House of Representatives
New International Tax Arrangements (Participation Exemption and Other Measures) Bill 2004
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Index
Schedule 1: CGT concession: active foreign companies
| Bill reference | Paragraph number |
|---|---|
| Item 1 | 1.225 |
| Item 2 | 1.227 |
| Item 3, paragraph 768-505(1)(a) | 1.37, 1.43, 1.47 |
| Item 3, paragraph 768-505(1)(b) | 1.21 |
| Item 3, paragraph 768-505(1)(c) | 1.23 |
| Item 3, subsection 768-505(2) | 1.18, 1.50, Example 1.15 |
| Item 3, section 768-510 | 1.62 |
| Item 3, subsection 768-510(1) | 1.60 |
| Item 3, subsection 768-510(2) | 1.67 |
| Item 3, paragraph 768-510(2)(a) | 1.67 |
| Item 3, paragraph 768-510(2)(b) | 1.67 |
| Item 3, subsection 768-510(3) | 1.79 |
| Item 3, paragraph 768-510(3)(a) | 1.79 |
| Item 3, paragraphs 768-510(3)(b) and (c) | 1.91 |
| Item 3, subsection 768-510(4) | 1.61, 1.99, 1.158 |
| Item 3, section 768-515 | 1.62, 1.65, 1.188 |
| Item 3, subsection 768-515(1) | 1.61 |
| Item 3, subsection 768-515(2) | 1.61 |
| Item 3, subsection 768-515(3) | 1.66 |
| Item 3, section 768-520 | 1.194 |
| Item 3, subsection 768-520(1) | 1.53, 1.69, 1.75, 1.144 |
| Item 3, step 1 in the method statement in subsection 768-520(1) | 1.76 |
| Item 3, step 5 in the method statement in subsection 768-520(1) | 1.56 |
| Item 3, subsection 768-520(2) | 1.78, 1.145, 1.108 |
| Item 3, note to subsection 768-520(2) | 1.157 |
| Item 3, item 1 in the table in subsections 768-520(2) | Example 1.14, Example 1.15 |
| Item 3, item 2 in the table in subsection 768-520(2) | 1.150, Example 1.14 |
| Item 3, subsection 768-520(3) | 1.144 |
| Item 3, section 768-525 | 1.194 |
| Item 3, subsection 768-525(1) | 1.53, 1.85 |
| Item 3, step 5 in the method statement in subsection 768-525(1) | 1.56 |
| Item 3, subsection 768-525(2) | 1.80, 1.89, 1.192 |
| Item 3, subsection 768-525(3) | 1.80, 1.89, 1.192 |
| Item 3, subsection 768-525(4) | 1.98, 1.108, 1.145 |
| Item 3, item 1 in the table in subsection 768-525(4) | Example 1.14, Example 1.15 |
| Item 3, item 2 in the table in subsection 768-525(4) | 1.150, Example 1.14 |
| Item 3, note to subsection 768-525(4) | 1.157 |
| Item 3, paragraph 768-525(5)(a) | 1.94 |
| Item 3, paragraph 768-525(5)(b) | 1.94 |
| Item 3, subsection 768-525(6) | 1.92 |
| Item 3, section 768-530 | 1.55, 1.123, 1.185 |
| Item 3, subsection 768-530(1) | 1.212 |
| Item 3, subsection 768-530(2) | 1.192 |
| Item 3, subsection 768-530(3) | 1.186, 1.187, 1.191, 1.192, 1.197 |
| Item 3, subsection 768-530(4) | 1.186, 1.187, 1.196, 1.197, 1.199, 1.200 |
| Item 3, subsection 768-530(5) | 1.203 |
