Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Minerals Resource Rent Tax Repeal and
Other Measures Bill 2014
No. , 2014
(Treasury)
A Bill for an Act to amend the law relating to
taxation, superannuation, social security and family
assistance, and for other purposes
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Minerals resource rent tax
3
Part 1--Repeals
3
Minerals Resource Rent Tax Act 2012
3
Minerals Resource Rent Tax (Imposition--Customs) Act 2012
3
Minerals Resource Rent Tax (Imposition--Excise) Act 2012
3
Minerals Resource Rent Tax (Imposition--General) Act 2012
3
Part 2--Consequential amendments
4
Administrative Decisions (Judicial Review) Act 1977
4
A New Tax System (Goods and Services Tax) Act 1999
4
Crimes (Taxation Offences) Act 1980
4
Income Tax Assessment Act 1997
5
Minerals Resource Rent Tax (Consequential Amendments and
Transitional Provisions) Act 2012
9
Petroleum Resource Rent Tax Assessment Act 1987
9
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act
2013
11
Taxation Administration Act 1953
11
Taxation (Interest on Overpayments and Early Payments) Act 1983
17
Part 3--Transitional provisions
19
Schedule 2--Loss carry back
21
Part 1--Repeals
21
Income Tax Assessment Act 1997
21
Income Tax (Transitional Provisions) Act 1997
21
Part 2--Consequential amendments
22
Income Tax Assessment Act 1936
22
Income Tax Assessment Act 1997
23
Taxation Administration Act 1953
25
ii
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Part 3--Application, transitional and saving provisions
26
Income Tax (Transitional Provisions) Act 1997
26
Schedule 3--Small business instant asset write-off threshold
28
Income Tax Assessment Act 1997
28
Schedule 4--Deductions for motor vehicles
30
Income Tax Assessment Act 1997
30
Schedule 5--Geothermal energy
32
Income Tax Assessment Act 1997
32
Schedule 6--Superannuation Guarantee Charge percentage
37
Superannuation Guarantee (Administration) Act 1992
37
Schedule 7--Low income superannuation contribution
38
Superannuation (Government Co-contribution for Low Income
Earners) Act 2003
38
Schedule 8--Repeal of income support bonus
41
Part 1--Main amendments
41
Social Security Act 1991
41
Social Security (Administration) Act 1999
41
Part 2--Consequential amendments
43
Farm Household Support Act 1992
43
Income Tax Assessment Act 1997
43
Social Security Act 1991
44
Social Security (Administration) Act 1999
44
Part 3--Saving provisions
45
Schedule 9--Repeal of schoolkids bonus
47
Part 1--Amendments
47
A New Tax System (Family Assistance) Act 1999
47
A New Tax System (Family Assistance) (Administration) Act 1999
48
Income Tax Assessment Act 1997
49
Social Security (Administration) Act 1999
49
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
iii
Part 2--Saving provisions
50
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
1
A Bill for an Act to amend the law relating to
1
taxation, superannuation, social security and family
2
assistance, and for other purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Minerals Resource Rent Tax Repeal
6
and Other Measures Act 2014.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Commencement information
Column 1
Column 2
Column 3
Provisions
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. Schedules 1 to
5
A day or days to be fixed by Proclamation.
However, if any of the provisions do not
commence within the period of 12 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
3. Schedule 6
The day this Act receives the Royal Assent.
4. Schedules 7 to
9
A day or days to be fixed by Proclamation.
However, if any of the provisions do not
commence within the period of 12 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation 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
Minerals resource rent tax Schedule 1
Repeals Part 1
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
3
Schedule 1
--Minerals resource rent tax
1
Part 1
--Repeals
2
Minerals Resource Rent Tax Act 2012
3
1 The whole of the Act
4
Repeal the Act.
5
Minerals Resource Rent Tax (Imposition--Customs) Act
6
2012
7
2 The whole of the Act
8
Repeal the Act.
9
Minerals Resource Rent Tax (Imposition--Excise) Act 2012
10
3 The whole of the Act
11
Repeal the Act.
12
Minerals Resource Rent Tax (Imposition--General) Act 2012
13
4 The whole of the Act
14
Repeal the Act.
15
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
4
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Part 2
--Consequential amendments
1
Administrative Decisions (Judicial Review) Act 1977
2
5 Paragraph (e) of Schedule 1
3
Omit:
4
Minerals Resource Rent Tax Act 2012
5
6 Paragraph (e) of Schedule 1
6
Omit ", 3-15".
7
A New Tax System (Goods and Services Tax) Act 1999
8
7 Paragraph 177-12(4)(h)
9
Omit "1987; or", substitute "1987.".
10
8 Paragraph 177-12(4)(i)
11
Repeal the paragraph.
12
Crimes (Taxation Offences) Act 1980
13
9 Subsection 3(1) (definition of MRRT)
14
Repeal the definition.
15
10 Subsection 3(1) (definition of MRRT law)
16
Repeal the definition.
17
11 Part II (paragraph (i) of note to Part heading)
18
Omit "Part X);", substitute "Part X).".
19
12 Part II (paragraph (j) of note to Part heading)
20
Repeal the paragraph.
21
13 Part XI
22
Repeal the Part.
23
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
5
Income Tax Assessment Act 1997
1
14 Section 10-5 (table item headed
"minerals resource rent
2
tax
")
3
Repeal the item.
4
15 Section 12-5 (table item headed
"capital allowances")
5
Omit:
6
Minerals Resource Rent Tax ............................................... 40-751
16 Section 15-85
7
Repeal the section.
8
17 Section 40-725
9
Omit:
10
•
paying minerals resource rent tax; and
11
18 Section 40-751
12
Repeal the section.
13
19 Subsection 703-50(1) (note 2)
14
Repeal the note.
15
20 Subsection 719-50(1) (note 2)
16
Repeal the note.
17
21 Subsection 721-10(2) (table items 75, 80 and 85)
18
Repeal the items.
19
22 Subsection 721-10(4)
20
Repeal the subsection.
21
23 Subsection 721-10(6)
22
Omit "subsections (4) and (5)", substitute "subsection (5)".
23
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
6
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
24 Subsection 721-10(6)
1
Omit "those subsections", substitute "that subsection".
2
25 Subsection 721-25(1AA)
3
Repeal the subsection.
4
26 Subsections 721-25(1B), (2) and (3)
5
Omit ", (1A) and (1AA)", substitute "and (1A)".
6
27 Section 960-265 (table item 14)
7
Repeal the item.
8
28 Subsection 995-1(1)
9
Repeal the following definitions:
10
(a) definition of allowance component;
11
(b) definition of applicable instalment rate;
12
(c) definition of arm's length consideration.
13
29 Subsection 995-1(1) (definition of base value)
14
Repeal the definition, substitute:
15
base value, of a
*
depreciating asset, has the meaning given by
16
subsection 40-70(1).
17
30 Subsection 995-1(1) (paragraph (b) of the definition of
18
base year)
19
Omit "1953; and", substitute "1953.".
20
31 Subsection 995-1(1) (paragraph (c) of the definition of
21
base year)
22
Repeal the paragraph.
