Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
Checking for alerts... Loading...
No 5
House of Representatives
Supplementary Order Paper
Tuesday, 14 February 2012
Taxation (International Investment and Remedial Matters) Bill
Proposed amendments
Hon Peter Dunne, in Committee, to move the following amendments:
Clause 2
Subclause (2): Omit (line 7 on page 6).
Subclause (3): Omit (lines 8 and 9 on page 6).
Subclause (5): Replace “Section 141(2) is”
(line 19 on page 6) with “Sections 126(31B) and 141(2) are”
.
Subclause (7): Replace “69, 70(4), (5), (8), and (10), 72”
(lines 7 and 8 on page 7) with “70(4), (5), (8), and (10)”
.
New subclause (7B): Insert after subclause (7) (after line 15 on page 7):
(7B) Section 131B comes into force on 1 April 2012.
Clause 19
Subclause (2B): Replace (lines 6 to 10 on page 15) with:
(2B) After section EX 20B(3)(n), the following is added:
“(p) a dividend that is excluded by section CD 36(2) (Foreign investment fund income) from the effect of section CD 36(1).”
Clause 69
Omit (lines 15 to 22 on page 58).
Clause 70
Replace heading (lines 23 and 24 on page 58) with “Effect of attributed CFC net loss and FIF net loss from before first affected year”
.
Subclause (1): section IQ 2B(1)(c): Insert, after “person”
(line 2 on page 59), “or is made available to the person for the conversion year by another company in the same group”
.
Subclause (2): section IQ 2B(2)(b): Insert, after “attributed CFC net loss”
(lines 17 and 18 on page 59), “or FIF net loss”
.
Clause 71
Omit (lines 17 to 28 on page 60).
Clause 72
Omit (lines 29 to 36 on page 60).
Clause 102
Replace (line 33 on page 69 to line 2 on page 70) with:
102 Section OE 7 repealed
(1) Section OE 7 is repealed.
(2) Subsection (1) applies for income years beginning on or after 1 July 2012.
Clause 115
Replace (lines 18 to 21 on page 72) with:
115 Section OP 101 repealed
(1) Section OP 101 is repealed.
(2) Subsection (1) applies for income years beginning on or after 1 July 2012.
Clause 126
Subclause (20): Omit (lines 33 to 35 on page 77).
Subclause (29): Omit (lines 28 and 29 on page 78).
New subclause (30B): Insert after subclause (30) (after line 33 on page 78):
(30B) In the definition of non-refundable tax credit, paragraph (d) is repealed.
New subclause (31B): Insert after subclause (31) (after line 6 on page 79):
(31B) In the definition of old company tax rate,—
(a)
“30%”is replaced by“30% or 33%”:
(b)
“2008–09”is replaced by“2011–12”.
New clause 131B
Insert after clause 131 (after line 15 on page 82):
131B Schedule 31—Annualised equivalent amount for Part M
In schedule 31, in the table, in the first and second rows under the heading,
“$36,827”is replaced by“$36,350”, in each place in which it appears.
Explanatory note
This Supplementary Order Paper makes adjustments for the effects of amendments by the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63) to provisions being amended by the bill and makes minor drafting corrections. In addition, minor drafting oversights from Budget 2010 and Budget 2011 legislation are corrected.
In clause 19, the paragraph being inserted by subclause (2B) is renumbered to allow for the insertion of another paragraph by an earlier Act with a later application.
Clauses 69, 71, 72, and 126(20) are omitted because they have been superseded by earlier amendments.
Wording in clauses 70, 102, and 115 is adjusted to allow for earlier amendments.
Clause 126(29) is omitted and a duplicate amendment inserted as new clause 126(30B), in the correct alphabetical order.
In new clauses 126(31B) and 131B, some numbers and dates that should have been adjusted by the budget-night legislation for Budget 2010 and Budget 2011 are updated.
This Supplementary Order Paper replaces Supplementary Order Paper No 245 dated 9 June 2011.
"Related Legislation
"Related Legislation
"Related Legislation
Versions
Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
More
Taxation (International Investment and Remedial Matters) Bill - Amendment paper No 005
RSS feed link copied, you can now paste this link into your feed reader.