Tax Laws Amendment (2008 Measures No. 5) Act 2008 (Cth)

Tax Laws Amendment (2008 Measures No. 5) Act 2008

No. 145, 2008

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

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Goods and services tax and real property A New Tax System (Goods and Services Tax) Act 1999

Schedule 2—Thin capitalisation and international financial reporting standards Income Tax Assessment Act 1997

Schedule 3—Interest withholding tax and state government bonds Income Tax Assessment Act 1936

Schedule 4—Fringe benefits tax

Part 1—Main amendments Fringe Benefits Tax Assessment Act 1986

Part 2—Technical amendments Fringe Benefits Tax Assessment Act 1986

Schedule 5—Eligible investment business rules Income Tax Assessment Act 1936

Tax Laws Amendment (2008 Measures No. 5) Act 2008

No. 145, 2008

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

[Assented to 9 December 2008]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (2008 Measures No. 5) Act 2008.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

A New Tax System (Goods and Services Tax) Act 1999

1 After subsection 75‑5(1A) Insert:

(1B) A supply that you make to your *associate is taken for the purposes of subsection (1) to be a sale to your associate whether or not the supply is for *consideration.

2 At the end of subsection 75‑5(3) Add: ; or (e) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity as, or as part of, a *supply of a going concern to you that was *GST‑free under Subdivision 38‑J; (ii) the entity was *registered or *required to be registered, at the time of the acquisition; (iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or (f) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity as, or as part of, a supply to you that was GST‑free under Subdivision 38‑O; (ii) the entity was registered or required to be registered, at the time of the acquisition; (iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or (g) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity who was your *associate, and who was registered or required to be registered, at the time of the acquisition; (ii) the acquisition from your associate was without *consideration; (iii) the supply by your associate was not a taxable supply; (iv) your associate made the supply in the course or furtherance of an *enterprise that your associate *carried on; (v) your associate had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme.