Commonwealth: Taxation Laws Amendment Act (No. 3) 2003 (Cth)

Taxation Laws Amendment Act (No. 3) 2003 Act No. 101 of 2003 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 Contents 1 Short title [see Note 1] 2 Commencement 3 Schedule(s) 5 No tax consequences result from AGL's corporate conversion etc. Schedule 1—Income tax deductions for gifts Part 1—Amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Part 2—Application of amendments Schedule 2—Employee share schemes Part 1—Income Tax Assessment Act 1997 Part 2—Income Tax (Transitional Provisions) Act 1997 Part 3—Fringe Benefits Tax Assessment Act 1986 Schedule 3—Franking of distributions by co‑operatives Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Schedule 4—Reasonable benefit limits Income Tax Assessment Act 1936 Schedule 5—Petroleum resource rent tax Petroleum Resource Rent Tax Assessment Act 1987 Schedule 6—Technical amendments A New Tax System (Family Assistance and Related Measures) Act 2000 A New Tax System (Goods and Services Tax) Act 1999 A New Tax System (Pay As You Go) Act 1999 A New Tax System (Tax Administration) Act (No. 2) 2000 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Superannuation Legislation Amendment Act (No. 3) 1999 Taxation Administration Act 1953 Taxation Laws Amendment Act (No. 3) 1999 Taxation Laws Amendment Act (No. 4) 1997 Taxation Laws Amendment Act (No. 4) 2000 Taxation Laws Amendment Act (No. 7) 2000 Tax Law Improvement Act (No. 1) 1998 Notes An Act to amend the law relating to taxation, and for related purposes 1 Short title [see Note 1] This Act may be cited as the Taxation Laws Amendment Act (No. 3) 2003. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent 14 October 2003 2. Section 5 11 October 2002 11 October 2002 3. Schedule 1 The day on which this Act receives the Royal Assent 14 October 2003 4. Schedule 2 The day on which this Act receives the Royal Assent 14 October 2003 5. Schedule 3 The later of: 14 October 2003 (a) immediately after the commencement of Part 1 of Schedule 10 to the Taxation Laws Amendment Act (No. 6) 2003; and (b) the start of the day on which this Act receives the Royal Assent 6. Schedule 4 The day on which this Act receives the Royal Assent 14 October 2003 7. Schedule 5 The day on which this Act receives the Royal Assent 14 October 2003 8. Schedule 6, item 1 Immediately after the time specified in the A New Tax System (Family Assistance and Related Measures) Act 2000 for the commencement of item 30 of Schedule 4 to that Act 1 July 2000 9. Schedule 6, item 2 Immediately after the commencement of section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999 1 July 2000 10. Schedule 6, item 3 Immediately after the time specified in the A New Tax System (Pay As You Go) Act 1999 for the commencement of items 44 and 45 of Schedule 2 to that Act 22 December 1999 11. Schedule 6, item 4 Immediately after the time specified in the A New Tax System (Tax Administration) Act (No. 2) 2000 for the commencement of item 8A of Schedule 2 to that Act 1 July 2000 12. Schedule 6, item 5 Immediately after the commencement of item 3 of Schedule 8 to the Taxation Laws Amendment Act (No. 2) 2000 1 July 1998 13. Schedule 6, item 6 Immediately after the commencement of Schedule 1 to the Taxation Laws Amendment (Self Assessment) Act 1992 30 June 1992 14. Schedule 6, items 7, 8, 9, 10, 11, 12 and 13 The day on which this Act receives the Royal Assent 14 October 2003 15. Schedule 6, item 14 Immediately after the commencement of items 12 and 13 of Schedule 6 to this Act 14 October 2003 16. Schedule 6, items 15 and 16 The day on which this Act receives the Royal Assent 14 October 2003 17. Schedule 6, item 17 Immediately after the commencement of section 43‑240 of the Income Tax Assessment Act 1997 1 July 1997 18. Schedule 6, items 18 and 19 Immediately after the commencement of item 11 of Schedule 1 to the Tax Law Improvement Act 1997 1 July 1997 19. Schedule 6, item 20 Immediately after the commencement of item 22 of Schedule 4 to the Taxation Laws Amendment Act (No. 7) 2000 21 December 2000 20. Schedule 6, item 21 Immediately after the commencement of item 23 of Schedule 4 to the Taxation Laws Amendment Act (No. 7) 2000 21 December 2000 21. Schedule 6, items 22, 23, 24 and 25 The day on which this Act receives the Royal Assent 14 October 2003 22. Schedule 6, item 26 Immediately after the commencement of item 1 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 10 December 1999 23. Schedule 6, item 27 The day on which this Act receives the Royal Assent 14 October 2003 24. Schedule 6, item 28 Immediately after the commencement of item 27 of Schedule 6 to this Act 14 October 