Commonwealth Consolidated Acts

FIRST HOME SAVER ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 2008 - SCHEDULE 7

Income Tax Assessment Act 1936

1   Subsection 124ZM(6) (definition of complying superannuation class of taxable income )

Repeal the definition.

2   Subsection 124ZM(6) (before the definition of venture capital franked part )

Insert:

"complying superannuation/FHSA class of taxable income" is the life assurance company's complying superannuation/FHSA class of taxable income, within the meaning of subsection 995 - 1(1) of the Income Tax Assessment Act 1997 , for the year of income in which the distribution is made.

3   Section   470 (definition of virtual PST asset )

Repeal the definition.

4   Section   470

Insert:

"complying superannuation/FHSA asset" has the same meaning as in the Income Tax Assessment Act 1997 .

5   Division   11A of Part   XI (heading)

Repeal the heading, substitute:

Division   11A -- Exemption for complying superannuation/FHSA assets, segregated exempt assets and interests held by complying superannuation entities etc.

Income Tax Assessment Act 1997

6   Subsection 210 - 175(2) (definition of complying superannuation class of taxable income )

Repeal the definition.

7   Subsection 210 - 175(2) (before the definition of tax offset to which the entity would otherwise be entitled )

Insert:

"complying superannuation/FHSA class of taxable income" means the * complying superannuation/FHSA class of taxable income of the company for the income year in which the * distribution is made.

8   Section   320 - 45 (heading)

Repeal the heading, substitute:

320 - 45   Tax treatment of gains or losses from CGT events in relation to complying superannuation/FHSA assets

9   Section   320 - 55 (heading)

Repeal the heading, substitute:

320 - 55   Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation/FHSA assets

10   Section   320 - 87 (heading)

Repeal the heading, substitute:

320 - 87   Deduction for assets transferred from or to complying superannuation/FHSA asset pool

11   Paragraph 320 - 107(1)(b)

Omit " virtual PST life insurance policy ", substitute " complying superannuation/FHSA life insurance policy ".

12   Subsection 320 - 107(3) (formula)

Repeal the formula, substitute:

13   Subsection 320 - 107(3) (definition of complying superannuation class rate )

Repeal the definition.

14   Subsection 320 - 107(3)

After "where:", insert:

"complying superannuation/FHSA class rate" is the rate of tax imposed on the * complying superannuation/FHSA class of the company's taxable income for the income year.

15   Section   320 - 120 (heading)

Repeal the heading, substitute:

320 - 120   Capital losses from assets other than complying superannuation/FHSA assets or segregated exempt assets

16   Section   320 - 125 (heading)

Repeal the heading, substitute:

320 - 125   Capital losses from complying superannuation/FHSA assets

17   Section   320 - 137 (heading)

Repeal the heading, substitute:

320 - 137   Taxable income--complying superannuation/FHSA class

18   Subsection 320 - 137(1)

Omit " complying superannuation class ", substitute " complying superannuation/FHSA class ".

19   Section   320 - 141 (heading)

Repeal the heading, substitute:

320 - 141   Tax loss--complying superannuation/FHSA class

20   Subsection 320 - 141(1) (heading)

Repeal the heading, substitute:

Working out a tax loss of the complying superannuation/FHSA class

21   Subsection 320 - 141(1)

Omit " complying superannuation class ", substitute " complying superannuation/FHSA class ".

22   Subsection 320 - 141(2) (heading)

Repeal the heading, substitute:

Deducting a tax loss of the complying superannuation/FHSA class

23   Subsection 320 - 141(2)

Omit " complying superannuation class ", substitute " complying superannuation/FHSA class ".

24   Subdivision   320 - F (heading)

Repeal the heading, substitute:

Subdivision   320 - F -- Complying superannuation/FHSA asset pool

25   Section   320 - 165

Omit " virtual PST ", substitute " complying superannuation/FHSA asset pool ".

26   Section   320 - 170 (heading)

Repeal the heading, substitute:

320 - 170   Establishment of complying superannuation/FHSA asset pool

27   Subsection 320 - 170(1) (note)

Repeal the note.

28   Subsection 320 - 170(6)

Repeal the subsection, substitute:

  (6)   The assets from time to time segregated are together to be known as the complying superannuation/FHSA asset pool and each asset from time to time included among those assets is to be known as a complying superannuation/FHSA asset .

29   Section   320 - 175 (heading)

Repeal the heading, substitute:

320 - 175   Valuations of complying superannuation/FHSA assets and complying superannuation/FHSA liabilities for each valuation time

30   Subsection 320 - 180(1) (heading)

Repeal the heading, substitute:

Transfer from the complying superannuation/FHSA asset pool

31   Subsection 320 - 180(3) (heading)

Repeal the heading, substitute:

Transfer to the complying superannuation/FHSA asset pool

32   Section   320 - 185 (heading)

Repeal the heading, substitute:

320 - 185   Transfer of assets to complying superannuation/FHSA asset pool otherwise than as a result of a valuation under section   320 - 175

33   Section   320 - 190 (heading)

Repeal the heading, substitute:

320 - 190   Complying superannuation/FHSA liabilities

34   Subsection 320 - 190(2)

Omit " virtual PST liabilities ", substitute " complying superannuation/FHSA liabilities ".

