House of Representatives

Tax Laws Amendment (Small Business) Bill 2007

Explanatory Memorandum

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

Index

Schedule 1: Small business entities

Bill reference Paragraph number
Item 1, paragraph 328-110(1)(a) of the ITAA 1997 1.16
Item 1, subparagraph 328-110(1)(b)(i) of the ITAA 1997 1.23
Item 1, subparagraph 328-110(1)(b)(ii) of the ITAA 1997 1.25
Item 1, paragraph 328-110(2)(a) of the ITAA 1997 1.26
Item 1, paragraph 328-110(2)(b) of the ITAA 1997 1.29
Item 1, subsection 328-110(3) of the ITAA 1997 1.31
Item 1, subsection 328-110(4) of the ITAA 1997 1.33
Item 1, subsection 328-110(5) of the ITAA 1997 1.18
Item 1, subsection 328-115(2) of the ITAA 1997 2.62
Item 1, subsection 328-115(3) of the ITAA 1997 2.64
Item 1, paragraph 328-115(3)(a) of the ITAA 1997 2.65
Item 1, paragraph 328-115(3)(b) of the ITAA 1997 2.66
Item 1, paragraph 328-115(3)(c) of the ITAA 1997 2.68
Item 1, subsection 328-120(1) and item 4, definition of 'annual turnover' in subsection 995-1(1) of the ITAA 1997 2.10
Item 1, subsection 328-120(2) of the ITAA 1997 2.20
Item 1, subsection 328-120(3) of the ITAA 1997 2.17
Item 1, subsection 328-120(4) of the ITAA 1997 2.23
Item 1, subsection 328-120(5) of the ITAA 1997 2.28
Item 1, subsection 328-120(6) of the ITAA 1997 2.30
Item 1, paragraph 328-125(2)(a) of the ITAA 1997 2.43
Item 1, paragraph 328-125(2)(b) of the ITAA 1997 2.47
Item 1, subsection 328-125(3) of the ITAA 1997 2.48 and 2.51
Item 1, subsection 328-125(4) of the ITAA 1997 2.48
Item 1, paragraph 328-125(4)(a) of the ITAA 1997 2.49
Item 1, paragraph 328-125(4)(b) of the ITAA 1997 2.49
Item 1, subsection 328-125(5) of the ITAA 1997 2.50
Item 1, subsection 328-125(6) of the ITAA 1997 2.59
Item 1, subsection 328-125(7) of the ITAA 1997 2.54
Item 1, subsection 328-125(8) of the ITAA 1997 2.56
Item 1, subsection 328-130(2) of the ITAA 1997 2.39
Item 2, definition of 'affiliate' in subsection 995-1(1), and item 1, subsection 328-130(1) of the ITAA 1997 2.35
Item 5, definition of 'connected with' in subsection 995-1(1) of the ITAA 1997; Schedule 1, item 1, subsection 328-125(1) of the ITAA 1997 2.41
Item 6, definition of 'retail fuel' in subsection 995-1(1) of the ITAA 1997 2.19
Item 7, definition of 'small business entity' in subsection 995-1(1) of the ITAA 1997 1.15

