Taxation Laws Amendment Act (No. 5) 1992 (Cth)

Taxation Laws Amendment Act (No. 5) 1992 Act No. 224 of 1992 as amended This compilation was prepared on 23 September 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

TABLE OF PROVISIONS

PART 1 - PRELIMINARY Section 1. Short title [see Note 1] 2. Commencement [see Note 1] PART 2 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 Division 1 - Principal Act 3. Principal Act Division 2 - Amendments to improve the readability of the capital gains tax provisions 4. Heading to Division 1 of Part IIIA 5. Insertion of new Subdivision and heading: Subdivision A - Object, simplified outline, example and index 160AX. Object 160AY. Simplified outline of scheme of Part 160AZ. Example of how this Part works 160AZA. Index of key concepts Subdivision B - Interpretation Division 3 - Amendments relating to tax-deductible gifts 6. Re-location of subsection 51(7A) of the Principal Act (contributions to registered political parties) 7. Gifts, pensions etc. 8. Register of Cultural Organisations 9. Insertion of new section: 78AB. Register of Environmental Organisations Division 4 - Amendments relating to provisional tax 10. Interpretation 11. Uplifted provisional tax amount 12. Additional tax where income under-estimated or where PAYE deductions over-estimated 13. Application Division 5 - Amendments to increase zone rebates and related rebates 14. Income of certain persons serving with an armed force under the control of the United Nations 15. Rebates for residents of isolated areas 16. Rebates for members of Defence Force serving overseas 17. Application Division 6 - Amendments relating to disposals and redemptions of traditional securities 18. Redemption of special bonds redeemable at a premium 19. Deduction for loss on disposal or redemption of traditional securities 20. Exemption of certain gains or losses 21. Application 22. Transitional - subsection 70B(5) of the amended Act Division 7 - Amendments relating to live stock 23. Repeal of section and substitution of new sections: 32. Live stock other than horse breeding stock - value at end of year of income 32A. Horse breeding stock - value at end of year of income 24. Application Division 8 - Amendments to allow deductions for environment protection expenditure 25. Insertion of new Subdivision: Subdivision CA - Deductions for environment protection expenditure 82BH. Objects of Subdivision 82BJ. Interpretation 82BK. Deduction of allowable environment protection expenditure 82BL. Allowable environment protection expenditure 82BM. Eligible environment protection activity 82BN. No deduction for expenditure on land, plant etc. 82BP. No deduction where expenditure is recouped 82BQ. Transactions between persons not at arm's length 82BR. Property used for eligible environment protection activities taken to be used for the purpose of producing assessable income 26. Interpretation 27. Insertion of new section: 124ZFC. Division has effect as if certain environment protection earthworks were buildings Division 9 - Amendments relating to research and development 28. Expenditure on research and development activities 29. Recouped expenditure on research and development activities 30. Insertion of new section: 73CB. Expenditure incurred to government bodies – guaranteed returns 31. Amendment of assessments 32. Application Division 10 - Amendments to limit deductions for interest etc. on loans obtained to finance certain superannuation contributions and life assurance premiums 33. Insertion of new section: 67AAA. Deductions not allowable for interest etc. on loans obtained to finance certain superannuation contributions and life assurance premiums 34. Application Division 11 - Amendments to extend the concept of Crown leases for the purposes of the depreciation provisions 35. Property installed on leased Crown land - lessee deemed to be owner etc. 36. Application Division 12 - Amendments to extend the concept of eligible lessees for the purposes of the provisions relating to deductions for capital expenditure on buildings and structural improvements 37. Interpretation 38. Application Division 13 - Amendments to deem the lessee of property installed on leased Crown land to be the owner for the purposes of the development allowance provisions 39. Interpretation 40. Application Division 14 - Amendments relating to roll-over relief where deductions allowed for research and development under section 73B 41. Disposal, loss or destruction of depreciated property 42. Insertion of new sections: 73E. Section 73B roll-over relief on disposal of unit of plant where CGT roll-over relief allowed under section 160ZZO 73F. Section 73B roll-over relief on disposal of building etc. where CGT roll-over relief allowed under section 160ZZO 73G. Section 73B roll-over relief on disposal of unit of industrial property where CGT roll-over relief allowed under section 160ZZO 43. Keeping of records 44. Application 45. Transitional - elective roll-over relief where property disposed of after 6 December 1990 Division 15 - Amendments relating to roll-over relief where capital deductions have been allowed 46. Depreciation roll-over relief for unpooled property where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 59AA 47. Section 73A roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO 48. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R 49. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R 50. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F 51. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F 52. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 124AO 53. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO 54. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO 55. Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122W 56. Application 57. Transitional - elective capital deduction roll-over relief where CGT roll-over relief available under section 160ZZO of the Principal Act and property disposed of after 6 December 1990 Division 16 - Amendment relating to record-keeping 58. Keeping of records Division 17 - Amendments relating to royalties 59. Interpretation 60. Source of royalty income derived by a non-resident 61. Interpretation 62. Heading to Division 11A of Part III 63. Interpretation 64. Liability to withholding tax 65. Repeal of Division 13A of Part III 66. Interpretation 67. Person making natural resource payment to non-resident to ascertain amount to be deducted in respect of tax 68. Duties of payers 69. Interpretation 70. Deductions from dividends, interest and royalties 71. Exemptions and variations 72. Deductions to be forwarded to Commissioner etc. 73. Liability of person who fails to make deductions etc. 74. Interest or royalty not allowable deduction until payment made to Commissioner on account of tax 75. Credits in respect of deductions made from dividends, interest or royalties 76. Liability of trustee to pay deductions to Commissioner 77. Persons discharged from liability in respect of deductions 78. Person in receipt or control of money from non-resident 79. Certain provisions to be disregarded in calculating attributable income 80. Repeal of the Income Tax (Film Royalties) Act 1977 81. Application 82. Transitional - equipment royalties paid under pre-18 August 1992 contracts Division 18 - Amendments relating to foreign income 83. Distribution benefits - CFCs 84. Primary production losses of pre-1990 years of income 85. Credits in respect of foreign tax 86. Application PART 3 - AMENDMENT OF THE INCOME TAX (INTERNATIONAL AGREEMENTS) ACT 1953 Division 1 - Principal Act 88. Principal Act Division 2 - Amendments relating to royalties 89. Withholding tax 90. Application PART 4 - AMENDMENT OF THE INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 Division 1 - Principal Act 91. Principal Act Division 2 - Amendments relating to finance schemes 92. Interpretation 93. Functions of Board 94. Duties of Chairperson 95. Guidelines for policies and practices of Board 96. Delegation by Board 97. Committees 98. Delegation by committee 99. Interpretation 100. Insertion of new section: 39EA. Finance scheme guidelines 101. Insertion of new section: 39MA. Certificate about ineligible finance schemes 102. Joint registration 103. Internal review of decisions 104. Review of decisions by Administrative Appeals Tribunal 105. Statements to accompany notification of decisions 106. Application Division 3 - Amendments relating to registration of companies under section 39P of the Principal Act 107. Joint registration 108. Application Division 4 - Amendments relating to the Register of Commercial Government Bodies 109. Interpretation 110. Insertion of new sections: 39HA. Register of Commercial Government Bodies 39HB. Commercial government bodies guidelines 39HC. Applications for entry on the Register of Commercial Government Bodies 39HD. Board's decision on application for entry on register of Commercial Government Bodies 39HE. Grant of application for entry on register of Commercial Government Bodies 39HF. Removal from Register of Commercial Government Bodies 111. Review of decisions by Administrative Appeals Tribunal 112. Statements to accompany notification of decisions PART 5 - AMENDMENT OF THE PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 113. Principal Act 114. Transfer of entire entitlement to assessable receipts 115. Defined terms 116. Matters dealt with in this Part 117. Matters dealt with in this Part 118. Matters dealt with in this Part 119. Rule - person must have held interests in relation to transferring entity and receiving project 120. Rule - loss company and profit company to have held interests and been group companies PART 6 - AMENDMENT OF THE TAXATION ADMINISTRATION ACT 1953 Division 1 - Principal Act 121. Principal Act Division 2 - Amendment relating to methods of payment of tax liabilities etc. 122. Insertion of new section: 16A. Regulations may provide for methods of payment of tax liabilities etc. Division 3 - Amendments relating to taxation offences 123. Insertion of new section: 8HA. Court may order payment of amount in addition to penalty 124. Court may order payment of amount in addition to penalty 125. Prosecution of taxation offences 126. Prosecution may be commenced at any time PART 7 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT (NO. 5) 1930 127. Principal Act 128. Interpretation PART 8 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND CLASSIFICATIONS) ACT 1935 129. Principal Act 130. First Schedule PART 9 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992 131. Principal Act 132. Schedule 1 PART 10 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND CLASSIFICATIONS) ACT 1992 133. Principal Act 134. Schedule 1 TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992 - LONG TITLE