Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.

Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)”.

Omit “section 20H”, substitute “subsection 20H(2), (2AA), (2A) or (3)”.

Omit “subsection 17(1) or (2) or 20F(1) or section 20H, 24E or 24G”, substitute “subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A)”.

Omit “subsection 17(1) or (2) or section 20H or 24G”, substitute “subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.

Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.

Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B)”.

After “as follows”, insert “(unless subsection (3B) or (3C) applies)”.

Omit “section 20H”, substitute “subsection 20H(2) or (3)”.

Omit “section 24G”, substitute “subsection 24G(2)”.

Insert:

Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.

Omit “subsection 17(2) or section 20H or 24G”, substitute “subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2)”.

After “as follows”, insert “(unless subsection (3A) applies)”.

Omit “section 20H”, substitute “subsection 20H(2) or (3)”.

Omit “section 24G”, substitute “subsection 24G(2)”.

Insert:

Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307-142(3B) and (4) of this Act.

Omit “subsection 17(2) and sections 20H and 24G”, substitute “subsections 17(2), 20H(2), (2AA), (2A) and (3) and 24G(2)”.

Superannuation (Departing Australia Superannuation Payments Tax) Act 2007

Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.

Superannuation (Unclaimed Money and Lost Members) Act 1999

Omit “section 20H”, substitute “subsection 20H(2) or (3)”.

Omit “Section 20H provides”, substitute “Subsections 20H(2) and (3) provide”.

Omit “section 17”, substitute “subsection 17(2)”.

Omit “this section in respect of the person”, substitute “subsections (2) and (3) of this section in respect of the person (disregarding an amount paid under subsection (3), to the extent the amount was attributable to interest that would have been payable under subsection (2A) apart from subsection (3))”.

Omit “section 24G”, substitute “subsection 24G(2)”.

Omit “section 17, 24E or 24G”, substitute “subsection 17(1) or (2), section 24E or subsection 24G(2)”.

Omit “section 20H”, substitute “subsection 20H(2), (2AA) or (2A)”.

Omit “section 20H”, substitute “subsection 20H(2) or (3)”.

Omit “section 17”, substitute “subsection 17(1)”.

Omit “section 20H”, substitute “subsection 20H(2) or (3)”.

Omit “Section 20H provides”, substitute “Subsections 20H(2) and (3) provide”.

Omit “section 24G”, substitute “subsection 24G(2) or (3A)”.

Omit “section 20H”, substitute “subsection 20H(2), (2AA), (2A) or (3)”.

Income Tax Assessment Act 1997

Add:

Add:

The following amounts are exempt from income tax:

Note: An amount of interest paid under paragraph 69(7AA)(a) of the Banking Act 1959 is not ordinary income or statutory income.

Note: An amount of interest paid under paragraph 216(7A)(a) of the Life Insurance Act 1995 is not ordinary income or statutory income.

Note: For interest paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999, see subsections 307-142(3B) and (3C).

Repeal the Division.

Insert:

Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.

Omit “neither paragraph (aa) nor (a)”, substitute “none of the above paragraphs”.

Insert:

Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.

Insert:

Omit “paragraph (aa) does not apply”, substitute “neither paragraph (aa) nor (ab) applies”.

Repeal the paragraph.

Repeal the heading, substitute:

Omit “eligible fringe benefits”, substitute “in-house fringe benefits”.

Repeal the subsection, substitute:

Repeal the definition.

Repeal the definition.

Repeal the definition, substitute:

airline transport fringe benefit means an in-house property fringe benefit, or in-house residual fringe benefit, to the extent that the benefit:

Repeal the definition, substitute:

comparison time, in relation to a residual fringe benefit, means:

Repeal the definition.

Repeal the definition.

Repeal the definition.

Repeal the definition.

Repeal the definition.

Repeal the definition.

Omit “an airline transport fringe benefit,”.

Omit “the recipients transport,”.

Repeal the definition.

Insert:

stand-by airline travel value, in relation to an airline transport fringe benefit, means:

Repeal the definition.