23
32 Subsection 995-1(1) (definition of benchmark instalment
24
rate)
25
Repeal the definition, substitute:
26
benchmark instalment rate has the meaning given by
27
sections 45-360 and 45-530 in Schedule 1 to the Taxation
28
Administration Act 1953.
29
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
7
33 Subsection 995-1(1) (paragraph (c) of the definition of
1
hold)
2
Omit "section 420-12; and", substitute "section 420-12.".
3
34 Subsection 995-1(1) (paragraph (d) of the definition of
4
hold)
5
Repeal the paragraph.
6
35 Subsection 995-1(1) (note at the end of the definition of
7
hold)
8
Repeal the note.
9
36 Subsection 995-1(1) (definition of instalment income)
10
Repeal the definition, substitute:
11
instalment income has the meaning given by sections 45-120,
12
45-260, 45-280, 45-285, 45-286 and 45-465 in Schedule 1 to the
13
Taxation Administration Act 1953.
14
37 Subsection 995-1(1) (definition of instalment quarter)
15
Repeal the definition, substitute:
16
instalment quarter has the meaning given by section 45-60 in
17
Schedule 1 to the Taxation Administration Act 1953.
18
38 Subsection 995-1(1)
19
Repeal the following definitions:
20
(a) definition of miner;
21
(b) definition of mining expenditure;
22
(c) definition of mining loss;
23
(d) definition of mining profit;
24
(e) definition of mining project interest;
25
(f) definition of mining project split;
26
(g) definition of mining project transfer;
27
(h) definition of mining revenue;
28
(i) definition of mining revenue event;
29
(j) definition of MRRT;
30
(k) definition of MRRT allowance;
31
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
8
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
(l) definition of MRRT law;
1
(m) definition of MRRT liability;
2
(n) definition of MRRT payable;
3
(o) definition of MRRT return;
4
(p) definition of MRRT year.
5
39 Subsection 995-1(1)
6
Insert:
7
petroleum resource rent tax amount means any debt or credit that
8
arises directly under the
*
petroleum resource rent tax provisions.
9
40 Subsection 995-1(1)
10
Insert:
11
petroleum resource rent tax provisions means the
*
petroleum
12
resource rent tax law, other than
*
BAS provisions.
13
41 Subsection 995-1(1)
14
Repeal the following definitions:
15
(a) definition of pre-mining expenditure;
16
(b) definition of pre-mining project interest;
17
(c) definition of pre-mining revenue;
18
(d) definition of rehabilitation tax offset;
19
(e) definition of resource rent tax amount;
20
(f) definition of resource rent tax provisions;
21
(g) definition of split percentage;
22
(h) definition of starting base asset;
23
(i) definition of starting base return.
24
42 Subsection 995-1(1) (definition of start time)
25
Repeal the definition, substitute:
26
start time of a
*
depreciating asset has the meaning given by
27
section 40-60.
28
43 Subsection 995-1(1) (definition of taxable mining profit)
29
Repeal the definition.
30
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
9
44 Subsection 995-1(1) (definition of taxable resource)
1
Repeal the definition.
2
45 Subsection 995-1(1) (definition of termination value)
3
Repeal the definition, substitute:
4
termination value has the meaning given by section 40-300.
5
Minerals Resource Rent Tax (Consequential Amendments
6
and Transitional Provisions) Act 2012
7
46 Schedule 4
8
Repeal the Schedule.
9
Petroleum Resource Rent Tax Assessment Act 1987
10
47 Section 2 (note at the end of paragraph (b) of the
11
definition of exploration permit)
12
Repeal the note, substitute:
13
Note:
An authority or right may not be covered by this paragraph
14
because it is the subject of a determination of the Resources
15
Minister under section 2AA, or because the activities relating to
16
petroleum are only incidental to the activities relating to other
17
resources (see section 2AC).
18
48 Section 2 (definition of petroleum)
19
Omit "However, petroleum does not include a taxable resource within
20
the meaning of the Minerals Resource Rent Tax Act 2012.".
21
49 Section 2 (note at the end of paragraph (c) of the definition
22
of production licence)
23
Repeal the note, substitute:
24
Note:
An authority or right may not be covered by this paragraph
25
because it is the subject of a determination of the Resources
26
Minister under section 2AA, or because it is limited to the
27
incidental recovery of coal seam gas (see section 2AB).
28
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
10
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
50 Section 2 (note at the end of paragraph (b) of the
1
definition of retention lease)
2
Repeal the note, substitute:
3
Note:
An authority or right may not be covered by this paragraph
4
because it is the subject of a determination of the Resources
5
Minister under section 2AA, or because the activities relating to
6
petroleum are only incidental to the activities relating to other
7
resources (see section 2AC).
8
51 After section 2AA
9
Insert:
10
2AB Exclusion of incidental recovery of coal seam gas
11
(1) An authority or right under an Australian law is taken, for the
12
purposes of this Act (other than this section), not to be an authority
13
or right mentioned in paragraph (c) of the definition of production
14
licence in section 2 if the only recovery of petroleum that is
15
undertaken under the authority or right is recovery of coal seam
16
gas, being recovery that:
17
(a) is a necessary result of coal mining that the holder of the
18
authority or right carries out under the authority or right; or
19
(b) is necessary to ensure a safe working environment for coal
20
mining carried out under the authority or right; or
21
(c) is necessary to minimise the fugitive emission of methane or
22
similar gases during the course of coal mining carried out
23
under the authority or right.
24
(2) This section does not apply to an authority or right that is the
25
subject of a determination under subsection 2AA(1).
26
2AC Exclusion of incidental exploration etc. for petroleum
27
An authority or right under an Australian law is taken, for the
28
purposes of this Act (other than this section), not to be:
29
(a) an authority or right mentioned in paragraph (b) of the
30
definition of exploration permit in section 2; or
31
(b) an authority or right mentioned in paragraph (b) of the
32
definition of retention lease in that section;
33
if, to the extent that the authority or right permits activities of a
34
kind mentioned in a subparagraph of that paragraph, it only permits
35
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
11
them as an incident of exploration for resources other than
1
petroleum.
2
52 After subsection 37(2)
3
Insert:
4
(2A) Despite subsection (1), if:
5
(a) a payment made by a person would, apart from this
6
subsection, be exploration expenditure incurred by the person
7
in relation to a petroleum project; and
8
(b) the person holds, under an Australian law, an authority or
9
right (however described) that permits activities relating to
10
resources other than petroleum to be carried on in the eligible
11
exploration or recovery area in relation to the project;
12
the payment is taken, for the purposes of this Act, to be exploration
13
expenditure only to the extent that it would be reasonable to
14
conclude that the purpose of the payment is exploring for
15
petroleum in order to obtain a commercial return from petroleum.
16
(2B) An authority or right referred to in paragraph (2A)(b) may be a
17
production licence, exploration permit or retention lease, including
18
a production licence to which the petroleum project relates.
19
(2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend
20
by implication the scope of subsection (1).
21
Tax and Superannuation Laws Amendment (2013 Measures
22
No. 1) Act 2013
23
53 Item 169 of Schedule 7
24
After "any of the", insert "petroleum".
25
Taxation Administration Act 1953
26
54 Section 3D
27
Repeal the section.
28
55 Subsection 8AAB(4) (table items 19A, 45A and 45B)
29
Repeal the items.
