Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Running balance accounts
Division 1--Amendment of Part IIB of the Taxation Administration Act 1953
1 Section 8AAZA (definition of deficit )
Repeal the definition.
2 Section 8AAZA
Insert:
"excess non-RBA credit" means a credit that arises under section 8AAZLA or 8AAZLB.
3 Section 8AAZA (definition of RBA class )
Repeal the definition.
4 Section 8AAZA (definition of RBA deficit )
Repeal the definition.
5 Section 8AAZA (definition of RBA deficit debt )
Repeal the definition, substitute:
"RBA deficit debt" , in relation to an RBA of an entity, means a balance in favour of the Commissioner, based on:
(a) primary tax debts that have been allocated to the RBA and that are currently payable; and
(b) payments made in respect of current or anticipated primary tax debts of the entity, and credits to which the entity is entitled under a taxation law, that have been allocated to the RBA.
6 Section 8AAZA
Insert:
"RBA surplus" , in relation to an RBA of an entity, means a balance in favour of the entity, based on:
(a) primary tax debts that have been allocated to the RBA; and
(b) payments made in respect of current or anticipated primary tax debts of the entity, and credits to which the entity is entitled under a taxation law, that have been allocated to the RBA.
7 Section 8AAZA (definition of special priority credit )
Repeal the definition.
8 Subsection 8AAZC(1)
Repeal the subsection, substitute:
(1) The Commissioner may establish one or more systems of accounts for primary tax debts.
Note: This section does not prevent the Commissioner from establishing other accounts that are not RBAs.
9 Subsection 8AAZC(4)
Omit "Within an RBA class,".
10 After subsection 8AAZC(4)
Insert:
(4A) Without limiting subsection ( 4), separate RBAs may be established for different types of primary tax debts.
11 Subsection 8AAZD(1)
Repeal the subsection, substitute:
(1) The Commissioner may allocate a primary tax debt to an RBA that has been established for that type of tax debt.
Note: General interest charge on an RBA deficit debt is not allocated to the RBA: it accrues automatically under section 8AAZF.
Separate RBAs for one entity
(1A) If 2 or more RBAs for an entity have been established for that kind of tax debt, the Commissioner may allocate the debt to any one of those RBAs, or between any 2 or more of those RBAs, in the manner the Commissioner determines.
Note: Separate RBAs may be established for different businesses or undertakings conducted by the same entity, for different parts of the same business or undertaking or for different periods: see subsection 8AAZC(5).
Note: The following heading to subsection 8AAZD(2) is inserted " Definition ".
12 Section 8AAZE
Repeal the section.
13 Subsection 8AAZF(1)
Omit "a deficit on an RBA", substitute "an RBA deficit debt".
Note: The heading to section 8AAZF is altered by adding at the end " debt ".
14 Subsection 8AAZF(1)
Omit "that deficit", substitute "that RBA deficit debt".
15 Subsection 8AAZF(2)
Repeal the subsection, substitute:
(2) The balance of the RBA is altered in the Commissioner's favour by the amount of the general interest charge payable.
16 Subsection 8AAZH(1)
After "deficit", insert "debt".
Note: The heading to section 8AAZH is altered by adding at the end " debt ".
17 Subsection 8AAZH(2) (example)
Omit "deficit on the RBA", substitute "RBA deficit debt".
18 Paragraph 8AAZJ(1)(a)
After "deficit", insert "debt".
19 Paragraph 8AAZJ(1)(b)
Omit "was allocated to the RBA", substitute "is payable on the RBA deficit debt".
20 Paragraph 8AAZJ(1)(d)
After "deficit", insert "debt".
21 Section 8AAZK
Repeal the section.
22 Division 3 of Part IIB
Repeal the Division, substitute:
Division 3 -- Treatment of payments, credits and RBA surpluses
8AAZL Amounts covered by this Division
(1) This Division sets out how the Commissioner must treat the following kinds of amount:
(a) a payment the Commissioner receives in respect of a current or anticipated tax debt or tax debts of an entity;
(b) a credit (including an excess non - RBA credit) that an entity is entitled to under a taxation law;
(c) an RBA surplus of an entity.
