House of Representatives

Taxation Laws Amendment Bill (No. 2) 2001

Explanatory Memorandum

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

As the amendment will have ongoing application, subsection 160ARDM(2) has been amended rather than the transitional rules contained in item 9 of Schedule 2 to the TLA(CLR)A 1998.

The TLA(CLR)A 1998 retained the definition of the term share premium account for companies maintaining par value shares (see subsection 6(1) of the ITAA 1936 and item 67 of Schedule 5 to the TLA(CLR)A 1998).

The term resident is defined in subsection 6(1) of the ITAA 1936.

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