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New Business Tax System (Taxation of Financial Arrangements) Bill (No. 1) 2003

New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Index

Schedule 1: Removal of taxing point on conversion or exchange of traditional securities

Bill reference Paragraph number
Item 1, subsection 26BB(1) 1.13
Item 2, subsection 26BB(4) 1.9
Item 2, subsection 26BB(5) 1.9
Items 2 and 3, subsections 26BB(4) and 70B(2B) 1.14, 1.16, 1.118
Items 2 and 3, subsections 26BB(5) and 70B(2C) 1.14, 1.19
Item 3, subsection 70B(2B) 1.9
Item 3, subsection 70B(2C) 1.9
Item 4, section 109-55 1.21
Items 4 to 17 1.32
Item 14, new subsection 130-1 1.34
Item 15, section 130-100 1.17
Item 15, section 130-105 1.23
Item 15, subsection 130-105(1) 1.30
Item 15, paragraph (c) in the table in subsection 130-105(1) 1.28
Item 15, subsection 130-105(2) 1.27, 1.28
Item 15, subsection 130-105(3) 1.24
Item 15, subsection 130-105(4) 1.20
Item 17 1.31

Schedule 2: Convertible interests

Bill reference Paragraph number
Item 1, paragraph 122-25(4)(a), 1.34
Item 2, paragraph 122-25(4)(b), 1.34
Item 3, paragraph 122-135(4)(a), 1.34
Item 4, paragraph 122-135(4)(b) 1.34
Item 5, paragraph 126-50(3)(a), 1.34
Item 6, paragraph 126-50(3)(b), 1.34
Item 7, subsection 130-60(1) 1.29, 1.34, 1.36
Item 8, subsection 130-60(1B) 1.34, 1.36
Item 9 1.33, 1.35, 1.37

Schedule 3: Rights

Bill reference Paragraph number
Item 1, subsection 130-40(6) 1.36
Item 2 1.33, 1.37

