Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (Cth)

Minerals Resource Rent Tax Repeal and Other Measures Act 2014 No. 96, 2014 Compilation No. 1 Compilation date: 2 July 2017 Includes amendments up to: Act No. 81, 2016 Registered: 6 July 2017 About this compilation This compilation This is a compilation of the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 that shows the text of the law as amended and in force on 2 July 2017 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Minerals resource rent tax Part 1—Repeals Minerals Resource Rent Tax Act 2012 Minerals Resource Rent Tax (Imposition—Customs) Act 2012 Minerals Resource Rent Tax (Imposition—Excise) Act 2012 Minerals Resource Rent Tax (Imposition—General) Act 2012 Part 2—Consequential amendments Administrative Decisions (Judicial Review) Act 1977 A New Tax System (Goods and Services Tax) Act 1999 Crimes (Taxation Offences) Act 1980 Income Tax Assessment Act 1997 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 Petroleum Resource Rent Tax Assessment Act 1987 Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 Taxation Administration Act 1953 Taxation (Interest on Overpayments and Early Payments) Act 1983 Part 3—Transitional provisions Schedule 2—Loss carry back Part 1—Repeals Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Part 2—Consequential amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Taxation Administration Act 1953 Part 3—Application, transitional and saving provisions Income Tax (Transitional Provisions) Act 1997 Schedule 3—Small business instant asset write‑off threshold Income Tax Assessment Act 1997 Schedule 4—Deductions for motor vehicles Income Tax Assessment Act 1997 Schedule 5—Geothermal energy Income Tax Assessment Act 1997 Schedule 6—Superannuation Guarantee Charge percentage Superannuation Guarantee (Administration) Act 1992 Schedule 7—Low income superannuation contribution Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 Schedule 8—Repeal of income support bonus Part 1—Main amendments Social Security Act 1991 Social Security (Administration) Act 1999 Part 2—Consequential amendments Farm Household Support (Consequential and Transitional Provisions) Act 2014 Income Tax Assessment Act 1997 Social Security Act 1991 Social Security (Administration) Act 1999 Part 3—Saving provisions Schedule 9—Schoolkids bonus Part 1A—Amendments A New Tax System (Family Assistance) Act 1999 A New Tax System (Family Assistance) (Administration) Act 1999 Part 1—Repeals A New Tax System (Family Assistance) Act 1999 A New Tax System (Family Assistance) (Administration) Act 1999 Income Tax Assessment Act 1997 Social Security (Administration) Act 1999 Part 2—Saving provisions Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes 1 Short title This Act may be cited as the Minerals Resource Rent Tax Repeal and Other Measures Act 2014. 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 Provisions 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. 5 September 2014 2. Schedules 1 to 5 A day or days to be fixed by Proclamation. 30 September 2014 However, if any of the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. (F2014L01256) 3. Schedule 6 The day this Act receives the Royal Assent. 5 September 2014 4. Schedule 7 1 July 2017. 1 July 2017 5. Schedule 8, items 1 to 11 31 December 2016. 31 December 2016 6. Schedule 8, items 12 and 13 The day this Act receives the Royal Assent. 5 September 2014 7. Schedule 8, items 15 to 26 31 December 2016. 31 December 2016 8. Schedule 9, Part 1A The day this Act receives the Royal Assent. 5 September 2014 9. Schedule 9, Parts 1 and 2 31 December 2016. 31 December 2016 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation 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—Minerals resource rent tax Part 1—Repeals Minerals Resource Rent Tax Act 2012 1 The whole of the Act Repeal the Act. Minerals Resource Rent Tax (Imposition—Customs) Act 2012 2 The whole of the Act Repeal the Act. Minerals Resource Rent Tax (Imposition—Excise) Act 2012 3 The whole of the Act Repeal the Act. Minerals Resource Rent Tax (Imposition—General) Act 2012 4 The whole of the Act Repeal the Act. Part 2—Consequential amendments Administrative Decisions (Judicial Review) Act 1977 5 Paragraph (e) of Schedule 1 Omit: Minerals Resource Rent Tax Act 2012 6 Paragraph (e) of Schedule 1 Omit ", 3‑15". A New Tax System (Goods and Services Tax) Act 1999 7 Paragraph 177‑12(4)(h) Omit "1987; or", substitute "1987.". 