Repeal the definition.

Omit “an airline transport fringe benefit,”.

Repeal the paragraph.

The amendments made by this Schedule apply in relation to the provision after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012 of:

Insert:

Repeal the item, substitute:

Add:

Insert:

The *cost of a *depreciating asset is reduced by any portion of it that consists of expenditure that you cannot deduct because of section 26-100.

Repeal the subsection, substitute:

Limit on deduction

After “capital expenditure”, insert “(disregarding expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure))”.

Add:

; or (i) expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure).

Add:

Note: One of the requirements for a SRWUIP payment is for the SRWUIP program to be on the published list of SRWUIP programs for the day the payment is made (see subsection 59-67(5)).

Disregard subsection 26-100(3) (about expenditure that is never SRWUIP expenditure) for the purposes of this subsection.

The choice cannot be revoked.

Integrity rule

Example: The Commonwealth seeks to recover half of a payment made under a SRWUIP program. The remaining half is still a payment made under the SRWUIP program.

Example: A program could be listed for each day on or after 1 July 2011.

Entering SRWUIP programs on the list

Changing the days for which a SRWUIP program is listed

The *Water Secretary must change the list accordingly.

Giving directions

The *Water Secretary must notify the Commissioner about each payment described in subsection 59-67(6) that the Commonwealth seeks to recover.

Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to an outcome that is consequential on any or all of the following events:

if the amendment is made at any time during the period of 2 years starting immediately after that event.

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

Add:

Note: Section 26-100 denies deductions for certain expenditure on water infrastructure improvements.

Insert:

Note: Section 26-100 denies deductions for certain expenditure on water infrastructure improvements.

Insert:

Insert:

direct SRWUIP payment has the meaning given by subsection 59-67(3).

Insert:

indirect SRWUIP payment has the meaning given by subsection 59-67(4).

Insert:

SRWUIP expenditure has the meaning given by subsections 26-100(2) and (3).

Insert:

SRWUIP payment has the meaning given by subsection 59-67(2).

Insert:

SRWUIP program has the meaning given by subsection 59-67(1).

Insert:

Water Secretary means the Secretary of the *Water Department.

The amendments made by this Schedule apply in relation to payments made on or after 1 April 2010 by the Commonwealth under a SRWUIP program.

Note: The requirements for making the choice must still be satisfied (see subsection 59-65(2) of that Act). This item does not change the income years referred to in that subsection.

Insert:

Insert:

Table of Subdivisions

Guide to Division 160

160-A Object of this Division

160-B Entitlement to and amount of loss carry back tax offset

160-C Loss carry back choice

Guide to Division 160

A corporate tax entity can choose to “carry back” a tax loss it has for the current year, or for the preceding income year, against the income tax liability it had for either of the 2 income years preceding the current year.

The entity gets a refundable tax offset for the current year that is a proxy for the tax the entity would save if it deducted the loss in the income year to which the loss is “carried back”.

The refundable tax offset is capped at the lesser of $1,000,000 multiplied by the corporate tax rate, and the entity’s franking account balance.

Table of sections

160-5 Object of this Division

The object of this Division is to reduce the tax disincentive for corporate tax entities to take sensible investment risks. The Division does this by allowing such entities to offset their tax losses against their income tax liabilities for the 2 previous income years through a refundable tax offset.

Table of sections

160-10 Entitlement to loss carry back tax offset

160-15 Amount of loss carry back tax offset

An entity is entitled to a *tax offset (the loss carry back tax offset) for the *current year if the following conditions are satisfied:

Note: See also section 160-25.

Note 1: The entity is entitled to only one loss carry back tax offset for the current year. However, that offset has 2 components, one relating to the earliest year and one relating to the middle year: see section 160-15.

Note 2: The loss carry back tax offset is a refundable tax offset: see section 67-23.

Method statement

Step 1. Start with the amount of the *tax loss the entity *carries back to the income year (or the sum of the amounts of the tax losses the entity carries back to the income year).

