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This is a Bill, not an Act. For current law, see the Acts databases.


INCOME TAX AMENDMENT BILL 2007

2004-2005-2006-2007

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES


Presented and read a first time



Income Tax Amendment Bill 2007

No. , 2007

(Treasury)

A Bill for an Act to amend the Income Tax Act 1986, and for related purposes



Income Tax Amendment Bill 2007 No. , 2007

Income Tax Amendment Bill 2007 No. , 2007
Contents

 

1 Short title 1

 

2 Commencement 1

 

3 Schedule(s) 1
Schedule 1--Amendment of the Income Tax Act 1986 3
Income Tax Act 1986 3




Amendment of the Income Tax Act 1986 Schedule 1



Income Tax Amendment Bill 2007 No. , 2007

Income Tax Amendment Bill 2007 No. , 2007

Income Tax Amendment Bill 2007 No. , 2007
A Bill for an Act to amend the Income Tax Act 1986, and for related purposes
The Parliament of Australia enacts:

 

1 Short title

This Act may be cited as the Income Tax Amendment Act 2007.

 

2 Commencement

This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.

 

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


Schedule 1--Amendment of the Income Tax Act 1986

Income Tax Act 1986

 

1 Subsection 5(2)
Omit "27GA,".

 

2 After subsection 5(2)
Insert:

(2A) This Act does not impose tax payable in accordance with section 301-175 or 306-15 of the Income Tax Assessment Act 1997.

 

3 Subsection 5(4)
Omit "an eligible entity within the meaning of Part IX of the Assessment Act", substitute "a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997)".

 

4 Paragraph 5(4)(a)
Omit "taxable contributions within the meaning of Part IX of the Assessment Act", substitute "contributions that are included in assessable income under Subdivision 295-C of the Income Tax Assessment Act 1997".

 

5 Subsection 5(5)
Omit "Part IX of the Assessment Act", substitute "the Income Tax Assessment Act 1997".

 

6 Subsection 5(5)
Omit "section 288A", substitute "table item 2 in section 295-320".

 

7 Subsection 5(6)
Omit "resident superannuation fund", substitute "Australian superannuation fund".

 

8 Subsection 5(6)
Omit "section 288B", substitute "table item 3 in section 295-320".

 

9 Application
The amendments made by this Schedule apply to the 2007-2008 income year and later years.

 


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