House of Representatives
Taxation Laws Amendment Bill (No. 6) 1989
Taxation Laws Amendment Act 1990
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)TABLE OF CONTENTS
| PAGE | |
|---|---|
| General Outline | 3 |
| Financial Impact | 6 |
| Main Features | 6 |
| Notes on Clauses | 21 |
| Measures | Main Features | Notes on Clauses |
|---|---|---|
| Amendment of Income Tax Assessment Act 1936 | ||
| Capital gains tax | ||
| Deemed disposal of assets | 6 | 39,40,59,90 |
| Reductions of capital gains | 7 | 42,90 |
| Traditional Securities | 7 | 45 |
| Consideration for disposal and acquisition | 8 | 46,47,90,91 |
| Indexation | 9 | 48,90 |
| Return of Capital | 9 | 50,91 |
| Capital Loss Transfers | 10 | 51,91 |
| Rights and Options | 10 | 55,91 |
| Convertible notes | 11 | 56 |
| Asset Transfer Roll-overs | 11,12 | 59,61,91 |
| Strata Title and Association Incorporations | 13 | 68,92 |
| Principal residence exemption | 14 | 74,91 |
| Section 160ZZT | 16 | 87,91 |
| Double dipping | 17 | 21,38,51 |
| Research and Development | 18 | 29,39,90,94 |
| Veteran carer's pension | 19 | 26,90 |
| Approved actuary definition | 20 | 28,90,92 |
| Gift provisions | 20 | 37,90 |
| Payment of interest provisions | 20 | 89 |
| Amendment of the Industry Research and Development Act 1986 | 20 | 94 |
* Main notes on clauses commence on this page