Note: If no amount is carried back to the income year, the step 1 amount, and the loss carry back tax offset component for the income year, are nil.

Step 2. Reduce the step 1 amount by the entity’s *net exempt income for the income year.

Note: Do not reduce the step 1 amount by the entity’s net exempt income to the extent the net exempt income has already been utilised: see section 960-20.

Step 3. Multiply the step 2 amount by the *corporate tax rate for the *current year.

Step 4. The entity’s loss carry back tax offset component for the income year is so much of the entity’s *income tax liability for the income year as does not exceed the step 3 amount.

Example: Redom Pty Ltd has at the end of the 2013-14 income year:

Redom chooses to carry back $405,000 of its tax loss for the 2013-14 year to the 2011-12 year and $495,000 of that loss to the 2012-13 year.

Redom’s loss carry back tax offset for the 2013-14 year is $268,500, worked out as follows:

The sum of the 2 components is $268,500 (which is less than Redom’s $280,000 franking account balance at the end of the 2013-14 year). If that sum had exceeded that balance, the amount of the offset would have been limited under paragraph (1)(b) to that balance.

Income tax liability for earliest year already utilised

Foreign residents

Table of sections

160-20 Loss carry back choice

160-25 Entity must have been a corporate tax entity during relevant years

160-30 Transferred tax losses etc. not included

160-35 Integrity rule—no loss carry back tax offset if scheme entered into

Note: The entity must be a corporate tax entity throughout the current year: see paragraph 160-10(a).

The entity cannot *carry back an amount of a *tax loss for an income year, to the extent that the loss:

No loss carry back tax offset if scheme entered into

Relevant circumstances

Application of this section to non-share equity interests

Insert:

income tax liability, of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4-10(3)) for the financial year applicable to the entity under subsection 4-10(2).

Insert:

interest in membership interests has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.

Insert:

scheme for a disposition, in relation to *membership interests or an *interest in membership interests, has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.

Income Tax (Transitional Provisions) Act 1997

Insert:

Table of Subdivisions

160-A Application of Division 160 of the Income Tax Assessment Act 1997

Table of sections

160-1 Application of Division 160 of the Income Tax Assessment Act 1997

160-5 Modification for 2012-13 income year—no carry back to 2010-11 income year

Income Tax Assessment Act 1997 applies to assessments for the 2012-13 income year and later income years.Division 160 of the

Income Tax Assessment Act 1997

Repeal the section.

The amendment made by item 7 does not apply in relation to an objection made before the commencement of this item.

Insert:

tax offset refund, of yours for an income year, means a refund you can get as mentioned in item 40 of the table in subsection 63-10(1) (refundable tax offsets) for the income year.

Income Tax (Transitional Provisions) Act 1997

Add:

Table of Subdivisions

67-L Notices of totals of tax offset refunds for 2012-13 income year

Table of sections

Giving notices

67-100 Notices of total of tax offset refunds

67-105 Deemed notices

67-110 Requests for notices

67-115 Effect of notices

Amending notices

67-120 Amendment of notices

Validity of notices, evidence and review

67-125 Validity of notices

67-130 Evidence

67-135 Review of notices

Giving notices

Amending notices

The Commissioner may amend a notice at any time. An amended notice is a notice for all purposes of this Subdivision.

Validity of notices, evidence and review

The validity of a notice is not affected by non-compliance with the provisions of this Act or of any other taxation law.

is, except in proceedings under Taxation Administration Act 1953 on a review or appeal relating to the notice, conclusive evidence that the notice was given and of the particulars in it.Part IVC of the

Income Tax Assessment Act 1936

Repeal the paragraphs, substitute:

Note 1: A taxpayer does not have a taxable income if the taxpayer’s deductions equal or exceed the taxpayer’s assessable income: see subsection 4-15(1) of the Income Tax Assessment Act 1997.

Note 2: A taxpayer may have no tax payable on an amount of taxable income if that income is below the tax-free threshold or if the taxpayer’s tax offsets reduce the taxpayer’s basic income tax liability to nil.