Schedule 2: Amendments relating to GST turnover thresholds

Bill reference Paragraph number
Items 1 to 7, 16 to 21, 27, 28, 35, 36 and 38 to 58, paragraphs 23-5(b), 27-15(1)(a), 27-37(1)(a), 144-5(2)(a), 149-10(1)(b), 188-10(1)(a) and (b), 188-10(2)(a) and (b), subsections 23-10(1), 27-20(1), 27-22(1), 31-25(2), 33-10(2), 57-35(1), 83-25(1), 83-30(1), 84-5(2), 188-10(1) and (2), 188-15(1) to (3), 188-20(1) to (3), 188-24(1) and (2), and 188-40(1), sections 23-1, 188-1, 188-10, 188-15, 188-20, 188-22, 188-23, 188-25 and 195-1 of the GST Act; Schedule 2, items 61 to 65, paragraph 974-75(6)(b), subsections 974-75(7) and 995-1(1) of the ITAA 1997; Schedule 2, item 66, paragraphs 286-80(3)(c) and 286-80(4)(c) of Schedule 1 to the TAA 1953 4.28
Items 8 to 11, 22 and 30, paragraphs 29-40(1)(a), 131-5(1)(a) and 162-5(1)(a), subsection 29-40(1) of the GST Act 4.21
Items 9, 12 to 14, 22, 23, 26, 29 to 31, 34, 68 to 70, paragraphs 29-40(1)(a), 29-40(3)(a), 29-50(1)(a), 131-5(1)(a), 131-20(1)(c), 162-5(1)(a) and 162-30(1)(c), subsections 29-50(2), 131-20(6), 157-10(1) and 162-30(5) of the GST Act 4.26
Items 13, 14, 23 to 25, 29, 31 to 33 and 68 to 70, paragraphs 29-50(1)(a), 131-20(1)(c) and 162-30(1)(c), subsections 29-50(2), 131-20(5), 157-10(1) and 162-30(5) of the GST Act 4.25
Item 15, paragraph 29-50(3)(a) of the GST Act 4.30
Item 37, section 188-5 of the GST Act 4.27
Item 59, section 195-1 of the GST Act 4.23
Item 60, section 195-1 of the GST Act 4.29
Part 3 4.52

Schedule 3: STS taxpayers

Bill reference Paragraph number
Items 1 to 78, 81 to 84, 87 to 96, 110 to 120, 149 to 159 and 162, subparagraphs 328-225(5)(a)(i) and (ii), paragraphs 104-235(4)(b), 328-170(b), 328-175(4)(a), 328-175(7)(a), 328-180(1)(a), 328-185(2)(a) and (b), 328-185(3)(a), 328-205(1)(a) and (c), 328-205(4)(b) and (c), 328-255(1)(a), 328-225(4)(a) and (b), 328-285(1)(a), 328-243(2)(b), 727-15(8)(a) and 727-470(2)(a), subsections 27-100(5), 40-25(1), 40-340(3), 40-425(7), 40-430(1), 70-5(3), 70-35(1), 70-40(1), 70-40(2),70-45(2), 328-175(1), (3) and (4), 328-180(2), (3) and (5), 328-185(1) and (3) to (7), 328-190(1) to (4), 328-195(1) to (3), 328-205(1), (2) and (4), 328-210(1) and (3), 328-225(1) to (4), 328-235(1) and (2), 328-247(1) and (2), 328-250(3), 328-285(1), 328-295(1) and (2), 716-25(2), 727-470(2), 995-1(1), sections 13-1, 20-157, 328-5, 328-10, 328-170, 328-200, 328-220, 328-280, 328-285 and 727-100 of the ITAA 1997; Schedule 3, items 163 to 167, paragraphs 328-115(1)(a) and 328-115(2)(a), subsections 40-10(3) and 328-115(3) and (4) of the Income Tax (Transitional Provisions) Act 1997 4.32
Item 2, section 328-10 of the ITAA 1997 1.13
Item 12, section 328-175 of the ITAA 1997; Schedule 3, item 174, section 328-440 of the Income Tax (Transitional Provisions) Act 1997 4.62
Items 79 to 80, 85, 86 and 109, subsections 4-15(2), 328-285(1) and (2), section 328-290, Subdivisions 328-F and 328-G of the ITAA 1997 4.33
Items 97 to 108, subsections 6(1), 82KZL(1), 170(1) and (14), section 82KZMD, paragraphs 73BA(4)(a) and 82KZMA(2)(b), subparagraph 82KZM(1)(aa)(i) of the ITAA 1936 4.75
Items 121 to 148, 160 and 161, sections 61-500 and 61-525, subsections 61-505(2), 61-510(2), 61-515(2) and 61-520(2), paragraphs 61-505(1)(b) to (d), 61-510(1)(b), (c) to (e), 61-515(1)(b) to (e) and 61-520(1)(b), (c) to (e) and subsection 995-1(1) of the ITAA 1997 4.76
Item 165, subsection 328-110(2) of the Income Tax (Transitional Provisions) Act 1997 2.71
Item 165, subsection 328-110(3) of the Income Tax (Transitional Provisions) Act 1997 2.72
Item 165, section 328-111 of the Income Tax (Transitional Provisions) Act 1997 4.55
Item 165, section 328-112 of the Income Tax (Transitional Provisions) Act 1997 4.59
Items 168, 170 and 172, subsections 328-115(3) and (4), section 328-120 of the Income Tax (Transitional Provisions) Act 1997 4.65
Item 173, sections 328-185 and 328-195 of the Income Tax (Transitional Provisions) Act 1997 4.60
Item 175, section 727-470 of the Income Tax (Transitional Provisions) Act 1997 4.69
Part 3 4.53

