tax imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.

Income Tax Assessment Act 1997

4 Section 11-10 (before table item headed “dividends or shares”)

Insert:

Commonwealth places windfall tax
taxable amounts		51-49

5 Section 12-5 (before table item headed “companies, co-operative and mutual”)

Insert:

Commonwealth places windfall tax
		26-17

6 After section 26-15

Insert:

26-17 Commonwealth places windfall tax

You cannot deduct under this Act any tax that is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998.

7 After section 51-48

Insert:

51-49 Taxable amounts relating to Commonwealth places windfall tax

Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are exempt from income tax.

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