Insert:

tax offset refund has the meaning given by the Income Tax Assessment Act 1997.

Insert:

Repeal the section, substitute:

From the returns, and from any other information in the Commissioner’s possession, or from any one or more of these sources, the Commissioner must make an assessment of:

Repeal the paragraph, substitute:

in accordance with what the taxpayer specified in the return;

Repeal the subsection, substitute:

Insert:

Amendment increases total of tax offset refunds

Note: Interest on the amount of the increase may be payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983.

Amendment reduces total of tax offset refunds

the person is liable to pay to the Commonwealth the amount of the excess. The amount is due 21 days after the Commissioner gives the person notice of the amended assessment.

Note: For provisions about collection and recovery of the amount, see Taxation Administration Act 1953.Part 4-15 in Schedule 1 to the

Note: The general interest charge is worked out under Taxation Administration Act 1953.Part IIA of the

Omit “payable;”, substitute “payable.”.

Omit “unless the taxpayer is seeking an increase in the taxpayer’s liability”.

Add:

Income Tax (Transitional Provisions) Act 1997

Add:

Note: The total of your tax offset refunds for later income years is included in your assessment for those years: see Income Tax Assessment Act 1936.Part IV of the

Taxation Administration Act 1953

Insert:

Insert:

The amendments made by this Division apply to assessments made on or after 1 July 2013 for the 2013-14 income year or later income years.

Repeal the paragraph, substitute:

Repeal the paragraph, substitute:

The amendments made by this Division apply to an assessment if:

Income Tax Assessment Act 1936

Insert:

loss carry back tax offset has the same meaning as in the Income Tax Assessment Act 1997.

Insert:

Insert:

Insert:

After “(c)(i)”, insert “, (ca)(i)”.

Insert:

Insert:

Insert:

Add “or”.

Insert:

Insert:

determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a loss carry back tax offset to the relevant taxpayer; or

After “of a scheme include”, insert “the following”.

Omit “carried forward to a later”, substitute “unutilised (within the meaning of the Income Tax Assessment Act 1997) at the end of the relevant”.

Income Tax Assessment Act 1997

Omit “deduct in”, substitute “utilise in that or”.

Omit “so much of your *net exempt income as is not applied for that income year under section 35-15 (about non-commercial business activities) or section 36-10 or 36-15 (about tax losses)”, substitute “your *net exempt income for that year (after *utilising the net exempt income under section 35-15 (about non-commercial business activities) or section 36-10 or 36-15 (about tax losses))”.

Omit “so much of your *net exempt income as is not applied for that income year under section 36-10 or 36-15 (about tax losses)”, substitute “your *net exempt income for that year (after *utilising the net exempt income under section 36-10 or 36-15 (about tax losses))”.

Omit “which you may be able to deduct in a later income year”.

Add:

Note: You may be able to utilise the tax loss in that or a later income year.

After “Note”, insert “1”.

Add:

Note 2: A tax loss can be deducted only to the extent that it has not already been utilised: see subsection 960-20(1).

Repeal the subsections (including the note).

Add:

Note 1: A tax loss can be deducted under this section only to the extent that it has not already been utilised: see subsection 960-20(1).

Note 2: A corporate tax entity may also be able to carry a loss back to an earlier income year: see Division 160.

Repeal the subsections (including the note).

Omit “deduct”, substitute “*utilise”.

Omit “deducted”, substitute “*utilised”.

Omit “using certain losses that are carried forward”, substitute “utilising certain losses of earlier income years”.

Repeal the note.

Repeal the section, substitute:

In working out if you have a *net capital gain, your *net capital losses are applied in the order in which you made them.

Note 1: A net capital loss can be applied only to the extent that it has not already been utilised: see subsection 960-20(1).

Note 2: For applying a net capital loss for the 1997-98 income year or an earlier income year, see Income Tax (Transitional Provisions) Act 1997.section 102-15 of the

Repeal the note.

Omit “Note 2”, substitute “Note”.