30
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
12
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
56 Subparagraph 8AAZLG(1)(b)(ii)
1
After "any of the", insert "petroleum".
2
57 Paragraph 8AAZLH(1)(b)
3
After "any of the", insert "petroleum".
4
58 Section 14ZQ (definition of starting base assessment)
5
Repeal the definition, substitute:
6
starting base assessment has the meaning given by clause 23 of
7
Schedule 2 to the Petroleum Resource Rent Tax Assessment Act
8
1987.
9
59 Subsections 14ZW(1AB) and (1AC)
10
Repeal the subsections.
11
60 Paragraph 11-1(g) in Schedule 1
12
Repeal the paragraph.
13
61 Paragraphs 12-330(1)(b) and 12-335(2)(a) in Schedule 1
14
Omit ",
*
MRRT".
15
62 Subsection 18-10(3) in Schedule 1 (notes 1 and 2)
16
Repeal the notes, substitute:
17
Note:
Section 18-55 provides a credit for amounts withheld in respect of
18
petroleum resource rent tax.
19
63 Group heading before section 18-49 in Schedule 1
20
Repeal the heading.
21
64 Section 18-49 in Schedule 1
22
Repeal the section.
23
65 Part 3-15 in Schedule 1
24
Repeal the Part.
25
66 Paragraph 155-5(2)(e) in Schedule 1
26
Repeal the paragraph.
27
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
13
67 Subsection 155-15(1) in Schedule 1 (table item 4)
1
Repeal the item.
2
68 Subsection 155-30(3) in Schedule 1
3
Repeal the subsection, substitute:
4
(3) This section does not apply if the
*
assessable amount is the
5
*
Division 293 tax payable by you in relation to an income year in
6
relation to your
*
taxable contributions for the income year.
7
69 Section 155-55 in Schedule 1 (heading)
8
Repeal the heading, substitute:
9
155-55 Amendment to give effect to certain anti-avoidance
10
declarations
11
70 Paragraph 155-55(b) in Schedule 1
12
Omit "declarations); or", substitute "declarations).".
13
71 Paragraph 155-55(c) in Schedule 1
14
Repeal the paragraph.
15
72 Section 155-55 in Schedule 1
16
Omit "or determination".
17
73 Section 155-57 in Schedule 1
18
Repeal the section.
19
74 Subsection 155-90(1) in Schedule 1
20
Omit "(1)".
21
75 Subsection 155-90(2) in Schedule 1
22
Repeal the subsection.
23
76 Subsection 250-10(2) in Schedule 1 (table items 39C, 39D
24
and 136)
25
Repeal the items.
26
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
14
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
77 Section 280-1 in Schedule 1
1
Omit "minerals resource rent tax,".
2
78 Section 280-50 in Schedule 1
3
Omit "
*
MRRT,".
4
79 Section 280-101 in Schedule 1
5
Repeal the section.
6
80 Paragraph 280-105(1)(a) in Schedule 1
7
Omit "
*
MRRT,".
8
81 Subsection 280-110(1) in Schedule 1
9
Omit "280-101,".
10
82 Section 280-170 in Schedule 1
11
Omit "
*
MRRT,".
12
83 Section 284-30 in Schedule 1 (note)
13
Repeal the note.
14
84 Section 284-35 in Schedule 1 (note)
15
Repeal the note.
16
85 Paragraph 284-75(2)(a) in Schedule 1
17
Omit "
*
MRRT law or".
18
86 Paragraph 284-75(2)(b) in Schedule 1
19
Omit "MRRT law or".
20
87 Subsection 284-80(1) in Schedule 1 (table items 3 and 4)
21
Omit ", the
*
MRRT law".
22
88 Subsection 284-80(1) in Schedule 1 (table item 4)
23
Omit ", the MRRT law".
24
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
15
89 Subsection 284-90(1) in Schedule 1 (cell at table item 4,
1
column headed
"In this situation:")
2
Repeal the cell, substitute:
3
You have a
*
shortfall amount, all or part of which
resulted from you or your agent treating an
*
income
tax law or the
*
petroleum resource rent tax law as
applying to a matter or identical matters in a
particular way that was not
*
reasonably arguable, and
that amount is more than your
*
reasonably arguable
threshold.
90 Paragraph 284-90(3)(a) in Schedule 1
4
Repeal the paragraph, substitute:
5
(a) unless paragraph (b) applies--the greater of $10,000 or 1%
6
of whichever of the following applies:
7
(i) the income tax payable by the entity for the income
8
year, worked out on the basis of the entity's
*
income tax
9
return;
10
(ii) the
*
petroleum resource rent tax payable by the entity
11
for the year of tax (within the meaning of the Petroleum
12
Resource Rent Tax Assessment Act 1987) most closely
13
corresponding to the income year, worked out on the
14
basis of the entity's return under Division 1 of Part VI
15
of that Act; or
16
91 Subsection 286-75(2AA) in Schedule 1
17
Repeal the subsection.
18
92 Paragraph 286-80(2)(a) in Schedule 1
19
Omit "(2AA),".
20
93 Section 352-1 in Schedule 1
21
Omit "and the MRRT law".
22
94 Subdivision 352-B in Schedule 1
23
Repeal the Subdivision.
24
95 Section 353-17 in Schedule 1
25
Repeal the section.
26
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
16
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
96 Subsection 355-50(1) in Schedule 1 (note 2)
1
Omit ", 3D".
2
97 Paragraph 357-55(faa) in Schedule 1
3
Repeal the paragraph.
4
98 Subsection 360-5(1) in Schedule 1
5
Omit "(other than a provision about
*
MRRT)".
6
99 Subsection 444-5(1) in Schedule 1
7
Omit ", the
*
MRRT law".
8
100 Subsections 444-5(1A) and (1B) in Schedule 1
9
Repeal the subsections.
10
101 Subsection 444-5(2) in Schedule 1
11
Omit ", the
*
MRRT law".
12
102 Subsections 444-10(1) and (2) in Schedule 1
13
Omit "and the
*
MRRT law".
14
103 Subsection 444-10(3) in Schedule 1
15
Omit "or the
*
MRRT law".
16
104 Subsection 444-10(5) in Schedule 1
17
Omit "and the
*
MRRT law".
18
105 Section 444-15 in Schedule 1
19
Omit "or the
*
MRRT law".
20
106 Subsections 444-30(1), (2) and (3) in Schedule 1
21
Omit ", the
*
MRRT law".
22
107 Subsections 444-70(1) and (2) in Schedule 1
23
Omit "or the
*
MRRT law".
24
108 Subdivision 444-F in Schedule 1
25
Repeal the Subdivision.
26
Minerals resource rent tax Schedule 1
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
17
Taxation (Interest on Overpayments and Early Payments)
1
Act 1983
2
109 Subsection 3(1) (paragraph (d) of the definition of
3
decision to which this Act applies)
4
Omit "or 160".
5
110 Subsection 3C(1)
6
Omit "(1) In", substitute "In".
7
111 Subsection 3C(1) (table item 160)
8
Repeal the item.
9
112 Subsection 3C(2)
10
Repeal the subsection.
11
113 Section 12AA (heading)
12
Repeal the heading, substitute:
13
12AA Entitlement to interest for RBA surpluses after notification of
14
BAS amount or petroleum resource rent tax amount
15
114 Paragraph 12AA(a)
16
Before "resource rent tax amount", insert "petroleum".