Schedule 4: Foreign currency

Bill reference Paragraph number
Items 1, 2, 5, 6, 10, 11 and 14 to 17 2.354
Items 3, 4, 7, 8, 12, 13, 18 and 19 2.354
Items 9 and 20 2.354
Item 21 3.92
Item 22 2.350
Item 23 3.93
Item 24 3.94
Item 25 3.95
Items 26 to 28 3.96
Item 29 3.97
Item 30 3.98
Items 31 to 37 2.353
Item 38 2.335
Item 39 2.336
Item 40 2.337
Item 41 2.338
Item 42 2.339
Item 43 2.341
Items 44 and 45 2.340
Item 45, paragraphs 40-75(2)(g) and (h) 2.197
Items 46 and 47 2.342
Item 48 3.99
Item 49 2.343
Item 50 2.344, 2.345
Item 51 2.346
Item 52 2.347
Item 53 2.348
Item 55 2.349
Item 57 3.99
Item 58, subsection 775-15(1) 2.24
Item 58, subsection 775-15(2) 2.26
Item 58, paragraph 775-15(2)(b), item 1 in the table 2.27
Item 58, paragraph 775-15(2)(b), item 2 in the table 2.27
Item 58, paragraph 775-15(2)(b), item 3 in the table 2.27
Item 58, section 775-20 2.29
Item 58, subsection 775-210(4) 2.265
Item 58, section 775-25 2.31
Item 58, subsection 775-30(1) 2.34
Item 58, paragraph 775-30(2)(a) 2.36
Item 58, paragraph 775-30(2)(b), item 1 in the table 2.37
Item 58, paragraph 775-30(2)(b), item 2 in the table 2.37
Item 58, subsection 775-35(1) 2.39
Item 58, paragraph 775-35(2)(a) 2.40
Item 58, paragraph 775-35(2)(b) 2.40, 2.41
Item 58, subsection 775-40(1) 2.43
Item 58, subsection 775-40(2) 2.45
Item 58, subsection 775-40(3) 2.46
Item 58, subsection 775-40(4) 2.66
Item 58, subsection 775-40(5) 2.52
Item 58, subsection 775-40(7) 2.52
Item 58, subsection 775-40(8) 2.52
Item 58, subsection 775-40(9) 2.52, 2.218
Item 58, paragraph 775-45(1)(a) 2.56
Item 58, subparagraph 775-45(1)(b)(i) 2.59
Item 58, subparagraph 775-45(1)(b)(ii) 2.59
Item 58, subparagraph 775-45(1)(b)(iii) 2.59
Item 58, subparagraph 775-45(1)(b)(iv) 2.59
Item 58, paragraph 775-45(1)(c) 2.56
Item 58, subsection 775-45(2) 2.60
Item 58, subsection 775-45(3) 2.62, 2.114
Item 58, subsection 775-45(5) 2.68, 2.220
Item 58, subsection 775-45(6) 2.78
Item 58, subsection 775-45(7), item 1 in the table 2.72
Item 58, subsection 775-45(7), item 2 in the table 2.74
Item 58, subsection 775-45(7), item 3 in the table 2.77, 2.330
Item 58, subsection 775-45(7), items 4 and 5 in the table 2.75
Item 58, subsection 775-45(7), item 6 in the table 2.76
Item 58, paragraph 775-50(1)(a) 2.83
Item 58, paragraph 775-50(1)(b) 2.86
Item 58, subsection 775-50(2) 2.88
Item 58, subsection 775-50(3) 2.90
Item 58, subsection 775-50(4) 2.94, 2.224
Item 58, subsection 775-50(5) 2.95
Item 58, subsection 775-50(6) 2.101
Item 58, subsection 775-50(7) 2.99
Item 58, subsection 775-50(8) 2.87
Item 58, paragraph 775-55(1)(a) 2.106
Item 58, subparagraph 775-55(1)(b)(i) 2.109
Item 58, subparagraphs 775-55(1)(b)(ii) and (iii) 2.109
Item 58, subparagraphs 775-55(1)(b)(iv) and (v) 2.109
Item 58, subparagraphs 775-55(1)(b)(vi), to (viii) 2.109
Item 58, subparagraph 775-55(1)(b)(ix) 2.109
Item 58, subsection 775-55(2) 2.110
Item 58, subsection 775-55(3) 2.112
Item 58, subsection 775-55(4) 2.116, 2.117, 2.222
Item 58, paragraph 775-55(5) 2.118, 2.120
Item 58, subsection 775-55(6) 2.138
Item 58, subsection 775-55(7) 2.218
Item 58, subsection 775-55(7), item 1 in the table 2.124
Item 58, subsection 775-55(7), item 2 in the table 2.126
Item 58, subsection 775-55(7), items 3 and 4 in the table 2.127