2003 25. Schedule 6, item 29 Immediately after the commencement of item 15 of Schedule 1 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000 30 June 2000 26. Schedule 6, item 30 The day on which this Act receives the Royal Assent 14 October 2003 27. Schedule 6, item 31 Immediately after the time specified in the Superannuation Legislation Amendment Act (No. 3) 1999 for the commencement of item 34 of Schedule 2 to that Act 8 October 1999 28. Schedule 6, item 32 Immediately after the commencement of item 10 of Schedule 6 to the Australian Security Intelligence Organisation Legislation Amendment Act 1999 10 December 1999 29. Schedule 6, item 33 Immediately after the commencement of item 93 of Schedule 2 to the A New Tax System (Tax Administration) Act (No. 2) 2000 1 July 2000 30. Schedule 6, item 34 The day on which this Act receives the Royal Assent 14 October 2003 31. Schedule 6, item 35 Immediately after the commencement of item 34 of Schedule 6 to this Act 14 October 2003 32. Schedule 6, items 36 and 37 Immediately after the time specified in the Taxation Laws Amendment Act (No. 3) 1999 for the commencement of items 84 and 85 of Schedule 1 to that Act 1 July 1999 33. Schedule 6, item 38 Immediately after the time specified in the Taxation Laws Amendment Act (No. 3) 1999 for the commencement of item 342 of Schedule 1 to that Act 1 July 1999 34. Schedule 6, item 39 Immediately after the time specified in the Taxation Laws Amendment Act (No. 4) 1997 for the commencement of item 9 of Schedule 5 to that Act 21 November 1997 35. Schedule 6, item 40 Immediately after the time specified in the Taxation Laws Amendment Act (No. 4) 2000 for the commencement of item 2 of Schedule 4 to that Act 5 September 2000 36. Schedule 6, item 41 Immediately after the time specified in the Taxation Laws Amendment Act (No. 4) 2000 for the commencement of item 63 of Schedule 4 to that Act 5 September 2000 37. Schedule 6, item 42 Immediately after the commencement of item 71 of Schedule 4 to the Taxation Laws Amendment Act (No. 4) 2000 5 September 2000 38. Schedule 6, item 43 Immediately after the time specified in the Taxation Laws Amendment Act (No. 7) 2000 for the commencement of item 30 of Schedule 4 to that Act 21 December 2000 39. Schedule 6, item 44 Immediately after the time specified in the Tax Law Improvement Act (No. 1) 1998 for the commencement of item 94 of Schedule 2 to that Act 22 June 1998 40. Schedule 6, item 45 Immediately after the time specified in the Tax Law Improvement Act (No. 1) 1998 for the commencement of item 11 of Schedule 6 to that Act 22 June 1998 Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table is for additional information that is not part of this Act. This information may be included in any published version of this Act. 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. 5 No tax consequences result from AGL's corporate conversion etc. (1) The object of this section is to ensure that no taxation consequences (other than those arising under subsections (9) and (10)) arise in relation to any person as a result of: (a) AGL's corporate conversion; or (b) AGL's registration; or (c) the operation of any provision of the Conversion Act; or (d) any action taken under any provision of the Conversion Act. (2) In resolving any ambiguity as to the meaning of this section, an interpretation that is consistent with the object of this section is to be preferred to an interpretation that is not consistent with that object. (3) This section only has effect for the purposes of any Commonwealth laws relating to taxation, including, but not limited to: (a) the income tax law; and (b) the GST law; and (c) the fringe benefits tax law; and (d) the A New Tax System (Australian Business Number) Act 1999; and (e) the Taxation Administration Act 1953; and (f) the International Tax Agreements Act 1953; and (g) the Taxation (Interest on Overpayments and Early Payments) Act 1983; and (h) the Superannuation Guarantee (Administration) Act 1992; and (i) the Superannuation Guarantee Charge Act 1992. (4) AGL, corporatised AGL and registered AGL are taken to be, and to have always been, the same company and the same entity. (5) Subsections (6) to (8) do not limit, by implication, any other effects of this section. (6) No taxation consequences (other than those arising under subsections (9) and (10)) are taken to have arisen in relation to any person as a result of: (a) AGL's corporate conversion; or (b) AGL's registration; or (c) the operation of any provision of the Conversion Act; or (d) any action taken under any provision of the Conversion Act. (7) The legal and beneficial ownership of: (a) shares in AGL; and (b) interests in shares in AGL; are taken not to have altered as a result of AGL's corporate conversion or AGL's registration. However, this subsection does not imply that those shares are not shares in corporatised AGL or registered AGL. (8) Anything done by or to: (a) AGL's Secretary; or (b) the estate of AGL's Secretary; or (c) a replacement trustee in respect of the trust created by subclause 4(1)(c) of Schedule 3 to the Conversion Act; as a result of the operation of clause 4 of Schedule 3 to the Conversion Act is taken to have been done by or to corporatised AGL or registered AGL, as the case may be. (9) Despite any other provision of this section: (a) the item 9 of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 that was included in that Act as originally enacted; and (b) the item of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 that was inserted in that Act by item 7 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999; apply to AGL as if the reference in each of those items of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 to "Schedule 5 to the Company Law Review Act 1998" were a reference to "Schedule 4 to the Conversion Act". Note: Item 7 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999 inserted a second item 9 of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 into that Act. (10) Despite any other provision of this section, any Commonwealth law that: (a) relates to taxation; and (b) has a substantially similar effect to an item of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 mentioned in paragraph (9)(a) or (9)(b); and (c) commences after the commencement of this section; is taken to be modified in such a way as to enable it to apply to AGL and to apply to AGL in that modified form. (11) In this section: AGL has the same meaning as in the Conversion Act. AGL's corporate conversion means AGL being constituted as a body corporate under the Conversion Act. AGL's registration means corporatised AGL's registration as a public company limited by shares under Part 5B.1 of the Corporations Act 2001 in accordance with the Conversion Act. AGL's Secretary means a person who was the Secretary of AGL under AGL's constitution immediately before AGL's corporate conversion. Conversion Act means the AGL Corporate Conversion Act 2002 of New South Wales. corporatised AGL has the same meaning as in the Conversion Act. registered AGL has the same meaning as in the Conversion Act. taxation means any taxation imposed under a Commonwealth law. (12) Other expressions mean the same in this section as in the Income Tax Assessment Act 1997. Schedule 1—Income tax deductions for gifts Part 1—Amendments Income Tax Assessment Act 1936 1 Subsection 78(4) (item 4.2.7 of table 4) After "the Royal Society for the Prevention of Cruelty to Animals (Victoria)", insert "Inc.". Income Tax Assessment Act 1997 2 Subsection 30‑25(2) (at the end of the table) Add: 2.2.26 Aboriginal Education Council (N.S.W.) Incorporated the gift must be made after 6 May 2002 2.2.27 General Sir John Monash Foundation the gift must be made after 16 June 2002 3 Subsection 30‑45(2) (table item 4.2.7) After "(Victoria)", insert "Inc.". 4 Subsection 30‑50(2) (at the end of the table) Add: 5.2.19 Mount Macedon Memorial Cross Trust the gift must be made after 14 August 2002 and before 15 August 2004 5.2.20 The Manly Warringah War Memorial Regional Park Remembrance Trust the gift must be made after 7 April 2002 and before 8 April 2004 5.2.21 Shrine of Remembrance Foundation the gift must be made after 2 July 2002 and before 3 July 2004 5 Subsection 30‑70(2) (table item 8.2.1) Omit "none", substitute "the gift must be made before 1 August 2001". 6 Subsection 30‑70(2) (at the end of the table) Add: 8.2.3 Australian Breastfeeding Association the gift must be made after 31 July 2001 7 Subsection 30‑80(2) (table item 9.2.10) Omit "2002", substitute "2007". 8 Section 30‑105 (table item 13.2.1) Omit "2002", substitute "2004". 