17
115 Section 12AA (note)
18
Before "resource rent tax amount", insert "petroleum".
19
116 Paragraph 12AB(a)
20
Before "resource rent tax amount", insert "petroleum".
21
117 Section 12AB (note)
22
Before "resource rent tax amount", insert "petroleum".
23
118 Paragraph 12AC(b)
24
Before "resource rent tax amount", insert "petroleum".
25
Schedule 1 Minerals resource rent tax
Part 2 Consequential amendments
18
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
119 Section 12AC (note)
1
Before "resource rent tax amount", insert "petroleum".
2
120 Section 12AF
3
Insert:
4
petroleum resource rent tax amount has the same meaning as in
5
subsection 995-1(1) of the Tax Act.
6
121 Section 12AF (definition of resource rent tax amount)
7
Repeal the definition.
8
Minerals resource rent tax Schedule 1
Transitional provisions Part 3
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
19
Part 3
--Transitional provisions
1
122 Objects
2
The objects of this Part are:
3
(a) to provide for the winding-up of the minerals resource rent
4
tax; and
5
(b) to ensure the administration, collection and recovery of the
6
minerals resource rent tax for the MRRT years ending on or
7
before the day this Schedule commences; and
8
(c) to continue taxpayers' rights and obligations relating to
9
MRRT years ending before that commencement.
10
123 Effect of repeals and amendments on preceding MRRT
11
years
12
(1)
Despite the repeals and amendments made by this Schedule, the Acts
13
amended or repealed continue to apply, after the commencement of this
14
Schedule, in relation to any MRRT year ending on or before the day this
15
Schedule commences as if those repeals and amendments had not
16
happened.
17
(2)
For the purposes of that continued application, any MRRT year that:
18
(a) started before the commencement of this Schedule; and
19
(b) would, apart from this subitem, end on or after that
20
commencement;
21
is taken to end on the day this Schedule commences.
22
(3)
To avoid doubt, for the purposes of that continued application,
23
section 190-20 of the Minerals Resource Rent Tax Act 2012 applies in
24
relation to an MRRT year referred to in subitem (2) whether or not the
25
MRRT year is an accounting period referred to in section 190-10 of that
26
Act.
27
Note 1: Section 190-20 of the Minerals Resource Rent Tax Act 2012 (to the extent that it
28
continues to apply because of this item) will adjust threshold amounts under that Act in
29
relation to the final MRRT year.
30
Note 2: Subsection 115-110(2) in Schedule 1 to the Taxation Administration Act 1953 (to the
31
extent that it continues to apply because of this item) will adjust instalment quarters
32
under that Act in relation to the final MRRT year.
33
Schedule 1 Minerals resource rent tax
Part 3 Transitional provisions
20
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
124 Continuation of Commissioner
's power to make certain
1
legislative instruments
2
(1)
Despite the repeal by this Act of section 117-5 in Schedule 1 to the
3
Taxation Administration Act 1953, the Commissioner's power under
4
subsection 117-5(5) in that Schedule to make legislative instruments
5
continues after that repeal.
6
(2)
This item does not affect any other powers of the Commissioner under
7
Schedule 1 to the Taxation Administration Act 1953, as it continues to
8
apply because of item 123 of this Schedule.
9
Loss carry back Schedule 2
Repeals Part 1
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
21
Schedule 2
--Loss carry back
1
Part 1
--Repeals
2
Income Tax Assessment Act 1997
3
1 Division 160
4
Repeal the Division.
5
Income Tax (Transitional Provisions) Act 1997
6
2 Division 160
7
Repeal the Division.
8
Schedule 2 Loss carry back
Part 2 Consequential amendments
22
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Part 2
--Consequential amendments
1
Income Tax Assessment Act 1936
2
3 Subsection 6(1) (definition of loss carry back tax offset)
3
Repeal the definition.
4
4 Subsection 92A(3)
5
Omit "or 160".
6
5 Paragraph 177C(1)(baa)
7
Repeal the paragraph.
8
6 Paragraph 177C(1)(ea)
9
Repeal the paragraph.
10
7 Paragraph 177C(2)(ca)
11
Repeal the paragraph.
12
8 Subsection 177C(3)
13
Omit ", (ca)(i)".
14
9 Paragraph 177C(3)(caa)
15
Repeal the paragraph.
16
10 Paragraph 177C(3)(fa)
17
Repeal the paragraph.
18
11 Paragraph 177CB(1)(ca)
19
Repeal the paragraph.
20
12 Paragraph 177F(1)(ca)
21
Repeal the paragraph.
22
13 Paragraph 177F(3)(ca)
23
Repeal the paragraph.
24
Loss carry back Schedule 2
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
23
Income Tax Assessment Act 1997
1
14 Section 13-1 (table item headed
"losses")
2
Repeal the item.
3
15 Subsection 36-17(1) (note 1)
4
Omit "1".
5
16 Subsection 36-17(1) (note 2)
6
Repeal the note.
7
17 Section 36-25 (table dealing with tax losses of corporate
8
tax entities)
9
Omit:
10
See also Division 160 (loss carry back
tax offset)
18 Section 36-25 (table dealing with tax losses of pooled
11
development funds (PDFs), item 1)
12
Repeal the item, substitute:
13
1.
A company is a pooled development
fund (PDF) at the end of an income
year for which it has a tax loss: it can
only deduct the loss while it is a PDF.
Section 195-5
19 Section 36-25 (table dealing with tax losses of VCLPs,
14
ESVCLPs, AFOFs and VCMPs, item 1)
15
Repeal the item, substitute:
16
1.
A limited partnership that has a tax loss
becomes a VCLP, an ESVCLP, an
AFOF or a VCMP: it cannot deduct the
loss while it is a VCLP, an ESVCLP, an
AFOF or a VCMP.
Subdivision 195-B
20 Section 67-23 (table item 13A)
17
Repeal the item.
18
21 Paragraph 195-15(5)(b)
19
Omit "and".
20
Schedule 2 Loss carry back
Part 2 Consequential amendments
24
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
22 Paragraph 195-15(5)(c)
1
Repeal the paragraph.
2
23 Group heading before section 195-37
3
Repeal the heading.
4
24 Section 195-37
5
Repeal the section.
6
25 Section 195-72
7
Repeal the section.
8
26 Subparagraph 205-35(1)(b)(ii)
9
Omit "a
*
loss carry back tax offset, or".
10
27 Subparagraph 205-35(1)(b)(ii)
11
Omit "(about R&D),", substitute "(about R&D)".
12
28 Paragraph 320-149(2)(aa)
13
Repeal the paragraph.
14
29 Subsection 830-65(3)
15
Omit "or 160".
16
30 Paragraph 960-20(2)(b)
17
Omit "amount; or", substitute "amount.".
18
31 Paragraph 960-20(2)(c)
19
Repeal the paragraph.
20
32 Paragraph 960-20(4)(e)
21
Omit "forward; or", substitute "forward.".
22
33 Paragraph 960-20(4)(f)
23
Repeal the paragraph.
24
34 Subsection 995-1(1) (definition of carry back)
25
Repeal the definition.