(2) The Commissioner must treat each such amount using the method set out in section 8AAZLA or 8AAZLB (but not both).
Note: In either case, section 8AAZLC has some additional rules that apply to RBA surpluses and to certain excess non - RBA credits.
8AAZLA Method 1--allocating the amount first to an RBA
(1) The Commissioner may, in the manner he or she determines, allocate the amount to an RBA of the entity.
(2) The Commissioner must then also apply the amount against the following kinds of debts (if there are any):
(a) tax debts that have been allocated to that RBA;
(b) general interest charge on such tax debts.
(3) To the extent that the amount is not applied under subsection ( 2), it gives rise to an excess non - RBA credit in favour of the entity that:
(a) is equal to the part of the amount that is not applied; and
(b) relates to the RBA to which the amount was allocated.
8AAZLB Method 2--applying the amount first against a non - RBA tax debt
(1) The Commissioner may, in the manner he or she determines, apply the amount against a non - RBA tax debt of the entity.
(2) If the non - RBA tax debt is:
(a) a tax debt that has been allocated to an RBA; or
(b) general interest charge on such a tax debt;
the Commissioner must then also allocate the amount to that RBA.
(3) To the extent that the amount is not applied under subsection ( 1), it gives rise to an excess non - RBA credit in favour of the entity that is equal to the part of the amount that is not applied.
(4) The excess non - RBA credit relates to the RBA (if any) that the Commissioner determines and the balance of that RBA is adjusted in the entity's favour by the amount of that credit.
Separate RBAs for one entity
(5) If the non - RBA tax debt mentioned in subsection ( 1) has been allocated to 2 or more RBAs, the Commissioner must allocate the amount applied between those RBAs in the proportions in which the tax debt was allocated.
Note: Separate RBAs may be established for different businesses or undertakings conducted by the same entity, for different parts of the same business or undertaking or for different periods: see subsection 8AAZC(5).
8AAZLC RBA surplus and related credits must remain equivalent if one or the other is applied
RBA surpluses
(1) If an RBA surplus is allocated or applied under this Division, the Commissioner must reduce by the same amount excess non - RBA credits that relate to the RBA.
Excess non - RBA credits
(2) If, under this Division, an excess non - RBA credit that relates to an RBA (the related RBA ) is:
(a) allocated to an RBA; or
(b) applied against a non - RBA tax debt;
the related RBA is adjusted in the Commissioner's favour by the same amount.
8AAZLD Special priority credits: HEC and FS assessment debts
If, under this Division, the Commissioner is to apply a credit that arises under Schedule 1 to this Act (the PAYG system), the Commissioner must apply it, whether under section 8AAZLA or 8AAZLB:
(a) first, against any HEC assessment debt of the entity; and
(b) then against any FS assessment debt of the entity;
before applying it against other non - RBA tax debts of the entity.
8AAZLE Instructions to Commissioner not binding
In doing anything under this Division, the Commissioner is not required to take account of any instructions of any entity.
Division 3A -- Refunds of RBA surpluses and credits
8AAZLF Commissioner must refund RBA surpluses and credits
(1) The Commissioner must refund to an entity so much of:
(a) an RBA surplus of the entity; or
(b) a credit (including an excess non - RBA credit) in the entity's favour;
as the Commissioner does not allocate or apply under Division 3.
Voluntary payments only to be refunded on request
(2) However, the Commissioner is not required to refund an RBA surplus or excess non - RBA credit that arises because a payment is made in respect of an anticipated tax debt of an entity unless the entity later requests, in the approved manner, that the Commissioner do so.
(3) On receiving such a request, the Commissioner must refund so much of the amount as the Commissioner does not allocate or apply under Division 3.
Effect of refunding RBA surplus
(4) If the Commissioner refunds an RBA surplus under this section, the Commissioner must reduce by the same amount excess non - RBA credits that relate to the RBA.