Omit “an undeducted *tax loss or undeducted”, substitute “a *tax loss or”.

Omit “an unapplied *net capital loss or unapplied”, substitute “a *net capital loss or”.

Omit “an undeducted *tax loss or unapplied”, substitute “a *tax loss or”.

Omit “deduct”, substitute “*utilise”.

Repeal the subsection, substitute:

Loss company can only transfer what it cannot use itself

Omit “apply”, substitute “*utilise”.

Omit “the amount of the loss company’s *net capital loss that, apart from the transfer, the loss company would carry forward to the next income year after the application year”, substitute “what would be the amount of the *loss company’s *unutilised *net capital loss at the end of the application year if the loss company utilised the net capital loss to the greatest extent possible”.

Omit “loss company would carry forward the whole of the net capital loss”, substitute “whole of the net capital loss would be unutilised”.

Repeal the heading, substitute:

Omit “but not utilised”.

Omit “(1)”.

Repeal the subsection.

Omit “(1)”.

Repeal the subsection.

Insert:

Table of sections

960-20 Utilisation

Utilisation of losses

Utilisation of net exempt income

in determining a *tax loss for the income year; or

Insert:

carry back: you carry back to an income year so much of a *tax loss for a later income year as you specify in a *loss carry back choice to be carried back to the earlier income year.

Repeal the definition, substitute:

current year means the income year for which you are working out your assessable income, deductions and *tax offsets.

Insert:

loss carry back choice has the meaning given by section 160-20.

Insert:

loss carry back tax offset has the meaning given by section 160-10.

Insert:

loss carry back tax offset component has the meaning given by subsection 160-15(2).

Insert:

unutilised means not *utilised.

Repeal the definition, substitute:

utilise, a *tax loss, a *net capital loss or *net exempt income, has the meaning given by section 960-20.

Income Tax (Transitional Provisions) Act 1997

Repeal the heading, substitute:

Omit “undeducted tax loss may be deducted”, substitute “tax loss may be utilised”.

Taxation Administration Act 1953

Omit “you can carry it forward to the next income year”, substitute “it is *unutilised at the end of the base year”.

Omit “you can carry it forward to the next income year”, substitute “it is *unutilised at the end of the base year”.

Omit “the company can carry them forward to the next income year”, substitute “they are *unutilised at the end of the *base year”.

Omit “the company can carry them forward to the next income year”, substitute “they are *unutilised at the end of the *base year”.

Omit “can be carried forward for working out the trust’s net income for the next income year”, substitute “is *unutilised at the end of the *base year”.

Income Tax Assessment Act 1936

After “Division 36”, insert “or 160”.

Income Tax Assessment Act 1997

Insert:

Add:

Repeal the item, substitute:

Omit “deducted in a later income year”, substitute “utilised”.

Repeal the item, substitute:

Add “and”.

Insert:

Add:

Working out a PDF’s loss carry back tax offset

A company that:

cannot *carry back the loss to an earlier income year for the purposes of working out the amount of the company’s *loss carry back tax offset for an income year (the offset year) unless the company is a PDF throughout the earlier income year and the offset year.

Insert:

A *limited partnership’s *tax loss for a *loss year cannot be *carried back to an income year during which the partnership was a *VCLP, an *ESVCLP, an *AFOF or a *VCMP.

Insert:

After “applying”, insert “a *loss carry back tax offset, or”.

After “(about R&D)”, insert “,”.

Omit “item 2”, substitute “items 2 and 3”.

Add:

Insert:

Add “or 160”.

Taxation Administration Act 1953

Insert:

Repeal the subsections, substitute:

Insert:

petroleum resource rent tax law means:

Insert:

resource rent tax amount means any debt or credit that arises directly under the *resource rent tax provisions.

Insert:

resource rent tax provisions means:

other than *BAS provisions.

Minerals Resource Rent Tax Act 2012

Repeal the subsection, substitute:

Add:

Note: The amount of that mining expenditure is adjusted if an adjustment arises under Division 160 in relation to that mining expenditure: see subsection 160-15(5).

