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House of Representatives

Taxation Laws Amendment Bill (No. 6) 2003

Taxation Laws Amendment Act (No. 6) 2003

Explanatory Memorandum

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

Index

Schedule 1: Medicare levy and Medicare levy surcharge low income thresholds

Bill reference Paragraph number
Item 1 1.13
Item 2 1.12
Item 3 1.10
Item 4 1.7
Item 5 1.8
Item 6 1.8
Items 7 and 8 1.8
Items 9 to 12 1.16
Items 13 and 14 1.17
Item 15 1.18

Schedule 2: Value shifting: transitional exclusion for certain indirect value shifts relating mainly to services

Bill reference Paragraph number
Item 1, subsection 727-230(1) 2.11, 2.13
Item 1, paragraphs 727-230(1)(c) and (d) 2.17
Item 1, subsection 727-230(2) 2.14

Schedule 3: Consolidation: treatment of linked assets and liabilities

Bill reference Paragraph number
Item 1, paragraph 104-510(1)(b) 3.44
Item 2, note 1A to subsection 705-35(1) 3.46
Item 3, section 705-58 3.11
Item 3, subsection 705-59(1) 3.12
Item 3, subsection 705-59(2) 3.13
Item 3, paragraphs 705-59(3)(a) and (5)(a) 3.14
Item 3, paragraph 705-59(3)(b), item 1 in the table 3.18, 3.19
Item 3, paragraph 705-59(3)(b), item 2 in the table 3.21
Item 3, subsection 705-59(4) 3.38
Item 3, paragraph 705-59(5)(b), item 1 in the table 3.25, 3.26
Item 3, paragraph 705-59(5)(b), item 2 in the table 3.28
Item 3, paragraph 705-59(5)(b), item 3 in the table 3.30
Item 3, paragraph 705-59(5)(b), item 4 in the table 3.32, 3.34
Item 3, subsection 705-59(6) 3.40
Item 3, subsection 705-59(7) 3.36
Item 4, definition of 'linked assets and liabilities' in subsection 995-1(1) 3.47

Schedule 4: Consolidation: partnerships

Bill reference Paragraph number
Item 1, subsections 713-205(1) and (2) 3.49
Item 1, subsection 713-205(3) 3.50
Item 1, section 713-210 3.57
Item 1, subsection 713-215(1) 3.62
Item 1, subsection 713-215(2) 3.63
Item 1, subsection 713-215(3) 3.64
Item 1, subsection 713-220(1) 3.53
Item 1, paragraph 713-220(2)(a) 3.66
Item 1, paragraph 713-220(2)(b) 3.67
Item 1, paragraph 713-220(2)(c) 3.56
Item 1, subsection 713-225(1) 3.68
Item 1, subsection 713-225(2) 3.69
Item 1, subsection 713-225(3) 3.71
Item 1, subsection 713-225(4) 3.73
Item 1, subsection 713-225(5) 3.76
Item 1, subsection 713-225(6) 3.82, 3.84
Item 1, subsection 713-225(7) 3.82
Item 1, subsections 713-230(1) and (2) 3.78
Item 1, paragraph 713-230(3)(a) 3.79
Item 1, paragraph 713-230(3)(b) 3.79
Item 1, paragraphs 713-230(3)(c) and (d) 3.79
Item 1, paragraph 713-230(3)(e) 3.79
Item 1, subsection 713-235(1) 3.91
Item 1, paragraph 713-235(2)(a) 3.92
Item 1, paragraph 713-235(2)(b) 3.91
Item 1, subsection 713-235(3) 3.93
Item 1, subsection 713-240(1) 3.95
Item 1, paragraph 713-240(1)(a) 3.96, 3.97, 3.99
Item 1, paragraph 713-240(1)(b) 3.101
Item 1, subsection 713-240(2) 3.99
Item 1, subsection 713-240(4) 3.102
Item 1, paragraph 713-240(1)(c) and subsection 713-240(3) 3.103
Item 1, subsections 713-245(1) and (2) 3.106
Item 1, subsection 713-245(3) 3.107
Item 2 3.108
Item 2, definition of 'partnership cost setting interest' in subsection 995-1(1) 3.57

Schedule 5: Consolidation: transitional foreign-held membership structures

Bill reference Paragraph number
Item 1, subparagraphs 719-10(1)(b)(ii) and (iii) 3.118
Item 2, subsections 719-10(4) and (5) 3.118
Item 3, paragraphs 719-10(6)(c) and (d) 3.118
Item 4, note to section 701C-1 3.116
Item 5, note to subsection 701C-10(1) 3.116
Item 6, note to subsection 701C-15(1) 3.116
Item 7, section 701C-30 3.125
Item 8, note 2 to section 701C-30 3.125
Item 9, section 701C-35 3.125
Item 10, section 719-10 3.115

Schedule 6: Consolidation: application of rules to MEC groups

Bill reference Paragraph number
Item 1, subsection 719-2(3) of the IT(TP) Act 1997 3.127