9 Section 30‑105 (at the end of the table) Add: 13.2.4 Australian Council for Children and Youth Organisations Inc. the gift must be made after 23 July 2002 13.2.5 St Paul's Cathedral Restoration Fund the gift must be made after 22 April 2002 and before 23 April 2004 10 Subsection 30‑315(2) (after table item 1A) Insert: 1AA Aboriginal Education Council (N.S.W.) Incorporated item 2.2.26 11 Subsection 30‑315(2) (after table item 17) Insert: 17AAA Australian Breastfeeding Association item 8.2.3 12 Subsection 30‑315(2) (after table item 20) Insert: 20AA Australian Council for Children and Youth Organisations Inc. item 13.2.4 13 Subsection 30‑315(2) (table items 28AA and 28AB) Repeal the items, substitute: 28AA Bradman Memorial Fund item 10.2.7 28A Breast Cancer Network Australia item 1.2.15 14 Subsection 30‑315(2) (table items 45, 45A, 45A) Repeal the items, substitute: 44A Diseases—charitable institutions whose principal activity is to promote the prevention or the control of diseases in human beings item 1.1.6 45 Diseases—institutions researching causes, prevention or cure items 1.1.4 and 1.1.5 45A Dymocks Literacy Foundation Limited item 2.2.21 15 Subsection 30‑315(2) (after table item 51) Insert: 51A General Sir John Monash Foundation item 2.2.27 16 Subsection 30‑315(2) (after table item 68) Insert: 68A Manly Warringah War Memorial Regional Park Remembrance Trust item 5.2.20 17 Subsection 30‑315(2) (after table item 72B) Insert: 72BB Mount Macedon Memorial Cross Trust item 5.2.19 18 Subsection 30‑315(2) (after table item 110) Insert: 110AA Shrine of Remembrance Foundation item 5.2.21 19 Subsection 30‑315(2) (after table item 112B) Insert: 112BA St Paul's Cathedral Restoration Fund item 13.2.5 20 Subsection 30‑315(2) (table items 117 and 118) Repeal the items, substitute: 117 Trusts—ancillary item 2 of the table in section 30‑15 118 Trusts—philanthropic section 30‑95 Part 2—Application of amendments 21 Application The amendment made by item 1 applies to gifts made after 8 January 1992 and before 1 July 1997. 22 Application The amendment made by item 2 applies to gifts made after 30 June 1997. Schedule 2—Employee share schemes Part 1—Income Tax Assessment Act 1997 1 At the end of subsection 104‑75(6) Add: Note: There is also an exception for employee share trusts: see section 130‑90. 2 Section 109‑55 (table item 12) Repeal the table item. 3 Section 109‑55 (before table item 13) Insert: 12 You acquire a share or right under an employee share scheme from an employee share trust at the time you first acquired a beneficial interest in the share or right section 115‑30 4 Section 112‑75 After "130‑80", insert "130‑83". 5 Subsection 115‑30(1) (at the end of the table) Add: 8 A *CGT asset that is a *share or right where: When the acquirer first acquired a beneficial interest in the share or right (a) the share or right was *acquired under an *employee share scheme; and (b) the share or right was acquired from an *employee share trust; and (c) if the share is a *qualifying share or the right is a *qualifying right—the acquirer made an election under section 139E of the Income Tax Assessment Act 1936 6 At the end of section 130‑80 Add: (3) However, if: (a) the *share or right was *acquired from an *employee share trust; and (b) if the share is a *qualifying share or the right is a *qualifying right—the acquirer made an election under section 139E of the Income Tax Assessment Act 1936; the first element of the *cost base and *reduced cost base of the share or right is its market value (worked out under sections 139FA to 139FF of the Income Tax Assessment Act 1936) when you first acquired a beneficial interest in the share or right. Note: Section 130‑80 of the Income Tax (Transitional Provisions) Act 1997 may affect the cost base or reduced cost base for shares or rights held by a trust at 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. 7 Subsection 130‑83(2) After "A1,", insert "C2," 8 Subsection 130‑83(2) Omit "disposal", substitute "event". 9 At the end of section 130‑85 Add: (3) However, if: (a) the *share or right was *acquired from an employee share trust; and (b) if the share is a *qualifying share or the right is a *qualifying right—the acquirer made an election under section 139E of the Income Tax Assessment Act 1936; the first element of the *cost base and *reduced cost base of the share or right is its market value (worked out under sections 139FA to 139FF of the Income Tax Assessment Act 1936) when you first acquired a beneficial interest in the share or right. Note: Section 130‑80 of the Income Tax (Transitional Provisions) Act 1997 may affect the cost base or reduced cost base for shares or rights held by a trust at 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. 10 Subsection 130‑90(1) Omit "a trustee makes when a beneficiary", substitute "a trustee or a beneficiary makes when the beneficiary". 11 Subsection 995‑1(1) Insert: employee share trust means a trust of the kind mentioned in subsection 139C(5) of the Income Tax Assessment Act 1936. 