Senate
Tax Laws Amendment (2008 Measures No. 2) Bill 2008
Revised Explanatory Memorandum
Circulated by the authority of the Treasurer, the Hon Wayne Swan MPThis memorandum takes account of amendments made by the house of representatives to the bill as introduced
Index
Schedule 1: Amounts misappropriated by an employee or agent
| Bill reference | Paragraph number |
| Items 1, 2, 4 to 6 and 9 to 17 of the ITAA 1997 | 1.49 |
| Item 2, subsection 20-30(1) of the ITAA 1997 | 1.26 |
| Item 3, section 25-47 of the ITAA 1997 | 1.15 |
| Item 3, subsection 25-47(2) of the ITAA 1997 | 1.21 |
| Item 3, subsection 25-47(4) of the ITAA 1997 | 1.16, 1.23 |
| Item 3, subsection 25-47(5) of the ITAA 1997 | 1.25 |
| Item 7, subsections 104-240(3) and (4) and item 8, subsections 104-245(3) and (4) of the ITAA 1997 | 1.19 |
| Items 7, 8 and 18, subsections 104-240(5), 104-245(5) and 116-60(5) of the ITAA 1997 | 1.46 |
| Item 8, subsections 104-245(3) and (4) of the ITAA 1997 | 1.45 |
| Item 18, section 116-60 of the ITAA 1997 | 1.17 |
| Item 18, subsection 116-60(1) of the ITAA 1997 | 1.29, 1.30 |
| Item 18, subsection 116-60 (2) of the ITAA 1997 | 1.29 |
| Item 18, subsection 116-60(3) of the ITAA 1997 | 1.31 |
| Item 18, subsection 116-60(4) of the ITAA 1997 | 1.32 |
| Item 19 | 1.48 |
Schedule 2: Late payment offset for superannuation guarantee contributions
| Bill reference | Paragraph number |
| Item 1, paragraph 23A(1)(a) | 2.9, 2.15 |
| Item 2, subsection 23A(2) | 2.13, 2.18, 2.32 |
| Item 3, subsection 23(4A) | 2.16 |
| Items 4 to 7 | 2.23 |
| Item 7, subsection 49(3A) | 2.24, 2.25 |
| Item 8 | 2.11, 2.28 |
| Item 8, subitem (2) | 2.33 |
| Item 8, subitem (4) | 2.34, 2.40 |
| Item 8, paragraph (3)(a) | 2.39 |
| Item 8, paragraph (3)(b) | 2.37 |
| Item 9 | 2.12, 2.28, 2.30, 2.31 |
Schedule 3: CGT market value substitution rule for interests in widely held entities
| Bill reference | Paragraph number |
| Items 1 and 2, subsections 116-30(2B) and 116-35(1) to (5) | 3.9 |
| Item 2, subsections 116-35(3) and (4) | 3.12 |
| Item 2, subsection 116-35(5) | 3.13 |
| Item 2, subsection 116-35(6) | 3.15 |
| Item 3 | 3.17 |
Schedule 4: Endeavour Research Fellowships and Executive Awards
| Bill reference | Paragraph number |
| Items 1 to 3, section 11-15 | 4.13 |
| Item 4, section 51-10 | 4.9 |
| Item 5 | 4.12 |
Schedule 5: Early completion bonuses for apprentices
| Bill reference | Paragraph number |
| Item 1, section 11-15 | 5.14 |
| Item 2, section 51-10 | 5.8 |
| Item 3, subsection 51-42(1) | 5.9 |
| Item 3, paragraph 51-42(2)(a) | 5.10 |
| Subitem 3(2), paragraph 51-42(2)(b) | 5.11 |
Schedule 6: Deductible gift recipients
| Bill reference | Paragraph number |
| Item 1 | 6.10 |
| Items 1, 2, 4, 5 and 8 to 10 | 6.5 |
| Items 1 to 11 | 6.20 |
| Item 2 | 6.7 |
| Item 3 | 6.17 |
| Items 3, 6, 7 and 11 | 6.15 |
| Item 4 | 6.6, 6.12 |
| Item 5 | 6.14 |
| Item 6 | 6.19 |
| Item 7 | 6.18 |
| Item 8 | 6.8, 6.11 |
| Item 9 | 6.9 |
| Item 10 | 6.13 |
| Item 11 | 6.16 |
| Items 12 to 20 | 6.21 |
Schedule 7: Superannuation lump sum paid to a member having a terminal medical condition
| Bill reference | Paragraph number |
| Item 1, section 11-55 of the ITAA 1997 | 7.6 |
| Item 2, section 303-10 of the ITAA 1997, and item 3, definition of 'terminal medical condition' in subsection 995-1(1) of the ITAA 1997 | 7.5 |
| Item 5 | 7.7 |
| Item 2, note to section 303-10 of the ITAA 1997, and item 4, section 303-10 of the Income Tax (Transitional Provisions) Act 1997 | 7.8 |
Schedule 8: Capital expenditure for the establishment of trees in carbon sink forests
| Bill reference | Paragraph number |
| Items 1 and 2, section 12-5, item in the table headed 'capital allowances' and after the item in the table headed 'travel expenses' | 8.75 |
| Item 4, subsection 40-50(1) | 8.71 |
| Item 5, subsection 40-630(2B) | 8.72 |
| Item 6, subsection 40-1005(1) | 8.21 |
| Item 6, subsection 40-1005(2) | 8.14 |
| Item 6, subsection 40-1005(3) | 8.20 |
| Item 6, subsection 40-1005(4) | 8.23 |
| Item 6, subsection 40-1005(5), item 1 in the table | 8.12 |
| Item 6, subsection 40-1005(5), item 2 in the table | 8.12 |
| Item 6, subsection 40-1005(5), item 3 in the table | 8.12 |
| Item 6, paragraphs 40-1010(1)(a) to (c) | 8.8 |
| Item 6, paragraphs 40-1010(1)(a) to (g) | 8.19 |
| Item 6, paragraph 40-1010(1)(d) | 8.33 |
| Item 6, paragraphs 40-1010(1)(d) and (e) | 8.9 |
| Item 6, paragraph 40-1010(1)(f) | 8.10 |
| Item 6, paragraph 40-1010(1)(g) | 8.15 |
| Item 6, paragraph 40-1010(1)(h) | 8.24 |
| Item 6, subsection 40-1010(2) | 8.16 |
| Item 6, paragraph 40-1010(2)(d) and subsection 40-1010(3) | 8.18 |
| Item 6, subsection 40-1010(4) | 8.25 |
| Item 6, subsection 40-1010(5) | 8.28 |
| Item 6, subsections 40-1010(5) and (6) | 8.29 |
| Item 6, subsection 40-1010(7) | 8.30 |
| Item 6, subsection 40-1010(8) | 8.27 |
| Item 6, section 40-1015 | 8.35 |
| Item 6, section 40-1020 | 8.38 |
| Item 6, section 40-1025 | 8.42, 8.56 |
| Item 7, subsection 40-120(5) | 8.73 |
| Item 8, definition of 'carbon sequestration' in subsection 995-1(1) of the ITAA 1997 | 8.35 |
| Items 9 and 10, definition of 'Climate Change Minister' and 'Climate Change Secretary' in subsection 995-1(1) of the ITAA 1997 | 8.43 |
| Item 11 | 8.69 |
| Item 12, subsection 40-1005(1) | 8.44 |
| Item 12, subsection 40-1005(2) | 8.49, 8.51, 8.53 |
| Item 12, paragraph 40-1005(2)(a) | 8.52 |
| Item 12, subsection 40-1005(3) | 8.54 |
| Item 12, paragraphs 40-1010(1)(d) and (e) | 8.45 |
| Item 12, paragraph 40-1010(1)(f) | 8.46 |
| Items 13 to 19 | 8.74 |
| Item 20, section 40-1030 | 8.58 |
| Item 20, subsection 40-1030(2), paragraphs (a) and (b) of step 1 | 8.59 |
| Item 20, subsection 40-1030(2), paragraphs (a) and (b) of step 2 | 8.60 |
| Item 20, subsection 40-1030(3) | 8.61 |
| Item 20, subsection 40-1035(1) | 8.63 |
| Item 20, subsection 40-1035(2) | 8.65 |
| Item 20, subsections 40-1035(2) and (3) | 8.65 |
| Item 20, paragraph 40-1035(3)(b) | 8.65 |
| Item 20, subsection 40-1035(4) | 8.65 |
| Item 20, paragraph 40-1035(5)(a) | 8.66 |
| Item 20, paragraph 40-1035(5)(b) | 8.67 |
| Item 20, subsection 40-1035(6) | 8.68 |
| Item 20, subsection 40-1035(8) | 8.65 |
| Item 21 | 8.70 |
Schedule 9: Tax offset for Equine Workers Hardship Wage Supplement Payments
| Bill reference | Paragraph number |
| Item 1, subsection 160AAA(1) | 9.10 |
| Item 2, section 13-1 | 9.13 |
| Item 3, section 13-1 | 9.14 |
Schedule 10: Tobacco industry exit grants
| Bill reference | Paragraph number |
| Items 1 and 2 | 10.14 |
| Item 2 | 10.13 |
| Item 3, section 53-10 | 10.7 |
| Item 4, subsection 118-37(1) | 10.10 |
| Item 5 | 10.12 |
Schedule 11: Farm management deposits
| Bill reference | Paragraph number |
| Item 1, paragraphs 393-37(3)(b) to (d) in Schedule 2G to the ITAA 1936 | 11.9 |
| Item 2 | 11.10 |