Item 58, subsection 775-55(7), item 5 in the table 2.129, 2.130
Item 58, subsection 775-55(7), item 6 in the table 2.131
Item 58, subsection 775-55(7), item 7 in the table 2.133, 2.330
Item 58, subsection 775-55(7), item 8 in the table 2.135
Item 58, subsection 775-55(7), item 9 in the table 2.136
Item 58, subsection 775-55(7), item 10 in the table 2.137
Item 58, paragraph 775-60(1)(a) 2.143
Item 58, paragraph 775-60(1)(b) 2.147
Item 58, subsection 775-60(2) 2.149
Item 58, subsection 775-60(3) 2.150, 2.151
Item 58, subsection 775-60(4) 2.155, 2.157
Item 58, subsection 775-60(5) 2.159, 2.160, 2.223
Item 58, subsection 775-60(6) 2.164
Item 58, subsection 775-60(7) 2.162, 2.218
Item 58, subsection 775-60(8) 2.148
Item 58, subsection 775-65(1), item 1 in the table 2.170
Item 58, subsection 775-65(1), item 2 in the table 2.171
Item 58, subsection 775-65(1), item 3 in the table 2.173
Item 58, subsection 775-65(2), item 1 in the table 2.175
Item 58, subsection 775-65(2), item 2 in the table 2.177
Item 58, subsection 775-65(3), item 1 in the table 2.179
Item 58, subsection 775-65(3), item 2 in the table 2.180
Item 58, subsection 775-65(4) 2.181
Item 58, section 775-70 2.182, 2.183
Item 58, subsection 775-70(1) 2.191, 2.201
Item 58, subsection 775-70(1), item 1 in the table 2.192
Item 58, subsection 775-70(1), item 2 in the table 2.193
Item 58, subsection 775-70(1), items 1 and 2 in the table 2.187
Item 58, subsection 775-70(1), items 3 and 4 in the table 2.187, 2.194
Item 58, subsection 775-70(1), item 3 in the table, paragraph (b) 2.195
Item 58, subsection 775-70(1), item 3 in the table, paragraph (c) 2.196
Item 58, subsection 775-70(2) 2.202
Item 58, subsection 775-70(3) 2.198
Item 58, section 775-75 2.182, 2.199
Item 58, subsection 775-75(1), items 1 to 4 in the table 2.187, 2.200
Item 58, section 775-85 2.216, 2.217
Item 58, section 775-90 2.152, 2.216
Item 58, subsection 775-90(2) 2.229
Item 58, section 775-95 2.113, 2.216, 2.217, 2.119
Item 58, section 775-100 2.91, 2.216
Item 58, section 775-105 2.48
Item 58, paragraph 775-105(1)(b) 2.207
Item 58, section 775-110 2.80, 2.103, 2.211, 2.140, 2.166
Item 58, section 775-120 2.79, 2.102, 2.139, 2.165
Item 58, subsections 775-135(1) and (3) 2.210
Item 58, subsection 775-135(2) 2.212
Item 58, subsection 775-135(4) 2.87, 2.146, 2.148, 2.212
Item 58, subsections 775-140(1) and (3) 2.213
Item 58, subsection 775-140(2) 2.214
Item 58, paragraph 775-140(4) 2.85, 2.214
Item 58, subsection 775-145(1) 2.226
Item 58, subsection 775-150(1) 2.331
Item 58, subsection 775-150(2) 2.334
Item 58, subsection 775-150(3) 2.334
Item 58, subsection 775-150(4) 2.334
Item 58, section 775-155 2.323
Item 58, subsection 775-155(9) 2.279
Item 58, subsection 775-160(1) 2.323
Item 58, subsection 775-160(2) 2.325
Item 58, subsections 775-165(1), (2) and (4) 2.326
Item 58, subsections 775-165(2) and (4) 2.327
Item 58, paragraphs 775-165(1)(b), 775-165 (2)(b), and 775-165(4)(b) 2.332
Item 58, subsection 775-165(3) 2.329
Item 58, subsection 775-165(4) 2.132
Item 58, subsection 775-165(5) 2.132, 2.329
Item 58, section 775-185 2.232
Item 58, paragraph 775-185(a) 2.233
Item 58, paragraph 775-185(b) 2.234
Item 58, paragraph 775-185(c) 2.235
Item 58, paragraph 775-185(d) 2.235
Item 58, section 775-190 2.236