Before “An amount”, insert “(1)”.

Add:

Repeal the note, substitute:

Note: Most of the amounts are covered by this section. However, the following amounts may also be included in a miner’s mining expenditure:

Repeal the formula, substitute:

Repeal the example, substitute:

Example: For the 2013-14 MRRT year, Pinder Mines Ltd has a total mining profit of $80 million, a group mining profit of $100 million, group MRRT allowances of $10 million and a taper amount of $50 million ($100 million - $50 million). The amount worked out using the formula in subsection (1) is $22 million:((($75 million - $50 million) × 3/2) - $10 million) × 4/5. Multiplying this amount by the MRRT rate gives Pinder Mines Ltd an offset for the year of $4.95 million.

Repeal the note, substitute:

Note: Most of the amounts are covered by this Division. However, the following amounts may also be included in a miner’s pre-mining expenditure:

Omit “a mining project interest that a miner had at that time”, substitute “the mining project interest”.

Repeal the subparagraphs, substitute:

Insert:

assume that the mining project interest is a continuation of the pre-mining project interest.

Omit “in which a *starting base loss arises”, substitute “for which a *starting base loss arises”.

Repeal the paragraph, substitute:

where:

relevant financial year is:

Omit “starting base losses for the mining project interest in the year”, substitute “starting base losses for the mining project interest for the year”.

Add:

Note: Initial base values are separately assessed under Taxation Administration Act 1953. Those assessed values are used in working out starting base allowances in all assessments of MRRT liabilities: see item 15 of Schedule 4 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012.Division 155 in Schedule 1 to the

Add:

Note 3: Initial base values are separately assessed under Taxation Administration Act 1953. Those assessed values are used in working out starting base allowances in all assessments of MRRT liabilities: see item 15 of Schedule 4 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012.Division 155 in Schedule 1 to the

Omit all the words after “assume that”, substitute “the mining project interest is a continuation of the pre-mining project interest”.

Insert:

Omit “this section”, substitute “subsection (1A)”.

Insert:

assume that the mining project interest is a continuation of the pre-mining project interest.

Repeal the subsection (including the note), substitute:

the amount included in the miner’s *mining revenue under subsection (4) is reduced by the following:

where:

excess amount is the amount of the excess mentioned in subsection (4).

sum of reductions is the sum of:

total decline is the sum of the declines in value of the asset that have happened during that *MRRT year or any earlier MRRT year.

Note 1: Reductions happen under subsection 80-40(3) or (4) if the asset is used, installed for use, or constructed for use:

Note 2: Starting base losses are reduced under paragraph 115-15(2)(b) if a miner chooses to treat a mining project interest as having combined with another despite non-compliance with section 115-35.

Note 3: Starting base losses are extinguished, or prevented from arising, if:

Omit “has”, substitute “*holds”.

After “cannot be applied”, insert “under that section”.

Omit “entity”, substitute “*entity”.

Repeal the paragraph, substitute:

Add:

the loss is extinguished under paragraph (2)(a) only to the extent that section 95-25 or 115-55 prevents the existing pre-mining loss from being so applied.

Insert:

After “section 115-55 does not”, insert “wholly or partly”.

Repeal the subsections, substitute:

the loss cannot be applied in working out a transferred pre-mining loss allowance for the combined interest for an MRRT year to the extent that that section would have prevented the loss from being so applied in working out transferred pre-mining loss allowances for all the constituent interests for the year (if the combined interest had not existed).

the loss cannot be applied in working out a transferred pre-mining loss allowance for the other interest for an MRRT year to the extent that that section would have prevented the loss from being so applied in working out transferred pre-mining loss allowances for all the constituent interests for the year (if the combined interest had not existed).

Add:

; (e) if the transfer happens because of the operation of section 120-25—the amount of the *pre-mining loss cap (if any) for the original interest.

Repeal the note, substitute:

Note 1: Under section 120-25, the start of a mining venture may be taken to be a mining project transfer.

