Tax Laws Amendment (2006 Measures No. 7) Act 2007 (Cth)

Tax Laws Amendment (2006 Measures No. 7) Act 2007

No. 55, 2007

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Small business relief for CGT events Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Schedule 3—Streamline gift fund and integrity arrangements for deductible gift recipients Income Tax Assessment Act 1997 Taxation Administration Act 1953

Schedule 4—Deductible gift recipient extensions Income Tax Assessment Act 1997 Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

Schedule 5—Effective life of tractors and harvesters Income Tax Assessment Act 1997

Schedule 6—Farm management deposits Income Tax Assessment Act 1936

Schedule 7—Capital protected borrowings

Part 1—Main amendments Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Part 2—Consequential amendments Income Tax Assessment Act 1997

Part 3—Application

Tax Laws Amendment (2006 Measures No. 7) Act 2007

No. 55, 2007

An Act to amend the law relating to taxation, and for related purposes

[Assented to 12 April 2007]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (2006 Measures No. 7) Act 2007.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Small business relief for CGT events

Income Tax Assessment Act 1936

1 Subsection 27A(1) (paragraph (jaa) of the definition of eligible termination payment) After "subsection 152‑310(2)", insert "or 152‑325(7)".