Schedule 7: Consolidation: general application provision

Bill reference Paragraph number
Item 1, subsection 700-1(1) 3.129

Schedule 8: Technical corrections

Bill reference Paragraph number
Items 1 and 2 3.130
Item 3 3.131

Schedule 9: Release from particular liabilities in cases of serious hardship

Bill reference Paragraph number
Item 1 4.12
Item 1, subsection 340-5(2) 4.22
Item 1, subsection 340-5(3) 4.24, 4.25, 4.27
Item 1, subsection 340-5(3), item 1 in the table 4.20
Item 1, subsection 340-5(3), item 2 in the table 4.21
Item 1, subsection 340-5(4) 4.23
Item 1, subsection 340-5(5) 4.29
Item 1, subsection 340-5(6) 4.29
Item 1, subsection 340-5(7) 4.41
Item 1, section 340-10 4.14
Item 1, subsection 340-15(1) 4.30
Item 1, subsection 340-15(2) 4.30
Item 1, subsection 340-15(3) 4.40
Item 1, section 340-20 4.32
Item 1, note in subsection 340-20(2) 4.36
Item 1, note in subsection 340-20(3) 4.36
Item 1, section 340-25 4.32
Item 1, note in subsection 340-25(2) 4.36
Item 1, note in subsection 340-25(3) 4.36
Item 2 4.28
Items 3 and 4 4.42, 4.52
Items 5 and 15 4.12, 4.46
Items 6 and 9 to 14 4.47
Items 7, 8, 16 and 17 4.50
Item 18 4.44
Item 19 4.45

Schedule 10: Trans-Tasman triangular imputation

Bill reference Paragraph number
Item 1, section 220-20 5.12
Item 1, subsection 220-20(1) Table 5.1
Item 1, subsection 220-20(5) 5.13
Item 1, section 220-25 5.10
Item 1, section 220-30 5.11
Item 1, section 220-35 5.14
Item 1, section 220-40 5.15
Item 1, section 220-45 5.16
Item 1, subsection 220-50(1) 5.17
Item 1, subsection 220-50(3) 5.19
Item 1, subsection 220-50(4) 5.18
Item 1, section 220-100 5.20
Item 1, section 220-105 5.22
Item 1, section 220-110 5.25
Item 1, section 220-200 5.26
Item 1, section 220-205 5.27
Item 1, section 220-210 5.28
Item 1, subsections 220-215(1) to (3) 5.29
Item 1, subsection 220-220(5) 5.30
Item 1, subsection 220-300(1) 5.32
Item 1, subsection 220-300(2) 5.33
Item 1, subsection 220-300(3) 5.34
Item 1, subsection 220-300(4) 5.35
Item 1, subsection 220-300(5) 5.36
Item 1, subsection 220-300(7) 5.37
Item 1, subsection 220-300(8) 5.39
Item 1, section 220-400 5.40
Item 1, subsections 220-400(2) and (3) 5.43
Item 1, subsection 220-400(4) 5.44
Item 1, section 220-405 5.45
Item 1, section 220-410 5.46
Item 1, subsection 220-500(2) 5.51
Item 1, section 220-505 5.50
Item 1, section 220-510 5.53
Item 1, section 220-600 5.56
Item 1, section 220-605 5.57
Item 1, section 220-700 5.47
Item 1, section 220-800 5.58
Item 2 5.63
Item 3 5.63
Items 4 to 11 5.63
Item 12 5.64
Items 13 to 16 5.65
Items 17 to 23 5.66
Item 24, section 220-1 5.67
Item 24, section 220-5 5.68
Item 24, section 220-10 5.69
Item 24, section 220-35 5.70
Item 24, subsection 220-501(1) 5.71
Item 24, subsections 220-501(2) and (3) 5.73, 5.74
Item 24, subsection 220-501(7) 5.75

