SENATE
Taxation Laws Amendment Bill (No. 3) 1996
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Index
| Section | Description | Paragraph reference |
|---|---|---|
| 1. | Short Title | * |
| 2. | Commencement | * |
| 3. | Schedules | * |
Schedule 1 - Amendment of the Income Tax Amendment Act 1936
| Section | Description | Paragraph reference |
|---|---|---|
| Item No. | ||
| 1. | 1.12-18 | |
| 2. | 1.19 | |
| 3. | 1.24, 1.28 | |
| 4. | 1.24, 1.28 | |
| 5. | 1.23, 1.28 | |
| Part 2 - Rebatable annuities | ||
| 6. | 2.16 | |
| 7. | 2.18 | |
| 8. | 2.21 | |
| 9. | 2.14 | |
| Part 3 - Medical expenses rebate | ||
| 10. | 3.8 | |
| 11. | 3.8 | |
| 12. | 3.8 | |
| Part 4 - Sale of mining rights | ||
| 13. | 4.8 | |
| Part 5 - Equity investments in small-medium enterprises | ||
| 14. | * | |
| Division 11B - Equity investments in small-medium enterprises | ||
| New section | ||
| 128TG | Summary of this Division | * |
| 128TH | When Division applies | * |
| 128TI | Consequences of Division applying | 5.13 |
| 128TJ | Acquiring a threshold interest in an SME | 5.12 |
| 128TK | SME or small-medium enterprise | 5.8-10 |
| 15. | * | |
| 16. | * | |
| Part 6 - Co-operative companies | ||
| 17. | 6.17 | |
| 18. | 6.3, 6.5-6, 6.8-11, 6.13, 6.18 | |
Schedule 2 - Amendment of the Income Tax Assessment Act 1936: tax exempt entities that become taxable
| Item No. | ||
|---|---|---|
| 1. | 7.1 |
| Division 57 - Tax exempt entities that become taxable | Subdivisons | ||||
|---|---|---|---|---|---|
| 57-A | Key concepts | 7.12-18 | |||
| 57-B | Predecessors of the transition taxpayer | 7.19-24 | |||
| 57-C | Time when income derived | 7.25-30 | |||
| 57-D | Time when losses and outgoings incurred | 7.31-34 | |||
| 57-E | Assets and liabilities | 7.35-59 | |||
| 57-F | Superannuation deductions | 7.60-86 | |||
| 57-G | Denial of certain deductions | 7.87-104 | |||
| 57-H | Domestic losses | 7.105-108 | |||
| 57-I | Depreciation deductions | 7.109-114 | |||
| 57-J | Capital allowances and certain other deductions | 7.115-127 | |||
| 57-K | Balancing adjustments | 7.128-132 | |||
| 57-L | Trading stock | 7.133-139 | |||
| Item No. | |||||
| 2. | 7.3 | ||||
Schedule 3 - Amendment of the Development Allowance Authority Act 1992
| Item No. | ||
|---|---|---|
| 1. | 8.22 | |
| 2. | 8.22 | |
| 3. | 8.22 | |
| 4. | 8.22 | |
| 5. | 8.22 | |
| 6. | 8.24 | |
| 7. | 8.25 | |
| New section | ||
| 93ZAA | 8.25 | |
| 93ZAB | 8.28-30 | |
| 93ZAC | 8.31 | |
| 93ZAD | 8.32 | |
| 8. | 8.33 | |
| 9. | 8.33 | |
| 10. | 8.34 | |
Schedule 4 - Research and development activities