12 Application (1) The amendments made by items 1, 2, 4, 7, 8, 10 and 11 apply to assessments for the 1998‑99 income year and later income years. (2) The amendments made by items 3 and 5 apply to shares or rights where the beneficial interest in the share or right was acquired after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. (3) The amendments made by items 6 and 9 apply to shares or rights acquired (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936) by you after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. Those amendments also apply to shares or rights acquired by you at or before that time if you choose that the amendments apply. (4) A share or right that, under section 139DQ of the Income Tax Assessment Act 1936, is treated as if it were a continuation of another share or right for the purposes of Division 13A of Part III of that Act: (a) is treated in the same way for the purposes of subitem (3) of this item; and (b) is taken, for the purposes of that subitem, to have been acquired at the time of the last acquisition of the share or right that was not treated as such a continuation for the purposes of that Division. Part 2—Income Tax (Transitional Provisions) Act 1997 13 After Subdivision 130‑C Insert: Subdivision 130‑DA—Employee share schemes 130‑80 Extension of trust holding period (1) This section applies if: (a) a share or right is held by an employee share trust at 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001; and (b) at the time that the share or right was acquired by the employee share trust it was possible to determine that the share or right would be acquired from the trust by another entity at a particular time or on the occurrence of a particular event; and (c) the share or right is acquired by that other entity after that time or the occurrence of that event. (2) If this section applies, the first element of the cost base and reduced cost base of the share or right is its market value (worked out under sections 139FA to 139FF of the Income Tax Assessment Act 1936) at the particular time, or on the occurrence of the particular event, referred to in paragraph (1)(b). 14 Subsection 130‑95(1) Omit "Subdivision 130‑D of the Income Tax Assessment Act 1997", substitute "This Subdivision". Note: The heading to section 130‑95 is altered by omitting "Division" and substituting "Subdivision". 15 Subsection 130‑95(2) Omit "Subdivision 130‑D of the Income Tax Assessment Act 1997", substitute "this Subdivision". 16 Application The amendments made by items 14 and 15 apply to assessments for the 1998‑99 income year and later income years. Part 3—Fringe Benefits Tax Assessment Act 1986 17 Subsection 136(1) (paragraph (hb) of the definition of fringe benefit) After "employees", insert ", or associates of employees,". 18 Application The amendment made by this Part applies in respect of the FBT year beginning on 1 April 1995 and in respect of all later FBT years. Schedule 3—Franking of distributions by co‑operatives Income Tax Assessment Act 1936 1 At the end of section 120 Add: (4) No deduction is allowable under subsection (1) to the extent that the assessable income of a co‑operative company is distributed as the franked part of a franked distribution. (5) For the purposes of this section, in determining whether the assessable income of a co‑operative company is distributed as the franked part of a franked distribution, if: (a) an amount is distributed by the co‑operative company as a franked distribution; and (b) the franking percentage (within the meaning of the Income Tax Assessment Act 1997) for the distribution is less than 100%; and (c) a part of the distribution is attributable to sources other than the assessable income of the co‑operative company; it is to be assumed that the franked part of the distribution is attributable, to the greatest extent possible, to those other sources. (6) If a co‑operative company distributes assessable income among its shareholders within the period of 3 months (or such longer period as the Commissioner decides) starting at the end of a year of income, the co‑operative company may elect that the distribution is to be taken, for the purposes of this section only, to have been made on the last day of the year of income. (7) In this section: franked distribution has the same meaning as in the Income Tax Assessment Act 1997. Income Tax Assessment Act 1997 2 After paragraph 200‑45(c) Insert: (d) franking by co‑operative companies; and 3 Paragraph 202‑45(a) Repeal the paragraph. 3A Paragraph 202‑45(b) Omit "that Act", substitute "the Income Tax Assessment Act 1936". 