8 Paragraph 177‑12(4)(i) Repeal the paragraph. Crimes (Taxation Offences) Act 1980 9 Subsection 3(1) (definition of MRRT) Repeal the definition. 10 Subsection 3(1) (definition of MRRT law) Repeal the definition. 11 Part II (paragraph (i) of note to Part heading) Omit "Part X);", substitute "Part X).". 12 Part II (paragraph (j) of note to Part heading) Repeal the paragraph. 13 Part XI Repeal the Part. Income Tax Assessment Act 1997 14 Section 10‑5 (table item headed "minerals resource rent tax") Repeal the item. 15 Section 12‑5 (table item headed "capital allowances") Omit: Minerals Resource Rent Tax................... 40‑751 16 Section 15‑85 Repeal the section. 17 Section 40‑725 Omit: • paying minerals resource rent tax; and 18 Section 40‑751 Repeal the section. 19 Subsection 703‑50(1) (note 2) Repeal the note. 20 Subsection 719‑50(1) (note 2) Repeal the note. 21 Subsection 721‑10(2) (table items 75, 80 and 85) Repeal the items. 22 Subsection 721‑10(4) Repeal the subsection. 23 Subsection 721‑10(6) Omit "subsections (4) and (5)", substitute "subsection (5)". 24 Subsection 721‑10(6) Omit "those subsections", substitute "that subsection". 25 Subsection 721‑25(1AA) Repeal the subsection. 26 Subsections 721‑25(1B), (2) and (3) Omit ", (1A) and (1AA)", substitute "and (1A)". 27 Section 960‑265 (table item 14) Repeal the item. 28 Subsection 995‑1(1) Repeal the following definitions: (a) definition of allowance component; (b) definition of applicable instalment rate; (c) definition of arm's length consideration. 29 Subsection 995‑1(1) (definition of base value) Repeal the definition, substitute: base value, of a *depreciating asset, has the meaning given by subsection 40‑70(1). 30 Subsection 995‑1(1) (paragraph (b) of the definition of base year) Omit "1953; and", substitute "1953.". 31 Subsection 995‑1(1) (paragraph (c) of the definition of base year) Repeal the paragraph. 32 Subsection 995‑1(1) (definition of benchmark instalment rate) Repeal the definition, substitute: benchmark instalment rate has the meaning given by sections 45‑360 and 45‑530 in Schedule 1 to the Taxation Administration Act 1953. 33 Subsection 995‑1(1) (paragraph (c) of the definition of hold) Omit "section 420‑12; and", substitute "section 420‑12.". 34 Subsection 995‑1(1) (paragraph (d) of the definition of hold) Repeal the paragraph. 35 Subsection 995‑1(1) (note at the end of the definition of hold) Repeal the note. 36 Subsection 995‑1(1) (definition of instalment income) Repeal the definition, substitute: instalment income has the meaning given by sections 45‑120, 45‑260, 45‑280, 45‑285, 45‑286 and 45‑465 in Schedule 1 to the Taxation Administration Act 1953. 37 Subsection 995‑1(1) (definition of instalment quarter) Repeal the definition, substitute: instalment quarter has the meaning given by section 45‑60 in Schedule 1 to the Taxation Administration Act 1953. 38 Subsection 995‑1(1) Repeal the following definitions: (a) definition of miner; (b) definition of mining expenditure; (c) definition of mining loss; (d) definition of mining profit; (e) definition of mining project interest; (f) definition of mining project split; (g) definition of mining project transfer; (h) definition of mining revenue; (i) definition of mining revenue event; (j) definition of MRRT; (k) definition of MRRT allowance; (l) definition of MRRT law; (m) definition of MRRT liability; (n) definition of MRRT payable; (o) definition of MRRT return; (p) definition of MRRT year. 39 Subsection 995‑1(1) Insert: petroleum resource rent tax amount means any debt or credit that arises directly under the *petroleum resource rent tax provisions. 40 Subsection 995‑1(1) Insert: petroleum resource rent tax provisions means the *petroleum resource rent tax law, other than *BAS provisions. 