Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 721 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 721-10(2) amended by No 43 of 2019, s 3 and Sch 2 item 83, by repealing table items 95, 100, 105 and 110, effective 1 July 2019. No 43 of 2019, s 3 and Sch 2 items 85 - 89 and 92 contain the following application, transitional and savings provisions:

Part 3 - Application, transitional and savings provisions

Division 1 - Application of amendments to deductible expenditure and assessable receipts

85 Application - deductible expenditure and assessable receipts  
(1)
The object of this item is:

(a) to provide for petroleum resource rent tax to cease to apply to onshore petroleum projects as of 1 July 2019; and

(b) to prevent expenditure incurred in relation to onshore petroleum projects reducing taxable profit in relation to other kinds of projects and financial years starting on or after 1 July 2019.
(2)
The amendments made by this Schedule apply to the following:

(a) an amount of deductible expenditure incurred, or taken to be incurred, in the financial year starting on 1 July 2019 or any later financial year;

(b) an amount of assessable receipts derived, or taken to be derived, in the financial year starting on 1 July 2019 or any later financial year.
…

Division 2 - General application of amendments

86 Object  
86
The object of this Division is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

(c) any period ending;

before 1 July 2019 can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken on or after that day.

87 Making and amending assessments, and doing other things, in relation to past matters  
87
Even though an Act is amended by this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:

(a) making or amending an assessment (including under a provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before 1 July 2019.

88 Saving of provisions about effect of assessments  
88
If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made on, before or after 1 July 2019 in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before 1 July 2019. 89 Repeals disregarded for the purposes of dependent provisions  
89
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on a provision of an Act that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.
…
92 Tax-related liabilities incurred in relation to periods ending before 1 July 2019  
92
The amendments of Division 721 of the Income Tax Assessment Act 1997 made by this Schedule do not apply in relation to the following liabilities that become due and payable on or after 1 July 2019:

(a) general interest charge mentioned in item 40 of the table in subsection 721-10(2) of the Income Tax Assessment Act 1997 ;

(b) an administrative penalty mentioned in item 65 of that table;

(c) shortfall interest charge mentioned in item 100 of that table;

to the extent that the period to which the liability relates, as mentioned in the table, ends before 1 July 2019.

Table items 95, 100, 105 and 110 formerly read:

95	subsection 82(1) or (2) of the Petroleum Resource Rent Tax Assessment Act 1987 (when tax assessed under that Act is payable)	the year of tax (within the meaning of that Act) to which the tax assessed under that Act relates
100	subsection 82(3) of the Petroleum Resource Rent Tax Assessment Act 1987 (shortfall interest charge on shortfall in tax assessed under that Act)	the year of tax (within the meaning of that Act) to which the *shortfall interest charge relates
105	section 95 of the Petroleum Resource Rent Tax Assessment Act 1987 (when instalment of tax is payable)	the instalment period (within the meaning of that Act) in relation to the instalment
110	subsection 98C(4) of the Petroleum Resource Rent Tax Assessment Act 1987 (when instalment transfer interest charge is due)	the instalment transfer charge period (within the meaning of that Act) in relation to the charge

S 721-10(2) amended by No 4 of 2018, s 3 and Sch 6 item 20, by substituting the note, effective 21 February 2018. For application provisions, see note under s 230-460(14) . The note formerly read:

Note:

The other amounts referred to in item 3 of the table are:

(a) interest payable under section 102AAM of the Income Tax Assessment Act 1936 (distributions from certain non-resident trust estates); and

(b) tax payable under section 159GZZZZH of that Act (Tax payable where infrastructure borrowing certificate cancelled).

S 721-10(2) amended by No 27 of 2017, s 3 and Sch 1 item 40, by inserting table item 115, applicable in relation to DPT tax benefits for a year of income that starts on or after 1 July 2017 (whether or not the DPT tax benefit arises in connection with a scheme that was entered into, or was commenced to be carried out, before 1 July 2017).

S 721-10(2) amended by No 96 of 2014, s 3 and Sch 1 item 21, by repealing table items 75, 80 and 85, effective 30 September 2014. For transitional provisions see note under s 15-85 . Table items 75, 80 and 85 formerly read:

75	section 50-5 of the Minerals Resource Rent Tax Act 2012 (when assessed MRRT is payable)	the *MRRT year to which the *assessed MRRT relates
80	section 50-10 of the Minerals Resource Rent Tax Act 2012 (shortfall interest charge on shortfall in assessed MRRT)	the *MRRT year to which the *shortfall interest charge relates
85	section 115-25 in Schedule 1 to the Taxation Administration Act 1953 (when MRRT instalments are due)	the *instalment quarter to which the instalment relates

S 721-10(2) amended by No 124 of 2013, s 3 and Sch 1 items 37, 39 - 40, by inserting table item 32 and substituting table items 45 and 60, applicable to starting instalment months that start on or after 1 January 2014. Table items 45 and 60 formerly read:

45	subsection 45-230(4) in Schedule 1 to the Taxation Administration Act 1953 (general interest charge on shortfall in quarterly instalment worked out on basis of varied rate)	the *instalment quarter to which the general interest charge relates
60	subsection 45-875(2) in Schedule 1 to the Taxation Administration Act 1953 (head company ' s liability to GIC on shortfall in quarterly instalment)	the *instalment quarter to which the general interest charge relates

S 721-10(2) amended by No 18 of 2012, s 3 and Sch 5 item 4, by inserting table items 95, 100, 105 and 110, effective 1 July 2012.

S 721-10(2) amended by No 14 of 2012, s 3 and Sch 3 item 44, by substituting table items 70, 75, 80, and 85 for table item 70, effective 1 July 2012. For application and transitional provisions see note under s 15-85 . Table item 70 formerly read:

70

Division 280 in Schedule 1 to the Taxation Administration Act 1953 (shortfall interest charge)

the income year to which the shortfall interest charge relates

S 721-10(2) amended by No 79 of 2010 , s 3 and Sch 1 items 29 to 31, by substituting table items 3 and 5 for table item 5, repealing table item 25 and inserting the note at the end, effective 1 July 2010. Table items 5 and 25 formerly read:

5 … section 197-70 (untainting tax) … the *franking period of the *head company in which the *untainting tax became due and payable

25 … section 204 of the Income Tax Assessment Act 1936 (income tax, including any liability taken to be income tax for the purposes of that section) … the income year to which the income tax relates

S 721-10(2) amended by No 80 of 2006, s 3 and Sch 4 item 6, by substituting table item 5, applicable in relation to transfers made into a company ' s share capital account after 25 May 2006. The table item formerly read:

5 … section 160ARDZ of the Income Tax Assessment Act 1936 (untainting tax) … the franking year (within the meaning of Part IIIAA of the Income Tax Assessment Act 1936 ) of the *head company in which the untainting tax became due and payable

S 721-10(2) amended by No 75 of 2005 and No 83 of 2004.

S 721-10(2) amended by No 16 of 2003, s 3 and Sch 14 item 2, by inserting items 60 and 65 at the end of the table, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 721-10(3) inserted by No 83 of 2004.

S 721-10(3A) inserted by No 124 of 2013.

S 721-10(4) repealed by No 96 of 2014, s 3 and Sch 1 item 22, effective 30 September 2014. For transitional provisions see note under s 15-85 . S 721-10(4) formerly read:

721-10(4)
The following only apply in relation to tax-related liabilities that are due and payable because a choice has been made, under section 215-10 of the Minerals Resource Rent Tax Act 2012 , to apply Division 215 of that Act in relation to the * consolidated group:

(a) items 75, 80 and 85 of the table in subsection (2);

(b) items 40 and 65 of that table to the extent that it relates to tax-related liabilities to which the items referred to in paragraph (a) apply.

S 721-10(4) substituted by No 88 of 2013, s 3 and Sch 7 item 1, effective 1 July 2012. S 721-10(4) formerly read:

721-10(4)
Items 75, 80 and 85 of the table in subsection (2) apply in relation to tax-related liabilities that are due and payable by the *head company because it chooses, under section 215-10 of the Minerals Resource Rent Tax Act 2012 , to apply Division 215 of that Act in relation to the *consolidated group.

S 721-10(4) inserted by No 14 of 2012, s 3 and Sch 3 item 45, effective 1 July 2012. For application and transitional provisions see note under s 15-85 .

S 721-10(5) repealed by No 43 of 2019, s 3 and Sch 2 item 84, effective 1 July 2019. For application, transitional and savings provisions, see note under s 721-10(2) . S 721-10(5) formerly read:

721-10(5)
The following only apply in relation to tax-related liabilities that are due and payable because a choice has been made, under section 58N of the Petroleum Resource Rent Tax Assessment Act 1987 , to apply Division 8 of Part V of that Act in relation to the * consolidated group:

(a) items 95, 100, 105 and 110 of the table in subsection (2);

(b) items 40 and 65 of that table to the extent that they relate to tax-related liabilities to which the items referred to in paragraph (a) apply.

S 721-10(5) substituted by No 88 of 2013, s 3 and Sch 7 item 1, effective 1 July 2012. S 721-10(5) formerly read:

721-10(5)
Items 95, 100, 105 and 110 of the table in subsection (2) only apply in relation to tax-related liabilities that are due and payable by the *head company because it chooses, under section 58N of the Petroleum Resource Rent Tax Assessment Act 1987 , to apply Division 8 of Part V of that Act in relation to the *consolidated group.

S 721-10(5) inserted by No 18 of 2012, s 3 and Sch 5 item 5, effective 1 July 2012.

S 721-10(6) repealed by No 43 of 2019, s 3 and Sch 2 item 84, effective 1 July 2019. For application, transitional and savings provisions, see note under s 721-10(2) . S 721-10(6) formerly read:

721-10(6)
Without limiting subsection (5), in the application of this section in relation to a * MEC group because of section 719-2, the items referred to in that subsection also apply in relation to tax-related liabilities of the * provisional head company of the MEC group.

S 721-10(6) amended by No 96 of 2014, s 3 and Sch 1 items 23 and 24, by substituting " subsection (5) " for " subsections (4) and (5) " and " that subsection " for " those subsections " , effective 30 September 2014. For transitional provisions see note under s 15-85 .

S 721-10(6) inserted by No 88 of 2013, s 3 and Sch 7 item 1, effective 1 July 2012.

S 721-10 inserted by No 68 of 2002.