Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 3

4............ Amendment of assessments............................................................... 3

Schedule 1--Tax preferred entities (asset financing)                                        4

Part 1--Main amendments                                                                                 Â           4

Income Tax Assessment Act 1997                                                                              4

Part 2--Consequential amendments                                                                        65

Development Allowance Authority Act 1992                                                       65

Income Tax Assessment Act 1936                                                                            65

Income Tax Assessment Act 1997                                                                            68

Taxation Administration Act 1953                                                                         75

Part 3--Application                                                                                   Â                     77

Schedule 2--Thin capitalisation: excluded equity interests                         80

Income Tax Assessment Act 1997                                                                            80

Schedule 3--Thin capitalisation: groups containing certain ADIs            81

Income Tax Assessment Act 1997                                                                            81

Schedule 4--Extending the CGT small superannuation funds roll‑over on marriage breakdown                85

Income Tax Assessment Act 1997                                                                            85

Schedule 5--Prime Minister's Prizes                                                                        88

Income Tax Assessment Act 1997                                                                            88

Schedule 6--Removal of the same business test cap                                      89

Part 1--Main amendments                                                                                 Â         89

Income Tax Assessment Act 1997                                                                            89

Part 2--Consequential amendments                                                                        90

Income Tax Assessment Act 1997                                                                            90

Part 3--Application                                                                                   Â                     97

Schedule 7--Statutory licences                                                                                     98

Part 1--Main amendments                                                                                 Â         98

Income Tax Assessment Act 1997                                                                            98

Income Tax (Transitional Provisions) Act 1997                                               101

Part 2--Consequential and other amendments                                                  105

Income Tax Assessment Act 1997                                                                          105

Income Tax (Transitional Provisions) Act 1997                                               106

Part 3--Application                                                                                   Â                   107

Schedule 8--Australian property trusts and stapled securities                108

Part 1--Main amendments                                                                                 Â       108

Income Tax Assessment Act 1936                                                                          108

Income Tax Assessment Act 1997                                                                          110

Part 2--Consequential amendments                                                                      116

Income Tax Assessment Act 1997                                                                          116

Part 3--Application                                                                                   Â                   117

Schedule 9--Deductible gift recipients                                                                   118

Income Tax Assessment Act 1997                                                                          118

Schedule 10--Streamlining concessions for Australian films and Australian film production        120

Part 1--Main amendments                                                                                 Â       120

Income Tax Assessment Act 1997                                                                          120

Part 2--Consequential and other amendments                                                  163

Income Tax Assessment Act 1936                                                                          163

Income Tax Assessment Act 1997                                                                          164

Part 3--Repeal of Divisions 10B and 10BA                                                      168

Income Tax Assessment Act 1936                                                                          168

Income Tax Assessment Act 1997                                                                          171

Income Tax (Transitional Provisions) Act 1997                                               175

Part 4--Application and saving provisions                                                          177

Schedule 11--Research and development                                                           178

Part 1--Amendment of the Income Tax Assessment Act 1936                 178

Part 2--Amendment of the Industry Research and Development Act 1986 202

Part 3--Application and transitional provisions                                                 208

Schedule 12--Innovation Australia                                                                          211

Part 1--Main amendments                                                                                 Â       211

Industry Research and Development Act 1986                                                  211

Pooled Development Funds Act 1992                                                                 219

Part 2--Consequential amendments                                                                      222

Income Tax Assessment Act 1936                                                                          222

Income Tax Assessment Act 1997                                                                          222

Industrial Research and Development Incentives Act 1976                            224

Venture Capital Act 2002                                                                                      225

Part 3--Transitional provisions                                                                                245

 

 

 

 

Tax Laws Amendment (2007 Measures No. 5) Act 2007

No. 164, 2007

 

An Act to amend the law relating to taxation, and for related purposes

[Assented to 25 September 2007]

The Parliament of Australia enacts:

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