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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Taxation Laws
Amendment Bill (No. 5) 2001
No. ,
2001
(Treasury)
A Bill
for an Act to amend the law relating to taxation, and for related
purposes
Contents
A New Tax System (Australian Business Number) Act
1999 3
A New Tax System (Goods and Services Tax) Act
1999 4
Fringe Benefits Tax Assessment Act
1986 5
Income Tax Assessment Act
1997 6
Taxation Administration Act
1953 8
Income Tax Assessment Act
1936 10
Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Assessment and Collection Act
1997 11
Income Tax Assessment Act
1997 13
Income Tax Assessment Act
1997 20
Fringe Benefits Tax Assessment Act
1986 25
Income Tax Assessment Act
1997 25
A Bill for an Act to amend the law relating to taxation,
and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Taxation Laws Amendment Act (No. 5)
2001.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Schedule 2 is taken to have commenced on 1 July
2000.
Subject to section 2, 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this Act is amended or repealed as set out in the applicable items in the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.
Section 170 of the Income Tax Assessment Act 1936 does not
prevent the amendment of an assessment made before the commencement of this
section for the purposes of giving effect to this Act.
A New Tax System
(Australian Business Number) Act 1999
1 After section 5
Insert:
If a *religious practitioner:
(a) does an activity, or a series of activities:
(i) in pursuit of his or her vocation as a religious practitioner;
and
(ii) as a member of a religious institution; and
(b) does not do the activity, or series of activities, as an employee or
agent of the religious institution or another entity;
this Act applies as if the activity, or series of activities, had been done
by the religious institution and not by the religious practitioner.
Note: This will mean that such an activity will be an
enterprise of the religious institution under subsection 38(1) and not an
enterprise of the religious practitioner.
2 Section 41
Insert:
religious practitioner means:
(a) a minister of religion; or
(b) a student at an institution who is undertaking a course of instruction
in the duties of a minister of religion; or
(c) a full-time member of a religious order; or
(d) a student at a college conducted solely for training persons to become
members of religious orders.
3 Application
The amendments of the A New Tax System (Australian Business Number) Act
1999 made by this Schedule apply to activities done by a religious
practitioner on or after 1 July 2000.
A New Tax System (Goods
and Services Tax) Act 1999
4 After Division 49
Insert:
Activities of a religious practitioner done in pursuit of his or her
vocation as a religious practitioner and as a member of a religious institution
will be treated as activities done by the religious institution, unless the
religious practitioner is acting as an employee or agent.
Table of sections
50-5 GST treatment of religious
practitioners
If a *religious practitioner:
(a) does an activity, or a series of activities:
(i) in pursuit of his or her vocation as a religious practitioner;
and
(ii) as a member of a religious institution; and
(b) does not do the activity, or series of activities, as an employee or
agent of the religious institution or another entity;
the *GST law applies as if the activity,
or series of activities, had been done by the religious institution and not by
the religious practitioner.
Note: This will mean that such an activity will be an
enterprise of the religious institution under subsection 9-20(1) and not an
enterprise of the religious practitioner.
5 Section 195-1
Insert:
religious practitioner means:
(a) a minister of religion; or
(b) a student at an institution who is undertaking a course of instruction
in the duties of a minister of religion; or
(c) a full-time member of a religious order; or
(d) a student at a college conducted solely for training persons to become
members of religious orders.
6 Application
The amendments of the A New Tax System (Goods and Services Tax) Act 1999
made by this Schedule apply to activities done by a religious practitioner
on or after 1 July 2000.
