Insert:

Giving each account-holder an annual statement

Giving the Commissioner of Taxation an annual report

Provisions about statements and reports in approved forms

Note: That Division sets out rules about approved forms and when they can be given.

This section does not limit the Taxation Administration Act 1953

Section 16AHA of the Banking Act 1959 applies in relation to amounts paid or applied before, on or after the commencement of the section.

Insert:

First Home Saver Accounts Act 2008

Add:

Note: If the person has or had an entitlement arise under Banking Act 1959 in relation to an FHSA, section 128A of this Act affects this section.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Add:

Note: Section 128A prevents this section from applying to the opening of an FHSA on a person’s behalf by APRA or a liquidator under Banking Act 1959.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Add:

Note: Section 128A extends the operation of this section in relation to an FHSA opened on a person’s behalf by APRA or a liquidator under Banking Act 1959.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Omit “Note:”, substitute “Note 1:”.

Add:

Note 2: If an entitlement under Banking Act 1959 arises in connection with the FHSA, this section does not prevent a payment from the FHSA connected with the right to be paid that section 16AI of that Act gives APRA in relation to the FHSA (see section 128A of this Act).Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Insert:

Application

Some contributions treated as transfers from old FHSA

this Act applies as if the contribution were by way of a transfer from the old FHSA to the other FHSA.

Note: The effects of this include the contribution being covered by paragraph 11(3)(a), so that the contribution is not a personal FHSA contribution, does not count against the limit on contributions set by section 27 and does not count for working out the amount of a Government FHSA contribution for the person under section 38.

Old FHSA does not affect whether person meets FHSA eligibility requirements

Note: This ensures that the holding and closure of the old FHSA after the entitlement arises cannot prevent the person from meeting the FHSA eligibility requirements.

Opening of new FHSA to meet entitlement

Note: A defendant in a prosecution for an offence against Criminal Code.section 19 bears an evidential burden in relation to the matter in subsection (4) of this section: see subsection 13.3(3) of the

Notice of person not meeting the FHSA eligibility requirements

within 30 days after notice is sent to the person of the opening of the new FHSA.section 20 applies to the person as the holder of the new FHSA in relation to the provider of the new FHSA, but so as to require the person to give notice

Payment connected with right given to APRA by the Banking Act 1959

Note: Section 16AI of the Banking Act 1959 gives APRA the right (or part of the right) the holder of the old FHSA had to be paid an amount by the provider of the old FHSA in connection with the old FHSA.

The amendments of the First Home Saver Accounts Act 2008 made by this Schedule apply in relation to entitlements arising under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 after 17 October 2008.

Note: Banking Act 1959 commenced on 18 October 2008.Division 2AA of Part II of the

Income Tax Assessment Act 1936

Add:

Note: Section 393-80 affects the unrecouped FMD deduction of a new deposit linked to an old farm management deposit in relation to which there arose an entitlement under Banking Act 1959.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Add:

Note 3: Section 393-85 limits the operation of subsection (4) of this section if:

Insert:

ADI has the same meaning as in the Banking Act 1959.

Omit “(authorised deposit-taking institution) for the purposes of the Banking Act 1959”.

Add:

Guide to Subdivision 393-D

A deposit (the new deposit) arising from:

is treated as a transfer of the farm management deposit that does not give rise to new assessable income or deductions.

Table of sections

Operative provisions

393-80 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme

393-85 Repayment if owner of farm management deposit with insolvent ADI is bankrupt, dies or ceases to be a primary producer

Operative provisions

Application

Note: If an amount is deposited in connection with an account with the old ADI containing 2 or more old farm management deposits, the amount is to be apportioned between each old farm management deposit, so that so much of the amount as is attributable to a particular old farm management deposit is regarded as a distinct new deposit relating to that old farm management deposit.

New deposit is a farm management deposit

Note 1: The effects of this include the following:

Note 2: Also, the unrecouped FMD deduction in respect of the new deposit is the same as the unrecouped FMD deduction in respect of the old farm management deposit (see subsection 393-50(5)), unless subsection (6) or (7) of this section applies because the new deposit is less than the old farm management deposit.