Effect of refunding credit that relates to an RBA
(5) If, under this section, the Commissioner refunds an excess non - RBA credit that relates to an RBA, the RBA is adjusted in the Commissioner's favour by the same amount.
8AAZLG Retaining refunds until information or notification given
(1) The Commissioner may retain an amount that he or she otherwise would have to refund to an entity under section 8AAZLF, if the entity has not given the Commissioner a notification:
(a) that affects or may affect the amount that the Commissioner refunds to the entity; and
(b) that the entity is required to give the Commissioner under any of the following provisions:
Provisions under which notification required | ||
Item | These provisions: | which deal with: |
1 | Part VII of the Fringe Benefits Tax Assessment Act 1986 | collection and recovery of fringe benefits tax |
2 | the indirect tax law (within the meaning of Part VI of this Act) | goods and services tax, luxury car tax and wine equalisation tax |
3 | Schedule 1 to this Act | the PAYG system--withholding and instalments |
(2) The Commissioner may retain the amount until the entity has given the Commissioner that notification.
(1) This section applies to refunds payable to an entity of RBA surpluses, or excess non - RBA credits that relate to an RBA, if primary tax debts arising under any of the provisions set out in paragraph 8AAZLG(1)(b) have been allocated to that RBA.
(2) The Commissioner must pay those refunds to the credit of a financial institution account nominated by the entity.
(3) However, the Commissioner may direct that any such refunds be paid to the entity in a different way.
(4) If an entity has not nominated a financial institution account for the purposes of this section and the Commissioner has not directed that any such refunds be paid in a different way, the Commissioner is not obliged to refund any amount to the entity until the entity does so.
Division 2--Consequential amendments
23 Multiple amendments
The specified provisions of the Acts listed in this Division are amended by omitting "section 8AAZL" and substituting "Division 3 of Part IIB".
Income Tax Assessment Act 1936
24 Subsection 160AN(3)
25 Subsection 160AN(4)
26 Paragraph 160APYBB(b)
27 Subsection 163B(10) (definition of income tax crediting amount )
28 Subsection 220AZC(6)
29 Subsection 221YHG(5)
30 Subsection 221YHZL(6)
31 Subsection 221YT(3)
32 Subsection 221ZG(3)
33 Section 56
Taxation (Interest on Overpayments and Early Payments) Act 1983
34 Subsection 3(1) ( paragraph ( a) of the definition of income tax crediting amount )
Division 3--Application and transitional
35 Application
(1) The amendments made by this Part, so far as they relate to the establishment, operation and effect of RBAs, apply to all tax debts owing on or after 1 July 2000, regardless of when the debts arose.
(2) The amendments made by this Part, so far as they relate to the treatment of payments and credits by the Commissioner, apply to the treatment of payments or credits by the Commissioner on or after 1 July 2000, regardless of when the payments were made or when the credits arose.
36 Transitional--existing RBAs
Although item 8 repeals and substitutes subsection 8AAZC(1) of the Taxation Administration Act 1953 , an RBA system established under the old version of that subsection continues in existence after the commencement of that item as if it had been established under the new version of that subsection.
Part 2 -- General interest charge
Crimes (Taxation Offences) Act 1980
37 Subsection 3(1) ( paragraph ( b) of the definition of income tax )
Omit "section 207, 221AG, 221AY, 221AZE or", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3), section".
38 Subsection 3(1) ( paragraph ( d) of the definition of income tax )
Omit "221EAA(1), section 220AAE, 220AAM or 220AAR or subsection 220AAV(3)", substitute "221EAA(1) or section 220AAE, 220AAM or 220AAR".
39 Subsection 3(1) ( paragraph ( g) of the definition of income tax )
Omit "220AS(2)", substitute "220AS(1)".
Income Tax Assessment Act 1936
40 At the end of section 102UO
Add:
(3) Any unpaid ultimate beneficiary non - disclosure tax may be sued for and recovered in a court of competent jurisdiction by the Commissioner suing in his or her official name.