Fringe Benefits Tax
Assessment Act 1986
7 Subsection 136(1) (definition of salary or
wages)
Repeal the definition, substitute:
salary or wages means:
(a) a payment from which an amount must be withheld (even if the amount is
not withheld) under a provision in Schedule 1 to the Taxation
Administration Act 1953 listed in the table, to the extent that the payment
is assessable income; and
(b) a payment from which an amount must be withheld (even if the amount is
not withheld) under section 12-47 in Schedule 1 to the Taxation
Administration Act 1953 where:
(i) the payment is made to a religious practitioner by a religious
institution; and
(ii) the activity, or series of activities, for which the payment is made
is done by the religious practitioner as a member of the religious
institution.
|
Withholding payments covered |
||
|---|---|---|
|
Item |
Provision |
Subject matter |
|
1 |
Section 12-35 |
Payment to employee |
|
2 |
Section 12-40 |
Payment to company director |
|
3 |
Section 12-45 |
Payment to office holder |
|
4 |
Section 12-115 |
Commonwealth education or training payment |
|
5 |
Section 12-120 |
Compensation, sickness or accident payment |
8 Application
The amendment of the Fringe Benefits Tax Assessment Act 1986 made by
item 7 of this Schedule applies to payments made on or after 1 July
2002.
9 Transitional treatment of payments to
religious practitioners
(1) This item applies to payments made to religious practitioners during
the period (the transitional period) from the start of 1 July
2000 until the end of 30 June 2002.
(2) For the purposes of the Fringe Benefits Tax Assessment Act 1986,
a payment to a religious practitioner during the transitional period is taken to
be a payment of salary or wages if it would have been a payment of
salary or wages had it been made immediately after the end of the transitional
period.
(3) In this item, religious practitioner has the meaning
given by subsection 136(1) of the Fringe Benefits Tax Assessment Act
1986.
Income Tax Assessment Act
1997
10 Subsection 26-30(6)
Repeal the subsection, substitute:
Withholding payments covered
(6) This subsection covers:
(a) a *withholding payment covered by any
of the provisions in Schedule 1 to the Taxation Administration Act 1953
listed in the table; and
(b) a withholding payment covered by section 12-47 in Schedule 1
to the Taxation Administration Act 1953 where:
(i) the payment is made to a religious practitioner by a religious
institution; and
(ii) the activity, or series of activities, for which the payment is made
is done by the religious practitioner as a member of the religious
institution.
|
Withholding payments covered |
||
|---|---|---|
|
Item |
Provision |
Subject matter |
|
1 |
Section 12-40 |
Payment to company director |
|
2 |
Section 12-45 |
Payment to office holder |
|
3 |
Section 12-50 |
Return to work payment |
|
4 |
Subdivision 12-D |
Benefit, training and compensation payments |
11 Subsection 28-185(3) (after table
item 3)
Insert:
|
3A |
Section 12-47 |
Payment to *religious
practitioner |
12 Section 85-35
(heading)
Repeal the heading, substitute:
13 At the end of
section 85-35
Add:
(2) This Division does not apply to an amount, payment or contribution to
the extent that the amount, payment or contribution relates to a payment
referred to in section 12-47 in Schedule 1 to the Taxation
Administration Act 1953 (payments to
*religious practitioners).
14 Subsection 130-90(5) (after table
item 3)
Insert:
|
3A |
Section 12-47 |
Payment to *religious
practitioner |
15 Subsection 900-12(3) (after table
item 3)
Insert:
|
3A |
Section 12-47 |
Payment to *religious
practitioner |
16 Subsection 995-1(1)
Insert:
religious practitioner means:
(a) a minister of religion; or
(b) a student at an institution who is undertaking a course of instruction
in the duties of a minister of religion; or
(c) a full-time member of a religious order; or
(d) a student at a college conducted solely for training persons to become
members of religious orders.
17 Application
The amendments of the Income Tax Assessment Act 1997 made by this
Schedule apply to any withholding payments mentioned in those amendments that an
individual receives, or is entitled to receive, on or after 1 July
2002.
Taxation Administration
Act 1953
18 Subsection 10-5(1) in Schedule 1 (after
table item 3)
Insert:
|
3A |
a payment to a *religious
practitioner |
12-47 |
19 Subsection 12-1(1) in
Schedule 1
After “12-45,”, insert “12-47,”.
20 Subsection 12-1(2) in
Schedule 1
After “12-45,”, insert “12-47,”.
21 Subsection 12-1(3) in
Schedule 1
After “12-45,” insert “12-47,”.
22 Subsection 12-5(2) in Schedule 1 (table
item 1, column 2)
After “12-45”, insert “, 12-47”.
