Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1936
1 Subsection 128U(1) (definition of mining payment )
Omit all the words after "but does not", substitute:
include:
(d) a payment made by a distributing body; or
(e) a native title benefit (within the meaning of the Income Tax Assessment Act 1997 ).
Income Tax Assessment Act 1997
2 Section 11 - 55 (after table item headed "National Rental Affordability Scheme")
Insert:
native title benefits |
|
native title benefits .......................... | 59 - 50 |
3 After section 59 - 45
Insert:
(1) To the extent that a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity.
(2) To the extent that an amount, or other benefit, arising directly or indirectly from a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity.
(3) Neither subsection ( 1) nor (2) applies to an amount, or benefit, to the extent that it:
(a) is for the purposes of meeting the provider's administrative costs; or
(b) is remuneration or consideration for the provision of goods or services.
(4) Subsection ( 2) does not apply to an amount, or benefit, to the extent that it arises directly or indirectly:
(a) from so much of:
(i) the * native title benefit; or
(ii) an amount, or benefit, arising directly or indirectly from the native title benefit;
as is not * non - assessable non - exempt income of an entity because of this section; or
(b) from an entity investing any or all of:
(i) the native title benefit; or
(ii) an amount, or benefit, arising directly or indirectly from the native title benefit.
(5) A native title benefit is an amount, or * non - cash benefit, that:
(a) arises under:
(i) an agreement made under an Act of the Commonwealth, a State or a Territory, or under an instrument made under such an Act; or
(ii) an ancillary agreement to such an agreement;
to the extent that the amount or benefit relates to an act that would extinguish * native title or that would otherwise be wholly or partly inconsistent with the continued existence, enjoyment or exercise of native title; or
(b) is compensation determined in accordance with Division 5 of Part 2 of the Native Title Act 1993 .
Note 1: Agreements that can be covered by paragraph ( a) include:
(a) indigenous land use agreements (within the meaning of the Native Title Act 1993 ); and
(b) an agreement of the kind mentioned in paragraph 31(1)(b) of that Act; and
(c) recognition and settlement agreements (within the meaning of the Traditional Owner Settlement Act 2010 (Vic.)).
Note 2: Paragraph ( a) does not require a determination of native title under the Native Title Act 1993 .
(6) An Indigenous holding entity is:
(a) a * distributing body; or
(b) a trust, if the beneficiaries of the trust can only be * Indigenous persons or distributing bodies.
4 After section 118 - 75
Insert:
118 - 77 Native title and rights to native title benefits
(1) A * capital gain or * capital loss you make is disregarded if:
(a) you are an * Indigenous person or an * Indigenous holding entity; and
(b) you make the gain or loss because one of the following things happens in relation to a * CGT asset mentioned in subsection ( 2):
(i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;
(ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;
(iii) your ownership of the CGT asset ends, resulting in * CGT event C2 happening in relation to the CGT asset.
(2) The * CGT assets are as follows:
(a) * native title;
(b) the right to be provided with a * native title benefit.
Note: Paragraph ( a) does not require a determination of native title under the Native Title Act 1993 .
5 Subsection 995 - 1(1)
Insert:
"Indigenous holding entity" has the meaning given by subsection 59 - 50(6).
6 Subsection 995 - 1(1)
Insert:
"Indigenous person" means an individual who is:
(a) a member of the Aboriginal race of Australia; or
(b) a descendant of an Indigenous inhabitant of the Torres Strait Islands.
7 Subsection 995 - 1(1)
Insert:
"native title" has the same meaning as in the Native Title Act 1993 .
8 Subsection 995 - 1(1)
Insert:
"native title benefit" has the meaning given by subsection 59 - 50(5).
9 Application of amendments
(1) The amendments made by items 1, 2 and 3 apply in relation to income years starting on or after 1 July 2008.
(2) The amendment made by item 4 applies in relation to CGT events happening on or after 1 July 2008.
Income Tax Assessment Act 1936
10 Subsection 6(1)
Insert:
"Indigenous land" has the same meaning as in the Income Tax Assessment Act 1997 .
11 Subsection 6(1)
Insert:
"Indigenous person" has the same meaning as in the Income Tax Assessment Act 1997 .
12 Division 11C of Part III (heading)
Repeal the heading, substitute:
Division 11C -- Payments in respect of mining operations on Indigenous land
13 Subsection 128U(1) (definition of Aboriginal )
Repeal the definition.
14 Subsection 128U(1) (definition of Aboriginal land )
Repeal the definition.
15 Subsection 128U(1) ( subparagraphs ( d)(i) and (ii) of the definition of distributing body )
Omit "Aboriginals" (wherever occurring), substitute "Indigenous persons".
16 Subsection 128U(1) (definition of mining payment )
Omit "Aboriginal or Aboriginals", substitute "Indigenous person or persons".
17 Subsection 128U(1) ( paragraph ( c) of the definition of mining payment )
Omit "Aboriginals", substitute "Indigenous persons".
18 Subsection 128U(1) ( subparagraphs ( c)(i), (ii) and (iii) of the definition of mining payment )
Omit "Aboriginal land" (wherever occurring), substitute "Indigenous land".
Income Tax Assessment Act 1997
19 Section 11 - 55 (table item headed "mining")
Omit "Aboriginals", substitute "Indigenous persons".
20 Subsection 30 - 300(2)
Omit "Aboriginal arts", substitute "arts of * Indigenous persons".
21 Paragraphs 59 - 15(1)(b) and (2)(b)
Omit " * Aboriginals", substitute " * Indigenous persons".
22 Subsection 995 - 1(1) (definition of Aboriginal )
Repeal the definition.
23 Subsection 995 - 1(1)
Insert:
"Indigenous land" means any estate or interest in land that, under an * Australian law relating to * Indigenous persons, is held for the use or benefit of Indigenous persons.