Taxation Laws Amendment Act (No. 3) 1993 (Cth)

Taxation Laws Amendment Act (No. 3) 1993 Act No. 118 of 1993 as amended This compilation was prepared on 28 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 CRIMES (TAXATION OFFENCES) ACT 1980 3. Principal Act 4. Object of Part 5. Interpretation 6. Application of amendments PART 3 - AMENDMENT OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986 Division 1 - Principal Act 7. Principal Act Division 2 - Amendments relating to airline transport fringe benefits 8. Object of Division 9. Interpretation 10. Application of amendments Division 3 - Amendment relating to sources of information available for the compilation of FBT returns 11. Object of Division 12. Certificate of sources of information PART 4 - AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 Division 1 - Principal Act 13. Principal Act Division 2 - Amendments relating to petroleum activities 14. Object of Division 15. Interpretation 16. Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences 17. Exploration and prospecting expenditure 18. Application of amendments Division 3 - Amendments relating to deductions allowable to life assurance companies 19. Object of Division 20. Reduction in deductions that do not exclusively relate to producing assessable income 21. Expenses of general management 22. Apportionment of current year deductions between classes 23. Application of amendments Division 4 - Amendment relating to life assurance policies and capital gains 24. Object of Division 25. Policies of life assurance 26. Application of amendment Division 5 - Amendments relating to the prescribed payment system (PPS) 27. Object of Division 28. Deductions where payee declaration 29. Deductions where no payee declaration 30. Application of amendments Division 6 - Amendments relating to provisional tax 31. Object of Division 32. Interpretation 33. Application of amendments Division 7 - Technical correction of the gifts deduction provisions 34. Object of Division 35. Deduction for gifts, pensions etc. Division 8 - Amendment relating to the payment of superannuation guarantee shortfalls to approved deposit funds 36. Object of Division 37. Taxable contributions 38. Application of amendment Division 9 - Amendments relating to dividend imputation Subdivision A - Object of Division 39. Object of Division Subdivision B - Amendments of the Principal Act 40. Interpretation 41. Ascertainment of surplus or deficit 42. Carry forward of franking surplus 43. Initial payment of tax 44. Subsequent payments of tax before determination of taxable income 45. Final payment of tax 46. Payments of tax made after the final payment of tax 47. Receipt of franked dividends 48. Receipt of franked dividends through trusts and partnerships 49. Payment of excess offset 50. Payment of excess foreign tax credit 51. Lapsing of estimated debit 52. Substituted estimated debit determination 53. Life assurance companies - credit reducing section 160APYBA debit 54. Life assurance companies - credit reducing section 160APYBB debit 55. Life assurance companies - credit reducing section 160APYB debit 56. Life assurance companies - credit reducing section 160APZ debit 57. Life assurance companies - credit reducing subsection 160AQCD(1) debit 58. Life assurance companies - credit reducing subsection 160AQCE(1) debit 59. Insertion of new section: 160APVH. Life assurance companies - statutory fund component 60. Under-franking 61. Excessive reduction in section 160APX debit 62. Refunds in respect of initial payment of tax by a company 63. Refunds of company tax 64. Foreign tax credits - actual payment or application against non-franking credit liabilities 65. Waiver of franking deficit tax 66. Amended company tax assessment reducing tax 67. Payment of franked dividends 68. Estimated debit determination 69. Transfer of asset to insurance funds 70. Dividend streaming arrangements 71. On-market share buy-back arrangements 72. Life assurance companies - debit reducing section 160APMA credit 73. Life assurance companies - debit reducing section 160APMB credit 74. Life assurance companies - debit reducing section 160APMC credit 75. Life assurance companies - debit reducing section 160APMD credit 76. Life assurance companies - debit reducing section 160APQB credit 77. Life assurance companies - debit reducing subsection 160APVC(1) credit 78. Insertion of new section: 160AQCN. Life assurance companies - statutory fund component 79. Determination of estimated class A debit 80. Insertion of new section: 160AQDA. Determination of estimated class B debit 81. Insertion of new section: 160AQDB. How to work out the class A required franking amount and the class B required franking amount 82. How to work out the required franking amount 83. What constitutes franking 84. Company to give dividend statement to shareholders 85. Liability to franking deficit tax 86. Entitlement to offset 87. Extra amount to be included in assessable income where franked dividend paid 88. Franking rebate for certain beneficiaries 89. Franking rebate in trustee's assessment 90. Franking rebate for trustees of superannuation funds, ADFs and PSTs 91. Franking rebate for certain partners 92. Franking rebates for certain life assurance