23 Subsection 12-5(2) in Schedule 1 (after
table item 1)
Insert:
|
1A |
section 12-35 or 12-45 |
a payment for work or services |
section 12-47 (a payment to a
*religious practitioner) |
24 After section 12-45 in
Schedule 1
Insert:
An entity must withhold an amount from a payment it makes to a
*religious practitioner for an activity, or a
series of activities, if:
(a) the activity, or series of activities, is done by the religious
practitioner in pursuit of his or her vocation as a religious practitioner;
and
(b) the activity, or series of activities, is done by the religious
practitioner as a member of a religious institution; and
(c) the payment is made by the entity in the course or furtherance of an
enterprise that the entity carries on.
25 Application
The amendments of the Taxation Administration Act 1953 made by this
Schedule apply to payments made on or after 1 July 2002.
Income Tax Assessment Act
1936
1 At the end of
section 159SM
Add:
(3) The taxpayer is not entitled to a rebate for a rebatable 27H amount
included in the taxpayer’s assessable income of a year of income in
respect of a rebatable superannuation pension if the applicable fund in relation
to the superannuation pension was a constitutionally protected fund on the first
day of the period to which the pension relates.
2 After section 281
Insert:
The assessable income of a complying superannuation fund of a year of
income that ceased to be a constitutionally protected fund at a time during the
year of income or at the end of the previous year of income includes the sum of
the specified roll-over amounts that would be included in that assessable income
if all accumulated member benefits:
(a) were paid out of the fund immediately before it ceased to be a
constitutionally protected fund; and
(b) were rolled-over back to the fund (within the meaning of Subdivision
AA of Division 2 of Part III) immediately after it ceased to be a
constitutionally protected fund.
3 Exclusion of subsection 48(2) of Acts
Interpretation Act
Subsection 48(2) of the Acts Interpretation Act 1901 does not apply,
and is taken never to have applied, to a regulation, or a provision of
regulations, amending Schedule 14 to the Income Tax Regulations, so as to
omit items 501, 502 and 509 of that Schedule, with effect on and from
1 July 2000.
Superannuation
Contributions Tax (Members of Constitutionally Protected Superannuation Funds)
Assessment and Collection Act 1997
4 Paragraph 9(2)(b)
Omit “and”.
5 Subsection 14(3)
Repeal the subsection, substitute:
Notice of assessment
(3) When an assessment (including an amended assessment) is made, the
Commissioner must, subject to subsection (4), give notice of the
assessment:
(a) if paragraph (b) does not apply—to the member; or
(b) if the assessment:
(i) relates to the period when the relevant superannuation fund was a
constitutionally protected superannuation fund; and
(ii) is made after that superannuation fund ceases to be a
constitutionally protected superannuation fund;
to the superannuation provider.
6 After subsection 15(6)
Insert:
Payment to be made if fund ceases to be a constitutionally protected
superannuation fund
(6A) If a superannuation fund ceases to be a constitutionally protected
superannuation fund at a time when a member’s surcharge debt account is in
debit, the member is liable to pay to the Commissioner the lesser of:
(a) the amount by which the account is in debit; or
(b) 15% of the employer-financed component of that part of the value of
the age retirement benefits of the member at the time when the fund ceased to be
a constitutionally protected superannuation fund that accrued after
20 August 1996.
7 After subsection 15(8A)
Insert:
Member of former constitutionally protected superannuation fund may
direct superannuation provider to pay amount to Commissioner
(8AA) If a person is liable to pay an amount to the Commissioner under
subsection (6A), the person may direct the superannuation provider to pay
to the Commissioner the whole or a part of that amount and to make any necessary
reductions in the benefits to which the person would otherwise be
entitled.
8 Subsection 15(8B)
After “(8A)”, insert “or (8AA)”.
Income Tax Assessment Act
1997
1 Sections 104-70, 104-71 and
104-72
Repeal the sections, substitute:
(1) CGT event E4 happens if:
(a) the trustee of a trust makes a payment to you in respect of your unit
or your interest in the trust (except for *CGT
event A1, C2, E1, E2, E6 or E7 happening in relation to it); and
(b) some or all of the payment (the non-assessable part) is
not included in your assessable income.