4 After Division 216 Insert: Division 218—Application of imputation rules to co‑operative companies 218‑5 Application of imputation rules to co‑operative companies (1) The *imputation system applies to a *co‑operative company in the same way as it applies to any other company but with the modifications set out in this section. (2) Each reference to a *distribution is taken to include a reference to an amount distributed as mentioned in paragraph 120(1)(a) or (b) of the Income Tax Assessment Act 1936. (3) Despite subsection 202‑75(1) (about giving distribution statements), a *co‑operative company does not have to give the recipient of a *frankable distribution a *distribution statement unless the *franking percentage for the distribution is greater than zero. 5 Subsection 995‑1(1) Insert: co‑operative company has the same meaning as in Division 9 of Part III of the Income Tax Assessment Act 1936. 6 Application The amendments made by this Schedule apply to distributions made on or after 1 July 2002. Schedule 4—Reasonable benefit limits Income Tax Assessment Act 1936 1 After subsection 140ZQ(1) Insert: When rebatable proportion is the same as another pension or annuity (1A) Despite paragraph (1)(a), if a rebatable superannuation pension or a rebatable ETP annuity: (a) is payable to a person as the result of the death of another person; and (b) is a reversion of another pension or annuity that was already payable to the other person; the rebatable proportion of the pension or annuity is the same as the rebatable proportion of the other pension or annuity. 2 Application The amendment made by this Schedule applies, and is taken to have applied, in relation to the 1999‑2000 income year and later income years. Schedule 5—Petroleum resource rent tax Petroleum Resource Rent Tax Assessment Act 1987 1 Section 2 Insert: external petroleum, in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from an area or areas other than the production licence area or production licence areas in relation to the project. 4 Section 2 (at the end of the definition of petroleum project or project) Add ", and includes the extended meaning given by subsection 19(2B)". 5 Section 2 Insert: processing of external petroleum, in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of external petroleum in relation to the project. 7 After subsection 19(2A) Insert: (2B) For the purposes of this Act, there shall be taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of external petroleum wholly or partly using the operations, facilities and other things comprising the project: (a) in the case of an eligible production licence referred to in subsection (1)—while that licence is in force; or (b) in the case of 2 or more eligible production licences referred to in subsection (2)—while any of those licences are in force. Note: Under subsection (4), the operations, facilities and other things comprising the project are limited to those used in relation to petroleum recovered from the one or more production licence areas in relation to the project. 8 After paragraph 23(1)(a) Insert: (aa) assessable tolling receipts; 9 Paragraph 24(1)(a) Omit "petroleum, or a constituent of petroleum, recovered from the production licence area or areas in relation to the project", substitute "petroleum from the project". 10 Paragraphs 24(1)(b), (c), (d) and (e) Omit "recovered from the area or areas to which paragraph (a) applies", substitute "from the project". 11 Subsection 24(2) Insert: petroleum from the project means any petroleum or a constituent of petroleum: (a) that is recovered from the production licence area or areas in relation to the petroleum project in question; or (b) that is external petroleum in relation to the project. 12 After section 24 Insert: 24A Assessable tolling receipts For the purposes of this Act, a reference to assessable tolling receipts derived by a person in relation to a petroleum project is a reference to the consideration receivable by the person in relation to the processing of external petroleum in relation to the project. 14 Subsection 37(1) Omit "in carrying on or providing". 15 Paragraph 37(1)(a) Before "operations and", insert "in carrying on or providing". 16 Paragraph 37(1)(b) Before "such of the following", insert "in carrying on or providing". 17 After paragraph 37(1)(b) Insert: and (c) in procuring another person to stabilise, transport, store, recover or process petroleum recovered from the eligible exploration or recovery area (other than any production licence area) in relation to the project, if that stabilisation, transportation, storage, recovery or processing constitutes the processing of external petroleum in relation to another petroleum project; 18 After paragraph 38(b) Insert: and (c) in purchasing, as part of the project, external petroleum in relation to the project; and (d) in procuring another person to stabilise, transport, store, recover or process petroleum recovered from the production licence area or areas in relation to the project, if that stabilisation, transportation, storage, recovery or processing constitutes the processing of external petroleum in relation to another petroleum project; 19 At the end of section 38 Add: (2) To avoid doubt, carrying on or providing the operations, facilities and other things comprising the project referred to in paragraph (1)(b) includes carrying on or providing the operations, facilities and other things in relation to the processing of external petroleum in relation to the project. 