Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Taxation Administration Act 1953
1 Section 14ZAAA (definition of year of income )
Repeal the definition.
2 Subsection 14ZAA(1) (after the definition of tax audit )
Insert:
"year of income" means:
(a) in relation to an income tax law about franking deficit tax, a franking year within the meaning of Part IIIAA of the Income Tax Assessment Act 1936 ; or
(b) in relation to an income tax law not about franking deficit tax, an income year within the meaning of the Income Tax Assessment Act 1997 ; or
(c) in relation to a fringe benefits tax law, a year of tax within the meaning of the Fringe Benefits Tax Assessment Act 1986 .
3 Subsection 14ZYA(1)
Omit "within the 60 days", substitute "within the 4 years or the 60 days".
Part 2 -- Income Tax Assessment Act 1936
4 Subsection 24P(6)
Repeal the subsection.
5 Subparagraph 54A(1)(a)(ii)
Omit "makes a written election", substitute "elects".
6 Subsection 73B(19)
Repeal the subsection.
7 Subsection 82Z(2)
Repeal the subsection.
8 Subsection 102AAM(12)
Omit "The Commissioner", substitute "For a taxpayer who is not an instalment taxpayer (as defined in subsection 221AZK(1)) for the assessment year of income, the Commissioner".
9 Subsection 102AAM(12)
Omit "by a taxpayer", substitute "by the taxpayer".
10 After subsection 102AAM(13)
Insert:
(13A) If:
(a) a taxpayer is an instalment taxpayer (as defined in subsection 221AZK(1)) for the assessment year of income; and
(b) the taxpayer lodges a return for that year;
then:
(c) the Commissioner is taken to have made an assessment of the interest payable by the taxpayer under this section for the year, equal to the amount specified in the return as the interest so payable; and
Note: If any interest is so payable, the return must specify the amount: see paragraph 221AZS(c).
(d) the assessment is taken to have been made on the day on which the return is lodged; and
(e) the return is taken to be a notice of that assessment given to the taxpayer by the Commissioner on that day.
11 Subsection 102AAM(14)
After "sections 170,", insert "170AA,".
12 Subsection 102AAM(14)
After "and 265,", insert "and Division 1C of Part VI,".
13 Section 160ARXB
Omit "taxpayer who", substitute "company that".
14 Section 160ARXC
Omit "tax shortfalls of a taxpayer", substitute "franking tax shortfalls of a company".
15 After subsection 170(6)
Insert:
(6A) If:
(a) a taxpayer applies for a private ruling under Part IVAA of the Taxation Administration Act 1953 ; and
(b) the application is made within 4 years after the last day allowed to the taxpayer for lodging a return in relation to the taxpayer's income for the year of income to which the application relates; and
(c) the Commissioner makes a private ruling under that Part as a result of the application;
the Commissioner may amend the assessment to give effect to the ruling, even though any time limit for amending the assessment under this section has expired.
16 Subparagraphs 177C(2)(a)(i), (a)(ii), (b)(i) and (b)(ii)
After "declaration," (wherever occurring), insert "agreement,".
18 Subsection 177C(3)
After "declaration," (wherever occurring), insert "agreement,".
19 Paragraph 221AZK(3)(c) (definition of assessed tax )
After "payable for the current year,", insert "and the amount of interest (if any) payable under section 102AAM for the current year,".
20 Subsection 221AZN(2) (definitions of previous year's tax amount and earlier year's tax amount )
After "tax payable", insert ", and the amount of interest (if any) payable under section 102AAM,".
21 At the end of section 221AZS
Add:
; and (c) the amount of interest (if any) payable by the taxpayer under section 102AAM for the current year.
22 Subsection 371(8)
Omit ", by notice in writing,".
23 Paragraph 371(9)(a)
Repeal the paragraph.
24 Subsection 421(1)
Omit "given", substitute "made".
25 Subsection 438(3A)
Omit "given", substitute "made".
26 Application
(1) The amendments made by items 4, 5, 6, 7, 22, 23, 24 and 25 apply to elections made after the commencement of this item.
(2) The amendments made by items 8, 9, 10, 11, 12, 19, 20 and 21 apply to assessments for the 1997 - 98 year of income and later years of income.
(3) The amendment made by item 15 applies to applications made on or after 1 July 1992.