26
Loss carry back Schedule 2
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
25
35 Subsection 995-1(1) (definition of income tax liability)
1
Repeal the definition.
2
36 Subsection 995-1(1) (definition of interest in membership
3
interests)
4
Repeal the definition.
5
37 Subsection 995-1(1) (definition of loss carry back choice)
6
Repeal the definition.
7
38 Subsection 995-1(1) (definition of loss carry back tax
8
offset)
9
Repeal the definition.
10
39 Subsection 995-1(1) (definition of loss carry back tax
11
offset component)
12
Repeal the definition.
13
40 Subsection 995-1(1) (definition of scheme for a
14
disposition)
15
Repeal the definition.
16
Taxation Administration Act 1953
17
41 Section 45-340 in Schedule 1 (method statement, step 1,
18
paragraph (dc))
19
Repeal the paragraph.
20
Schedule 2 Loss carry back
Part 3 Application, transitional and saving provisions
26
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Part 3
--Application, transitional and saving
1
provisions
2
42 Application
3
The amendments made by this Schedule apply to assessments for the
4
income year before the income year in which this Schedule commences,
5
for the income year in which this Schedule commences and for later
6
income years.
7
43 Making and amending assessments, and doing other
8
things, in relation to past matters
9
(1)
Even though a part of an Act is repealed or amended by this Schedule,
10
the repeal or amendment is disregarded for the purpose of doing any of
11
the following under any Act or legislative instrument (within the
12
meaning of the Legislative Instruments Act 2003):
13
(a) making or amending an assessment (including under a
14
provision that is itself repealed or amended);
15
(b) exercising any right or power, performing any obligation or
16
duty or doing any other thing (including under a provision
17
that is itself repealed or amended);
18
in relation to any act done or omitted to be done, any state of affairs
19
existing, or any period ending, before the repeal or amendment applies.
20
(2)
This item does not limit the operation of the Acts Interpretation Act
21
1901.
22
Income Tax (Transitional Provisions) Act 1997
23
44 Before Subdivision 960-E
24
Insert:
25
Subdivision 960-B--Utilisation of tax attributes
26
Table of sections
27
960-20
Utilisation--corporate loss carry back
28
Loss carry back Schedule 2
Application, transitional and saving provisions Part 3
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
27
960-20 Utilisation--corporate loss carry back
1
(1) For the purposes of subsection 960-20(2) of the Income Tax
2
Assessment Act 1997, a tax loss is utilised to the extent that it is
3
carried back under former Division 160 of that Act (which
4
provided for a corporate loss carry back tax offset).
5
(2) For the purposes of subsection 960-20(4) of that Act, net exempt
6
income for an income year is utilised to the extent that, because of
7
it, an amount was reduced under step 2 of the method statement in
8
former subsection 160-15(2) of that Act (which was about
9
calculating a loss carry back tax offset component).
10
Schedule 3 Small business instant asset write-off threshold
28
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Schedule 3
--Small business instant asset
1
write-off threshold
2
3
Income Tax Assessment Act 1997
4
1 Section 328-170 (fourth paragraph)
5
Omit "$6,500", substitute "$1,000".
6
2 Section 328-180 (heading)
7
Repeal the heading, substitute:
8
328-180 Assets costing less than $1,000
9
3 Paragraph 328-180(1)(b)
10
Omit "$6,500", substitute "$1,000".
11
4 Paragraphs 328-180(2)(a) and (3)(a)
12
Omit "$6,500", substitute "$1,000".
13
5 Subsection 328-210(1)
14
Omit "$6,500", substitute "$1,000".
15
6 Subsection 328-210(3) (example)
16
Repeal the example, substitute:
17
Example: Amanda's Graphics is a small business entity for the 2014-15 income
18
year and chooses to use this Subdivision for that year. The business
19
has an opening pool balance of $8,500 for its general small business
20
pool for that year.
21
During that year, Amanda acquired a new computer for $2,000. The
22
taxable purpose proportion of its adjustable value is:
23
$2,000 x 80% business use estimate = $1,600
24
Amanda also sold her business car for $9,600 during that year. The car
25
was used 100% in the business.
26
To work out whether she can deduct an amount under this section,
27
Amanda uses this calculation:
28
$8,500 + $1,600 - $9,600 = $500
29
Small business instant asset write-off threshold Schedule 3
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
29
Because the result is less than $1,000, Amanda can deduct the $500
1
for the income year. The pool's closing balance for the year is zero.
2
7 Subsection 328-215(4)
3
Omit "$6,500", substitute "$1,000".
4
8 Subsection 328-250(1)
5
Omit "$6,500", substitute "$1,000".
6
9 Subsection 328-250(4) (heading)
7
Repeal the heading, substitute:
8
Special rule for assets costing less than $1,000
9
10 Subsection 328-253(4) (heading)
10
Repeal the heading, substitute:
11
Special rule for expenditure on assets costing less than $1,000
12
11 Application of amendments
13
(1)
Subject to subitems (2) and (3), the amendments made by this Schedule
14
apply to a depreciating asset if:
15
(a) the asset was first installed ready for use, for a taxable
16
purpose, on or after the application day; or
17
(b) the asset was first used, for a taxable purpose, on or after the
18
application day, but was not installed ready for use prior to
19
the application day.
20
(2)
The amendments made by item 4 of this Schedule apply to an amount if
21
the amount is included in the second element of the cost of a
22
depreciating asset at any time on or after the application day.
23
(3)
The amendments made by items 5 and 6 of this Schedule apply to
24
assessments for the income year before the income year in which this
25
Schedule commences, for the income year in which this Schedule
26
commences or for a later income year.
27
(4)
In this item:
28
application day means 1 January in the income year before the income
29
year in which this Schedule commences.
30
Schedule 4 Deductions for motor vehicles
30
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Schedule 4
--Deductions for motor vehicles
1
2
Income Tax Assessment Act 1997
3
1 Subsection 328-190(2A)
4
Repeal the subsection.
5
2 Section 328-200 (method statement, step 2, paragraph (c))
6
Omit ", and subsection 328-237(2) (if relevant),".
7
3 Group heading before section 328-237
8
Repeal the heading.
9
4 Section 328-237
10
Repeal the section.
11
5 Subsection 328-250(1)
12
Omit ", subsection 328-190(2) (assets that will be pooled) or
13
subsection 328-237(2) (certain motor vehicles)", substitute "or
14
subsection 328-190(2) (assets that will be pooled)".
15
6 Subsection 328-250(2)
16
Omit ", 328-190(2) or 328-237(2)", substitute "or 328-190(2)".
17
7 Paragraph 328-250(3)(b)
18
Omit ", 328-190(2) or 328-237(2)", substitute "or 328-190(2)".
19
8 Application of amendments
20
(1)
The amendments made by this Schedule apply to a depreciating asset
21
that is a motor vehicle if:
22
(a) the asset was first installed ready for use, for a taxable
23
purpose, on or after the application day; or
24
(b) the asset was first used, for a taxable purpose, on or after the
25
application day, but was not installed ready for use prior to
26
the application day.
27
(2)
In this item:
28
Deductions for motor vehicles Schedule 4
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
31
application day means 1 January in the income year before the income
1
year in which this Schedule commences.
