Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012 (Cth)

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012

No. 23, 2012

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

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Entrepreneurs' tax offset Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Taxation Administration Act 1953 Schedule 2—Increase to the small business instant asset write‑off threshold Part 1—Amendments contingent on the Minerals Resource Rent Tax Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Part 2—Amendments contingent on the Clean Energy package Income Tax Assessment Act 1997 Schedule 3—Small business entities' deductions for motor vehicles Income Tax Assessment Act 1997 Schedule 4—Low income superannuation contribution Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 Schedule 5—Deduction of employer contributions to superannuation funds Income Tax Assessment Act 1997

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012 No. 23, 2012

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

[Assented to 29 March 2012]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012.

2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 29 March 2012 2. Schedule 1 The day this Act receives the Royal Assent. 29 March 2012 3. Schedule 2, Part 1 The latest of the following: 29 March 2012 (a) the day this Act receives the Royal Assent; (b) the day the Minerals Resource Rent Tax Act 2012 receives the Royal Assent; (c) the day the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 receives the Royal Assent; (d) the day the Minerals Resource Rent Tax (Imposition—General) Act 2012 receives the Royal Assent; (e) the day the Minerals Resource Rent Tax (Imposition—Customs) Act 2012 receives the Royal Assent; (f) the day the Minerals Resource Rent Tax (Imposition—Excise) Act 2012 receives the Royal Assent. However, the provision(s) do not commence at all unless all the events mentioned in paragraphs (a) to (f) occur. 4. Schedule 2, Part 2 The later of: 29 March 2012 (a) immediately after the commencement of the provision(s) covered by table item 3; and (paragraph (a) applies) (b) the start of the day the Clean Energy Act 2011 receives the Royal Assent. However, the provision(s) do not commence at all unless both of the events mentioned in paragraphs (a) and (b) occur. 5. Schedule 3 The day this Act receives the Royal Assent. 29 March 2012 6. Schedule 4 The latest of the following: 29 March 2012 (a) the day this Act receives the Royal Assent; (b) the day the Minerals Resource Rent Tax Act 2012 receives the Royal Assent; (c) the day the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 receives the Royal Assent; (d) the day the Minerals Resource Rent Tax (Imposition—General) Act 2012 receives the Royal Assent; (e) the day the Minerals Resource Rent Tax (Imposition—Customs) Act 2012 receives the Royal Assent; (f) the day the Minerals Resource Rent Tax (Imposition—Excise) Act 2012 receives the Royal Assent. However, the provision(s) do not commence at all unless all the events mentioned in paragraphs (a) to (f) occur. 7. Schedule 5 At the same time as Schedule 1 to the Superannuation Guarantee (Administration) Amendment Act 2012 commences. 1 July 2013 However, if Schedule 1 to the Superannuation Guarantee (Administration) Amendment Act 2012 does not commence, the provision(s) do not commence at all.