Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 92, 2020
Compilation No. 1
Compilation date: 14 October 2020
Includes amendments up to: Act No. 72, 2021
Registered: 22 July 2021
About this compilation
This compilation
This is a compilation of the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 that shows the text of the law as amended and in force on 14 October 2020 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
1 Short title
2 Commencement
3 Schedules
Schedule 1--Accelerating the Personal Income Tax Plan
Part 1--Personal income tax reform: main amendments
Part 2--Personal income tax reform: repeals on 1 July 2024
Part 3--Low Income tax offset
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953
Part 4--Low and Middle Income tax offset
Income Tax Assessment Act 1997
Part 5--Amendments to amending legislation
Treasury Laws Amendment (Personal Income Tax Plan) Act 2018
Schedule 2--Temporary loss carry back
Part 1--Main amendments
Income Tax Assessment Act 1997
Part 2--Anti-avoidance
Income Tax Assessment Act 1936
Part 3--Consequential amendments
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953
Schedule 3--Increasing small business entity turnover threshold for certain concessions
Part 1--Amendments
A New Tax System (Goods and Services Tax) Act 1999
Fringe Benefits Tax Assessment Act 1986
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953
Part 2--Application of amendments
Schedule 4--Enhancing the R&D Tax Incentive
Income Tax Assessment Act 1997
Tax Laws Amendment (Research and Development) Act 2015
Schedule 5--Enhancing the integrity of the R&D Tax Incentive
Part 1--Schemes to reduce income tax
Income Tax Assessment Act 1936
Part 2--R&D clawback and catch up amounts
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
Part 3--Application of amendments
Schedule 6--Improving the administration of the R&D Tax Incentive
Part 1--Reporting of information about research and development tax offset
Taxation Administration Act 1953
Part 2--Determinations about performance of Board's functions
Industry Research and Development Act 1986
Part 3--Delegation by Board and committees
Industry Research and Development Act 1986
Part 4--Extensions of time
Industry Research and Development Decision-making Principles 2011
Schedule 7--Temporary full expensing of depreciating assets
Part 1--Temporary full expensing of depreciating assets
Income Tax (Transitional Provisions) Act 1997
Part 2--Adjusting existing measures
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
Part 3--Consequential amendments
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 | 92, 2020 | 14 Oct 2020 | Sch 1 (items 1-12, 17-24, 28-31): 15 Oct 2020 (s 2(1) items 2, 4, 6) |
|
Treasury Laws Amendment (2021 Measures No. 4) Act 2021 | 72, 2021 | 30 June 2021 | Sch 6: 14 Oct 2020 (s 2(1) item 6) | -- |
Provision affected | How affected |
s 2..................... | am No 72, 2021 |
Schedule 1 |
|
Part 4 |
|
item 27.................. | am No 72, 2021 |