Commonwealth Numbered Acts

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TAXATION LAWS AMENDMENT ACT (NO. 3) 1993


TABLE OF PROVISIONS

           Long Title

   1.      Short title  
   2.      Commencement  
   3.      Principal Act  
   4.      Object of Part  
   5.      Interpretation  
   6.      Application of amendments  
   7.      Principal Act  
   8.      Object of Division  
   9.      Interpretation  
   10.     Application of amendments  
   11.     Object of Division  
   12.     Certificate of sources of information  
   13.     Principal Act  
   14.     Object of Division  
   15.     Interpretation  
   16.     Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences  
   17.     Exploration and prospecting expenditure  
   18.     Application of amendments  
   19.     Object of Division  
   20.     Reduction in deductions that do not exclusively relate to producing assessable income  
   21.     Expenses of general management  
   22.     Apportionment of current year deductions between classes  
   23.     Application of amendments  
   24.     Object of Division  
   25.     Policies of life assurance  
   26.     Application of amendment  
   27.     Object of Division  
   28.     Deductions where payee declaration  
   29.     Deductions where no payee declaration  
   30.     Application of amendments  
   31.     Object of Division  
   32.     Interpretation  
   33.     Application of amendments  
   34.     Object of Division  
   35.     Deduction for gifts, pensions etc.  
   36.     Object of Division  
   37.     Taxable contributions  
   38.     Application of amendment  
   39.     Object of Division  
   40.     Interpretation  
   41.     Ascertainment of surplus or deficit  
   42.     Carry forward of franking surplus  
   43.     Initial payment of tax  
   44.     Subsequent payments of tax before determination of taxable income  
   45.     Final payment of tax  
   46.     Payments of tax made after the final payment of tax  
   47.     Receipt of franked dividends  
   48.     Receipt of franked dividends through trusts and partnerships  
   49.     Payment of excess offset  
   50.     Payment of excess foreign tax credit  
   51.     Lapsing of estimated debit  
   52.     Substituted estimated debit determination  
   53.     Life assurance companies-credit reducing section 160APYBA debit  
   54.     Life assurance companies-credit reducing section 160APYBB debit  
   55.     Life assurance companies-credit reducing section 160APYB debit  
   56.     Life assurance companies-credit reducing section 160APZ debit  
   57.     Life assurance companies-credit reducing subsection 160AQCD(1) debit  
   58.     Life assurance companies-credit reducing subsection 160AQCE(1) debit  
   59.     Insertion of new section  
   60.      Under-franking  
   61.     Excessive reduction in section 160APX debit  
   62.     Refunds in respect of initial payment of tax by a company  
   63.     Refunds of company tax  
   64.     Foreign tax credits-actual payment or application against non-franking credit liabilities  
   65.     Waiver of franking deficit tax  
   66.     Amended company tax assessment reducing tax  
   67.     Payment of franked dividends  
   68.     Estimated debit determination  
   69.     Transfer of asset to insurance funds  
   70.     Dividend streaming arrangements  
   71.     On-market share buy-back arrangements  
   72.     Life assurance companies-debit reducing section 160APMA credit  
   73.     Life assurance companies-debit reducing section 160APMB credit  
   74.     Life assurance companies-debit reducing section 160APMC credit  
   75.     Life assurance companies-debit reducing section 160APMD credit  
   76.     Life assurance companies-debit reducing section 160APQB credit  
   77.     Life assurance companies-debit reducing subsection 160APVC(1) credit  
   78.     Insertion of new section  
   79.      Determination of estimated class A debit  
   80.     Insertion of new section  
   81.      Insertion of new section  
   82.      How to work out the required franking amount  
   83.     What constitutes franking  
   84.     Company to give dividend statement to shareholders  
   85.     Liability to franking deficit tax  
   86.     Entitlement to offset  
   87.     Extra amount to be included in assessable income where franked dividend paid  