Item 58, paragraph 775-190(a) 2.237
Item 58, paragraph 775-190(b) 2.241
Item 58, subsection 775-195(1) 2.242
Item 58, subsection 775-195(2) 2.242
Item 58 subsection 775-195(3) 2.244
Item 58, subsection 775-195(5) 2.244
Item 58, subsection 775-195(6) 2.244
Item 58, subsection 775-195(7) 2.244
Item 58, subsection 775-195(8) 2.243
Item 58, section 775-200 2.246
Item 58, paragraph 775-200(a) 2.248
Item 58, paragraph 775-200(b) 2.248, 2.250
Item 58, subparagraph 775-205(c)(i) 2.249
Item 58, subparagraph 775-205(c)(ii) 2.249
Item 58, paragraphs 775-205(e) and (f) 2.247
Item 58, subsection 775-210(1) 2.251
Item 58, subsection 775-210(2) 2.254
Item 58, subsection 775-210(3) 2.257
Item 58, subsection 775-210(3), item 1 in the table 2.259
Item 58, subsection 775-210(3), item 2 in the table 2.260
Item 58, subsection 775-210(3), item 3 in the table 2.261
Item 58, subsection 775-210(3), item 4 in the table 2.262
Item 58, subsection 775-210(5) 2.257
Item 58, paragraph 775-215(1)(a) 2.267
Item 58, paragraph 775-215(1)(b) 2.268
Item 58, subsection 775-215(2) 2.268
Item 58, subsection 775-215(3) 2.269
Item 58, subsection 775-215(4) 2.270
Item 58, subsection 775-215(5) 2.271
Item 58, subsection 775-220(1) 2.274
Item 58, subsection 775-220(2) 2.275
Item 58, subsection 775-220(3) 2.276
Item 58, subsection 775-220(4) 2.278
Item 58, subsection 775-220(5) 2.282
Item 58, subsection 775-220(6) 2.281
Item 58, subsection 775-220(7) 2.274
Item 58, subsection 775-220(8) 2.274
Item 58, subsection 775-220(9) 2.277
Item 58, subsections 775-230(1) and (2) 2.305
Item 58, subsection 775-230(3) 2.306
Item 58, subsections 775-235(1) and (2) 2.307
Item 58, subsection 775-235(3) 2.307
Item 58, subsection 775-245 2.302
Item 58, paragraphs 775-245(1)(b) and (c) 2.297
Item 58, subsection 775-245(2) 2.300, 2.301
Item 58, subsection 775-245(3) 2.300
Item 58, subsection 775-245(3), item 1 in the table 2.301
Item 58, subsection 775-245(3), item 3 in the table 2.303
Item 58, subsection 775-245(5) 2.297, 2.298
Item 58, subsection 775-250(1) 2.291
Item 58, subsection 775-250(2) 2.292
Item 58, section 775-255 2.304
Item 58, section 775-260 2.303
Item 58, subsections 775-270(1) and (2) 2.319
Item 58, subsection 775-270(3) 2.320
Item 58, subsections 775-275(1) and (2) 2.321
Item 58, subsection 775-275(3) 2.321
Item 58, subsection 775-280(1) 2.311
Item 58, subsection 775-280(2) 2.312
Item 58, section 775-285 2.313
Item 58, subsections 775-285(2) and (6) 2.316
Item 58, subsections 775-285(3), (7) and (8) 2.317
Item 58, subsection 775-285(4) 2.313
Item 58, subsection 775-285(9) 2.318
Item 58, subsection 775-285(10) 2.314
Item 58, subsection 775-285(11) 2.314
Item 59, subsection 960-50(1) 3.15
Item 59, subsection 960-50(2) 3.16
Item 59, paragraph 960-50(2)(h) 3.19
Item 59, subsection 960-50(4) 3.20
Item 59, subsection 960-50(5) 3.21
Item 59, subsection 960-50(6), item 1 in the table 3.23
Item 59, subsection 960-50(6), item 2 in the table 3.24
Item 59, subsection 960-50(6), item 3 in the table 3.25
Item 59, subsection 960-50(6), item 4 in the table 3.25
Item 59, subsection 960-50(6), item 5 in the table 3.26
Item 59, subsection 960-50(6), item 6 in the table 3.27
Item 59, subsection 960-50(6), item 7 in the table 3.30
Item 59, subsection 960-50(6), item 8 in the table 3.31