41 Subsection 995‑1(1) Repeal the following definitions: (a) definition of pre‑mining expenditure; (b) definition of pre‑mining project interest; (c) definition of pre‑mining revenue; (d) definition of rehabilitation tax offset; (e) definition of resource rent tax amount; (f) definition of resource rent tax provisions; (g) definition of split percentage; (h) definition of starting base asset; (i) definition of starting base return. 42 Subsection 995‑1(1) (definition of start time) Repeal the definition, substitute: start time of a *depreciating asset has the meaning given by section 40‑60. 43 Subsection 995‑1(1) (definition of taxable mining profit) Repeal the definition. 44 Subsection 995‑1(1) (definition of taxable resource) Repeal the definition. 45 Subsection 995‑1(1) (definition of termination value) Repeal the definition, substitute: termination value has the meaning given by section 40‑300. Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 46 Schedule 4 Repeal the Schedule. Petroleum Resource Rent Tax Assessment Act 1987 47 Section 2 (note at the end of paragraph (b) of the definition of exploration permit) Repeal the note, substitute: Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC). 48 Section 2 (definition of petroleum) Omit "However, petroleum does not include a taxable resource within the meaning of the Minerals Resource Rent Tax Act 2012.". 49 Section 2 (note at the end of paragraph (c) of the definition of production licence) Repeal the note, substitute: Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because it is limited to the incidental recovery of coal seam gas (see section 2AB). 50 Section 2 (note at the end of paragraph (b) of the definition of retention lease) Repeal the note, substitute: Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC). 51 After section 2AA Insert: 2AB Exclusion of incidental recovery of coal seam gas (1) An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be an authority or right mentioned in paragraph (c) of the definition of production licence in section 2 if the only recovery of petroleum that is undertaken under the authority or right is recovery of coal seam gas, being recovery that: (a) is a necessary result of coal mining that the holder of the authority or right carries out under the authority or right; or (b) is necessary to ensure a safe working environment for coal mining carried out under the authority or right; or (c) is necessary to minimise the fugitive emission of methane or similar gases during the course of coal mining carried out under the authority or right. (2) This section does not apply to an authority or right that is the subject of a determination under subsection 2AA(1). 2AC Exclusion of incidental exploration etc. for petroleum An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be: (a) an authority or right mentioned in paragraph (b) of the definition of exploration permit in section 2; or (b) an authority or right mentioned in paragraph (b) of the definition of retention lease in that section; if, to the extent that the authority or right permits activities of a kind mentioned in a subparagraph of that paragraph, it only permits them as an incident of exploration for resources other than petroleum. 52 After subsection 37(2) Insert: (2A) Despite subsection (1), if: (a) a payment made by a person would, apart from this subsection, be exploration expenditure incurred by the person in relation to a petroleum project; and (b) the person holds, under an Australian law, an authority or right (however described) that permits activities relating to resources other than petroleum to be carried on in the eligible exploration or recovery area in relation to the project; the payment is taken, for the purposes of this Act, to be exploration expenditure only to the extent that it would be reasonable to conclude that the purpose of the payment is exploring for petroleum in order to obtain a commercial return from petroleum. (2B) An authority or right referred to in paragraph (2A)(b) may be a production licence, exploration permit or retention lease, including a production licence to which the petroleum project relates. (2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend by implication the scope of subsection (1). Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 53 Item 169 of Schedule 7 After "any of the", insert "petroleum". Taxation Administration Act 1953 54 Section 3D Repeal the section. 55 Subsection 8AAB(4) (table items 19A, 45A and 45B) Repeal the items. 56 Subparagraph 8AAZLG(1)(b)(ii) After "any of the", insert "petroleum". 57 Paragraph 8AAZLH(1)(b) After "any of the", insert "petroleum". 58 Section 14ZQ (definition of starting base assessment) Repeal the definition, substitute: starting base assessment has the meaning given by clause 23 of Schedule 2 to the Petroleum Resource Rent Tax Assessment Act 1987. 59 Subsections 14ZW(1AB) and (1AC) Repeal the subsections. 60 Paragraph 11‑1(g) in Schedule 1 Repeal the paragraph. 61 Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1 Omit ", *MRRT". 62 Subsection 18‑10(3) in Schedule 1 (notes 1 and 2) Repeal the notes, substitute: Note: Section 18‑55 provides a credit for amounts withheld in respect of petroleum resource rent tax. 63 Group heading before section 18‑49 in Schedule 1 Repeal the heading. 64 Section 18‑49 in Schedule 1 Repeal the section. 65 Part 3‑15 in Schedule 1 Repeal the Part. 66 Paragraph 155‑5(2)(e) in Schedule 1 Repeal the paragraph. 67 Subsection 155‑15(1) in Schedule 1 (table item 4) Repeal the item. 68 Subsection 155‑30(3) in Schedule 1 Repeal the subsection, substitute: (3) This section does not apply if the *assessable amount is the *Division 293 tax payable by you in relation to an income year in relation to your *taxable contributions for the income year. 69 Section 155‑55 in Schedule 1 (heading) Repeal the heading, substitute: 155‑55 Amendment to give effect to certain anti‑avoidance declarations 70 Paragraph 155‑55(b) in Schedule 1 Omit "declarations); or", substitute "declarations).". 71 Paragraph 155‑55(c) in Schedule 1 Repeal the paragraph. 72 Section 155‑55 in Schedule 1 Omit "or determination". 73 Section 155‑57 in Schedule 1 Repeal the section. 74 Subsection 155‑90(1) in Schedule 1 Omit "(1)". 75 Subsection 155‑90(2) in Schedule 1 Repeal the subsection. 76 Subsection 250‑10(2) in Schedule 1 (table items 39C, 39D and 136) Repeal the items. 77 Section 280‑1 in Schedule 1 Omit "minerals resource rent tax,". 78 Section 280‑50 in Schedule 1 Omit "*MRRT,". 79 Section 280‑101 in Schedule 1 Repeal the section. 80 Paragraph 280‑105(1)(a) in Schedule 1 Omit "*MRRT,". 81 Subsection 280‑110(1) in Schedule 1 Omit "280‑101,". 82 Section 280‑170 in Schedule 1 Omit "*MRRT,". 83 Section 284‑30 in Schedule 1 (note) Repeal the note. 84 Section 284‑35 in Schedule 1 (note) Repeal the note. 85 Paragraph 284‑75(2)(a) in Schedule 1 Omit "*MRRT law or". 86 Paragraph 284‑75(2)(b) in Schedule 1 Omit "MRRT law or". 87 Subsection 284‑80(1) in Schedule 1 (table items 3 and 4) Omit ", the *MRRT law". 88 Subsection 284‑80(1) in Schedule 1 (table item 4) Omit ", the MRRT law". 89 Subsection 284‑90(1) in Schedule 1 (cell at table item 4, column headed "In this situation:") Repeal the cell, substitute: You have a *shortfall amount, all or part of which resulted from you or your agent treating an *income tax law or the *petroleum resource rent tax law as applying to a matter or identical matters in a particular way that was not *reasonably arguable, and that amount is more than your *reasonably arguable threshold. 90 Paragraph 284‑90(3)(a) in Schedule 1 Repeal the paragraph, substitute: (a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies: (i) the income tax payable by the entity for the income year, worked out on the basis of the entity's *income tax return; (ii) the *petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) most closely corresponding to the income year, worked out on the basis of the entity's return under Division 1 of Part VI of that Act; or 91 Subsection 286‑75(2AA) in Schedule 1 Repeal the subsection. 92 Paragraph 286‑80(2)(a) in Schedule 1 Omit "(2AA),". 93 Section 352‑1 in Schedule 1 Omit "and the MRRT law". 94 Subdivision 352‑B in Schedule 1 Repeal the Subdivision. 95 Section 353‑17 in Schedule 1 Repeal the section. 96 Subsection 355‑50(1) in Schedule 1 (note 2) Omit ", 3D". 97 Paragraph 357‑55(faa) in Schedule 1 Repeal the paragraph. 98 Subsection 360‑5(1) in Schedule 1 Omit "(other than a provision about *MRRT)". 