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House of Representatives

Income Tax Laws Amendment Bill (No. 3) 1981

Income Tax Laws Amendment Act (No. 3) 1981

Income Tax (Individuals) Bill 1981

Income Tax (Individuals) Act 1981

Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Bill 1981

Income Tax (Companies Corporate Unit Trusts and Superannuation Funds) Act 1981

Explanatory Memorandum

(Circulated by authority of the Minister representing the Acting Treasurer, the Hon. J.C. Moore, M.P.)

General outline

Income Tax Laws Amendment Bill (No.3) 1981

The Income Tax Laws Amendment Bill (No.3) 1981 will amend the income tax law to:

·
give effect to proposals (foreshadowed on 11 July 1980 and announced on 16 July 1980) for the income of certain public unit trusts which acquire property as a result of a company reorganisation to be taxed as company income and for distributions to unitholders to be treated as dividends - the changes to apply for 1980-81 and subsequent income years for trusts established after 11 July 1980 and for 1983-84 and subsequent years for trusts established on or before that date;
·
grant income tax deductions for gifts of the value of $2 or more -

·
made after 30 June 1981 to the Victorian Arts Centre Trust (proposal announced on 26 June 1981); or
·
made during the 1980-81 financial year to a public fund established and maintained by the relevant committee appointed by the Commonwealth, a State or the Northern Territory for the purposes of observance of the International Year of Disabled Persons (proposal announced on 17 July 1981);

·
increase from 6 to 10 years - broadly in relation to expenditure contracted for after 18 August 1981 - the statutory maximum life of a mine or oil field that applies for the purpose of allowing deductions on a life-of-mine or field basis for capital expenditures on development of a mine or oil field (Budget proposal);
·
change the basis of assessment of friendly society dispensaries, for the 1982-83 and subsequent income years, so that they will be assessed like other non-profit companies on profits derived otherwise than from members (Budget proposal); and
·
provide the method of calculating provisional tax for the 1981-82 income year.

Income Tax (Individuals) Bill 1981

This Bill will:

·
formally impose tax payable for the 1981-82 financial year by individuals and trustees generally, at the indexed rates of tax already declared for that year; and
·
formally impose provisional tax for the 1981-82 year of income.

Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Bill 1981

This Bill will:

·
declare and impose the rates of tax payable for 1981-82 by companies and trustees of corporate unit trusts and superannuation funds.


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