House of Representatives

Tax Laws Amendment (2005 Measures No. 1) Bill 2005

Explanatory Memorandum

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

Index

Schedule 1: Fringe benefits tax exemptions

Bill reference Paragraph number
Item 1, paragraph 58AA(1)(a) 1.7
Item 1, paragraph 58AA(1)(b) 1.10
Item 1, paragraph 58AA(1)(c) 1.8
Item 1, paragraph 58AA(1)(d) 1.9
Item 1, paragraphs 58AA(1)(e) and (f) 1.11
Item 1, subsection 58AA(2) 1.9, 1.10
Item 2, paragraph 58X(2)(g) 1.13
Item 3, paragraph 58X(2)(i) 1.14
Item 4, paragraph 58ZC(2)(c) 1.15
Item 5 1.16

Schedule 2: Effective life of assets declining in value

Bill reference Paragraph number
Item 1, subsection 40-102(4) 2.7
Item 2, subsection 995-1(1) , definition of 'gross vehicle mass' 2.11
Item 3 2.10

Schedule 3: Supplies of rights or options offshore

Bill reference Paragraph number
Items 1 and 2, paragraph 9-25(5)(c) 3.8
Item 3, paragraph 83-5(1)(c) 3.19
Item 4, paragraph 83-5(2)(a) 3.18
Item 5 3.15
Items 7 and 8, subsections 84-5(1) and (2) 3.13
Item 9, subsection 84-10(3) 3.14
Items 10 to 16, subsection 84-13(1) - paragraph (a) of the definition of 'full input tax credit', section 129-70 - paragraph (b) of the definition of 'full input tax credit', section 129-75 - paragraph (b) of the definition of 'full input tax credit', subsection 132-5(2) - paragraph (b) of the definition of 'full input tax credit' 3.20
Item 17 3.21

Schedule 4: Mature age worker tax offset

Bill reference Paragraph number
Item 1 4.31
Item 2, sections 61-560 and 61-565 4.6
Item 2, subsection 61-565(1) 4.24
Item 2, subsection 61-565(2) 4.25
Item 2, subsection 61-565(3) 4.24, 4.25
Item 2, subsection 61-570(1); item 3, subsection 995-1(1), definition of 'net income from working' 4.8
Item 2, subparagraph 61-570(1)(a)(i) 4.11
Item 2, subparagraph 61-570(1)(a)(ii) 4.13
Item 2, subparagraph 61-570(1)(a)(iii) 4.22
Item 2, paragraph 61-570(1)(b); item 4, subsection 995-1(1), definition of 'reportable fringe benefits total' 4.21
Item 2, subsection 61-570(2) 4.14
Items 3 and 4, subsection 995-1(1), definitions of 'net income from working' and 'reportable fringe benefits total' 4.32
Item 5 4.30


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