2
Schedule 5 Geothermal energy
32
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Schedule 5
--Geothermal energy
1
2
Income Tax Assessment Act 1997
3
1 Section 12-5 (table item headed
"capital allowances")
4
Omit:
5
exploration or prospecting ................................................. 40-80(1) and (1A),
40-730
geothermal exploration information .................................. Subdivision 40-B
geothermal exploration rights ............................................ Subdivision 40-B
substitute:
6
exploration or prospecting ................................................. 40-80(1), 40-730
2 Section 15-40
7
Before "Your", insert "(1)".
8
3 Section 15-40
9
Omit "or
*
geothermal exploration information".
10
4 At the end of section 15-40
11
Add:
12
(2) Your assessable income includes an amount you receive for
13
providing
*
geothermal exploration information you have to another
14
entity if:
15
(a) you continue to have the information; and
16
(b) the information is, and continues to be, relevant to:
17
(i)
*
geothermal energy extraction that you carry on or
18
propose to carry on; or
19
(ii) a
*
business that you carry on that includes
*
exploration
20
or prospecting for
*
geothermal energy resources from
21
which energy can be extracted by geothermal energy
22
extraction; and
23
(c) the amount you receive is not assessable as
*
ordinary income
24
under section 6-5.
25
It does not matter whether the information is generally available or
26
not.
27
Geothermal energy Schedule 5
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
33
(3) Geothermal exploration information is geological, geophysical or
1
technical information that:
2
(a) relates to the presence, absence or extent of
*
geothermal
3
energy resources in an area; or
4
(b) is likely to help in determining the presence, absence or
5
extent of such resources in an area.
6
(4) Geothermal energy extraction means operations that are for:
7
(a) the extraction of energy from
*
geothermal energy resources;
8
and
9
(b) the
*
purpose of producing assessable income.
10
5 Paragraphs 40-30(2)(ba) and (bb)
11
Repeal the paragraphs.
12
6 Section 40-40 (table item 9A)
13
Repeal the item.
14
7 Subsection 40-80(1A)
15
Repeal the subsection.
16
8 Subsection 40-290(5)
17
Repeal the subsection, substitute:
18
Exception: mining, quarrying or prospecting information
19
(5) This section does not apply to
*
mining, quarrying or prospecting
20
information.
21
9 Subsection 40-300(2) (table item 12)
22
Repeal the item.
23
10 Paragraph 40-630(1)(b)
24
Omit "or
*
geothermal energy extraction".
25
11 Subsection 40-630(1) (note)
26
Omit "or geothermal energy extraction".
27
Schedule 5 Geothermal energy
34
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
12 Paragraphs 40-630(1A)(b), (1B)(b) and (3)(b)
1
Omit "or
*
geothermal energy extraction".
2
13 Paragraph 40-650(3)(a)
3
Omit "or
*
geothermal energy extraction".
4
14 Paragraph 40-650(3)(b)
5
Omit "or that extraction".
6
15 Subsection 40-730(1) (heading)
7
Repeal the heading.
8
16 Subsections 40-730(2A) and (2B)
9
Repeal the subsections.
10
17 Subsection 40-730(3)
11
Repeal the subsection, substitute:
12
(3) Also, you cannot deduct expenditure under subsection (1) to the
13
extent that it forms part of the
*
cost of a
*
depreciating asset.
14
18 Paragraph 40-730(4)(b)
15
Omit "and for
*
geothermal energy resources".
16
19 Paragraph 40-730(4)(c)
17
Omit ", or of extracting energy from geothermal energy resources,".
18
20 Paragraph 40-730(4)(d)
19
Omit "materials; and", substitute "materials.".
20
21 Paragraph 40-730(4)(e)
21
Repeal the paragraph.
22
22 Subsections 40-730(7A), (7B) and (9)
23
Repeal the subsections.
24
23 Subparagraph 43-70(2)(fa)(iv)
25
Omit "or (1A)".
26
Geothermal energy Schedule 5
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
35
24 Section 112-38
1
Repeal the section.
2
25 After paragraph 124-710(1)(a)
3
Insert:
4
(aa) an authority, licence, permit or entitlement under an
5
Australian law to prospect or explore for
*
geothermal energy
6
resources in an area; or
7
26 Paragraph 124-710(1)(b)
8
After "minerals", insert "or geothermal energy resources".
9
27 Paragraph 124-710(1)(c)
10
After "(a)", insert ", (aa)".
11
28 After paragraph 124-710(2)(a)
12
Insert:
13
(aa) an authority, licence, permit or entitlement under an
14
Australian law to extract energy from
*
geothermal energy
15
resources in an area; or
16
29 Paragraph 124-710(2)(b)
17
After "minerals", insert ", or extract energy from geothermal energy
18
resources,".
19
30 Paragraph 124-710(2)(c)
20
After "(a)", insert ", (aa)".
21
31 Paragraph 165-55(2)(ba)
22
Repeal the paragraph.
23
32 Paragraphs 716-300(1)(b) and (c)
24
Omit "or (1A)".
25
33 Subsection 716-300(1) (note)
26
Omit "Subsections 40-80(1) and (1A), which are in that Subdivision,
27
provide", substitute "Subsection 40-80(1), which is in that Subdivision,
28
provides".
29
Schedule 5 Geothermal energy
36
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
34 Subsection 995-1(1) (definition of geothermal energy
1
extraction)
2
Omit "40-730(7B)", substitute "15-40(4)".
3
35 Subsection 995-1(1) (definition of geothermal energy
4
extraction right)
5
Repeal the definition.
6
36 Subsection 995-1(1) (definition of geothermal energy
7
resources)
8
Repeal the definition, substitute:
9
geothermal energy resources means matter occurring naturally
10
within the Earth and containing energy as heat.
11
37 Subsection 995-1(1) (definition of geothermal exploration
12
information)
13
Omit "40-730(9)", substitute "15-40(3)".
14
38 Subsection 995-1(1) (definition of geothermal exploration
15
right)
16
Repeal the definition.
17
39 Application and saving provisions
18
(1)
The amendments of sections 40-30, 40-80 and 40-290 of the Income
19
Tax Assessment Act 1997 by this Schedule do not affect deductions or
20
balancing adjustments for geothermal exploration rights or geothermal
21
exploration information that started to be held before the income year in
22
which this Schedule commences.
23
(2)
The amendments of sections 40-630 and 40-650 of the Income Tax
24
Assessment Act 1997, and the repeal of subsection 40-730(2A) of that
25
Act, by this Schedule apply to expenditure incurred during the income
26
year in which this Schedule commences or a later income year.
27
(3)
The amendments by this Schedule affecting sections 112-38 and
28
124-710 of the Income Tax Assessment Act 1997 apply in relation to
29
authorities, licences, permits and entitlements held during the income
30
year in which this Schedule commences or a later income year.
31
Superannuation Guarantee Charge percentage Schedule 6
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
37
Schedule 6
--Superannuation Guarantee
1
Charge percentage
2
3
Superannuation Guarantee (Administration) Act 1992
4
1 Subsection 19(2)
5
Omit "The charge percentage", substitute "Subject to subsection (2AA),
6
the charge percentage".