41 Sections 102UP and 102UQ
Repeal the sections, substitute:
102UP Late payment of ultimate beneficiary non - disclosure tax
If any of the ultimate beneficiary non - disclosure tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
(a) started at the beginning of the 60th day after the day by which the ultimate beneficiary non - disclosure tax was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the ultimate beneficiary non - disclosure tax;
(ii) general interest charge on any of the ultimate beneficiary non - disclosure tax.
Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
42 Subsections 163B(5) and (6)
Repeal the subsections.
43 Subsection 163B(8)
Omit "170, 172, 174", substitute "204".
46 Section 220AAF
Omit "the general interest charge", substitute "a penalty".
47 Section 220AAF (note)
Repeal the note.
48 Section 220AAW
Repeal the section, substitute:
220AAW Large remitters--non - electronic payment
(1) A large remitter that pays an amount other than by electronic transfer is liable to a penalty of the greater of:
(a) $500; or
(b) assuming that the general interest charge applied to the amount that was paid other than by electronic transfer--an amount equal to the general interest charge that would be payable for each day in a period of 7 days starting at the beginning of the day on which the payment became due.
Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
(2) However, the Commissioner may remit some or all of the penalty.
(3) The penalty becomes due for payment on the day the payment was made.
(4) If any of the penalty remains unpaid after the time by which it is due to be paid, the large remitter is liable to pay the general interest charge on the unpaid penalty amount for each day in the period that:
(a) started at the beginning of the day by which the penalty amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the penalty amount;
(ii) general interest charge on any of the penalty amount.
(5) This section does not apply to an exempt Australian government agency (as defined in subsection 995 - 1(1) of the Income Tax Assessment Act 1997 ).
49 Paragraph 220AAZF(g)
Omit "220AAX(5)", substitute "220AAW(2)".
50 At the end of section 221AZM
Add "The credit arises when the Commissioner makes an assessment of the income tax payable by the taxpayer or determines that no income tax is payable."
51 At the end of section 221N
Add:
(3) A person who is dissatisfied with a decision of the Commissioner under subsection ( 1) in relation to the person may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .
52 At the end of section 221YDB
Add:
(3) If any of the additional tax payable under this section remains unpaid after the last day for which it is payable, the taxpayer is liable to pay the general interest charge on the unpaid additional tax for each day in the period that:
(a) started at the beginning of the next day; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the additional tax;
(ii) general interest charge on any of the additional tax.
Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
53 Before subsection 221YHZD(1)
Insert:
(1AAA) A person who deducts, or purports to deduct, under subsection 221YHZC(1), an amount from a payment to a non - resident must pay the amount to the Commissioner within 14 days after the end of the month in which the person makes the payment to the non - resident.
54 Paragraph 221YHZD(1) (penalty)
After "Penalty", insert "for a contravention of this subsection".
55 Subsection 221YHZD(2)
Omit " subsection ( 1)", substitute " subsection ( 1AAA)".
56 Subsection 254(2)
Omit "a provision of this Act", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB".
57 Subsection 255(4)
Omit "a provision of this Act", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB".
58 Subsection 258(2)
Omit "a provision of this Act", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB".
59 Subsection 259(2)
Omit "a provision of this Act", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB".
60 Subsection 265(12)
Omit "a provision of this Act", substitute "section 163AA, section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) or section 221YDB".
61 Section 271 - 80 of Schedule 2F
Repeal the section, substitute:
271 - 80 Late payment of family trust distribution tax
If any of the family trust distribution tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
(a) started at the beginning of the 60th day after the day by which the family trust distribution tax was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the family trust distribution tax;
(ii) general interest charge on any of the family trust distribution tax.
Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
62 Section 271 - 85 of Schedule 2F
Omit ", and any unpaid additional tax payable under section 271 - 80,".
Income Tax Assessment Act 1997
63 Paragraph 20 - 25(2A)(a)
Omit "general interest charge", substitute " * general interest charge".
