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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
Tax and Superannuation Laws
Amendment (2014 Measures No. 5) Bill
2014
No. , 2014
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2014
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Abolishing the mature age worker tax offset
3
Income Tax Assessment Act 1997
3
Taxation Administration Act 1953
3
Schedule 2--Abolishing the seafarer tax offset
4
Income Tax Assessment Act 1997
4
Shipping Reform (Tax Incentives) Act 2012
4
Schedule 3--Rates of R&D tax offset
5
Income Tax Assessment Act 1997
5
Schedule 4--Deductible gift recipients
6
Income Tax Assessment Act 1997
6
No. , 2014
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Tax and Superannuation Laws
5
Amendment (2014 Measures No. 5) Act 2014.
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
Tax and Superannuation Laws Amendment (2014 Measures No. 5) 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
and 2
The day after this Act receives the Royal
Assent.
3. Schedules 3
and 4
The day this Act receives the Royal Assent.
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
Abolishing the mature age worker tax offset Schedule 1
No. , 2014
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
3
Schedule 1
--Abolishing the mature age
1
worker tax offset
2
3
Income Tax Assessment Act 1997
4
1 Section 13-
1 (table item headed "mature age workers")
5
Repeal the item.
6
2 Subdivision 61-K
7
Repeal the Subdivision.
8
3 Subsection 995-1(1) (definition of net income from working)
9
Repeal the definition.
10
Taxation Administration Act 1953
11
4 Section 45-340 in Schedule 1 (method statement, step 1,
12
paragraph (d))
13
Repeal the paragraph.
14
5 Section 45-375 in Schedule 1 (method statement, step 1,
15
paragraph (c))
16
Repeal the paragraph.
17
6 Application
18
The amendments made by this Schedule apply to assessments for the
19
2014-15 income year and later income years.
20
Schedule 2 Abolishing the seafarer tax offset
4
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
No. , 2014
Schedule 2
--Abolishing the seafarer tax offset
1
2
Income Tax Assessment Act 1997
3
1 Section 13-
1 (table item headed "withholding payments")
4
Repeal the item.
5
2 Subdivision 61-N
6
Repeal the Subdivision.
7
3 Section 67-23 (table item 13)
8
Repeal the item.
9
Shipping Reform (Tax Incentives) Act 2012
10
4 Section 4 (note)
11
Omit ", sections 40-362 and 51-100 and Subdivision 61-N", substitute
12
"and sections 40-362 and 51-100".
13
5 Application
14
The amendments made by this Schedule apply to assessments for the
15
2015-16 income year and later income years.
16
Rates of R&D tax offset Schedule 3
No. , 2014
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
5
Schedule 3
--Rates of R&D tax offset
1
2
Income Tax Assessment Act 1997
3
1 Subsection 355-100(1) (cell at table item 1, column headed
4
"The percentage is:")
5
Repeal the cell, substitute:
6
43.5%
2 Subsection 355-100(1) (cell at table item 2, column headed
7
"The percentage is:")
8
Repeal the cell, substitute:
9
38.5%
3 Subsection 355-100(1) (cell at table item 3, column headed
10
"The percentage is:")
11
Repeal the cell, substitute:
12
38.5%
4 Subsection 355-100(1) (note)
13
Omit "45%", substitute "43.5%".
14
5 Application of amendments
15
The amendments made by this Schedule apply in relation to
16
assessments for income years commencing on or after 1 July 2014.
17
Schedule 4 Deductible gift recipients
6
Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill
2014
No. , 2014
Schedule 4
--Deductible gift recipients
1
2
Income Tax Assessment Act 1997
3
1 Subsection 30-25(2) (at the end of the table)
4
Add:
5
2.2.43
Australian Schools Plus Ltd
the gift must be made on
or after 1 April 2014
2 Subsection 30-80(2) (after table item 9.2.14)
6
Insert:
7
9.2.15
East African Fund
the gift must be made on or
after 1 July 2014
3 Section 30-105 (at the end of the table)
8
Add:
9
13.2.21
The Minderoo Foundation Trust
the gift must be made on
or after 1 January 2014
4 Section 30-315 (after table item 25A)
10
Insert:
11
25B
Australian Schools Plus Ltd
item 2.2.43
5 Section 30-315 (after table item 45A)
12
Insert:
13
45B
East African Fund
item 9.2.15
6 Section 30-315 (after table item 72A)
14
Insert:
15
72B
Minderoo Foundation Trust
item 13.2.21
16