7
2 After subsection 19(2)
8
Insert:
9
(2AA) The Minister may, by legislative instrument, specify:
10
(a) for a year starting on a particular 1 July, a number for the
11
quarters in that year that is different to the number specified
12
in column 2 of the item in the table in subsection (2) in
13
relation to that year; or
14
(b) for 2 or more years starting on a particular 1 July, a number
15
for the quarters in those years that is different to the number
16
specified in column 2 of the item in the table in
17
subsection (2) in relation to one or more of those years.
18
If the Minister so determines, subsection (2) has effect accordingly.
19
(2AB) A determination under subsection (2AA):
20
(a) must not relate to a period starting before or during the
21
financial year in which it is made; and
22
(b) must not specify a number, for quarters in a year starting on a
23
particular 1 July, that is less than what would (apart from the
24
determination) be the number, under subsection (2) or under
25
a previous determination under subsection (2AA), for the
26
quarter immediately preceding that year; and
27
(c) must not specify a number, for quarters in a year starting on a
28
particular 1 July, that is the same as the number for the
29
quarter immediately preceding that year, if the number is the
30
same for all the quarters in the period of 4 years preceding
31
that year; and
32
(d) must not specify a number exceeding 12; and
33
(e) must specify a number that is a multiple of 0.5.
34
Schedule 7 Low income superannuation contribution
38
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Schedule 7
--Low income superannuation
1
contribution
2
3
Superannuation (Government Co-contribution for Low
4
Income Earners) Act 2003
5
1 Subsection 5(2)
6
Omit:
7
•
Part 2A (sections 12B to 12G) tells you who are the people
8
entitled to a low income superannuation contribution. It also
9
tells you how much the low income superannuation
10
contribution is.
11
2 Part 2A
12
Repeal the Part.
13
3 Subsection 49(1)
14
Omit "Part 2A,".
15
4 Section 55 (note)
16
Repeal the note.
17
5 Section 56 (definition of concessional contributions)
18
Repeal the definition.
19
6 Section 56 (definition of low income superannuation
20
contribution)
21
Repeal the definition.
22
7 Application of amendments
23
(1)
The amendments made by this Schedule apply in relation to:
24
(a) concessional contributions for the financial year before the
25
financial year in which this Schedule commences; and
26
(b) concessional contributions for the financial year in which this
27
Schedule commences; and
28
Low income superannuation contribution Schedule 7
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
39
(c) concessional contributions for later financial years.
1
(2)
However, section 12G of the Superannuation (Government
2
Co-contribution for Low Income Earners) Act 2003:
3
(a) continues to apply, until the commencement of this Schedule,
4
for quarters or financial years ending before that
5
commencement; and
6
(b) ceases to apply, in relation to concessional contributions for
7
any financial year, at that commencement.
8
Note:
Section 12G requires the Commissioner to give reports to the Minister for presenting to
9
the Parliament. This subitem ensures that reporting under that section is required up to,
10
but not after, the commencement of this Schedule.
11
(3)
For the purposes of this item, concessional contributions has the same
12
meaning as in the Income Tax Assessment Act 1997.
13
8 Transitional
--notifying certain decisions
14
(1)
If, on or after the commencement of this Schedule, the Commissioner
15
makes a decision under paragraph 12F(1)(b) of the Superannuation
16
(Government Co-contribution for Low Income Earners) Act 2003 in
17
respect of a person, the Commissioner is not required to notify the
18
person of the decision.
19
Note:
A decision under paragraph 12F(1)(b) is a decision by the Commissioner that the
20
Commissioner would not have determined that a low income superannuation
21
contribution was payable in respect of a person if the Commissioner had had
22
information that was obtained after that determination.
23
(2)
Subitem (1) has effect despite subsection 12F(2) of that Act.
24
9 Transitional
--Deadlines for the final financial year for a
25
LISC
26
Determining that a LISC is payable
27
(1)
The Commissioner must not determine under section 13 of the
28
Superannuation (Government Co-contribution for Low Income Earners)
29
Act 2003 that a low income superannuation contribution is payable
30
unless the Commissioner becomes satisfied, before the deadline under
31
subitem (3), that the contribution is payable.
32
Schedule 7 Low income superannuation contribution
40
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Determining that an underpaid amount of LISC is payable
1
(2)
The Commissioner must not determine under section 19 of the
2
Superannuation (Government Co-contribution for Low Income Earners)
3
Act 2003 that an underpaid amount is to be paid unless the
4
Commissioner becomes satisfied, before the deadline under subitem (3),
5
that the amount paid is less than the correct amount of low income
6
superannuation contribution.
7
Deadline for determinations
8
(3)
The deadline for the purposes of this item is the first day of the second
9
financial year after the financial year in which this Schedule
10
commences.
11
Repeal of income support bonus Schedule 8
Main amendments Part 1
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
41
Schedule 8
--Repeal of income support bonus
1
Part 1
--Main amendments
2
Social Security Act 1991
3
1 Subsection 23(1) (definition of income support bonus)
4
Repeal the definition.
5
2 Subsection 23(1) (definition of income support bonus test
6
day)
7
Repeal the definition.
8
3 Paragraph 23(4AA)(ac)
9
Repeal the paragraph.
10
4 Part 2.18B
11
Repeal the Part.
12
5 Section 1190 (table item 71)
13
Repeal the item.
14
6 Subsection 1191(1) (table item 43)
15
Repeal the item.
16
7 Subsection 1192(10)
17
Repeal the subsection.
18
Social Security (Administration) Act 1999
19
8 Section 12L
20
Repeal the section.
21
9 Subsection 47(1) (paragraph (l) of the definition of lump
22
sum benefit)
23
Omit "payment; or", substitute "payment.".
24
Schedule 8 Repeal of income support bonus
Part 1 Main amendments
42
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
10 Subsection 47(1) (paragraph (m) of the definition of lump
1
sum benefit)
2
Repeal the paragraph.
3
11 Section 47DAB
4
Repeal the section.
5
Repeal of income support bonus Schedule 8
Consequential amendments Part 2
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
43
Part 2
--Consequential amendments
1
Farm Household Support Act 1992
2
12 Subsection 24A(8A)
3
Repeal the subsection.
4
13 Subsection 24AA(10A)
5
Repeal the subsection.
6
14 Subsection 24B(6)
7
Repeal the subsection.
8
Income Tax Assessment Act 1997
9
15 Section 11-15 (table item headed
"social security or like
10
payments
")
11
Omit:
12
income support bonus under the Social Security Act
1991 ................................................................................
52-10
income support bonus under the scheme prepared under
Part VII of the Veterans' Entitlements Act 1986 ...........
52-65
income support bonus under the scheme determined
under section 258 of the Military Rehabilitation and
Compensation Act 2004 .................................................
52-114
16 Paragraph 52-10(1)(zb)
13
Omit "1991; or", substitute "1991.".
14
17 Paragraph 52-10(1)(zc)
15
Repeal the paragraph.
16
18 Subsection 52-10(1M)
17
Repeal the subsection.
18
19 Paragraph 52-65(1)(c)
19
Repeal the paragraph.
20
Schedule 8 Repeal of income support bonus
Part 2 Consequential amendments
44
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
20 Subsection 52-65(1K)
1
Repeal the subsection.
2
21 Section 52-75 (table item 5D)
3
Repeal the item.
4
22 Section 52-114 (table item 16A)
5
Repeal the item.