64 Paragraph 25 - 5(1)(c)
Omit "general interest charge", substitute " * general interest charge".
65 At the end of section 25 - 5
Add:
No double deduction for general interest charge on a running balance account
(7) If you deduct * general interest charge that applies to an RBA deficit debt, you can't also deduct the corresponding general interest charge on tax debts that have been allocated to the RBA.
Note: RBAs (running balance accounts) are dealt with in Part IIB of the Taxation Administration Act 1953 .
66 Section 56
Omit " Taxation Administration Act 1955 ", substitute " Taxation Administration Act 1953 ".
67 Subsection 95A(1)
After "fails to notify", insert "the amount of tax payable on".
Note: The heading to section 95A is altered by omitting " of " and substituting " amount of tax payable on ".
68 Subsection 95A(1)
Omit "the assessable dealing", substitute "the tax payable".
69 Subsection 95A(2)
Omit "an amount of", substitute "the amount of tax payable on".
70 Subsection 95A(2)
Omit "the assessable dealing", substitute "the tax payable".
71 At the end of subsection 99(1)
Add "(other than failure to notify penalty under section 95A)".
72 Subsection 99(3)
After "this Part", insert "(other than section 95A)".
73 Section 100
After "this Part", insert "(other than failure to notify penalty under section 95A)".
74 At the end of section 100
Add:
Note: The Commissioner may remit failure to notify penalty under section 8AAM of the Taxation Administration Act 1953 .
Taxation Administration Act 1953
75 Subsection 8AAB(4) (before table item 1)
Insert:
1AA | 102UP | payment of ultimate beneficiary non - disclosure tax |
76 Subsection 8AAB(4) (at the end of the table)
Add:
31 | 271 - 80 of Schedule 2F | payment of family trust distribution tax |
77 Subsection 8AAF(2)
Repeal the subsection.
78 After section 8AAG
Insert:
If the amount of the charge payable for any period is not a multiple of 5 cents, the Commissioner may round it down to the nearest multiple of 5 cents.
79 Subsection 8AAP(4) (table item 3, entry headed "Topic")
Omit "PPS payment summary", substitute "PPS payment reconciliation statement form".
80 Subsection 8AAQ(2)
Omit "reconciliation statement", substitute "statement, report or form".
81 Paragraph 8AAZD(2)(b)
Omit "debt; or", substitute "debt.".
82 Paragraph 8AAZD(2)(c)
Repeal the paragraph.
Taxation (Interest on Overpayments and Early Payments) Act 1983
83 Subsection 3(1) ( paragraphs ( baa), (ba) and (bb) of the definition of relevant tax )
Repeal the paragraphs, substitute:
(baa) an amount payable to the Commissioner under subsection 220AS(1) of the Tax Act;
(ba) an amount payable to the Commissioner under subsection 221EAA(1) of the Tax Act;
(bb) an amount payable to the Commissioner under subsection 221YHH(1) of the Tax Act;
84 Subsection 3(1) ( paragraph ( caa) of the definition of relevant tax )
Repeal the paragraph.
85 Subparagraph 12A(1)(a)(i)
After "under" (last occurring), insert "section 163AA, section 170AA,".
86 Subparagraph 12A(1)(a)(i)
Omit "subsection 221AZP(1)", substitute "subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3)".
Taxation Laws Amendment Act (No. 3) 1999
87 Items 84 and 85 of Schedule 1
Repeal the items.
Note: These items contained misdescribed amendments. The correct amendments are in items 44 and 45 of this Schedule.
88 Items 355, 356 and 357 of Schedule 1
Repeal the items.
Note: These items contained misdescribed amendments. The correct amendment is in item 83 of this Schedule.
89 Subitems 398(3), (4) and (5) of Schedule 1
Repeal the subitems.
90 Subitem 399(2) of Schedule 1
Omit "where", substitute "to the extent that".
91 Subitem 399(2) of Schedule 1
Omit "starts", substitute "occurs".
92 Application of amendments
The amendments made by this Part apply in relation to amounts that are due to be paid on or after 1 July 1999.