| Division 1 - Amendment to reduce the rate of deduction from 150% to 125% | Item No. | ||||
|---|---|---|---|---|---|
| 1. | 9.4, 9.24 | ||||
| 2. | 9.4, 9.24 | ||||
| 3. | 9.4, 9.24 | ||||
| 4. | 9.4, 9.24 | ||||
| 5. | 9.4, 9.24 | ||||
| 6. | 9.4, 9.24 | ||||
| 7. | 9.4, 9.24 | ||||
| 8. | 9.4, 9.24 | ||||
| 9. | 9.4, 9.24 | ||||
| 10. | 9.4-5 | ||||
| Division 2 - Amendments relating to deductions for expenditure incurred by partnerships | ||
|---|---|---|
| 11. | 9.4, 9.25 | |
| 12. | 9.4 | |
| 13. | 9.4 | |
| 14. | 9.4, 9.25 | |
| Division 3 - Amendments to limit the period for amending assessments to give effect to provisions relating to deductions for expenditure on research and development activities | ||
|---|---|---|
| 15. | 9.4, 9.28 | |
| 16. | 9.4, 9.29 | |
| 17. | 9.4, 9.6, 9.30 | |
| Division 4 - Amendments relating to deductions for interest payments | ||
|---|---|---|
| 18. | 9.4, 9.31 | |
| 19. | 9.4, 9.31 | |
| 20. | 9.4, 9.31 | |
| 21. | 9.4, 9.31 | |
| 22. | 9.4, 9.7 | |
| Division 5 - Amendments relating to feedstock expenditure | ||
|---|---|---|
| 23. | 9.4, 9.35, 9.40 | |
| 24. | 9.4, 9.35, 9.40 | |
| 25. | 9.4, 9.35-7, 9.40 | |
| 26. | 9.4, 9.35-36, 9.38, 9.40 | |
| 27. | 9.4, 9.35, 9.40 | |
| 28. | 9.4, 9.35-36, 9.40 | |
| 29. | 9.4, 9.35, 9.39-40 | |
| 30. | 9.4, 9.35, 9.40 | |
| 31. | 9.4, 9.35, 9.39 | |
| 32. | 9.4, 9.8 | |
| Division 6 - Amendments relating to core technology expenditure | ||
|---|---|---|
| 23. | 9.4, 9.35, 9.40 | |
| 33. | 9.4, 9.41 | |
| 34. | 9.4, 9.41 | |
| 35. | 9.4, 9.41, 9.44 | |
| 36. | 9.4, 9.8, 9.41 | |
| 37. | 9.4, 9.41 | |
| 38. | 9.4, 9.41 | |
| 39. | 9.4, 9.41 | |
| 40. | 9.4, 9.41 | |
| 41. | 9.4, 9.41, 9.44 | |
| 42. | 9.4 | |
| Division 7 - Amendments relating to pilot plant | ||
|---|---|---|
| 43. | 9.4, 9.47 | |
| 44. | 9.4, 9.47 | |
| 45. | 9.4, 9.47 | |
| 46. | 9.4, 9.47 | |
| 47. | 9.4, 9.47 | |
| 48. | 9.4, 9.47 | |
| 49. | 9.4, 9.47 | |
| 50. | 9.4, 9.47-50 | |
| 51. | 9.4, 9.47-48 | |
| 52. | 9.4, 9.47 | |
| 53. | 9.4, 9.47 | |
| 54. | 9.4, 9.47 | |
| 55. | 9.4, 9.47 | |
| 56. | 9.4, 9.8 | |
| Division 8 - Amendments to clarify the meaning of research and development activities | ||
|---|---|---|
| 57. | 9.4 | |
| 58. | 9.4 | |
| 59. | 9.4 | |
| 60. | 9.4 | |
| 61. | 9.4, 9.9 | |
| 62. | 9.59 | |
| 63. | 9.60, 9.62, 9.65 | |
| 64. | 9.63 | |
| 65. | 9.64-65 | |
| 66. | * | |
| 67. | 9.64 | |
| 68. | * | |
| 69. | 9.68 | |
| 70. | * | |
| 71. | 9.76 | |
| 72. | 9.77 | |
| 73. | 9.91 | |
| 74. | 9.93 | |
| 75. | * | |
| 76. | * | |
| 77. | 9.111 | |
| 78. | 9.74 | |
| 79. | 9.75 | |
| * No specific reference to item | ||