Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 5) 2003 - NOTES

Act No. 142 of 2003 as amended

This compilation was prepared on 16 August 2010
taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

1 Short title [see Note 1] ...........................

2 Commencement

3 Schedule(s)

Schedule 1--Thin Capitalisation: amendments taking effect on 1 July 2001

Part 1--Application of amendments

Part 2--Exemption of certain special purpose entities

Income Tax Assessment Act 1997

Part 3--Choice by some financial entities to be treated as ADIs for thin capitalisation purposes

Income Tax Assessment Act 1997

Part 4--Revaluing assets for thin capitalisation purposes

Income Tax Assessment Act 1997

Income Tax Assessment Act 1936

Part 5--Arrangements for borrowing securities

Income Tax Assessment Act 1997

Part 6--Definition of financial entity

Income Tax Assessment Act 1997

Part 7--Cost-free debt capital

Income Tax Assessment Act 1997

Part 8--Associate entity debt

Income Tax Assessment Act 1997

Part 9--Debt deductions for borrowing expenses

Income Tax Assessment Act 1997

Part 10--Foreign controlled Australian partnerships

Income Tax Assessment Act 1997

Part 11--Arm's length debt amount

Income Tax Assessment Act 1997

Part 12--Maximum allowable debt

Income Tax Assessment Act 1997

Part 13--Non-debt liabilities

Income Tax Assessment Act 1997

Schedule 2--Thin Capitalisation: amendments taking effect on 1 July 2002

Part 1--Application of amendments

Part 2--Records about Australian permanent establishments

Income Tax Assessment Act 1997

Income Tax Assessment Act 1936

Part 3--Equity interests excluded in working out safe harbour debt amount

Income Tax Assessment Act 1997

Part 4--Adjusted average equity capital for grouping purposes

Income Tax Assessment Act 1997

Part 5--Disallowed deductions not included in cost base of a CGT asset

Income Tax Assessment Act 1997

Taxation Laws Amendment Act (No. 7) 2000

Part 6--Premium excess amount

Income Tax Assessment Act 1997

Part 7--Attributable safe harbour excess amount

Income Tax Assessment Act 1997

Schedule 3--Thin Capitalisation: amendments taking effect on 1 July 2003

Part 1--Definition of equity capital and related concepts

Income Tax Assessment Act 1997

Part 2--Assets and liabilities

Income Tax Assessment Act 1997

Schedule 4--Foreign dividend accounts

Income Tax Assessment Act 1936

Schedule 5--FBT exemption for public hospitals

Fringe Benefits Tax Assessment Act 1986

Schedule 6--Reducing tax on excessive ETPs

Part 1--Main amendments

Income Tax Rates Act 1986

Superannuation Contributions Tax (Assessment and Collection) Act 1997

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

Part 2--Technical correction

Income Tax Rates Act 1986

Schedule 7--Application of same business test

Part 1--Tax losses

Division 1--Main amendment

Income Tax Assessment Act 1997

Division 2--Consequential amendments

Income Tax Assessment Act 1997

Division 3--Application of amendments

Part 2--Bad debts

Division 1--Main amendment

Income Tax Assessment Act 1997

Division 2--Consequential amendments

Income Tax Assessment Act 1997

Division 3--Technical correction

Income Tax Assessment Act 1997

Division 4--Application of amendments

Schedule 8--Tax losses

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Notes