companies 93. Adjustment where franking credit arises 94. Adjustment for non-resident beneficiary 95. Adjustment where trustee assessed for non-resident beneficiary 96. Adjustment where trustee assessed for company 97. Adjustment for non-resident partner 98. First return deemed to be an assessment 99. Part-year assessment 100. Default assessment 101. Amendment of assessments 102. Interpretation 103. Penalty for over-franking 104. Penalty for failure to lodge return 105. Penalty tax because of position taken 106. Company to keep records 107. Duties of payers Subdivision C - Application and transitional provisions 108. Interpretation 109. Application of amendments 110. Transitional - carry forward of franking surplus from 1993-94 111. Transitional - receipt of class A franked dividends or class B franked dividends etc. by a corporate shareholder before the start of the shareholder's 1994-95 franking year 112. Transitional - estimated debit determinations etc. 113. Transitional - reversing entries in class A franking account etc. Division 10 - Amendments relating to tax concessions for grape growing 114. Object of division 115. Insertion of new section: 75AA. Deduction for capital expenditure incurred in establishing grape vines PART 5 - AMENDMENT OF THE INCOME TAX (INTERNATIONAL AGREEMENTS) ACT 1953 117. Principal Act 118. Object of Part 119. Schedule 38 120. Application of amendments PART 6 - AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 121. Principal Act 122. Object of Part 123. Interpretation 124. Application of amendments PART 7 - AMENDMENT OF THE PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 125. Principal Act 126. Object of Part 127. Transfer of expenditure - general 128. Transfer of expenditure - group companies 129. Insertion of new section: 48A. Transfer on or after 1 July 1993 of part of entitlement to assessable receipts 130. Annual returns 131. Defined terms 132. Rule - person must have held interests in relation to transferring entity and receiving project 133. Rule - loss company and profit company to have held interests and been group companies PART 8 - AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992 134. Principal Act 135. General definitions 136. Insertion of new section: 15C. Eligible repair goods 137. Amending Acts cannot impose penalties etc. earlier than 28 days after Royal Assent 138. Schedule 1 139. Application PART 9 - AMENDMENT OF THE SALES TAX (EXEMPTIONS AND CLASSIFICATIONS) ACT 1992 140. Object of Part 141. Principal Act 142. Interpretation 143. Insertion of new section: 3B. Meaning of "exempt child care body" 144. Schedule 1 145. Application 146. Transitional PART 10 - AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT 1992 Division 1 - Preliminary 147. Principal Act 148. Object of Part Division 2 - The OSS system 149. Interpretation: general 150. Insertion of new section: 7A. Interpretation: complying approved deposit fund 151. Payment of shortfall component 152. Application of amendments Division 3 - The SIS system 153. Interpretation: general 154. Payment of shortfall component 155. Application of amendments PART 11 - AMENDMENT OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 156. Principal Act 157. Object of Part 158. Interpretation 159. Application of amendments PART 12 - AMENDMENT OF THE TAXATION (INTEREST ON OVERPAYMENTS) ACT 1983 Division 1 - Principal Act 160. Principal Act Division 2 - Amendments relating to the prescribed payment system 161. Object of Division 162. Interpretation 163. Application of amendments Division 3 - Amendment relating to penalties for late payment of estimates of amounts payable under Divisions 2, 3A, 3B and 4 of Part VI of the Income Tax Assessment Act 1936 164. Object of Division 165. Interpretation 166. Application of amendment PART 13 - DEFERRAL OF INITIAL PAYMENTS OF COMPANY TAX FOR 1993-94 Division 1 - Interpretation 167. Interpretation Division 2 - Deferral of initial payments of tax for 1993-94 168. 9-week deferral of initial payments of tax for 1993-94 Division 3 - Deferred initial payments of tax for 1993-94 to be offset by prior payments of franking deficit tax 169. Deferred initial payments of tax for 1993-94 to be offset by prior payments of franking deficit tax 170. IP offset provision to be ignored in calculating certain company tax thresholds 171. Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes 172. Franking credits and debits - effect of elimination or reduction of initial payment of tax 173. Reduction of liability for franking deficit tax 174. No refunds of amounts of franking deficit tax overpaid because of the FDT reduction provision 175. Reduction of liability for franking deficit tax does not give rise to a franking credit under section 160APQA of the Assessment Act PART 14 - AMENDMENTS RELATED TO TOURISM INDUSTRY ORGANISATIONS Division 1 - Object of Part 176. Object of Part Division 2 - Amendment of the Income Tax Assessment Act 1936 177. Principal Act 178. Exemptions 179. Application of amendment Division 3 - Amendment of the Fringe Benefits Tax Assessment Act 1986 180. Principal Act 181. Rebate for certain non-profit employers etc. 182. Application of amendment TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - LONG TITLE