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This is a Bill, not an Act. For current law, see the Acts databases.
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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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