Commonwealth Consolidated Acts

TAXATION LAWS (TECHNICAL AMENDMENTS) ACT 1998 - SCHEDULE 6

Part   1 -- Income Tax Assessment Act 1936

1   Subsection 27A(1) ( paragraph   ( b) of the definition of undeducted purchase price )

Omit "sub - subparagraph 27D(1)(b)(iii)(A), (B), (BA), (D) or (E)", substitute "sub - subparagraph 27D(1)(b)(iii)(A), (B), (BA) or (D)".

2   Paragraph 99A(2)(b)

After "The Official Receiver in Bankruptcy", insert ", or in a registered trustee,".

3   Section   102M ( subparagraph   ( b)(i) of the definition of eligible investment business )

Before "unsecured loans", insert "secured or".

4   Section   121AT (table 2, item   12, column headed "Modification")

Omit "franking account balance" (wherever occurring), substitute "franking surplus".

5   Paragraph 159J(5E)(b)

After "were paid to", insert "the taxpayer or".

6   Paragraphs 160AFCE(1)(d), 160AFCF(2)(e), 160AFCG(1)(c) and 160AFCH(2)(d)

After "in respect of", insert "Australian tax or".

7   Before section   160AQX

Insert:

160AQWA   Assumptions when working out rebate

    In determining a taxpayer's entitlement to a rebate under section   160AQX, 160AQYA, 160AQZ or 160AQZA, assume:

  (a)   that sections   110C, 112A, 116FB, 282B, 283 and 297B had not been enacted; and

  (b)   that the definition of eligible insurance policy in section   116E were amended by omitting "an RA policy, a superannuation policy, a sickness policy, a funeral policy or an eligible policy" and substituting "an RA policy or a superannuation policy".

8   After subsection 160ZZPN(5)

Insert:

  (5A)   Subsection   ( 5) does not apply if:

  (a)   the entity is a public entity; and

  (b)   the trustee or trustees have that power only because another beneficiary of the trust has an interest in the entity.

9   Section   220AB (table entry relating to Reportable payments)

Omit "section   220AC", substitute "sections   220AC and 220ADA".

10   Section   220AC (note to the definition of reportable payment )

Omit "Note:", substitute "Note 1:".

11   Section   220AC (at the end of the definition of reportable payment )

Add:

Note 2:   Section   220ADA clarifies the definition of reportable payment .

12   After section   220AD

Insert:

220ADA   Transfer of reportable payment debts

    To avoid doubt, if:

  (a)   a debt is owed to a person; and

  (b)   a payment in satisfaction of the debt would be a reportable payment (see section   220AC); and

  (c)   the person transfers the whole or part of the debt to another person in return for a payment;

the last - mentioned payment is a reportable payment .

13   Sub - subparagraph 221YCAA(2)(pa)(iv)(A)

After "became payable to", insert "the taxpayer or".

14   Sub - subparagraph 221YCAA(2)(pa)(iv)(A)

After "became payable to", insert "the taxpayer or".

Note:   This item and item   13 commence at different times: see subsections 2(7) and (8).

15   Sub - subparagraph 221YCAA(2)(pa)(iv)(B)

After "became payable to", insert "the taxpayer or".

16   Subparagraph 221YE(1)(b)(i)

Omit "notified to", substitute "due and payable by".

17   Subsection 264(2)

After "oath" (wherever occurring), insert "or affirmation".

18   Sub - subparagraph 318(2)(e)(i)(B)

Omit "application of this".

Part   2 -- Taxation Administration Act 1953

19   Subsection 14ZL(1)

After "of an Act", insert "or of regulations".

Part   3 -- Taxation Laws Amendment Act (No.   4) 1995

20   Item   12 of Schedule   2

Omit ", or class B", substitute "or class B".

Note:   This amendment corrects a misdescribed amendment of the Income Tax Assessment Act 1936 .

21   Items   134 and 136 of Schedule   2

After "class B potential", insert "rebate".

Note:   This amendment corrects a misdescribed amendment of the Income Tax Assessment Act 1936 .

Part   4 -- Taxation Laws Amendment Act (No.   2) 1997

22   Items   9 and 10 of Schedule   3

Omit "company".

23   Item   16 of Schedule   3 (heading)

Repeal the heading, substitute:

16   Subsection 170 - 40(1)

24   Item   18 of Schedule   3

Repeal the item, substitute:

18   Application of amendments

(1)   The amendment made by item   15 of this Schedule applies in relation to the income year for the loss company in which 1   July 1997 occurs and later income years.

(2)   The amendment made by item   16 of this Schedule applies in relation to the income year for the income company in which 1   July 1997 occurs and later income years.

(3)   The amendment made by item   17 of this Schedule applies to assessments for the income year in which 1   July 1997 occurs and later income years.

Part   5 -- Statute Law Revision Act 1996

25   Item   49 of Schedule   2 (note)

After "commencement", insert "of section   56".

Note:   This amendment corrects a misdescribed amendment of the Debits Tax Administration Act 1982 .

Part   6 -- Industry Research and Development Act 1986

26   Paragraph 39HD(1)(a) (second occurring)

Re - letter as paragraph   ( b).

Part   7 -- Application

27   Application

(1)   The amendment made by item   1 applies to the calculation of the undeducted purchase price of an annuity or superannuation pension if the first day of the period to which the first payment of the annuity or pension relates is on or after the commencement of this item.

(2)   The amendment made by item   2 applies to assessments for the 1996 - 97 year of income and later years of income.

(3)   The amendment made by item   4 applies to mutual insurance companies and mutual affiliate companies that existed at 7.30 pm, by legal time in the Australian Capital Territory, on 9   May 1995.

(4)   The amendments made by items   5, 13, 14 and 15 apply to assessments of income for the first year of income that begins after the commencement of this item, and later years of income.

(5)   The amendment made by item   7 applies in relation to dividends paid on or after 1   July 1988.

(6)   The amendment made by item   8 applies to disposals of assets on or after 1   July 1997.

Notes to the Taxation Laws (Technical Amendments) Act 1998

Note 1

The Taxation Laws (Technical Amendments) Act 1998 as shown in this compilation comprises Act No.   41 , 1998 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Table of Amendments

Table A

Application, saving or transitional provisions

Taxation Laws Amendment Act (No.   2) 2002 (No.   57 , 200 2 )

Schedule   12

86   Application

An item in a Schedule to an Act that is repealed by an item in this Part is taken never to have had any effect.