Note: This means that the new deposit, or a deposit made as a direct result of the transfer of the new deposit, can be a farm management deposit (despite subsection 393-45(1)) even if it is less than $1,000.

Note: This means that a deposit made with a financial institution other than the old ADI after the entitlement arises can be a farm management deposit (despite subsection 393-45(1)) even though the owner of the deposit still has the old farm management deposit with the old ADI.

Note: This ensures that the new deposit can be a farm management deposit (despite subsection 393-45(1)) even though the owner of the new deposit has other farm management deposits with other financial institutions when the new deposit is made.

Unrecouped FMD deduction for new deposit less than old farm management deposit

Note: The new deposit could be less than the old farm management deposit if the entitlement is paid in instalments (each of which will be a separate new deposit).

the unrecouped FMD deduction in respect of the new deposit is equal to the difference (if any).

Note: This ensures that when new deposits linked to the old farm management deposit are repaid, the total amount included in assessable income will not exceed the unrecouped FMD deduction in respect of the old farm management deposit.

Relationship with other provisions

The amendments of Schedule 2G to the Income Tax Assessment Act 1936 made by this Schedule apply to assessments for the year of income including 18 October 2008 and later years of income.

Note: Banking Act 1959 commenced on 18 October 2008.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Income Tax Assessment Act 1997

Add:

Note 4: A capital gain or loss you make because of Banking Act 1959 is disregarded: see section 253-10 of this Act. Section 16AI of the Banking Act 1959:section 16AI of the

Note 5: A capital gain or loss you make because, under Insurance Act 1973, you dispose of a CGT asset consisting of your rights against a general insurance company to APRA is disregarded: see section 322-30 of this Act.section 62ZZL of the

Add:

Note 7: A capital gain or loss you make from the meeting of your entitlement under Banking Act 1959 or Part VC (Financial claims scheme for account-holders with insolvent general insurers) of the Insurance Act 1973 is disregarded: see sections 253-10 and 322-30 of this Act.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Add:

Add:

Table of Subdivisions

253-A Tax treatment of entitlements under financial claims scheme

Guide to Subdivision 253-A

This Act applies to a payment of an entitlement under Banking Act 1959 as if the payment were made by the ADI under the agreement for the account concerned.Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the

Special rules prevent the arising and payment of such an entitlement from creating inappropriate capital gains or losses affecting assessable income.

Table of sections

Operative provisions

253-5 Payment of entitlement under financial claims scheme treated as payment from ADI

253-10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects

253-15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement

Operative provisions

Note: This section has effect subject to more detailed provisions about:

Note: Taxation Administration Act 1953 contains special provisions about how Part 2-5 in that Schedule operates in relation to the meeting of entitlements under Division 2AA of Part II of the Banking Act 1959.Division 21 in Schedule 1 to the

Disregard a *capital gain or *capital loss you make:

Note: Section 16AI of the Banking Act 1959 reduces the right of an account-holder who has a protected account with a declared ADI to be paid an amount by the ADI, by the account-holder’s entitlement under Subdivision C of Division 2AA of Part II of that Act to be paid an amount by APRA in connection with the account.

The *reduced cost base is worked out similarly.

Add:

Note: The effects of this include:

Note: Banking Act 1959 commenced on 18 October 2008.Division 2AA of Part II of the

Repeal the heading, substitute:

Add “and deals with the tax treatment of entitlements under Insurance Act 1973”.Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the

Repeal the heading, substitute:

Add:

Guide to Subdivision 322-B

This Act applies to a payment of an entitlement under Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned.Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the

Disregard a capital gain or loss from:

Table of sections

Operative provisions

322-25 Payment of entitlement under financial claims scheme treated as payment from insurer

322-30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects

Operative provisions

Note: Taxation Administration Act 1953 contains special provisions about how Part 2-5 in that Schedule operates in relation to the meeting of entitlements under Part VC of the Insurance Act 1973.Division 21 in Schedule 1 to the

Disregard a *capital gain or *capital loss you make because:

Note 1: Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.

