Commonwealth Numbered Acts
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TAXATION LAWS AMENDMENT ACT (NO. 2) 1992
TABLE OF PROVISIONS
Long Title
1. Short title
2. Commencement
3. Principal Act
4. Interpretation
5. Exemption of pay and allowances of members of Defence Force serving in operational areas
6. Exemption of foreign branch profits of Australian companies
7.
8. Calculation of depreciation
9. Special depreciation on property used for basic iron or steel production
10. Depreciation roll-over relief for unpooled property where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 59AA
11. Calculation of depreciation - pooled property
12.
13. Recouped expenditure on research and development activities
14. Reduction of deductions
15. Gifts, pensions etc.
16. Deduction for contributions to eligible superannuation fund for employees
17. Interpretation
18. Deduction in respect of new plant installed on or after 1 January 1976
19. Interpretation
20. Exemption of income attributable to certain policies etc.
21.
22. Residual amounts
23. Assets to which Part applies
24. Asset passing to personal representative or beneficiary
25. Part applies in respect of disposals of assets
26. Asset bequeathed to tax-advantaged person etc.
27. Capital gains and capital losses
28. Consideration in respect of disposal
29. Transfer of net capital loss within company group
30. Election to treat grant of long term lease as disposal of freehold interest or head lease
31. Payments for variation of lease
32. Consideration for disposal
33.
34. Conversion of note not to constitute disposal
35. Conversion of note not to constitute disposal
36. Involuntary disposal
37. Asset received as a result of involuntary disposal
38.
39. Transfer of assets from company or trust to spouse upon breakdown of marriage
40. Transfer of asset to wholly-owned company
41. Transfer of partnership assets to wholly-owned company
42. Transfer of asset between companies in the same group
43. Exchange of shares in the same company
44. Principal residence
45. Exemption of part of gain attributable to goodwill
46.
47. Interpretation
48. Shares in, and loans to, transferor - deemed disposal and re-acquisition
49. Equity interest in transferee - compensatory increase in cost base etc.
50. When asset acquired
51. Keeping of records
52. Interpretation
53. Prescribed persons
54. Interpretation
55. Widely distributed finance shares
56.
57. Direct attribution interest in a CFC or CFT
58. Direct attribution account interest in a company
59. Notional allowable deduction for eligible finance share dividends, widely distributed finance share dividends and transitional finance share dividends
60. Additional notional exempt income - unlisted or listed country CFC
61. Elections under CGT roll-over provisions
62. Roll-overs - asset disposals
63. Tainted sales income
64. Assessability in respect of certain dividends deemed to be paid by a CFC under section 47A
65. Application of amendments - general (Meaning of "amended Act")
66. Application of amendments - depreciation (Definitions)
67. Application of amendments - capital gains tax (Meaning of "amended Act")
68. Application of amendments - CFCs (Transitional finance shares: direct attribution interest)
69. Transitional - sections 160J and 160ZZQ of the amended Act
70. Transitional - section 160ZYZ of the Principal Act
71. Transitional - section 160ZZBB of the Principal Act
72. Transitional - Division 19A of Part IIIA of the Principal Act
73. Transitional - subsection 160ZZS(2A) of the amended Act
74. Transitional - Part X record-keeping offences
75. Amendment of assessments
76. Interpretation
77.
78. Deferred initial payments of tax for 1991-92 to be offset by prior payments of franking deficit tax
79. IP offset provision to be ignored in calculating certain company tax thresholds
80. Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes
81. Franking credits and debits - effect of elimination or reduction of initial payment of tax
82. Reduction of liability for franking deficit tax
83. No refunds of amounts of franking deficit tax overpaid because of the FDT reduction provision
84. Reduction of liability for franking deficit tax does not give rise to a franking credit under section 160APQA of the Assessment Act
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