93 Transitional--pre - 1 July 1999 debts
(1) This item applies to an amount (including an amount of penalty or interest) that a person owes to the Commonwealth directly under a taxation law (including a law that has been repealed or amended) and that became payable at any time before 1 July 1999, if all or some of the amount (the unpaid debt ) remains unpaid at the beginning of 1 July 1999.
(2) The person is liable, and is taken to have been liable, to pay general interest charge on the unpaid debt for each day in the period that:
(a) started at the beginning of the day by which the amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the unpaid debt;
(ii) general interest charge on any of the unpaid debt.
(3) The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
(4) For the purposes of this item, the general interest charge rate for a day before 1 July 1999 is taken to have been 12.72% divided by the number of days in the calendar year that the day was in.
(5) If this item results in a person being liable, or being taken to have been liable, to pay both general interest charge and some other penalty or interest in respect of the same debt, the Commissioner must remit either that general interest charge or that other penalty or interest (the Commissioner chooses which).
Fringe Benefits Tax Assessment Act 1986
94 Subparagraphs 9(2)(c)(i) and (ii)
Repeal the subparagraphs, substitute:
(i) if the annualised number of whole kilometres the car travelled during the year of tax was more than 40,000--0.07; or
(ii) if the annualised number of whole kilometres the car travelled during the year of tax was not less than 25,000 and not more than 40,000--0.11; or
(iii) if the annualised number of whole kilometres the car travelled during the year of tax was not less than 15,000 and not more than 24,999--0.20; or
(iv) in any other case--0.26;
95 Subsection 11(1) (definition of D )
Repeal the definition, substitute:
"D" is the number of days in the year of tax.
96 Subsection 11(2) (definition of D )
Repeal the definition, substitute:
"D" is the number of days in the year of tax.
97 Section 12
Repeal the section, substitute:
(1) In this Subdivision, the depreciated value of a car at a particular time (the relevant time ) is the amount worked out using the formula:
where:
"A" is:
(a) if the car was owned by the person at the start of 1 July 1986--the depreciated value worked out under subsection ( 2); or
(b) in any other case--the cost price of the car to the person.
"B" is the total amount of depreciation (if any) that would have been taken to have been incurred by the person in respect of the car for the period after the start of 1 July 1986 and before the relevant time when the person owned the car, if the depreciation taken to have been incurred for that period were calculated in accordance with subsection 11(1).
(2) The depreciated value of a car owned by a person at the start of 1 July 1986 is the cost price of the car to that person, reduced by the total amount of depreciation that would have been taken to have been incurred by the person in respect of the car for the period before that time when it was owned by the person if:
(a) the depreciation taken to have been incurred for that period were calculated in accordance with subsection 11(1); and
(b) each year starting on 1 July were a year of tax.
98 Paragraph 19(1)(b)
Omit all the words from and including "both", substitute "a once - only deduction (in this subsection called the gross deduction ), other than a foreign income deduction, would, or would if not for section 82A, and Subdivisions F, GA and G of Division 3 of Part III, of the Income Tax Assessment Act 1936 , and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under either of those Acts in respect of the gross interest".
99 Subparagraph 19(1)(ba)(ii)
Omit all the words from and including "allowable", substitute "allowable as a once - only deduction other than a foreign income deduction to the recipient under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 in respect of that interest if that interest had been incurred and paid by the recipient on the last day of the loan period".
100 Subparagraph 19(1)(ca)(i)
Repeal the subparagraph.
101 Subparagraph 19(1)(ca)(ii)
Omit "in the case of the second standard year of tax or a subsequent year of tax--".
102 Paragraph 19(1)(d)
Omit all the words and subparagraphs after "apply" to and including "recipient gives", substitute "and the loan fringe benefit is a car loan benefit in respect of a car held by the recipient during a period (in this subsection also called the holding period ) in the year of tax, the recipient gives".