Note 2: Insurance Act 1973 entitles persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.Division 3 of Part VC of the

Income Tax (Transitional Provisions) Act 1997

Add:

Table of Subdivisions

253-A Tax treatment of entitlements under financial claims scheme

Table of sections

253-5 Application of section 253-5 of the Income Tax Assessment Act 1997

253-10 Application of sections 253-10 and 253-15 of the Income Tax Assessment Act 1997

Section 253-5 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Division 2AA of Part II of the Banking Act 1959 after 17 October 2008.

Note: Banking Act 1959 commenced on 18 October 2008.Division 2AA of Part II of the

Sections 253-10 and 253-15 of the Income Tax Assessment Act 1997 apply to CGT events happening after 17 October 2008.

Repeal the heading, substitute:

Add:

Table of Subdivisions

322-B Tax treatment of entitlements under financial claims scheme

Table of sections

322-25 Application of section 322-25 of the Income Tax Assessment Act 1997

322-30 Application of section 322-30 of the Income Tax Assessment Act 1997

Section 322-25 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Part VC of the Insurance Act 1973 after 17 October 2008.

Note: Insurance Act 1973 commenced on 18 October 2008.Part VC of the

Section 322-30 of the Income Tax Assessment Act 1997 applies to CGT events happening after 17 October 2008.

Insurance Act 1973

Insert:

Giving each recipient an annual statement

Giving the Commissioner of Taxation an annual report

Provisions about statements and reports in approved forms

Note: That Division sets out rules about approved forms and when they can be given.

This section does not limit the Taxation Administration Act 1953

Section 62ZZKA of the Insurance Act 1973 applies in relation to amounts paid or applied before, on or after the commencement of the section.

Add “under the terms and conditions of the policy”.

Insert:

Taxation Administration Act 1953

Add:

Table of Subdivisions

Guide to Division 21

21-A Treatment of some payments by APRA

Guide to Division 21

This Part applies in relation to a payment by APRA under:

in a way corresponding to the way this Part would have applied if the payment had been made by the ADI or company in connection with the account or policy.

Table of sections

21-5 APRA treated like ADI or general insurance company

Note 1: Banking Act 1959 entitles entities that have certain accounts with certain insolvent ADIs to be paid amounts by APRA worked out by reference to the balance of those accounts.Division 2AA of Part II of the

Note 2: Insurance Act 1973 entitles entities with valid claims against certain insolvent general insurance companies under certain general insurance policies issued by those companies to be paid amounts by APRA.Part VC of the

Example: APRA (or APRA’s agent or delegate) pays an entity an amount of the entity’s entitlement relating to an account with an ADI. This Part applies in relation to APRA and the payment in a way corresponding to the way in which this Part would have applied in relation to the ADI had the ADI made a payment at that time of that amount under the arrangements for keeping the account.

Note: Banking Act 1959 and Part VC of the Insurance Act 1973 commenced on 18 October 2008.Division 2AA of Part II of the

After “asset is an”, insert “interest in an”.

Add:

Repeal the note, substitute:

Note: For determining whether an entity is a small business entity, see Subdivision 328-C (as affected by section 152-48).

Insert:

Passively held assets—affiliates and entities connected with you

Note 1: For determining whether an entity is a small business entity, see Subdivision 328-C (as affected by section 152-48).

Note 2: For businesses that are winding up, see section 152-49 and subsection 328-110(5).

Passively held assets—partnerships

Note 1: For determining whether an entity is a small business entity, see Subdivision 328-C (as affected by section 152-48).

Note 2: For businesses that are winding up, see section 152-49 and subsection 328-110(5).

Insert:

Additional basic conditions for shares in a company or interests in a trust

Insert:

Extra conditions for some concessions

Insert:

Special rules for certain CGT events

Repeal the paragraphs, substitute:

Omit “subparagraph (1)(a)(ii)”, substitute “subparagraph (1)(a)(iii)”.

Add:

Note 3: An example of an asset that is inherently connected with a business is goodwill or the benefit of a restrictive covenant.

Note 4: For businesses that are winding up, see section 152-49 and subsection 328-110(5).

Repeal the subsection.

Omit “or (1A)”.

Omit “subparagraph 152-40(1)(a)(ii)”, substitute “subparagraph 152-40(1)(a)(iii)”.

