Legal database - View: Extrinsic Materials: Taxation Laws Amendment Act (No. 3) 1996 - Explanatory Memorandum

SENATE

Taxation Laws Amendment Bill (No. 3) 1996

Taxation Laws Amendment Act (No. 3) 1996

Explanatory Memorandum

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

Index

Schedule 1 - Amendment of the Income Tax Amendment Act 1936

*Part 1 - Tax rebate for low income aged persons*
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

*Schedule 2D - Tax exempt entities that become taxable*
Division 57 - Tax exempt entities that become taxable
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

Schedule 4 - Research and development activities

*Part 1 - Amendment of the Income Tax Assessment Act 1936*
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

*Part 2 - Amendment of the Industry Research and Development Act 1986*
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