| Item 3, section 768-535 | 1.55, 1.148 |
| Item 3, subsection 768-535(1) | 1.217 |
| Item 3, subparagraphs 768-535(1)(b)(ii) and (iii) | 1.212 |
| Item 3, paragraph 768-535(1)(c) | 1.220 |
| Item 3, subsection 768-535(2) | 1.216 |
| Item 3, subsection 768-535(3) | 1.216 |
| Item 3, subsection 768-535(4) | 1.221 |
| Item 3, subsection 768-535(5) | 1.221 |
| Item 3, subsection 768-535(6) | 1.223 |
| Item 3, paragraph 768-540(1)(a) | 1.105, 1.135 |
| Item 3, subparagraph 768-540(1)(b)(i) | 1.106 |
| Item 3, subparagraph 768-540(1)(b)(ii) | 1.107 |
| Item 3, subparagraph 768-540(1)(b)(iii) | 1.108 |
| Item 3, paragraph 768-540(1)(c) | 1.109 |
| Item 3, paragraph 768-540(1)(d) | 1.112 |
| Item 3, paragraph 768-540(1)(e) | 1.165 |
| Item 3, subsection 768-540(2) | 1.112 |
| Item 3, paragraph 768-540(2)(a) | 1.113, 1.115 |
| Item 3, paragraph 768-540(2)(b) | 1.118 |
| Item 3, paragraph 768-540(2)(c) | 1.119, 1.160 |
| Item 3, paragraph 768-540(2)(d) | 1.122 |
| Item 3, paragraph 768-540(2)(e) | 1.124 |
| Item 3, paragraph 768-540(2)(f) | 1.127 |
| Item 3, paragraph 768-540(2)(g) | 1.129 |
| Item 3, subsection 768-540(3) | 1.165 |
| Item 3, paragraph 768-540(3)(a) | 1.117, 1.128 |
| Item 3, paragraph 768-540(3)(b) | 1.132 |
| Item 3, subsection 768-540(3) | 1.167 |
| Item 3, paragraph 768-540(1)(e) | 1.168 |
| Item 3, paragraph 768-540(4)(a) | 1.169 |
| Item 3, paragraph 768-540(4)(b) | 1.173 |
| Item 3, subsection 768-545(1) | 1.134 |
| Item 3, paragraph 768-545(1)(c) | 1.97, 1.116, 1.138, 1.165, 1.177, 1.202 |
| Item 3, subsection 768-545(2) | 1.142 |
| Item 3, subsection 768-545(3) | 1.142 |
| Item 3, paragraph 768-545(3)(b) | 1.141 |
| Item 3, subsection 768-545(4) | 1.142 |
| Item 3, section 768-550 | Example 1.14 |
| Item 3, subsection 768-550(1) | 1.40, 1.126 |
| Item 3, paragraph 768-550(1)(b) | 1.41 |
| Item 3, subsection 768-550(2) | 1.41, 1.159 |
| Item 3, subsection 768-555(1) | 1.154 |
| Item 3, subsection 768-555(2) | 1.155 |
| Item 3, section 768-560 | 1.154 |
| Items 4 to 9 | 1.228 |
| Items 10 to 14 | 1.229 |
| Item 14, definition of 'foreign general insurance company' in subsection 995-1(1) | 1.183 |
| Item 15 | 1.229 |
| Item 15, definition of 'foreign life insurance company' in subsection 995-1(1) | 1.180 |
| Items 16 and 17 | 1.229 |
| Item 17, definition of 'recognised company accounts' in subsection 995-1(1) | 1.81 |
| Item 17, definition of 'recognised company accounts' in subsection 995-1(1) | 1.81 |
| Items 18 to 20 | 1.229 |
Schedule 2: Foreign branch income, non-portfolio dividends and listed countries
| Bill reference | Paragraph number |
|---|---|
| Item 1, subsections 23AH(2) and (3) | 2.23 |