To avoid doubt, in applying paragraph (b) to work out what part of the
payment is included in your assessable income, disregard your share of the
trust’s net income that is subject to the rules in subsection
115-215(3).
Note 1: Subsections 104-71(1) (tax-exempted amounts),
104-71(3) (tax-free amounts) and 104-71(4) (CGT concession amounts) can affect
the calculation of the non-assessable part.
Note 2: The non-assessable part includes amounts
(tax-deferred amounts) associated with the small business 50% reduction, frozen
indexation, building allowance and accounting differences in
income.
Note 3: A payment made to you after you stop owning the unit
or interest in the trust forms part of the capital proceeds for the CGT event
that happened when you stopped owning it.
(2) The payment can include giving property (see
section 103-5).
(3) The time of the event is:
(a) just before the end of the income year in which the trustee makes the
payment; or
(b) if another *CGT event (except CGT
event E4) happens in relation to the unit or interest or part of it after the
trustee makes the payment but before the end of that income year—just
before the time of that other CGT event.
(4) You make a capital gain if the sum of the amounts of the
non-assessable parts of the payments made in the income year made by the trustee
in respect of the unit or interest is more than its
*cost base.
Note: You cannot make a capital loss.
(5) If you make a *capital gain, the
*cost base and
*reduced cost base of the unit or interest are
reduced to nil.
Note: A capital gain under section 160ZM of the
Income Tax Assessment Act 1936 is also taken into account for the
purposes of this subsection: see subsection 104-70(3) of the Income Tax
(Transitional Provisions) Act 1997.
(6) However, if that sum is not more than the
*cost base:
(a) the cost base is reduced by that sum; and
(b) the *reduced cost base is reduced by
that sum (without the adjustment in subsection 104-71(3)).
Example: Mandy owns units in a unit trust that she bought on
1 July 1998 for $10 each. During the 1999-2000 income year the trustee
makes 4 non-assessable payments of $0.50 per unit. If at the end of the income
year Mandy’s cost base for each unit (including indexation) would
otherwise be $10.10, the payments require that it be reduced by $2, giving a new
cost base of $8.10. If Mandy sells the units (CGT event A1) in the 2000-01 year
for more than their cost base at that time, she will make a capital gain equal
to the difference.
Exception
(7) A *capital gain you make from
*CGT event E4 is disregarded if you
*acquired the
*CGT asset that is the unit or interest before
20 September 1985.
(1) In working out the non-assessable part referred to in
section 104-70, disregard any part of the payment that is:
(a) *excluded exempt income; or
(b) *exempt income subject to withholding
tax; or
(c) paid from an amount that has been assessed to the trustee;
or
(d) paid from an amount that is *personal
services income included in your assessable income, or another entity’s
assessable income, under section 86-15; or
(e) repaid by you; or
(f) compensation you paid that can reasonably be regarded as a repayment
of all or part of the payment; or
(g) an amount referred to in section 152-125 (which exempts a payment
of a small business 15-year exemption amount) as an exempt amount.
The payment can include giving property (see section 103-5).
(2) However, the non-assessable part is not reduced by any part of the
payment that you can deduct.
(3) The amount of the non-assessable part referred to in
section 104-70 is adjusted to exclude any part of it that is attributable
to:
(a) an amount that is not included in the assessable income of an entity
because of:
(i) section 124ZM or 124ZN (which exempt income arising from
*shares in a
*PDF) of the Income Tax Assessment Act
1936; or
(ii) section 159GZZZZE (which exempts certain payments related to
infrastructure borrowings) of that Act; or
(b) proceeds from a *CGT event that
happens in relation to *shares in a company
that was a *PDF when that event
happened.