103 Paragraphs 19(2)(a) and (b)
Repeal the paragraphs, substitute:
(a) purchase a particular car; or
(b) pay a Division 28 car expense;
104 Paragraph 24(1)(b)
Omit all the words and subparagraphs from and including "both", substitute "a once - only deduction (in this subsection called the gross deduction ), other than a foreign income deduction, would, or would if not for section 82A, and Subdivisions F, GA and G of Division 3 of Part III, of the Income Tax Assessment Act 1936 , and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under either of those Acts in respect of the gross expenditure".
105 Subparagraph 24(1)(ba)(ii)
Omit all the words and sub - subparagraphs from and including "allowable" to and including "recipient under", substitute "allowable as a once - only deduction other than a foreign income deduction to the recipient under".
106 Paragraph 26(1)(c) (definition of C )
Repeal the definition, substitute:
"C" is the number of days in the year of tax;
107 Paragraph 26(2)(a) (definition of B )
Repeal the definition, substitute:
"B" is the number of days in the current year of tax; and
108 Paragraph 26(3)(a)
Repeal the paragraph.
109 Paragraph 29(1)(a) (definition of DYT )
Repeal the definition, substitute:
"DYT" is the number of days in the current year of tax;
110 Subsection 29(3A)
Repeal the subsection, substitute:
(3A) For the purposes of this section:
(a) the single quarters statutory amount in relation to a year of tax is the amount calculated:
(i) by multiplying the indexation factor for that year of tax by the single quarters statutory amount in relation to the immediately preceding year of tax; or
(ii) if the amount ascertained that way is not an amount of whole dollars--by rounding the amount to the nearest dollar (rounding 50 cents upwards); and
(b) the standard statutory amount in relation to a year of tax is the amount calculated:
(i) by multiplying the indexation factor for that year of tax by the standard statutory amount in relation to the immediately preceding year of tax; or
(ii) if the amount ascertained that way is not an amount of whole dollars--by rounding the amount to the nearest dollar (rounding 50 cents upwards).
111 Paragraph 44(1)(b)
Omit all the words and subparagraphs from and including "both", substitute "a once - only deduction (in this subsection called the gross deduction ), other than a foreign income deduction, would, or would if not for section 82A, and Subdivisions F, GA and G of Division 3 of Part III, of the Income Tax Assessment Act 1936 , and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under either of those Acts in respect of the gross expenditure".
112 Subparagraph 44(1)(ba)(ii)
Omit all the words and subparagraphs from and including "allowable", substitute "allowable as a once - only deduction other than a foreign income deduction to the recipient under either of those Acts in respect of that consideration if that consideration had been incurred and paid by the recipient at the provision time".
113 Paragraph 47(6)(aa)
Omit "in the case of a standard year of tax--".
114 Paragraph 52(1)(b)
Omit all the words and subparagraphs from and including "both", substitute "a once - only deduction (in this subsection called the gross deduction ), other than a foreign income deduction, would, or would if not for section 82A, and Subdivisions F, GA and G of Division 3 of Part III, of the Income Tax Assessment Act 1936 , and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under either of those Acts in respect of the gross expenditure".
115 Subparagraph 52(1)(ba)(ii)
Omit all the words and sub - subparagraphs from and including "allowable", substitute "allowable as a once - only deduction other than a foreign income deduction to the recipient under either of those Acts in respect of so much of that consideration as was taken into account for the purposes of section 48, 49, 50 or 51 of the Income Tax Assessment Act 1936 , or section 4 - 15 or 8 - 1 of the Income Tax Assessment Act 1997 , if that consideration had been incurred and paid by the recipient at the comparison time".
116 Subparagraph 61C(3)(b)(i)
Repeal the subparagraph.
117 Paragraphs 62(1)(a) and (b)
Repeal the paragraphs, substitute:
(a) if the taxable value or the sum of the taxable values does not exceed $500--an amount equal to the taxable value or the sum of the taxable values; or
(b) in any other case--$500.
118 Section 68
Omit "28 days after the end of the year", substitute "21 May in the next year of tax".