| Item 1, subsection 23AH(4) | 2.35 |
| Item 1, subsection 23AH(5) | 2.25, 2.31 |
| Item 1, subsection 23AH(6) | 2.36 |
| Item 1, subsection 23AH(7) | 2.25, 2.32 |
| Item 1, subsection 23AH(8) | 2.37 |
| Item 1, subsection 23AH(10) | 2.40, 2.41, 2.42 |
| Item 1, subsection 23AH(11) | 2.43, 2.44, 2.45, 2.46 |
| Item 1, subsection 23AH(12) | 2.26 |
| Item 1, subsection 23AH(13) | 2.28 |
| Item 1, subsection 23AH(14) | 2.29 |
| Item 2, subsection 63D(1) | 2.112 |
| Item 3, subsection 63D(2) | 2.112 |
| Item 4, section 23AJ | 2.15 |
| Item 5, paragraph 389(a) | 2.49 |
| Item 6 | 2.49, 2.65 |
| Item 7, section 403 | 2.49, 2.58 |
| Item 8 | 2.52, 2.64 |
| Items 16 to 19, subsections 47A(2), (7) and (16) | 2.62 |
| Item 17, subsection 47A(2) | 2.61 |
| Item 25, subsections 128TA(1) and (2) | 2.115 |
| Items 27 and 28 | 2.115 |
| Item 37 | 2.73 |
| Item 38, section 160AFCB | 2.82 |
| Item 39 | 2.83 |
| Item 41, subsection 160AFCD(2) | 2.86 |
| Item 41, subsection 160AFCD(2) definition of 'underlying tax' | 2.90 |
| Item 43, subsection 160AFCJ(4) | 2.86 |
| Item 43, subsection 160AFCJ(4) definition of 'underlying tax' | 2.92 |
| Item 44 | 2.77 |
| Items 51 and 52 | 2.96 |
| Item 55 | 2.98 |
| Item 57 | 2.15 |
| Item 58 | 2.58 |
| Item 67 | 2.80 |
| Item 69, paragraph 423(2)(d) | 2.66 |
| Item 70, paragraph 436(1)(e) | 2.50 |
| Items 71 | 2.69 |
| Item 72, subsection 457(2) definition of 'adjusted distributable profits' | 2.70 |
| Item 72, subsection 457(2) definition of 'adjusted distributable profits' | 2.71 |
| Item 73 | 2.69 |
| Item 81, item 3 in the table in subsection 116-85(1) of the ITAA 1997 | 2.67 |
| Item 82 | 2.67 |
| Items 85 and 86 | 2.102 |
| Item 87, subsection 320(1) | 2.103 |
| Item 89, subsection 320(1) definition of 'section 404 country' | 2.104 |
| Item 90, section 404 | 2.104 |
Schedule 3: Tainted services income
| Bill reference | Paragraph number |
|---|---|
| Item 1, paragraph 448(1)(a) | 3.14 |
| Item 1, subparagraph 448(1)(a)(ii) | 3.20 |
| Item 2, paragraph 448(1)(c) | 3.15 |
| Item 3, subparagraph 448(1)(d)(i) | 3.15, 3.20 |
| Item 4 | 3.32 |
| Item 4, paragraph 448(1)(e) | 3.15 |
| Item 4, subparagraph 448(1)(e)(ii) | 3.20 |
| Item 4, paragraph 448(1)(f) | 3.15, 3.18 |
| Item 4, paragraph 448(1)(g) | 3.21 |
| Item 5, subsection 448(1A) | 3.21 |
| Item 5, paragraphs 448(1A)(a) to (d) | 3.25 |
| Item 5, paragraphs 448(1A)(a) and (f) | 3.27 |
| Item 5, paragraph 448(1A)(e) | 3.31 |
| Item 6 | 3.16 |
| Item 7, subparagraph 450(6)(c)(i) | 3.15, 3.20 |
| Item 8, subparagraph 450(7)(d)(i) | 3.15, 3.20 |
| Item 9, subparagraph 450(8)(b)(i) | 3.15, 3.20 |
| Item 10 | 3.33 |