Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 1992

TABLE OF PROVISIONS

           Long Title

   1.      Short title  
   2.      Commencement  
   3.      Principal Act  
   4.      Interpretation  
   5.      Exemption of pay and allowances of members of Defence Force serving in operational areas  
   6.      Exemption of foreign branch profits of Australian companies  
   7.       
   8.      Calculation of depreciation  
   9.      Special depreciation on property used for basic iron or steel production  
   10.     Depreciation roll-over relief for unpooled property where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 59AA  
   11.     Calculation of depreciation - pooled property  
   12.      
   13.     Recouped expenditure on research and development activities  
   14.     Reduction of deductions  
   15.     Gifts, pensions etc.  
   16.     Deduction for contributions to eligible superannuation fund for employees  
   17.     Interpretation  
   18.     Deduction in respect of new plant installed on or after 1 January 1976  
   19.     Interpretation  
   20.     Exemption of income attributable to certain policies etc.  
   21.      
   22.     Residual amounts  
   23.     Assets to which Part applies  
   24.     Asset passing to personal representative or beneficiary  
   25.     Part applies in respect of disposals of assets  
   26.     Asset bequeathed to tax-advantaged person etc.  
   27.     Capital gains and capital losses  
   28.     Consideration in respect of disposal  
   29.     Transfer of net capital loss within company group  
   30.     Election to treat grant of long term lease as disposal of freehold interest or head lease  
   31.     Payments for variation of lease  
   32.     Consideration for disposal  
   33.      
   34.     Conversion of note not to constitute disposal  
   35.     Conversion of note not to constitute disposal  
   36.     Involuntary disposal  
   37.     Asset received as a result of involuntary disposal  
   38.      
   39.     Transfer of assets from company or trust to spouse upon breakdown of marriage  
   40.     Transfer of asset to wholly-owned company  
   41.     Transfer of partnership assets to wholly-owned company  
   42.     Transfer of asset between companies in the same group  
   43.     Exchange of shares in the same company  
   44.     Principal residence  
   45.     Exemption of part of gain attributable to goodwill  
   46.      
   47.     Interpretation  
   48.     Shares in, and loans to, transferor - deemed disposal and re-acquisition  
   49.     Equity interest in transferee - compensatory increase in cost base etc.  
   50.     When asset acquired  
   51.     Keeping of records  
   52.     Interpretation  
   53.     Prescribed persons  
   54.     Interpretation  
   55.     Widely distributed finance shares  
   56.      
   57.     Direct attribution interest in a CFC or CFT  
   58.     Direct attribution account interest in a company  
   59.     Notional allowable deduction for eligible finance share dividends, widely distributed finance share dividends and transitional finance share dividends  
   60.     Additional notional exempt income - unlisted or listed country CFC  
   61.     Elections under CGT roll-over provisions  
   62.     Roll-overs - asset disposals  
   63.     Tainted sales income  
   64.     Assessability in respect of certain dividends deemed to be paid by a CFC under section 47A  
   65.     Application of amendments - general (Meaning of "amended Act")  
   66.     Application of amendments - depreciation (Definitions)  
   67.     Application of amendments - capital gains tax (Meaning of "amended Act")  
   68.     Application of amendments - CFCs (Transitional finance shares: direct attribution interest)  
   69.     Transitional - sections 160J and 160ZZQ of the amended Act  
   70.     Transitional - section 160ZYZ of the Principal Act  
   71.     Transitional - section 160ZZBB of the Principal Act  

           72. Transitional - Division 19A of Part IIIA of the Principal Act  

   73.     Transitional - subsection 160ZZS(2A) of the amended Act  
   74.     Transitional - Part X record-keeping offences  
   75.     Amendment of assessments  
   76.     Interpretation  
   77.      
   78.     Deferred initial payments of tax for 1991-92 to be offset by prior payments of franking deficit tax  
   79.     IP offset provision to be ignored in calculating certain company tax thresholds  
   80.     Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes  
   81.     Franking credits and debits - effect of elimination or reduction of initial payment of tax  
   82.     Reduction of liability for franking deficit tax  
   83.     No refunds of amounts of franking deficit tax overpaid because of the FDT reduction provision  
   84.     Reduction of liability for franking deficit tax does not give rise to a franking credit under section 160APQA of the Assessment Act