(4) The amount of the non-assessable part referred to in
section 104-70 for an entity shown in the table is adjusted to exclude the
amount or amounts applicable to the entity under the table.
|
Adjustment of non-assessable part |
||
|---|---|---|
|
Item |
Entity |
Amount excluded |
|
1 |
Any entity |
So much of the amount of a *discount
capital gain excluded from the *net capital
gain of the trust making the payment because of step 3 of the method statement
in subsection 102-5(1) and that is reflected in the payment to the
entity |
|
2 |
Individual, company or trust that has a
*capital loss or
*net capital loss to reduce its
*capital gain described in paragraph
115-215(3)(b) where the trust gain referred to in subsection 115-215(3) is
reduced under Subdivision 152-C |
1/2 of the amount of
the capital loss or net capital loss |
|
3 |
Individual or trust that has a *capital
loss or *net capital loss to reduce its
*capital gain described in paragraph
115-215(3)(c) |
1/4 of the amount of
the capital loss or net capital loss |
|
4 |
Company that has a *capital loss or
*net capital loss to reduce its
*capital gain described in paragraph
115-215(3)(c) where: |
The excess of the reduction amount over the Subdivision 152-C
reduction to the paragraph 115-215(3)(c) amount |
|
5 |
*Complying superannuation entity that has
a *capital loss or
*net capital loss to reduce its
*capital gain described in paragraph
115-215(3)(b) where: |
1/2 of the amount of
the capital loss or net capital loss |
|
6 |
*Complying superannuation entity that has
a *capital loss or
*net capital loss to reduce its
*capital gain described in paragraph
115-215(3)(c) where: |
The excess of the reduction amount over the Subdivision 152-C
reduction to the paragraph 115-215(3)(c) amount |
|
7 |
Any entity receiving the payment where the trust making the payment, or
another trust that is part of the same *chain
of trusts, has a *capital loss or
*net capital loss to reduce its
*capital gain described in subsection
115-215(3) |
The proportion of the capital loss or net capital loss reflected in the
payment |
Example: Claude is paid $100 by the trustee of a unit trust.
The trustee advises that the amount comprises $50 CGT discount, $25 small
business 50% reduction and $25 net income from a capital gain made by the
trust.
In applying the rules in Subdivision 115-C of the
Income Tax Assessment Act 1997, Claude reduces his capital gain of $100
by a $20 net capital loss from an earlier year. He then reduces the remaining
$80 gain by $40 (CGT discount) and $20 (small business 50% reduction) leaving a
net capital gain of $20.
In applying the rules in CGT event E4, the $100 payment is
reduced by $25 (being the amount assessed under section 97 of the Income
Tax Assessment Act 1936). It is further reduced by $50 under item 1 of
the table and $5 under item 3. Claude’s non-assessable part is
$20.
Effectively, CGT event E4 applies to the $20 small business
50% reduction allowed to Claude in applying Subdivision 115-C of the
Income Tax Assessment Act 1997.
Note 1: Step 3 of the method statement in subsection
102-5(1) (see table item 1) reduces by 50% the trust’s discount
capital gains remaining after applying capital losses and earlier net capital
losses. That 50% is excluded from the trust’s net capital
gain.
Note 2: Subdivision 152-C (small business 50%
reduction—see table items 2, 3, 4, 5, 6 and 7) reduces by 50% the
trust’s capital gains or discount capital gains remaining after applying
step 3 of the method statement in subsection 102-5(1). That 50% is also excluded
from the trust’s net capital gain.
Note 3: Paragraph 115-215(3)(b) or (c) (see table
items 2, 3, 4, 5 and 6) treats a beneficiary as having an extra capital
gain if an amount of the trust’s net income that is included in the
beneficiary’s assessable income is attributable to trust gains that were
reduced by step 3 of the method statement in subsection 102-5(1) and/or the
small business 50% reduction.
(5) A chain of trusts consists of 2 or more trusts where at
least one of these conditions is satisfied for each of the trusts:
(a) the trustee of the trust owns units or interests in another of the
trusts; or
(b) the trustee of another of the trusts owns units or interests in the
trust.
(1) A *capital gain you make under
subsection 104-70(4) is reduced if:
(a) you are the trustee of another trust that is a
*fixed trust and is not a
*complying superannuation entity; and
(b) you are taken to have a *capital gain
under paragraph 115-215(3)(b) or (c) (your notional gain) in
respect of a corresponding trust gain (the trust gain);
and
(c) some or all (the attributable amount) of the total of
the non-assessable parts referred to in subsection 104-70(4) is attributable to
proceeds from the trust gain.