6
Social Security Act 1991
7
23 Paragraph 1231(1AA)(b)
8
Omit ", farmers hardship bonus or income support bonus", substitute
9
"or farmers hardship bonus".
10
Social Security (Administration) Act 1999
11
24 Section 123TC (paragraph (f) of the definition of category I
12
welfare payment)
13
Repeal the paragraph.
14
25 Section 123TC (paragraph (aa) of the definition of
15
category Q welfare payment)
16
Repeal the paragraph.
17
Repeal of income support bonus Schedule 8
Saving provisions Part 3
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
45
Part 3
--Saving provisions
1
26 Saving provisions
2
(1)
If, before the commencement of this item, a person was, under
3
Part 2.18B of the Social Security Act 1991, qualified for an income
4
support bonus on an income support bonus test day occurring before
5
that commencement, then, despite the amendments made by Parts 1 and
6
2 of this Schedule, that Act and the Social Security (Administration) Act
7
1999, as in force immediately before that commencement, continue to
8
apply on and after that commencement in relation to that qualification.
9
(2)
Despite the amendments made by items 12 to 14, subsections 24A(8A),
10
24AA(10A) and 24B(6) of the Farm Household Support Act 1992, as in
11
force immediately before the commencement of this item, continue to
12
apply on and after that commencement in relation to payments of
13
income support bonus made before, on or after that commencement
14
under the Social Security Act 1991.
15
(3)
Despite the amendment made by item 18, subsection 52-10(1M) of the
16
Income Tax Assessment Act 1997, as in force immediately before the
17
commencement of this item, continues to apply on and after that
18
commencement in relation to payments of income support bonus made
19
before, on or after that commencement under the Social Security Act
20
1991.
21
(4)
Despite the amendment made by item 20, subsection 52-65(1K) of the
22
Income Tax Assessment Act 1997, as in force immediately before the
23
commencement of this item, continues to apply on and after that
24
commencement in relation to payments of income support bonus made
25
before, on or after that commencement under the scheme prepared
26
under Part VII of the Veterans' Entitlements Act 1986.
27
(5)
Despite the amendment made by item 22, item 16A of the table in
28
section 52-114 of the Income Tax Assessment Act 1997, as in force
29
immediately before the commencement of this item, continues to apply
30
on and after that commencement in relation to payments of income
31
support bonus made before, on or after that commencement under the
32
scheme determined under section 258 of the Military Rehabilitation and
33
Compensation Act 2004.
34
(6)
Despite the amendments made by items 24 and 25:
35
Schedule 8 Repeal of income support bonus
Part 3 Saving provisions
46
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
(a) paragraph (f) of the definition of category I welfare payment
1
in section 123TC of the Social Security (Administration) Act
2
1999, as in force immediately before the commencement of
3
this item; and
4
(b) paragraph (aa) of the definition of category Q welfare
5
payment in that section as so in force;
6
continue to apply on and after that commencement in relation to
7
payments of income support bonus made before, on or after that
8
commencement.
9
Repeal of schoolkids bonus Schedule 9
Amendments Part 1
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
47
Schedule 9
--Repeal of schoolkids bonus
1
Part 1
--Amendments
2
A New Tax System (Family Assistance) Act 1999
3
1 Subsection 3(1) (definition of bonus test day)
4
Repeal the definition.
5
2 Subsection 3(1) (definition of current education period)
6
Repeal the definition.
7
3 Subsection 3(1) (paragraph (f) of the definition of family
8
assistance)
9
Omit "supplement; or", substitute "supplement.".
10
4 Subsection 3(1) (paragraph (g) of the definition of family
11
assistance)
12
Repeal the paragraph.
13
5 Subsection 3(1) (paragraph (ba) of the definition of FTB
14
child)
15
Repeal the paragraph.
16
6 Subsection 3(1) (definition of previous education period)
17
Repeal the definition.
18
7 Subsection 3(1) (definition of primary school amount)
19
Repeal the definition.
20
8 Subsection 3(1) (definition of relevant schoolkids bonus
21
child)
22
Repeal the definition.
23
9 Subsection 3(1) (definition of schoolkids bonus)
24
Repeal the definition.
25
Schedule 9 Repeal of schoolkids bonus
Part 1 Amendments
48
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
10 Subsection 3(1) (definition of secondary school amount)
1
Repeal the definition.
2
11 Division 1A of Part 3
3
Repeal the Division.
4
12 Division 1A of Part 4
5
Repeal the Division.
6
13 Clause 2 of Schedule 4 (table items 17AB and 17AC)
7
Repeal the items.
8
14 Subclause 3(1) of Schedule 4 (table items 17AB and 17AC)
9
Repeal the items.
10
A New Tax System (Family Assistance) (Administration) Act
11
1999
12
15 Division 2A of Part 3
13
Repeal the Division.
14
16 Paragraph 66(1)(ba)
15
Repeal the paragraph.
16
17 Paragraph 71(1)(a)
17
Omit ", single income family supplement or schoolkids bonus",
18
substitute "or single income family supplement".
19
18 Subsection 93A(6) (paragraph (ab) of the definition of
20
family assistance payment)
21
Repeal the paragraph.
22
19 Section 219TA (paragraph (ca) of the definition of relevant
23
benefit)
24
Repeal the paragraph.
25
20 Subsection 221(5)
26
Repeal the subsection.
27
Repeal of schoolkids bonus Schedule 9
Amendments Part 1
No. , 2014
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
49
Income Tax Assessment Act 1997
1
21 Section 11-15 (table item headed
"family assistance")
2
Omit:
3
schoolkids bonus ................................................................. 52-150
22 Section 52-150
4
Omit ", ETR payment or schoolkids bonus", substitute "or ETR
5
payment".
6
Social Security (Administration) Act 1999
7
23 Subdivision DG of Division 5 of Part 3B
8
Repeal the Subdivision.
9
Schedule 9 Repeal of schoolkids bonus
Part 2 Saving provisions
50
Minerals Resource Rent Tax Repeal and Other Measures Bill 2014
No. , 2014
Part 2
--Saving provisions
1
24 Saving provisions
2
(1)
If, before the commencement of this item, an individual was, under
3
Division 1A of Part 3 of the Assistance Act, eligible for schoolkids
4
bonus on a bonus test day occurring before that commencement, then,
5
despite the amendments made by Part 1 of this Schedule, the Assistance
6
Act and the Administration Act, as in force immediately before that
7
commencement, continue to apply on and after that commencement in
8
relation to that eligibility.
9
(2)
Despite the amendment made by item 22, section 52-150 of the Income
10
Tax Assessment Act 1997, as in force immediately before the
11
commencement of that item, continues to apply on and after that
12
commencement in relation to payments of schoolkids bonus made
13
before, on or after that commencement.
14
(3)
Despite the amendment made by item 23, Subdivision DG of Division 5
15
of Part 3B of the Social Security (Administration) Act 1999, as in force
16
immediately before the commencement of that item, continues to apply
17
on and after that commencement in relation to payments of schoolkids
18
bonus made before, on or after that commencement.
19
(4)
In this item:
20
Administration Act means the A New Tax System (Family Assistance)
21
(Administration) Act 1999.
22
Assistance Act means the A New Tax System (Family Assistance) Act
23
1999.
24