Item 59, subsection 960-50(6), item 9 in the table 3.32
Item 59, subsection 960-50(6), item 10 in the table 3.33
Item 59, subsection 960-50(6), item 11 in the table 3.34
Item 59, subsections 960-50(7) and (8) 3.22
Item 59, subsection 960-50(10) 3.35
Item 59, section 960-55 3.89
Item 59, subsection 960-55(3) 3.36
Item 59, subsection 960-60(1) 3.43
Item 59, subsection 960-60(1), item 1 in the table 3.44, 3.45
Item 59, subsection 960-60(1), item 2 in the table 3.46, 3.47, 3.48
Item 59, subsection 960-60(1) item 3 in the table 3.49
Item 59, subsection 960-60(1), item 4 in the table 3.50
Item 59, subsection 960-60(1), item 5 in the table 3.51
Item 59, subsection 960-60(2) 3.53
Item 59, subsection 960-60(3) and (4) 3.53
Item 59, subsection 960-65, item 1 in the table 3.45
Item 59, section 960-65, item 2 in the table 3.47, 3.48
Item 59, section 960-65, item 3 in the table 3.49
Item 59, section 960-65, item 4 in the table 3.50
Item 59, section 960-65, item 5 in the table 3.51
Item 59, section 960-70 3.54
Item 59, subsection 960-70(1) 3.55
Item 59, subsection 960-70(2) 3.56
Item 59, subsection 960-70(3) 3.57
Item 59, subsection 960-70(4) 3.59
Item 59, section 960-75 3.52
Item 59, subsection 960-80(1), item 1 in the table 3.62
Item 59, subsection 960-80(1), item 1, column 3, subparagraphs (a)(iii) and (iv) in the table 3.63
Item 59, subsection 960-80(1), item 2 in the table 3.64
Item 59, subsection 960-80(1), item 2, column 3, subparagraphs (a)(iii) and (iv) in the table 3.66
Item 59, subsection 960-80(1), item 3 in the table 3.67
Item 59, subsection 960-80(1), item 3, column 3, subparagraphs (a)(iii) and (iv) in the table 3.69
Item 59, subsection 960-80(1), item 4 in the table 3.70
Item 59, subsection 960-80(1), item 4, column 3, subparagraphs (a)(iii) and (iv) in the table 3.72
Item 59, subsection 960-80(1), item 5 in the table 3.73
Item 59, subsection 960-80(1), item 5, column 3, subparagraphs (a)(iii) and (iv) in the table 3.75
Item 59, subsection 960-80(2) 3.77
Item 59, subsection 960-80(3) 3.77
Item 59, subsection 960-80(7) 3.78
Item 59, subsection 960-80(8) 3.78
Item 59, section 960-85 3.79
Item 59, paragraph 960-85(1)(a) 3.80
Item 59, paragraph 960-85(1)(b) 3.80
Item 59, section 960-85, item 1 in the table 3.81
Item 59, section 960-85, item 2 in the table 3.82
Item 59, subsection 960-90(1), items 1, 2, 3 and 5 in the table 3.85
Item 59, subsection 960-90(1), item 4 in the table 3.85
Item 59, subsection 960-90(2) 3.87
Item 59, subsection 960-90(3) 3.87
Item 60, definition of 'applicable functional currency' in subsection 995-1(1) 3.54
Item 62, definition of 'eligible security' in subsection 995-1(1) 2.236
Item 63, definition of 'facility agreement' in subsection 995-1(1) 2.232
Item 65, definition of 'foreign currency' in subsection 995-1(1) 2.44, 3.15
Item 70, the definition of 'offshore banking unit' in subsection 995-1(1) 3.49
Item 72, definition of 'qualifying forex account' in subsection 995-1(1) 2.296
Item 73, definition of 'special accrual amount' in subsection 995-1(1) 3.21
Item 74, definition of 'transferor trust' in subsection 995-1(1) 3.52
Items 75 and 76 3.100
Item 78 3.90, 3.101
Item 79 3.91, 3.101
Subitem 77(1) 2.351
Subitem 77(2) 2.352


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