(2) The *capital gain is reduced (but not
below 0) by the lesser of:
(a) your notional gain; and
(b) the attributable amount.
2 Section 115-60
Repeal the section.
3 Subsection 995-1(1)
Insert:
chain of trusts has the meaning given by
section 104-71.
4 Transitional
(1) The amount of the non-assessable part referred to in
section 104-70 of the Income Tax Assessment Act 1997 is reduced by a
further amount if:
(a) the trustee of a trust makes a payment to you in respect of your unit
or your interest in the trust; and
(b) the payment is made on or after 11.45 am, by legal time in the
Australian Capital Territory, on 21 September 1999 and before 1 July
2001; and
(c) you are the trustee of a trust that is not a complying superannuation
entity; and
(d) a discount capital gain is excluded from the net capital gain of the
trust making the payment because of step 3 of the method statement in subsection
102-5(1) of that Act.
(2) The reduction is so much of the excluded discount capital gain as is
reflected in the payment.
5 Application
(1) The amendments made by this Schedule apply to payments by trustees made
on or after 1 July 2001.
(2) Item 4 applies to payments by trustees made on or after 11.45 am,
by legal time in the Australian Capital Territory, on 21 September 1999 and
before 1 July 2001.
Income Tax Assessment Act
1997
1 Subsection 30-20(2) (at the end of the
table)
Add:
|
1.2.14 |
SouthCare Helicopter Fund |
the gift must be made after 11 September 2000 |
|
1.2.15 |
Breast Cancer Network Australia |
the gift must be made after 22 May 2001 |
2 Subsection 30-25(2) (at the end of the
table)
Add:
|
2.2.20 |
Australian Nuffield Farming Scholars Association |
the gift must be made after 16 April 2001 |
|
2.2.21 |
Dymocks Literacy Foundation Limited |
the gift must be made after 4 January 2001 |
3 Subsection 30-40(2) (at the end of the
table)
Add:
|
3.2.5 |
The Sir Earl Page Memorial Trust |
the gift must be made after 6 May 2001 |
|
3.2.6 |
Research Australia Limited |
the gift must be made after 26 June 2001 |
4 Subsection 30-45(2) (at the end of the
table)
Add:
|
4.2.19 |
Reconciliation Australia Limited |
the gift must be made after 6 December 2000 |
5 Subsection 30-50(2) (at the end of the
table)
Add:
|
5.2.11 |
The RSL Foundation |
the gift must be made after 20 September 2000 |
|
5.2.12 |
Australian Chinese Ex-Services National Reunion War Memorial Fund |
the gift must be made after 14 December 2000 and before
16 December 2002 |
|
5.2.13 |
Royal Australian Air Force (RAAF) Memorial Trust Fund |
the gift must be made after 16 November 2000 and before
18 November 2001 |
6 Subsection 30-55(2) (table
item 6.2.9)
Omit “the National Parks Foundation of South Australia
Incorporated”, substitute “the Nature Foundation SA
Incorporated”.
7 Application
The amendment of table item 6.2.9 in subsection 30-55(2) of the
Income Tax Assessment Act 1997 applies to gifts made after 9 March
2000.
8 Section 30-65 (table
item 7.2.3)
Omit “the Work Skill Australia Foundation Incorporated”,
substitute “the WorldSkills Australia Inc.”.
9 Application
The amendment of table item 7.2.3 in section 30-65 of the
Income Tax Assessment Act 1997 applies to gifts made after
10 January 2001.
10 Section 30-65 (at the end of the
table)
Add:
|
7.2.4 |
Voluntary Service to Indigenous Communities Foundation |
the gift must be made after 16 April 2001 |
11 Subsection 30-80(2) (at the end of the
table)
Add:
|
9.2.10 |
Australia for UNHCR |
the gift must be made after 27 June 2001 and before 28 June
2002 |
12 Section 30-90 (at the end of the
table)
Add:
|
10.2.7 |
The Bradman Memorial Fund |
the gift must be made after 24 February 2001 |
13 Section 30-95 (table
item 11.2.6)
Omit “none”, substitute “the gift must be made before
1 July 2001”.
14 Section 30-95 (at the end of the
table)
Add:
|
11.2.8 |
The Foundation for Young Australians |
the gift must be made after 6 May 2001 |
|
11.2.9 |
Visy Cares |
the gift must be made after 19 June 2001 |
15 Subsection 30-100(2) (table
item 12.2.2)
Omit “Australian Foundation for Culture and the Humanities
Ltd.”, substitute “Australian Business Arts Foundation
Ltd.”.