99 Subsection 444‑5(1) in Schedule 1 Omit ", the *MRRT law". 100 Subsections 444‑5(1A) and (1B) in Schedule 1 Repeal the subsections. 101 Subsection 444‑5(2) in Schedule 1 Omit ", the *MRRT law". 102 Subsections 444‑10(1) and (2) in Schedule 1 Omit "and the *MRRT law". 103 Subsection 444‑10(3) in Schedule 1 Omit "or the *MRRT law". 104 Subsection 444‑10(5) in Schedule 1 Omit "and the *MRRT law". 105 Section 444‑15 in Schedule 1 Omit "or the *MRRT law". 106 Subsections 444‑30(1), (2) and (3) in Schedule 1 Omit ", the *MRRT law". 107 Subsections 444‑70(1) and (2) in Schedule 1 Omit "or the *MRRT law". 108 Subdivision 444‑F in Schedule 1 Repeal the Subdivision. Taxation (Interest on Overpayments and Early Payments) Act 1983 109 Subsection 3(1) (paragraph (d) of the definition of decision to which this Act applies) Omit "or 160". 110 Subsection 3C(1) Omit "(1) In", substitute "In". 111 Subsection 3C(1) (table item 160) Repeal the item. 112 Subsection 3C(2) Repeal the subsection. 113 Section 12AA (heading) Repeal the heading, substitute: 12AA Entitlement to interest for RBA surpluses after notification of BAS amount or petroleum resource rent tax amount 114 Paragraph 12AA(a) Before "resource rent tax amount", insert "petroleum". 115 Section 12AA (note) Before "resource rent tax amount", insert "petroleum". 116 Paragraph 12AB(a) Before "resource rent tax amount", insert "petroleum". 117 Section 12AB (note) Before "resource rent tax amount", insert "petroleum". 118 Paragraph 12AC(b) Before "resource rent tax amount", insert "petroleum". 119 Section 12AC (note) Before "resource rent tax amount", insert "petroleum". 120 Section 12AF Insert: petroleum resource rent tax amount has the same meaning as in subsection 995‑1(1) of the Tax Act. 121 Section 12AF (definition of resource rent tax amount) Repeal the definition. Part 3—Transitional provisions 122 Objects The objects of this Part are: (a) to provide for the winding‑up of the minerals resource rent tax; and (b) to ensure the administration, collection and recovery of the minerals resource rent tax for the MRRT years ending on or before the day this Schedule commences; and (c) to continue taxpayers' rights and obligations relating to MRRT years ending before that commencement. 123 Effect of repeals and amendments on preceding MRRT years (1) Despite the repeals and amendments made by this Schedule, the Acts amended or repealed continue to apply, after the commencement of this Schedule, in relation to any MRRT year ending on or before the day this Schedule commences as if those repeals and amendments had not happened. (2) For the purposes of that continued application, any MRRT year that: (a) started before the commencement of this Schedule; and (b) would, apart from this subitem, end on or after that commencement; is taken to end on the day this Schedule commences. (3) To avoid doubt, for the purposes of that continued application, section 190‑20 of the Minerals Resource Rent Tax Act 2012 applies in relation to an MRRT year referred to in subitem (2) whether or not the MRRT year is an accounting period referred to in section 190‑10 of that Act. Note 1: Section 190‑20 of the Minerals Resource Rent Tax Act 2012 (to the extent that it continues to apply because of this item) will adjust threshold amounts under that Act in relation to the final MRRT year. Note 2: Subsection 115‑110(2) in Schedule 1 to the Taxation Administration Act 1953 (to the extent that it continues to apply because of this item) will adjust instalment quarters under that Act in relation to the final MRRT year. 124 Continuation of Commissioner's power to make certain legislative instruments (1) Despite the repeal by this Act of section 117‑5 in Schedule 1 to the Taxation Administration Act 1953, the Commissioner's power under subsection 117‑5(5) in that Schedule to make legislative instruments continues after that repeal. (2) This item does not affect any other powers of the Commissioner under Schedule 1 to the Taxation Administration Act 1953, as it continues to apply because of item 123 of this Schedule. Schedule 2—Loss carry back Part 1—Repeals Income Tax Assessment Act 1997 1 Division 160 Repeal the Division. Income Tax (Transitional Provisions) Act 1997 2 Division 160 Repeal the Division. Part 2—Consequential amendments Income Tax Assessment Act 1936 3 Subsection 6(1) (definition of loss carry back tax offset) Repeal the definition. 