Insert:

Treatment of passively held CGT assets

Example: The spouse or child mentioned in subsection (2) is taken to be an affiliate of the individual for the purposes of working out which entities are affiliates of or connected with entities under section 152-48.

then, each partnership referred to in paragraph (b) that is not (apart from this section) *connected with the test entity is taken to be connected with the test entity.

Note: The entity might also be taken to be a small business entity in the CGT event year (see subsection 328-110(5)).

Add:

Note: For small business relief purposes, additional entities may be treated as being connected with you or your affiliate under section 152-48.

Add:

Note: For small business relief purposes, a spouse or a child under 18 years may also be an affiliate under section 152-47.

Income Tax Assessment Act 1936

Add:

Note: This section does not apply to an amount if the amount is paid to a CGT concession stakeholder under subsection 152-325(1) of the Income Tax Assessment Act 1997 (see subsection 152-325(11)).

Repeal the note, substitute:

Note 1: Some payments do not give rise to dividends under Subdivision D. This section also does not give rise to a dividend if the amount is paid to a CGT concession stakeholder under subsection 152-325(1) of the Income Tax Assessment Act 1997 (see subsection 152-325(11)).

Income Tax Assessment Act 1997

Insert:

Add:

Note: You do not have to satisfy the basic conditions in Subdivision 152-A for the gain in relation to CGT event J5 (see subsection 152-305(4)).

Add:

Note: You do not have to satisfy the basic conditions in Subdivision 152-A for the gain in relation to CGT event J6 (see subsection 152-305(4)).

Omit:

There are limitations on the availability of the small business concessions for CGT events J2, J5 and J6.

Substitute:

There are limitations on the availability of the small business concessions for CGT events J2, J5 and J6.

You do not need to satisfy the basic conditions for the retirement exemption in relation to CGT events J5 and J6.

Omit “Note”, substitute “Note 1”.

Add:

Note 2: This Subdivision does not apply to CGT events J5 and J6 in relation to the retirement exemption (see subsection 152-305(4)).

After “first-mentioned entity” (second occurring), insert “, but include any liabilities related to any such shares, units or interests”.

Omit “in the course of carrying on the *business mentioned in subsection (1)”, substitute “by you”.

Insert:

Repeal the heading, substitute:

CGT event happens to asset or interest within 2 years of an individual’s death

Repeal the heading, substitute:

Repeal the paragraphs, substitute:

Omit “the individual”, substitute “the deceased individual referred to in subparagraph (a)(i) or (ii)”.

Repeal the subsection, substitute:

Omit:

You may choose not to apply the concession in section 152-205 (small business 50% reduction) before this one. For an additional concession, see also Subdivision 152-E (small business roll-over).

Substitute:

You may choose not to apply the concession in section 152-205 (small business 50% reduction) before this one. For an additional concession, see also Subdivision 152-E (small business roll-over).

You do not need to satisfy the basic conditions for this exemption in relation to CGT events J5 and J6.

Insert:

Add:

Repeal the subsection, substitute:

Additional consequences in relation to interposed entities

then:

After “payment”, insert “(whether directly or indirectly through one or more interposed entities)”.

Repeal the subsection, substitute:

Payments are not dividends or frankable distributions

Add:

Partners in a partnership

Tax Laws Amendment (2008 Measures No. 6) Act 2009

Repeal the table item.

The amendments made by items 25 to 27 of this Schedule apply to CGT events that happen on or after the day on which this Act receives the Royal Assent.

The amendments made by items 30 to 32 of this Schedule apply to CGT events happening in the 2006-07 income year and later income years.

The amendment made by item 34 applies to proceeds received in the 2007-08 income year and later income years.

The amendment made by item 35 of this Schedule applies to CGT events happening in the 2006-07 income year and later income years.

The amendments made by items 36 to 38 of this Schedule apply to payments that are made (whether by a company or trust to comply with Income Tax Assessment Act 1997 or by an interposed entity) on or after the day on which this Act receives the Royal Assent.section 152-325 of the

The amendment made by item 39 of this Schedule applies to assessments for the 2007-08 income year and later income years.