Schedule 4: Capital gains tax small business concessions

Bill reference Paragraph number
Items 1 to 3, paragraphs 152-5(a) and 152-10(1)(c), section 152-5 of the ITAA 1997 4.36
Items 2 and 3, subparagraph 152-10(1)(c)(iii) and paragraph 152-5(a) of the ITAA 1997 4.37
Items 2, 4, and 22, 23 and 25, paragraphs 152-5(a) and 727-15(8)(b), subsections 165-115AA(1) and 165-115GC(4), section 152-15 of the ITAA 1997 4.38
Items 5 to 16 and 26, subparagraphs 152-20(2)(b)(i) and 152-40(1)(a)(ii), paragraphs 152-15(c), 152-20(2)(a) and (b), 152-20(3)(a), 152-20(2)(b) and 152-40(1)(b), subsections 152-20(4) and 995-1(1), sections 152-25 and 152-30 of the ITAA 1997 4.40
Items 17, 18 and 21, subsection 152-40(1), section 152-42 of the ITAA 1997 4.47
Items 19 and 20, subsections 152-40(1A) and (2) of the ITAA 1997 4.44
Item 27, paragraph 19-20(1)(a) of the A New Tax System (Wine Equalisation Tax) Act 1999 4.81
Item 28, section 33-1 of the A New Tax System (Wine Equalisation Tax) Act 1999 4.80
Items 29 and 30, subsections 104-197(2) and 152-305(3) of the ITAA 1997 4.77
Item 30, subsection 152-305(3) of the ITAA 1997 4.78

Schedule 5: Fringe benefits tax: car parking exemption

Bill reference Paragraph number
Items 1 to 4, paragraphs 58GA(1)(d) and 58GA(2)(c), subsection 58GA(2) of the Fringe Benefits Tax Assessment Act 1986 4.48
Item 5, subsection 58GA(3) of the Fringe Benefits Tax Assessment Act 1986 4.49
Item 7 4.71

Schedule 6: PAYG instalments

Bill reference Paragraph number
Items 1 and 4 to 8, subsections 45-125(7) and 45-130(1) to (3) of Schedule 1 of the TAA 1953 4.72
Items 2 and 3, subparagraphs 45-130(1)(b)(ii) and 45-130(1)(c)(i) of Schedule 1 to the TAA 1953 4.50

Schedule 7: Roll-over relief

Bill reference Paragraph number
Item 1, paragraphs 328-243(1A)(a) to (c) and (f) 3.13
Item 1, paragraph 328-243(1A)(d) 3.14
Item 1, paragraph 328-243(1A)(e) 3.16
Items 1 and 4 to 8 , subsections 45-125(7) and 45-130(1) to (3) of Schedule 1 to the TAA 1953 4.51
Item 2 3.17

Schedule 8: Miscellaneous amendments

Bill reference Paragraph number
Items 1 to 8, subsection 82KZL(1) of the Income Tax Assessment Act 1936 (ITAA 1936), Subdivision 960-Q and subsection 995-1(1) of the ITAA 1997 and section 40-340 of the Income Tax (Transitional Provisions) Act 1997 4.74


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