Tax Laws Amendment (2004 Measures No. 7) Act 2005 (Cth)

Tax Laws Amendment (2004 Measures No. 7) Act 2005

Act No. 41 of 2005 as amended

This compilation was prepared on 16 August 2010 taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1]........................... 2 Commencement 3 Schedule(s)

Schedule 1—25% entrepreneurs' tax offset Income Tax Assessment Act 1997 Taxation Administration Act 1953

Schedule 2—STS accounting method Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Schedule 3—Employee share schemes Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Schedule 4—FBT exemption thresholds for long service award benefits Fringe Benefits Tax Assessment Act 1986

Schedule 5—Petroleum exploration incentives Petroleum Resource Rent Tax Assessment Act 1987

Schedule 6—Consolidation

Part 1—Application

Part 2—Amount of certain liabilities for purpose of calculating allocable cost amount on exit Income Tax Assessment Act 1997

Part 3—Ensuring no double reduction in working out step 3 of allocable cost amount on entry Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Part 4—Bad debts Division 1—Main amendment Income Tax Assessment Act 1997 Division 2—Consequential amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Part 5—Insurance companies Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Schedule 7—STS roll‑over Income Tax Assessment Act 1997