   88.     Franking rebate for certain beneficiaries  
   89.     Franking rebate in trustee's assessment  
   90.     Franking rebate for trustees of superannuation funds, ADFs and PSTs  
   91.     Franking rebate for certain partners  
   92.     Franking rebates for certain life assurance companies  
   93.     Adjustment where franking credit arises  
   94.     Adjustment for non-resident beneficiary  
   95.     Adjustment where trustee assessed for non-resident beneficiary  
   96.     Adjustment where trustee assessed for company  
   97.     Adjustment for non-resident partner  
   98.     First return deemed to be an assessment  
   99.     Part-year assessment  
   100.    Default assessment  
   101.    Amendment of assessments  
   102.    Interpretation  
   103.    Penalty for over-franking  
   104.    Penalty for failure to lodge return  
   105.    Penalty tax because of position taken  
   106.    Company to keep records  
   107.    Duties of payers  
   108.    Interpretation  
   109.    Application of amendments  
   110.    Transitional-carry forward of franking surplus from 1993-94  
   111.    Transitional-receipt of class A franked dividends or class B franked dividends etc. by a corporate shareholder before the start of the shareholder's 1994-95 franking year  
   112.    Transitional-estimated debit determinations etc.  
   113.    Transitional-reversing entries in class A franking account etc.  
   114.    Object of Division  
   115.    Insertion of new section  
   116.     Amendment of assessments  
   117.    Principal Act  
   118.    Object of Part  
   119.    Schedule 38  
   120.    Application of amendments  
   121.    Principal Act  
   122.    Object of Part  
   123.    Interpretation  
   124.    Application of amendments  
   125.    Principal Act  
   126.    Object of Part  
   127.    Transfer of expenditure-general  
   128.    Transfer of expenditure-group companies  
   129.    Insertion of new section  
   130.    Annual returns  
   131.    Defined terms  
   132.    Rule-person must have held interests in relation to transferring entity and receiving project  
   133.    Rule-loss company and profit company to have held interests and been group companies  
   134.    Principal Act  
   135.    General definitions  
   136.    Insertion of new section  
   137.    Amending Acts cannot impose penalties etc. earlier than 28 days after Royal Assent  
   138.    Schedule 1  
   139.    Application  
   140.    Object of Part  
   141.    Principal Act  
   142.    Interpretation  
   143.    Insertion of new section  
   144.    Schedule 1  
   145.    Application  
   146.    Transitional  
   147.    Principal Act  
   148.    Object of Part  
   149.    Interpretation: general  
   150.    Insertion of new section  
   151.    Payment of shortfall component  
   152.    Application of amendments  
   153.    Interpretation: general  
   154.    Payment of shortfall component  
   155.    Application of amendments  
   156.    Principal Act  
   157.    Object of Part  
   158.    Interpretation  
   159.    Application of amendments  
   160.    Principal Act  
   161.    Object of Division  
   162.    Interpretation  
   163.    Application of amendments  
   164.    Object of Division  
   165.    Interpretation  
   166.    Application of amendment  
   167.    Interpretation  
   168.    9-week deferral of initial payments of tax for 1993-94  
   169.    Deferred initial payments of tax for 1993-94 to be offset by prior payments of franking deficit tax  
   170.    IP offset provision to be ignored in calculating certain company tax thresholds  
   171.    Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes  
   172.    Franking credits and debits-effect of elimination or reduction of initial payment of tax  
   173.    Reduction of liability for franking deficit tax  
   174.    No refunds of amounts of franking deficit tax overpaid because of the FDT reduction provision  
   175.    Reduction of liability for franking deficit tax does not give rise to a franking credit under section 160APQA of the Assessment Act  
   176.    Object of Part  
   177.    Principal Act  
   178.    Exemptions  
   179.    Application of amendment  
   180.    Principal Act  
   181.    Rebate for certain non-profit employers etc.  
   182.    Application of amendment  


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