Commonwealth of Australia Bills
[Index]
[Search]
[Download]
[Related Items]
[Help]
This is a Bill, not an Act. For current law, see the Acts databases.
TAX LAWS AMENDMENT (2011 MEASURES NO. 3) BILL 2011
2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (2011 Measures
No. 3) Bill 2011
No. , 2011
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
i Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--12-month export period for the GST-free supply
of new recreational boats
3
A New Tax System (Goods and Services Tax) Act 1999
3
Schedule 2--General interest charge
6
Income Tax (Transitional Provisions) Act 1997
6
Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011 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 Laws Amendment (2011
5
Measures No. 3) Act 2011.
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 Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011
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
1 July 2011.
1 July 2011
3. Schedule 2
Immediately after the commencement of
Schedule 1 to the Tax Laws Amendment
(Transfer of Provisions) Act 2010.
1 July 2010
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 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
12-month export period for the GST-free supply of new recreational boats Schedule 1
Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011 3
Schedule 1--12-month export period for the
1
GST-free supply of new recreational
2
boats
3
4
A New Tax System (Goods and Services Tax) Act 1999
5
1 Subsection 38-185(1) (after table item 4)
6
Insert:
7
4A
Export of new
recreational
boats
a supply of a
*
ship, but only if:
(a) the ship is a
*
new recreational boat on the earliest day
(the receipt day) on which one or more of the
following occurs:
(i) the
*
recipient takes physical possession of the
ship;
(ii) if
*
consideration for the supply is provided in
instalments under a contract that requires the
ship to be exported--the supplier receives any
of the final instalment;
(iii) if consideration for the supply is provided in
instalments under a contract that requires the
ship to be exported--the supplier gives an
*
invoice for the final instalment; and
(b) the supplier or recipient exports the ship from Australia
within 12 months (or such further period as the
Commissioner allows) after the receipt day; and
(c) subsection (6) does not apply at any time during the
period:
(i) starting on the receipt day; and
(ii) ending when the supplier or recipient exports
the ship.
2 At the end of section 38-185
8
Add:
9
Export of new recreational boats
10
(5) For the purposes of item 4A of the table in subsection (1), the
*
ship
11
is a new recreational boat if the ship:
12
(a) has not been substantially reconstructed; and
13
Schedule 1 12-month export period for the GST-free supply of new recreational boats
4 Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011
(b) has not been sold, leased or used since the completion of its
1
construction, except in connection with:
2
(i) the supply or acquisition of the ship as stock held for the
3
purpose of sale or exchange in
*
carrying on an
4
*
enterprise; or
5
(ii) the supply mentioned in that item, or the acquisition of
6
the ship by the
*
recipient as mentioned in that item; and
7
(c) was designed, and is fitted out, principally for use in
8
activities done as private recreational pursuits or hobbies; and
9
(d) is not a commercial ship.
10
(6) For the purposes of item 4A in the table in subsection (1), this
11
subsection applies if, apart from use of the
*
ship by the supplier in
12
connection with the supply of the ship to the
*
recipient, the
*
ship is
13
used:
14
(a) as security for the performance of an obligation (other than
15
an obligation relating to the acquisition of the ship); or
16
(b)
in
*
carrying on an
*
enterprise in Australia; or
17
(c) in Australia in carrying on an enterprise outside Australia,
18
not including use that involves the ship being used:
19
(i) in a way that is private or domestic in nature; or
20
(ii) in an activity, or series of activities, done as a private
21
recreational pursuit or hobby; or
22
Example: Allowing an employee to live on the ship, or to take the ship on a
23
fishing trip.
24
(d)
for
*
consideration, unless the consideration:
25
(i) consists of the provision of services by an employee of
26
an enterprise carried on by the
*
recipient outside
27
Australia; or
28
(ii) is in respect of the recipient competing in a race or other
29
sporting event (e.g. a prize).
30
3 Section 195-1
31
Insert:
32
new recreational boat has the meaning given by subsection
33
38-185(5).
34
4 Application provision
35
The amendments made by this Schedule apply to supplies that:
36
12-month export period for the GST-free supply of new recreational boats Schedule 1
Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011 5
(a) are made under contracts entered into on or after the
1
commencement of this item; and
2
(b) are not made pursuant to rights or options granted before that
3
commencement.
4
5
Schedule 2 General interest charge
6 Tax Laws Amendment (2011 Measures No. 3) Bill 2011 No. , 2011
Schedule 2--General interest charge
1
2
Income Tax (Transitional Provisions) Act 1997
3
1 Section 5-5
4
Before "Division 5", insert "Subject to section 5-15 of this Act,".
5
2 Section 5-10 (heading)
6
Repeal the heading, substitute:
7
5-10 General interest charge liabilities under former subsection
8
204(3)
9
3 At the end of Division 5
10
Add:
11
5-15 Application of section 5-15 of the Income Tax Assessment Act
12
1997
13
(1) Section 5-15 of the Income Tax Assessment Act 1997 (General
14
interest charge payable on unpaid income tax or shortfall interest
15
charge), as originally enacted, applies to an amount of income tax
16
or shortfall interest charge you must pay for a financial year, if the
17
income tax or shortfall interest charge is due to be paid on or after
18
the commencement of that section.
19
(2) For the purposes of subsection (1), it does not matter whether the
20
financial year ended before, on or after the commencement of that
21
section.
22
4 Former subsection 204(3) of the Income Tax Assessment
23
Act 1936
24
For the purposes of applying, at a particular time, former subsection
25
204(3) of the Income Tax Assessment Act 1936 in relation to any tax, it
26
does not matter whether the tax had been assessed at that time.
27