Schedule 11: GST amendments relating to compulsory third party schemes

Bill reference Paragraph number
Item 1, section 9-39 6.114
Item 2, section 9-39 6.114
Item 3, section 9-99 6.115
Item 4, section 11-99 6.116
Item 5, section 11-99 6.116
Item 6, section 17-99 6.117
Item 7, section 17-99 6.117
Item 8, section 19-99 6.118
Item 9, section 19-99 6.118
Item 10, section 37-1 6.119
Item 11, section 37-1 6.119
Item 12, subsection 72-5(3) 6.112
Item 13, subsection 72-40(3) 6.112
Item 14, section 78-1 6.120
Item 15, paragraph 78-50(1)(c) 6.32
Item 16, section 78-105 6.16
Item 17 6.17
Item 18, section 79-1 6.14
Item 18, subsection 79-5(1) 6.20
Item 18, subsections 79-5(2) and 79-5(3) 6.22
Item 18, subsections 79-5(2) and 79-5(4) 6.23
Item 18, subsection 79-10(1) 6.24
Item 18, subsection 79-10(2) 6.25
Item 18, subsection 79-15(1) 6.27
Item 18, subsection 79-15(2) 6.29
Item 18, subsections 79-15(4) and 79-15(5) 6.30
Item 18, subsection 79-15(6) 6.31
Item 18, subsection 79-15(7) 6.30
Item 18, section 79-20 6.33
Item 18, subsection 79-25(1) 6.35
Item 18, subsection 79-25(2) 6.36, 6.37
Item 18, subsection 79-25(3) 6.38
Item 18, section 79-30 6.39
Item 18, subsection 79-35(1) 6.40
Item 18, subsection 79-35(2) 6.41, 6.42
Item 18, subsection 79-35(3) 6.43
Item 18, section 79-40 6.47
Item 18, section 79-45 6.49
Item 18, section 79-50 6.50
Item 18, section 79-55 6.51
Item 18, section 79-60 6.52
Item 18, section 79-65 6.53
Item 18, section 79-70 6.54
Item 18, section 79-75 6.55
Item 18, section 79-80 6.56
Item 18, section 79-85 6.57
Item 18, section 79-90 6.58
Item 18, section 79-95 6.59
Item 18, subsection 79-95(2) 6.61, 6.62, 6.64
Item 18, subsection 79-95(3) 6.60
Item 18, subsection 79-100(1) 6.65, 6.66
Item 18, subsection 79-100(2) 6.71
Item 18, subsection 79-100(3) 6.72
Item 18, subsection 79-100(4) 6.70
Item 18, subsection 79-100(5) 6.71
Item 18, subsections 79-100(6) 6.73
Item 18, subsection 79-100(7) 6.68
Item 18, section 80-1 6.79
Item 18, section 80-5 6.81
Item 18, subparagraph 80-5(1)(c)(i) 6.82
Item 18, subparagraph 80-5(1)(c)(ii) 6.84
Item 18, subsection 80-5(2) 6.83
Item 18, subsection 80-5(3) 6.85
Item 18, section 80-10 6.86
Item 18, section 80-15 6.87
Item 18, section 80-20 6.88, 6.89
Item 18, section 80-25 6.90, 6.91
Item 18, section 80-30 6.93, 6.94
Item 18, section 80-35 6.95
Item 18, section 80-40 6.98
Item 18, subsection 80-40(1) 6.97
Item 18, section 80-45 6.99
Item 18, section 80-50 6.100
Item 18, section 80-55 6.101
Item 18, sections 80-60 and 80-65 6.102
Item 18, section 80-70 6.103
Item 18, section 80-75 6.104
Item 18, section 80-80 6.107
Item 18, subsection 80-80(1) 6.106
Item 18, subsection 80-80(1) 6.105
Item 18, section 80-85 6.108
Item 18, section 80-90 6.109
Item 18, section 80-95 6.110
Item 19, paragraph 188-22(a) 6.113
Item 20, section 195-1 6.65
Item 21, section 195-1 6.15
Item 22, section 195-1 6.121
Item 23, section 195-1 6.84
Item 24, section 195-1 6.85
Item 25, section 195-1 6.43
Item 26, section 195-1 6.40
Item 27, section 195-1 6.41
Item 28, section 195-1 6.42
Item 29, section 195-1 6.35
Item 30, section 195-1 6.48
Item 31, section 195-1 6.105
Item 32, section 195-1 6.122
Item 33, section 195-1 6.123
Item 34, section 195-1 6.81
Item 35, section 195-1 6.82
Item 36, section 195-1 6.83
Item 37, section 195-1 6.97
Item 38, section 195-1 6.18
Item 39, section 195-1 6.21
Item 40, section 195-1 6.124
Item 41, section 195-1 6.125
Item 42, section 22 6.126
Item 43 6.127

Schedule 12: New deductible gift recipient category

Bill reference Paragraph number
Items 1 and 2, subsection 30-5(5) 7.33
Item 2, subsection 30-315(2) 7.34
Item 3, subsection 30-45(1) 7.12, 7.35
Item 4, Subdivision 30-EA 7.13
Item 4, section 30-287 7.14
Item 4, section 30-288, subsection 30-289(1) 7.25
Item 4, section 30-288, subsection 30-289(2) 7.27
Item 4, section 30-288, subsection 30-289(3) 7.28
Item 4, section 30-288, subsection 30-289(4) 7.29
Item 4, section 30-288, subsection 30-289A(1) 7.30
Item 4, section 30-288, subsection 30-289A(2) 7.31
Item 4, section 30-288, subsection 30-289A(3) 7.32
Item 4 and 7, section 30-288 and definition of 'harm prevention charities' in subsection 995-1(1) 7.21
Item 4, subsection 30-289B(1) 7.15
Item 4, subsection 30-289B(2) 7.16
Item 4, subsection 30-289B(3) 7.17
Item 4, subsection 30-289B(4) 7.18
Item 4, subsection 30-289C(1) 7.19
Item 4, subsection 30-289C(2) 7.20
Item 6, definition of 'behaviour that is harmful or abusive' in subsection 995-1(1) 7.26


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