35   Section   320 - 195 (heading)

Repeal the heading, substitute:

320 - 195   Transfer of assets and payment of amounts from a complying superannuation/FHSA asset pool otherwise than as a result of a valuation under section   320 - 175

36   Section   320 - 200 (heading)

Repeal the heading, substitute:

320 - 200   Consequences of transfer of assets to or from complying superannuation/FHSA asset pool

37   Section   320 - 315 (heading)

Repeal the heading, substitute:

320 - 315   Complying superannuation/FHSA asset pool and segregated exempt assets

38   Section   713 - 535 (heading)

Repeal the heading, substitute:

713 - 535   Losses of entities whose membership interests are complying superannuation/FHSA assets of life insurance company

39   Subsection 713 - 545(6) (formula)

Repeal the formula, substitute:

40   Subsection 713 - 545(6) (definition of complying superannuation class tax rate )

Repeal the definition.

41   Subsection 713 - 545(6) (before the definition of ordinary class tax rate )

Insert:

"complying superannuation/FHSA class tax rate" means the rate of tax in respect of the * complying superannuation/FHSA class of the taxable income of a * life insurance company for the income year in which the joining time occurs (see paragraph 23A(b) of the Income Tax Rates Act 1986 ).

42   Subsection 995 - 1(1)

Insert:

"complying superannuation/FHSA asset" has the meaning given by subsection 320 - 170(6).

43   Subsection 995 - 1(1)

Insert:

"complying superannuation/FHSA asset pool" has the meaning given by subsection 320 - 170(6).

44   Subsection 995 - 1(1) (all the definitions of complying superannuation class )

Repeal the definitions.

45   Subsection 995 - 1(1)

Insert:

"complying superannuation/FHSA class" :

  (a)   for a taxable income of a * life insurance company--has the meaning given by section   320 - 137; or

  (b)   for a * tax loss of a * life insurance company--has the meaning given by section   320 - 141.

46   Subsection 995 - 1(1)

Insert:

"complying superannuation/FHSA liabilities" of a * life insurance company means liabilities of the company under * life insurance policies referred to in subsection 320 - 190(1).

47   Subsection 995 - 1(1)

Insert:

"complying superannuation/FHSA life insurance policy" means a * life insurance policy that:

  (a)   is held by:

  (i)   the trustee of a fund that is a * complying superannuation fund or a * complying approved deposit fund; or

  (ii)   the trustee of a * pooled superannuation trust; or

  (b)   is held by an individual and:

  (i)   provides for an * annuity that is not presently payable, if the annuity was purchased out of a * superannuation lump sum or an * employment termination payment; or

  (ii)   is so held in the benefit fund of a * friendly society, being a fund that is a regulated superannuation fund under the Superannuation Industry (Supervision) Act 1993 ; or

  (c)   is held by another * life insurance company and is a * complying superannuation/FHSA asset of that company; or

  (d)   is an * FHSA;

and is not an * excluded complying superannuation/FHSA life insurance policy.

48   Subsection 995 - 1(1)

Insert:

"excluded complying superannuation/FHSA life insurance policy" means a * life insurance policy that:

  (a)   provides only for * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295 - 460(c), that are not * participating benefits; or

  (b)   is an * exempt life insurance policy.

49   Subsection 995 - 1(1) (definition of virtual pooled superannuation trust )

Repeal the definition.

50   Subsection 995 - 1(1) (definition of virtual PST )

Repeal the definition.

51   Subsection 995 - 1(1) (definition of virtual PST asset )

Repeal the definition.

52   Subsection 995 - 1(1) (definition of virtual PST liabilities )

Repeal the definition.

53   Subsection 995 - 1(1) (definition of virtual PST life insurance policy )

Repeal the definition.

Income Tax Rates Act 1986

54   Subsection 3(1) (definition of complying superannuation class )

Repeal the definition.

55   Subsection 3(1)

Insert:

"complying superannuation/FHSA class" of the taxable income of a life insurance company has the same meaning as in the Income Tax Assessment Act 1997 .

Taxation Administration Act 1953

56   Subsection 45 - 290(3) in Schedule   1 (note)

Repeal the note.

Notes to the First Home Saver Accounts (Consequential Amendments) Act 2008

Note 1

The First Home Saver Accounts (Consequential Amendments) Act 2008 as shown in this compilation comprises Act No.   45, 2008 amended as indicated in the Tables below.

Table of Acts

(a)   Subsection 2(1) (item   15) of the Statute Law Revision Act 2010 provides as follows:

  (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Table of Amendments