119 Subsection 90(1)
Omit "the twenty - eighth day after the end of the", substitute "21 May in the next".
120 Section 102
Omit all the words and paragraphs after "pay", substitute ", in accordance with this Division, 4 instalments of tax in respect of each year of tax.".
121 Sections 103, 104 and 105
Repeal the sections, substitute:
103 When instalment of tax payable
Subject to this Division, the 4 instalments of tax payable in respect of a year of tax are due and payable as follows:
When instalments of tax are due and payable | ||
Item | This instalment ... | is due and payable on: |
1 | first instalment | 21 July in that year of tax |
2 | second instalment | 21 October in that year of tax |
3 | third instalment | 21 January in that year of tax |
4 | fourth instalment | 21 April in the next year of tax |
104 Notice of the amount of an instalment
An employer must notify the Commissioner, in the approved form, of the amount of an instalment on or before the day on which the instalment is due and payable.
105 Entitlement to instalment credit
(1) If:
(a) an employer is or was liable to pay an instalment of tax in respect of a year of tax; and
(b) the Commissioner makes an assessment of the tax payable, or determines that no tax is payable, by the employer in respect of that year of tax;
the employer is entitled to a credit equal to the amount of the instalment when the assessment or determination is made.
Note: How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953 .
(2) The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay the instalment.
122 Subdivision B of Division 2 of Part VII
Repeal the Subdivision.
123 Subdivision C of Division 2 of Part VII (heading)
Repeal the heading, substitute:
Subdivision C -- Working out the amount of instalments
124 Section 109 (definition of employer's estimate )
Omit "standard".
125 Section 109 (definition of estimated tax )
Omit "standard".
126 Section 109 (definition of GIC period )
Repeal the definition, substitute:
"GIC period" , in relation to an instalment in relation to a year of tax, means:
(a) for a first instalment--the period starting at the beginning of 21 July, and finishing at the end of 20 October, in the year of tax; or
(b) for a second instalment--the period starting at the beginning of 21 October, and finishing at the end of 20 January, in the year of tax; or
(c) for a third instalment--the period starting at the beginning of 21 January in the year of tax and finishing at the end of 20 April in the next year of tax; or
(d) for a fourth instalment--the period starting at the beginning of 21 April, and finishing at the end of 20 May, in the next year of tax.
127 Section 109 (definition of relevant fraction )
Repeal the definition, substitute:
"relevant fraction" , in relation to an instalment, means:
(a) 0.25 for a first instalment; or
(b) 0.50 for a second instalment; or
(c) 0.75 for a third instalment; or
(d) 1.00 for a fourth instalment.
128 Subsection 110(1)
Repeal the subsection, substitute:
(1) Subject to this section, the notional tax amount of an employer in respect of a year of tax is the amount of the tax that was assessed in respect of the employer in respect of the immediately preceding year of tax.
129 Paragraph 110(2)(a)
Omit "standard".
130 Subsection 110(5)
Omit "standard year of tax, being an instalment that becomes due and payable on the twenty - eighth", substitute "year of tax, being an instalment that becomes due and payable on the 21st".
131 Subsection 111(1)
Omit "standard".
132 Subsection 111(1)
Omit "twenty - eighth", substitute "21st".
133 Subsection 111(2)
Omit "standard".
134 Subsection 112(1)
Omit "standard".
135 Subsection 112(1)(b)
Omit "statement in writing", substitute "written statement, in the approved form,".
136 Subsection 136(1)
Insert:
"approved form" has the meaning given by subsection 995 - 1(1) of the Income Tax Assessment Act 1997 .
137 Subsection 136(1) (definition of standard year of tax )
Repeal the definition.
138 Subsection 136(1) (definition of transitional year of tax )
Repeal the definition.
139 Subsection 136(1) (definition of year of tax )
Repeal the definition, substitute:
"year of tax" means the year starting on 1 April 1987, and each later year starting on 1 April.
140 Application of amendments
The amendments made by this Part apply in relation to the year of tax starting on 1 April 2000 and all later years of tax.