Commonwealth of Australia Bills
[Index]
[Search]
[Download]
[Related Items]
[Help]
This is a Bill, not an Act. For current law, see the Acts databases.
INCOME TAX RATES AMENDMENT (RESEARCH AND DEVELOPMENT) BILL 2010
2008-2009-2010
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax Rates Amendment
(Research and Development) Bill 2010
No. , 2010
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
i Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendments
3
Income Tax Rates Act 1986
3
Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010 1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Income Tax Rates Amendment
5
(Research and Development) Act 2010.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (Research and
Development) Act 2010 commences.
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amendments Schedule 1
Income Tax Rates Amendment (Research and Development) Bill 2010 No. , 2010 3
Schedule 1--Amendments
1
2
Income Tax Rates Act 1986
3
1 Subsection 12(7)
4
Omit "section 12A" (wherever occurring), substitute "sections 12A and
5
12B".
6
2 After section 12A
7
Insert:
8
12B Rate of extra income tax for recoupments for R&D activities
9
The rate of extra income tax payable by a taxpayer under
10
Subdivision 355-G (about government R&D recoupments) of the
11
Income Tax Assessment Act 1997 for a year of income is 10%.
12
3 At the end of Part III
13
Add:
14
31 Rate of extra income tax for recoupments for R&D activities
15
The rate of extra income tax payable under Subdivision 355-G
16
(about government R&D recoupments) of the Income Tax
17
Assessment Act 1997 for a year of income is 10%.
18
4 Application
19
The amendments made by this Schedule apply to assessments for years
20
of income commencing on or after 1 July 2010.
21