Repeal the paragraph, substitute:

The amendment made by this Schedule applies in relation to a CGT event happening in:

Omit “section 67-25”, substitute “section 67-23”.

Income Tax Assessment Act 1997

Insert:

Insert:

The following *tax offsets are subject to the refundable tax offset rules:

Note 1: Subsection 61-205(2) of this Act deals with tax offsets for trustees who are assessed and liable to pay tax under Income Tax Assessment Act 1936.section 98 of the

Note 2: For the tax offsets available under Division 207 and Subdivision 210-H (franked distributions), see section 67-25.

Repeal the heading, substitute:

Repeal the heading.

Repeal the subsections.

Omit “subsection 67-25(2A)”, substitute “section 67-23”.

Omit “subsection 67-25(2A)”, substitute “section 67-23”.

Omit “subsection 67-25(2A)”, substitute “section 67-23”.

Insert:

Table of Subdivisions

Guide to Division 402

402-W Urban water tax offset

Guide to Division 402

This Division provides for certain tax measures in relation to environment protection.

Guide to Subdivision 402-W

A company may get a refundable tax offset under the National Urban Water and Desalination Plan for a project that the Water Minister certifies as being eligible for the tax offset.

The amount of the urban water tax offset is specified in the certificate.

The urban water tax offset is only available for the income years 2009-10 to 2012-13.

Note: This Subdivision will be repealed on 1 July 2014: see Tax Laws Amendment (2009 Measures No. 2) Act 2009.Part 2 of Schedule 4 to the

Table of sections

402-755 Entitlement to urban water tax offset

402-760 Certificates

402-765 Amount of urban water tax offset

402-770 Revoking certificates

402-775 AAT review

402-780 Guidelines

Note: The tax offset is subject to the refundable tax offset rules: see section 67-23.

Issuing certificates

Refusal to issue certificates

Revoking certificates

Revoked certificates taken never to have been issued

Note: Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.

Certificates cannot be varied

A company may apply to the *AAT for review of a decision of the *Water Minister under this Subdivision:

Insert:

Water Department means the Department that:

Insert:

Water Minister means the Minister administering section 1 of the Water Act 2007.

Taxation (Interest on Overpayments and Early Payments) Act 1983

Omit “Section 67-25”, substitute “Division 67”.

Omit “Section 67-25”, substitute “Division 67”.

Omit “Section 67-25”, substitute “Division 67”.

Add:

Omit “1 July 2008”, substitute “1 July 2009”.

Add:

Insert:

Omit “1 January 2008”, substitute “1 January 2011”.

Repeal the item, substitute:

Add:

Insert:

Insert:

Omit “item 13.2.12”, substitute “13.2.14A”.

Insert:

Insert:

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

Omit “13.2.8”, substitute “13.2.9”.

Omit “, 110AA and 112AF”, substitute “ and 110AA”.

The amendments made by Part 1 of this Schedule apply in relation to assessments for:

After “apply”, insert “to the *Registrar”.

Repeal the subsections, substitute:

Note: Including a TFN in an application will not be an offence against subsection 8WB(1) of the Taxation Administration Act 1953 (see paragraph 8WB(1A)(a) of that Act).

Insert:

After “your identity”, insert “, or that of an *associate referred to in paragraph (1)(ca),”.

Add:

Note: A decision setting the date of effect of your registration is a reviewable ABN decision.

Omit “a registered entity”, substitute “an entity registered under this section”.

Add:

Note: This subsection applies only to entities registered under section 11.

Repeal the note, substitute:

Note: A decision refusing to register you is a reviewable ABN decision.

Repeal the paragraph, substitute:

Repeal the note.

Repeal the section, substitute:

Note: This Act is a taxation law for the purposes of the Taxation Administration Act 1953. If an entity fails to comply with this subsection, the entity commits an offence against section 8C of that Act.

The period specified under subparagraph (c)(ii) must end at least 14 days after the notice is given.

Note: Section 12 deals with giving notice to an entity registered under section 11.

Omit “a registered entity”, substitute “an entity registered under section 11”.

Omit “Note”, substitute “Note 1”.

Add:

Note 2: A decision to cancel your registration is a reviewable ABN decision.

