Commonwealth Consolidated Acts

TAX LAW IMPROVEMENT ACT 1997 - NOTES

Act No. 121 of 1997 as amended

This compilation was prepared on 19 August 2003

[This Act was amended by Act No. 57 of 2002]

Amendments from Act No. 57 of 2002

[Schedule 12 (item 65) amended Heading to Item 69 of Schedule 6
Schedule 12 (item 83) repealed Item 15 of Schedule 4
Schedule 12 (item 65) commenced on 1 July 1997
Schedule 12 (item 83) commenced on 3 July 2002]

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

Contents

1 Short title

2 Commencement

3 Schedule(s)

4 Application of amendments

Schedule 1--Amendment of the Income Tax Assessment Act 1997

Schedule 2--Assessable income

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Schedule 3--Exempt income

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Australian Industry Development Corporation Act 1970

Australian National Railways Commission Act 1983

Australian Postal Corporation Act 1989

Australian Trade Commission Act 1985

Development Allowance Authority Act 1992

Export Finance and Insurance Corporation Act 1991

Federal Airports Corporation Act 1986

Health Insurance Commission Act 1973

Legislative Instruments Act 1997

National Rail Corporation Agreement Act 1992

Social Security Act 1991

Superannuation Guarantee (Administration) Act 1992

Schedule 4--Deductions

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Fringe Benefits Tax Assessment Act 1986

Schedule 5--Trading stock (and some related matters)

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Cattle Transaction Levy Act 1995

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Schedule 6--Depreciation

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Bounty and Capitalisation Grants (Textile Yarns) Act 1981

Income Tax Rates Act 1986

Sales Tax Assessment Act 1992

Social Security Act 1991

Student and Youth Assistance Act 1973

Veterans' Entitlements Act 1986

Schedule 7--Leased cars

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Schedule 8--Recoupment

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Schedule 9--Gifts or contributions

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Customs Tariff Act 1995

Sales Tax (Exemptions and Classifications) Act 1992

Schedule 10--Entertainment expenses

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Part 4--Consequential amendments of other Acts

Fringe Benefits Tax Assessment Act 1986

Schedule 11--Capital allowances for primary producers and some land-holders

Part 1--Amendment of the Income Tax (Transitional Provisions) Act 1997

Part 2--Consequential amendment of the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1936

Schedule 12--Miscellaneous

Part 1--Amendment of the Income Tax Assessment Act 1997

Part 2--Amendment of the Income Tax Assessment Act 1936

Part 3--Amendment of the Income Tax (Consequential Amendments) Act 1997

Part 4--Consequential amendments of other Acts

Airports (Transitional) Act 1996

Legislative Instruments Act 1997

Social Security Act 1991

Student and Youth Assistance Act 1973

Veterans' Entitlements Act 1986

[Assented to 8 July 1997]

The Parliament of Australia enacts: