Senate
Taxation Laws Amendment Bill (No. 2) 1995
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Ralph Willis, MP)THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES
TO THE BILL AS INTRODUCED
Index Table
| New section | ||
|---|---|---|
| Schedule 1 - Amendments relating to State/Territory bodies | ||
| 24AK | Key principle | 1.13 |
| 24AL | Diagram - guide to work out if body is exempt under this Division | 1.15 |
| 24AM | Certain STBs exempt from tax | 1.13 ,1.30, 1.32, 1.37, 1.39, 1.42-43, 1.45-46 |
| 24AN | Certain STBs not exempt from tax under this Division | 1.13 |
| 24AO | First way in which a body can be an STB | 1.17, 1.20, 1.22 |
| 24AP | Second way in which a body can be an STB | 1.17, 1.20 ,1.22 |
| 24AQ | Third way in which a body can be an STB | 1.17-18, 1.20-21 |
| 24AR | Fourth way in which a body can be an STB | 1.17, 1.20-21 |
| 24AS | Fifth way in which a body can be an STB | 1.17-18, 1.20-21 |
| 24AT | What do excluded STB, government entity and Territory mean? | 1.20,1.23,1.27 |
| 24AU | Governor, Minister and Department Head taken to be a government entity | 1.21-22 |
| 24AV | Regulations prescribing excluded STBs | 1.24-26 |
| 24AW | Body ceasing to be an STB | 1.50, 1.52, 1.54-56 |
| 24AX | Special provisions relating to capital gains and losses | 1.58 |
| 24AY | Losses from STB years not carried forward | 1.49 |
| 24AYA | Effect of unfunded superannuation liabilities | 1.59-61 |
| 24AZ | Meaning of relevant period | 1.53, 1.68 |
| Schedule 2 - Employee share schemes | ||
| 139 | The key principle | * |
| 139A | Overview of Division | * |
| 139B | Discount to be included in assessable income | 2.7, 2.21, 2.24 |
| 139BA | Reduction of amounts included - elections | 2.7, 2.37 |
| 139C | Employee share schemes | 2.7, 2.22-23 |
| 139CA | Cessation time - shares | 2.7, 2.24 |
| 139CB | Cessation time - rights | 2.7, 2.24 |
| 139CC | Calculation of discount | 2.7, 2.33 |
| 139CD | Meaning of qualifying shares and qualifying rights | 2.7, 2.30 |
| 139CE | Exemption conditions | 2.7, 2.38 |
| 139D | Discount assessable to associate if share acquired by taxpayer in respect of associate's employment | 2.7, 2.26 |
| 139DA | Acquisition of legal interest in shares or rights - certain discounts not assessable | 2.7 |
| 139DB | No deduction until share or right acquired | 2.7, 2.46 |
| 139DC | Deduction for provider of certain qualifying shares or rights | 2.7, 2.47 |
| 139DD | No benefit where rights lost | 2.7, 2.45 |
| 139DE | Amount not assessable under section 21A or paragraph 26(e) | 2.7 |
| 139DF | Anti-avoidance - certain shares and rights not qualifying shares and qualifying rights | 2.7, 2.31 |
| 139E | Taxpayer may make election | 2.7, 2.35-36 |
| 139F | Meaning of market value of a share or right | 2.7, 2.34 |
| 139FA | Listed shares or rights - market value | 2.7, 2.40 |
| 139FB | Unlisted shares - market value | 2.7, 2.40 |
| 139FC | Unlisted rights - market value | 2.7, 2.40 |
| 139FD | Conditions and restrictions to be disregarded | 2.7, 2.40 |
| 139FE | Value of right nil or can not be determined | 2.7, 2.40 |
| 139FF | Value of legal and beneficial interests | 2.7, 2.40 |
| 139FG | Meaning qualified person | 2.7 |
| 139FH | Meaning of published price where multiple quotation | 2.7 |
| 139FI | Provision of information about market value | 2.7, 2.41 |
| 139FJ | Outline of remainder of subdivision | 2.7, 2.40, 2.43 |
| 139FK | Step 1 - calculate the calculation percentage | 2.7, 2.40, 2.43 |
| 139FL | Step 2 - how to use calculation percentage | 2.7, 2.40, 2.43 |
| 139FM | Table 1 and instructions | 2.7, 2.40, 2.43 |
| 139FN | Table 1 and instructions | 2.7, 240, 2.43 |
| 139G | Meaning of acquiring or providing a share or right | 2.7, 2.29 |
| 139GA | Meaning of employee and employer | 2.39 |
| 139GB | Meaning of permanent employee | 2.39 |
| 139GC | Meaning of holding company | 2.25 |
| 139GCA | Meaning of approved stock exchange | 2.40 |
| 139GD | Meaning of associate | 2.28 |
| 139GE | Meaning of conducting a scheme on a non-discriminatory basis | 2.7, 2.39 |
| 139GF | Meaning of provision of financial assistance | 2.39 |
| 139GG | Index of definitions | * |
| 160ZYJB | Shares or rights under employee share scheme | 2.7, 2.50 |
| 160ZYJC | or rights under employee share scheme - associates | 2.7, 2.51 |
| 160ZYJD | share trusts | 2.7, 2.52 |
| 160ZYJE | have same meaning as in Division 13A of Part III | 2.7 |
| Schedule 3 - Various amendments of the Income Tax Assessment Act 1936 | ||
| 160ZZPI | 5.15, 5.31, 5.35-36, 5.39 | |
| 160ZZPIA | 5.3, 5.16, 5.20-21, 5.23-25, 5.28-29 | |
| Schedule 8 - Late lodgment penalty | ||
| 163A | 11.19-25 | |
| 163B | 11.26-32 | |
| 163C | 11.26, 11.30, 11.40 | |