Repeal the note, substitute:

Note 1: A decision setting the date of effect of a cancellation is a reviewable ABN decision.

Omit “a registered entity”, substitute “an entity registered under section 11”.

Repeal the subsection, substitute:

At your request

Note: A decision to refuse to cancel your registration is a reviewable ABN decision.

Repeal the note, substitute:

Note 1: Section 12 deals with giving notice to an entity registered under section 11.

Add:

Note 2: A decision setting the date of effect of a cancellation is a reviewable ABN decision.

Omit “a registered entity”, substitute “an entity registered under section 11”.

Repeal the Division.

Repeal the Division, substitute:

Insert:

Add:

Note: A decision refusing an application not to disclose details is a reviewable ABN decision.

Add:

Note: A decision refusing an application not to disclose details is a reviewable ABN decision.

Repeal the Division.

Insert:

Insert:

approved form has the same meaning as in the *ITAA 1997.

Repeal the definition.

Repeal the definition.

Insert:

reviewable ABN decision has the meaning given by section 21.

Product Grants and Benefits Administration Act 2000

After “address shown in the Register”, insert “under subsection 25(2) of the A New Tax System (Australian Business Number) Act 1999”.

Taxation Administration Act 1953

After “address shown in the Register”, insert “under subsection 25(2) of the A New Tax System (Australian Business Number) Act 1999”.

A New Tax System (Australian Business Number) Act 1999

Insert:

Main object

Insert:

Reducing registration and reporting requirements

Add:

Multi-agency dealings

Repeal the heading, substitute:

Insert:

Note: Including a TFN in an application will not be an offence against subsection 8WB(1) of the Taxation Administration Act 1953 (see paragraph 8WB(1A)(a) of that Act).

Insert:

After “*you”, insert “(for an application under section 9)”.

Insert:

The *Registrar registers *your representative (for an application under section 9A) by entering in the *Australian Business Register in relation to you:

After “for registration”, insert “under section 9 or your application for registration of your representative under section 9A”.

After “register you”, insert “or your representative”.

After “for registration”, insert “under section 9, or your application for registration of your representative under section 9A,”.

Repeal the subsection, substitute:

Add:

Insert:

Note: A decision to cancel the registration of your representative is a reviewable ABN decision.

Repeal the subsection, substitute:

At your request

Note: A decision to refuse to cancel your registration or that of your representative is a reviewable ABN decision.

After “*your registration”, insert “, or the registration of your representative,”.

Repeal the subsection, substitute:

Repeal the heading, substitute:

Repeal the heading, substitute:

Add:

Penalty: Imprisonment for 2 years.

Add:

Repeal the subsection, substitute:

are incorrect and the Registrar has access to details that the Registrar believes to be the correct ones.

Add:

; (e) the entrusted person is the Registrar and the disclosure:

Note: A disclosure under paragraph (3)(e) could, for example, be for the purpose of administering or cancelling the representative’s registration.

Omit “Subdivisions 41-B and 45-A”, substitute “Subdivision 41-B”.

Repeal the note.

Repeal the Division.

Repeal the note.

Omit “2”.

Repeal the subsection.

Omit “(1)”.

Repeal the subsection.

Omit “and subsection 45-5(2)”.

Repeal the definition.

Repeal the definition.

Repeal the definition.

Omit “Subsection 65-10(1)”, substitute “Section 65-10”.

Omit “Subsection 65-10(1)”, substitute “Section 65-10”.

Omit “and subsection 45-5(2)”.

Meaning of programme end time

programme end time means the time occurring just before the commencement of Part 1 of this Schedule.

Application

Decreasing fuel tax adjustment

Insert:

Add:

The following payments administered by the Rural Finance Corporation of Victoria in relation to the Victorian bushfires of 2009 are not assessable income and are not *exempt income:

Income Tax Assessment Act 1997

Omit:

Repeal the section.

The amendments made by Part 1 of this Schedule apply in relation to:

Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

Abbreviation key— E ndnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history— E ndnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

Uncommenced amendments— E ndnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications— E ndnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

Misdescribed amendments— E ndnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

Miscellaneous— E ndnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]