21 At the end of section 41 Add: (2) This section does not apply if the other person carries on or provides the operations, facilities or other things as part of the processing of external petroleum in relation to a petroleum project other than the project to which the operations, facilities or other things referred to in subsection (1) relate. Schedule 6—Technical amendments A New Tax System (Family Assistance and Related Measures) Act 2000 1 Items 30 and 31 of Schedule 4 Repeal the items. Note: This item repeals items that relate to an amendment of a provision that does not exist. A New Tax System (Goods and Services Tax) Act 1999 2 Section 195‑1 (definition of in existence) Omit "995‑100", substitute "995‑1". Note: This item fixes an incorrect cross‑reference. A New Tax System (Pay As You Go) Act 1999 3 Items 44 and 45 of Schedule 2 Repeal the items. Note: This item repeals items that contain amendments that had already been made. A New Tax System (Tax Administration) Act (No. 2) 2000 4 Item 8A of Schedule 2 Repeal the item. Note: This item repeals an item that amends a provision that does not exist. Income Tax Assessment Act 1936 5 Paragraph 6BA(5)(c) Omit "applies", substitute "apply". 6 Subsection 124ZAE(2) Omit "124AFA", substitute "124ZAFA". Note: This item fixes an incorrect cross‑reference. 7 Subsection 159J(6) (paragraph (aac) of the definition of separate net income) (the paragraph (aac) inserted by item 322 of Schedule 1 to the Social Security Legislation Amendment (Parenting and Other Measures) Act 1997 (as amended by item 8 of Schedule 3 to the Taxation Laws Amendment Act (No. 3) 1999)) Reletter as paragraph (aad). 8 Subdivision CA of Division 2 of Part IIIAA (the Subdivision CA inserted by item 75 of Schedule 3 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000) Reletter as Subdivision CB. 9 Subdivision CB of Division 2 of Part IIIAA Reletter as Subdivision CC. 10 Section 160AQCO Renumber as section 160AQCNCK. 11 Subsection 160AQZF(6) (the subsection (6) inserted by item 7 of Schedule 3 to the Taxation Laws Amendment Act (No. 2) 2000) Renumber as subsection (7). 12 Subsection 160ARDM(3) (the subsection (3) inserted by item 4 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999) Renumber as subsection (5). 13 Subsection 160ARDM(4) (the subsection (4) inserted by item 4 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999) Renumber as subsection (6). 14 Subsection 160ARDM(5) Omit "subsection (4)", substitute "subsection (6)". 15 Subsection 221YHZD(1AAA) (the subsection (1AAA) inserted by item 39 of Schedule 2 to the A New Tax System (Tax Administration) Act 1999) Renumber as subsection (1ABA). Income Tax Assessment Act 1997 16 Subsection 25‑35 (table item 4) (the item 4 inserted by item 27 of Schedule 1 to the Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998) Renumber as item 5. 17 Section 43‑240 (step 2) Omit "amount". 18 Section 52‑60 After "work", insert "out". 19 Section 52‑75 (table item 7) Omit "Division 3", substitute "Division 4". Note: This item fixes an incorrect cross‑reference. 20 Subsection 104‑185(1) (note 2) Omit "CGT event J1", substitute "CGT event J2". Note: This item fixes an incorrect cross‑reference. 21 Subsection 104‑190(1) (note) Omit "CGT event J2", substitute "CGT event J3". Note: This item fixes an incorrect cross‑reference. 22 Subsection 110‑25(9) (the subsection (9) inserted by item 75 of Schedule 2 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000) Renumber as subsection (11). 23 Section 112‑97 (table item 12A) (the item 12A inserted by item 1 of Schedule 1 to the New Business Tax System (Miscellaneous) Act (No. 2) 2000) Renumber as item 12B. 24 Section 118‑65 (the section 118‑65 inserted by item 44 of Schedule 4 to the Taxation Laws Amendment Act (No. 7) 2000) Renumber as section 118‑70. 25 Subsection 124‑783(3) (heading in the form "Certain companies and trusts not required to trace interests") Repeal the heading. 26 Subsection 152‑40(3) (example) Omit "Example", substitute "Note". 27 Paragraph 165‑75(2)(b) (the paragraph (2)(b) inserted by item 7 of Schedule 11 to the Taxation Laws Amendment Act (No. 1) 1998) Reletter as paragraph (2)(d). 