4 Subsection 92A(3) Omit "or 160". 5 Paragraph 177C(1)(baa) Repeal the paragraph. 6 Paragraph 177C(1)(ea) Repeal the paragraph. 7 Paragraph 177C(2)(ca) Repeal the paragraph. 8 Subsection 177C(3) Omit ", (ca)(i)". 9 Paragraph 177C(3)(caa) Repeal the paragraph. 10 Paragraph 177C(3)(fa) Repeal the paragraph. 11 Paragraph 177CB(1)(ca) Repeal the paragraph. 12 Paragraph 177F(1)(ca) Repeal the paragraph. 13 Paragraph 177F(3)(ca) Repeal the paragraph. Income Tax Assessment Act 1997 14 Section 13‑1 (table item headed "losses") Repeal the item. 15 Subsection 36‑17(1) (note 1) Omit "1". 16 Subsection 36‑17(1) (note 2) Repeal the note. 17 Section 36‑25 (table dealing with tax losses of corporate tax entities) Omit: See also Division 160 (loss carry back tax offset) 18 Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 1) Repeal the item, substitute: 1. A company is a pooled development fund (PDF) at the end of an income year for which it has a tax loss: it can only deduct the loss while it is a PDF. Section 195‑5 19 Section 36‑25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1) Repeal the item, substitute: 1. A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP. Subdivision 195‑B 20 Section 67‑23 (table item 13A) Repeal the item. 21 Paragraph 195‑15(5)(b) Omit "and". 22 Paragraph 195‑15(5)(c) Repeal the paragraph. 23 Group heading before section 195‑37 Repeal the heading. 24 Section 195‑37 Repeal the section. 25 Section 195‑72 Repeal the section. 26 Subparagraph 205‑35(1)(b)(ii) Omit "a *loss carry back tax offset, or". 27 Subparagraph 205‑35(1)(b)(ii) Omit "(about R&D),", substitute "(about R&D)". 28 Paragraph 320‑149(2)(aa) Repeal the paragraph. 29 Subsection 830‑65(3) Omit "or 160". 30 Paragraph 960‑20(2)(b) Omit "amount; or", substitute "amount.". 31 Paragraph 960‑20(2)(c) Repeal the paragraph. 32 Paragraph 960‑20(4)(e) Omit "forward; or", substitute "forward.". 33 Paragraph 960‑20(4)(f) Repeal the paragraph. 34 Subsection 995‑1(1) (definition of carry back) Repeal the definition. 35 Subsection 995‑1(1) (definition of income tax liability) Repeal the definition. 36 Subsection 995‑1(1) (definition of interest in membership interests) Repeal the definition. 37 Subsection 995‑1(1) (definition of loss carry back choice) Repeal the definition. 38 Subsection 995‑1(1) (definition of loss carry back tax offset) Repeal the definition. 39 Subsection 995‑1(1) (definition of loss carry back tax offset component) Repeal the definition. 40 Subsection 995‑1(1) (definition of scheme for a disposition) Repeal the definition. Taxation Administration Act 1953 41 Section 45‑340 in Schedule 1 (method statement, step 1, paragraph (dc)) Repeal the paragraph. Part 3—Application, transitional and saving provisions 42 Application The amendments made by this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences and for later income years. 43 Making and amending assessments, and doing other things, in relation to past matters (1) Even though a part of an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003): (a) making or amending an assessment (including under a provision that is itself repealed or amended); (b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended); in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies. (2) This item does not limit the operation of the Acts Interpretation Act 1901. Income Tax (Transitional Provisions) Act 1997 44 Before Subdivision 960‑E Insert: Subdivision 960‑B—Utilisation of tax attributes Table of sections 960‑20 Utilisation—corporate loss carry back 960‑20 Utilisation—corporate loss carry back (1) For the purposes of subsection 960‑20(2) of the Income Tax Assessment Act 1997, a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset). (2) For the purposes of subsection 960‑20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160‑15(2) of that Act (which was about calculating a loss carry back tax offset component). Schedule 3—Small business instant asset write‑off threshold Income Tax Assessme