Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Amendments of superannuation regulations
Retirement Savings Accounts Regulations 1997
1 Paragraph 4A.04(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
2 Paragraph 4A.05(6A)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
3 Paragraph 4A.08(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
4 Subparagraph 4A.15(1)(b)(ii)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
5 Paragraph 4A.18(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
6 Paragraph 4A.27(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
7 Paragraph 4A.28(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account based pension".
Superannuation Industry (Supervision) Regulations 1994
8 Paragraph 7A.03A(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
9 Paragraph 7A.03B(6A)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
10 Subparagraph 7A.03E(b)(i)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
11 Subparagraph 7A.04(1)(b)(ii)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
12 Paragraph 7A.07(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
13 Paragraph 7A.16(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
14 Subregulation 7A.16(4)
Omit "allocated pension or a market linked pension", substitute "allocated pension, market linked pension or account - based pension".
15 Paragraph 7A.17(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
16 Paragraph 7A.18(1)(b)
Omit "allocated pension or market linked pension", substitute "allocated pension, market linked pension or account - based pension".
Part 2 -- Other amendments of taxation laws
A New Tax System (Goods and Services Tax) Act 1999
17 Section 75 - 15
Repeal the section, substitute:
75 - 15 Subdivided real property
(1) This section applies if you make a * taxable supply of * real property that relates only to part of the land or premises in which you acquired an interest, unit or lease.
(2) In applying any of sections 75 - 10 to 75 - 14 in working out the * margin for the * taxable supply, use only the corresponding proportion of the following (as applicable):
(a) the * consideration for the acquisition or supply referred to in that section of that interest, unit or lease;
(b) an * approved valuation of that interest, unit or lease as at the day referred to in that section;
(c) the * GST inclusive market value of that interest, unit or lease as at the day or time referred to in that section.
Example 1: If subsection 75 - 11(2) applies, use only the corresponding proportion of an approved valuation of your interest, unit or lease in the unsubdivided property as at 1 July 2000.
Example 2: If subparagraph 75 - 11(5)(e)(ii) applies, use only the corresponding proportion of the consideration for the acquisition of the interest, unit or lease in the unsubdivided property by the entity that supplied it to you.
18 Section 195 - 1 (at the end of the definition of margin )
Add:
Note: This meaning is affected by sections 75 - 12 to 75 - 15.
19 Application of amendments
(1) The amendments made by items 17 and 1 8 apply in relation to taxable supplies made on or after the start of the first quarterly tax period starting on or after the commencement of those items.
(2) For the purposes of subitem ( 1), it does not matter whether quarterly tax periods are the tax periods that apply to you.
Fringe Benefits Tax Assessment Act 1986
20 At the end of subsection 132(1) (before the note)
Add:
Penalty: 30 penalty units.
21 At the end of subsection 132(2)
Add:
Penalty: 30 penalty units.
22 At the end of subsection 132(3)
Add:
Penalty: 30 penalty units.
23 Subsection 132(5) (penalty)
Repeal the penalty.
24 Subsection 132(5) (notes)
Repeal the notes.
25 At the end of section 132
Add:
(6) An offence under this section is an offence of strict liability.
Note 1: For strict liability, see section 6.1 of the Criminal Code .
Note 2: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
Note 3: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
26 Application of amendment
The amendment made by item 25 applies in relation to offences committed on or after the commencement of that item.
Income Tax Assessment Act 1997
27 Section 13 - 1 (table item headed "water")
Repeal the item.
28 Section 67 - 23 (table item 25)
Repeal the item.
29 Subsection 328 - 130(2) (example)
Omit "and trustees of the same trust".
30 Subsections 393 - 40(1) and (2)
Omit "within 12 months after the end of", substitute "before the last day of the 12 months after".
31 Application of amendments
(1) The amendments made by item 30 apply to assessments for the 2010 - 11 income year and later income years.
(2) Former subsection 393 - 37(1) in Schedule 2G to the Income Tax Assessment Act 1936 , as inserted by Part 1 of Schedule 1 to the Taxation Laws Amendment (Earlier Access to Farm Management Deposits) Act 2002 , is taken to always have applied as if the references in that former subsection to:
(a) within 12 months; and
(b) within the 12 months;
were references to before the last day of the 12 months.
(3) Former subsections 393 - 37(1) and (2) in Schedule 2G to the Income Tax Assessment Act 1936 , as inserted by Part 2 of Schedule 1 to the Taxation Laws Amendment (Earlier Access to Farm Management Deposits) Act 2002 , are taken to always have applied as if the references in those former subsections to within the 12 months were references to before the last day of the 12 months.
32 Division 402
Repeal the Division.
Taxation Administration Act 1953
33 Section 45 - 630 in Schedule 1 (note 1)
Omit "income law", substitute "income tax law".
34 Subdivision 290 - A in Schedule 1 (heading)
Repeal the heading, substitute:
Subdivision 290 - A -- Preliminary
35 At the end of Subdivision 290 - A in Schedule 1
Add:
290 - 10 Extra - territorial application
This Division extends to acts, omissions, matters and things outside Australia.
36 Application of amendment
The amendment made by item 35 applies in relation to acts, omissions, matters and things happening on or after the commencement of that item.
37 Subsection 355 - 70(1) in Schedule 1 (table item 3)
Omit "1 July 2013", substitute "1 July 2015".
Tax Laws Amendment (2009 Measures No. 2) Act 2009
38 Part 2 of Schedule 4
Repeal the Part.