16 Application
The amendment of table item 12.2.2 in subsection 30-100(2) of the
Income Tax Assessment Act 1997 applies to gifts made after 23 July
2000.
17 Subsection 30-315(2) (table
item 9A)
Repeal the table item, substitute:
|
9A |
Australia for UNHCR |
item 9.2.10 |
18 Subsection 30-315(2) (after table
item 17)
Insert:
|
17AA |
Australian Business Arts Foundation Ltd. |
item 12.2.2 |
18 Subsection 30-315(2) (after table
item 17A)
Insert:
|
18 |
Australian Chinese Ex-Services National Reunion War Memorial Fund |
item 5.2.12 |
19 Subsection 30-315(2) (after table
item 24)
Insert:
|
24A |
Australian Nuffield Farming Scholars Association |
item 2.2.20 |
20 Subsection 30-315(2) (after table
item 28)
Insert:
|
28AA |
Breast Cancer Network Australia |
item 1.2.15 |
|
28AB |
Bradman Memorial Fund |
item 10.2.7 |
21 Subsection 30-315(2) (after table
item 45)
Insert:
|
45A |
Dymocks Literacy Foundation Limited |
item 2.2.21 |
22 Subsection 30-315(2) (after table
item 50B)
Insert:
|
50C |
Foundation for Young Australians |
item 11.2.8 |
23 Subsection 30-315(2) (after table
item 77)
Insert:
|
77A |
Nature Foundation SA Incorporated |
item 6.2.9 |
24 Subsection 30-315(2) (after table
item 94A)
Insert:
|
94B |
Reconciliation Australia Limited |
item 4.2.19 |
25 Subsection 30-315(2) (after table
item 95)
Insert:
|
95A |
Research Australia Limited |
item 3.2.6 |
26 Subsection 30-315(2) (after table
item 97)
Insert:
|
97AA |
Royal Australian Air Force (RAAF) Memorial Trust Fund |
item 5.2.13 |
27 Subsection 30-315(2) (after table
item 104A)
Insert:
|
104B |
RSL Foundation |
item 5.2.11 |
28 Subsection 30-315(2) (after table
item 110)
Insert:
|
110A |
Sir Earl Page Memorial Trust |
item 3.2.5 |
29 Subsection 30-315(2) (after table
item 111A)
Insert:
|
111B |
SouthCare Helicopter Fund |
item 1.2.14 |
30 Subsection 30-315(2) (after table
item 121)
Insert:
|
122 |
Visy Cares |
item 11.2.9 |
|
122A |
Voluntary Service to Indigenous Communities Foundation |
item 7.2.4 |
31 Subsection 30-315(2) (table
item 126)
Omit “Work Skill Australia Foundation Incorporated”, substitute
“WorldSkills Australia Inc.”.
Fringe Benefits Tax
Assessment Act 1986
1 After paragraph 65J(1)(k)
Insert:
(ka) a non-profit society, or non-profit association, established for the
purpose of promoting the development of Australian information and
communications technology resources;
2 Paragraph 65J(1)(l)
After “viticultural,”, insert “aquacultural,
fishing,”.
3 Application
(1) The amendment made by item 1 applies to benefits provided on or
after 1 April 2000.
(2) The amendment made by item 2 applies to benefits provided on or
after 1 April 1999.
Income Tax Assessment Act
1997
4 Section 50-40 (at the end of the
table)
Add:
|
8.3 |
a society or association established for the purpose of promoting the
development of Australian information and communications technology
resources |
not carried on for the profit or gain of its individual members |
5 Application
The amendment made by item 4 applies to income derived on or after
1 July 2000.