Commonwealth: Income Tax Amendment Act 2007 (Cth)

Income Tax Amendment Act 2007 No. 16, 2007 An Act to amend the Income Tax Act 1986, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendment of the Income Tax Act 1986 Income Tax Act 1986 Income Tax Amendment Act 2007 No. 16, 2007 An Act to amend the Income Tax Act 1986, and for related purposes [Assented to 15 March 2007] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Income Tax Amendment Act 2007. 2 Commencement This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendment of the Income Tax Act 1986 Income Tax Act 1986 1 Subsection 5(2) Omit "27GA,". 2 After subsection 5(2) Insert: (2A) This Act does not impose tax payable in accordance with section 301‑175 or 306‑15 of the Income Tax Assessment Act 1997. 3 Subsection 5(4) Omit "an eligible entity within the meaning of Part IX of the Assessment Act", substitute "a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997)". 4 Paragraph 5(4)(a) Omit "taxable contributions within the meaning of Part IX of the Assessment Act", substitute "contributions that are included in assessable income under Subdivision 295‑C of the Income Tax Assessment Act 1997". 5 Subsection 5(5) Omit "Part IX of the Assessment Act", substitute "the Income Tax Assessment Act 1997". 6 Subsection 5(5) Omit "section 288A", substitute "table item 2 in section 295‑320". 7 Subsection 5(6) Omit "resident superannuation fund", substitute "Australian superannuation fund". 8 Subsection 5(6) Omit "section 288B", substitute "table item 3 in section 295‑320". 9 Application The amendments made by this Schedule apply to the 2007‑2008 income year and later years. [Minister's second reading speech made in— House of Representatives on 7 February 2007 Senate on 26 February 2007] (7/07)