28 Paragraph 165‑75(2)(d) Omit "period;", substitute "period.". 29 Subsection 165‑115C(1) (note 4) Omit "subsection 166‑115A(2A)", substitute "subsection 165‑115A(2A)". Note: This item fixes an incorrect cross‑reference. 30 Subsection 995‑1(1) (definition of taxable importation) (the definition inserted by item 15 of Schedule 5 to the A New Tax System (Tax Administration) Act (No. 2) 2000) Repeal the definition. Note: This item repeals one of 2 identical definitions. Superannuation Legislation Amendment Act (No. 3) 1999 31 Item 34 of Schedule 2 Repeal the item. Note: This item repeals an item that amends a provision that does not exist. Taxation Administration Act 1953 32 Paragraph 3EC(2)(a) Omit "or ASIO", substitute "of ASIO". 33 Section 16‑195 in Schedule 1 (note) Omit "a administrative", substitute "an administrative". 34 Subsection 250‑10(2) in Schedule 1 (table items 22 and 23) (the items 22 and 23 inserted by item 1 of Schedule 2 to the Diesel and Alternative Fuels Grants Scheme Amendment Act 2000) Repeal the items. 35 Subsection 250‑10(2) in Schedule 1 (after table item 22) Insert: 22A amount of advance to be repaid 14A Diesel and Alternative Fuels Grants Scheme Act 1999 22B amount payable as a result of an amended assessment 15E Diesel and Alternative Fuels Grants Scheme Act 1999 Taxation Laws Amendment Act (No. 3) 1999 36 Item 84 of Schedule 1 (heading) Omit "214A(e)", substitute "214A(2)(e)". 37 Item 85 of Schedule 1 (heading) After "Paragraphs", insert "214A(2)". 38 Item 342 of Schedule 1 Repeal the item. Note: This item repeals an item that amends a provision that does not exist. Taxation Laws Amendment Act (No. 4) 1997 39 Item 9 of Schedule 5 Repeal the item. Note: This item repeals an item that omits words that do not exist in the relevant provision. Taxation Laws Amendment Act (No. 4) 2000 40 Item 2 of Schedule 4 Repeal the item. Note: This item repeals an item that omits words that do not exist in the relevant provision. 41 Item 63 of Schedule 4 Repeal the item. Note: This item repeals an item that omits words that do not exist in the relevant provision. 42 Item 71 of Schedule 4 (table items 10 and 11) Repeal the items. Note: This item repeals 2 table items that omit words that do not exist in the relevant provision. Taxation Laws Amendment Act (No. 7) 2000 43 Item 30 of Schedule 4 Repeal the item. Note: This item repeals an item that contains an amendment that had already been made. Tax Law Improvement Act (No. 1) 1998 44 Item 94 of Schedule 2 Repeal the item. Note: This item repeals an item that amends a provision that does not exist. 45 Item 11 of Schedule 6 Repeal the item. Note: This item repeals an item that omits words from a provision and inserts the identical words into the provision. Notes to the Taxation Laws Amendment Act (No. 3) 2003 Note 1 The Taxation Laws Amendment Act (No. 3) 2003 as shown in this compilation comprises Act No. 101, 2003 amended as indicated in the Tables below. For all relevant information pertaining to application, saving or transitional provisions see Table A. Table of Acts Act Number Date Date of commencement Application, saving or transitional provisions and year of Assent Taxation Laws Amendment Act (No. 3) 2003 101, 2003 14 Oct 2003 See s. 2(1) Taxation Laws Amendment Act (No. 6) 2003 67, 2003 30 June 2003 Schedule 10 (items 13–16): 14 Oct 2003 — Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 147, 2005 14 Dec 2005 Schedule 5 (items 19, 20): Royal Assent Sch. 5 (item 20) Tax Laws Amendment (2010 Measures No. 2) Act 2010 75, 2010 28 June 2010 Schedule 6 (item 67): 29 June 2010 — Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted Provision affected How affected S. 2.................... am. No. 67, 2003 S. 4.................... rep. No. 75, 2010 Schedule 2 Item 12................. am. No. 147, 2005 Schedule 3 Item 2.................. rs. No. 67, 2003 Heading to item 4.......... rs. No. 67, 2003 Item 4.................. am. No. 67, 2003 Table A Application, saving or transitional provisions Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (No. 147, 2005) Schedule 5 20 Application (1) The amendments made by this Schedule apply, and are taken to have applied, to acquisitions of shares or rights on or after 1 July 2004. (2) In this item: acquisition, of a share or right: (a) in relation to the application of items 1 to 3, 15, 17 and 18 of this Schedule, has the same meaning as in section 26AAC of the Income Tax Assessment Act 1936; or (b) in relation to the application of items 4 to 14, 16 and 19 of this Schedule, has the same meaning as in Division 13A of Part III of the Income Tax Assessment Act 1936.