Note 2: If the original miner’s MRRT year starts before the new miner’s MRRT year, the effect of this provision is that amounts from before the start of the new miner’s MRRT year are taken into account for the new miner in the new miner’s MRRT year.

Add:

; (e) if the new miner is the same *entity as the original miner—the amount of the *pre-mining loss cap (if any) for the original interest.

Repeal the note, substitute:

Note 1: If the new miner is not the same entity as the original miner, a new pre-mining loss cap arises for the new interest under section 95-30.

Note 2: If the original miner’s MRRT year starts before a new miner’s MRRT year, the effect of this provision is that amounts from before the start of the new miner’s MRRT year are taken into account for the new miner in the new miner’s MRRT year.

Omit “does not apply”, substitute “is taken to be satisfied”.

Add:

; (e) if the transfer happens because of the operation of section 145-30—the amount of the *pre-mining loss cap (if any) for the original interest.

Repeal the note, substitute:

Note 1: Under section 145-30, a mining project interest originating from a pre-mining project interest may be taken to be a pre-mining project transfer.

Note 2: If the original explorer’s MRRT year starts before the new explorer’s MRRT year, the effect of this provision is that amounts from before the start of the new explorer’s MRRT year are taken into account for the new explorer in the new explorer’s MRRT year.

Omit “section 30-40”, substitute “sections 30-40 and 70-40”.

Omit “section 35-35”, substitute “sections 35-35 and 70-35”.

Add:

; (e) if the new explorer is the same *entity as the original explorer—the amount of the *pre-mining loss cap (if any) for the original interest.

Note: If the new explorer is not the same entity as the original explorer, a new pre-mining loss cap arises for the new interest under section 95-30.

Repeal the heading, substitute:

Exception for new explorer that is the same entity as original explorer

Omit “section 30-40”, substitute “sections 30-40 and 70-40”.

Omit “section 35-35”, substitute “sections 35-35 and 70-35”.

Omit “mining project transfer”, substitute “pre-mining project transfer”.

Repeal the subsection, substitute:

Add:

Repeal the subsection, substitute:

reduce the starting base adjustment amount in accordance with subsection (2).

Note 1: Reductions happen under subsection 80-40(3) or (4) if the asset is used, installed for use, or constructed for use:

Note 2: Starting base losses are reduced under paragraph 115-15(2)(b) if a miner chooses to treat a mining project interest as having combined with another despite non-compliance with section 115-35.

Note 3: Starting base losses are extinguished, or prevented from arising, if:

Repeal the definition, substitute:

sum of reductions is the sum of:

After “the starting base adjustment”, insert “(expressed as a positive amount)”.

After “the starting base adjustment”, insert “(expressed as a positive amount)”.

After “the starting base adjustment” (last occurring), insert “(expressed as a positive amount)”.

Repeal the paragraph, substitute:

After “*starting base assets”, insert “(and all property or rights that are expected to be starting base assets after the time mentioned in subsection 80-25(2))”.

Omit “a miner”, substitute “an entity”.

Omit “a miner’s”, substitute “an entity’s”.

Omit “miners”, substitute “*entities”.

Omit “a miner”, substitute “an *entity”.

Omit “a miner’s”, substitute “an *entity’s”.

Omit “A miner”, substitute “An entity”.

Omit “A miner”, substitute “An entity”.

Omit “A miner”, substitute “An entity”.

Omit “$6.26 million”, substitute “$7.97 million”.

Omit “$2.06 million”, substitute “$2.62 million”.

Omit “$3.57 million”, substitute “$3.01 million”.

Insert:

Example: If, during the MRRT year, a mining project interest that the entity had at the start of the year was subject to a mining project split with another entity (and they retained their new interests for the rest of the year), the entity’s profit under subsection (1) is worked out as if the entity’s split percentage applied for the whole year.

If the other entity’s profit under subsection (1) is relevant, it is worked out as if the other entity’s split percentage applied for the whole year.

Omit “or 719-76”, substitute “, 719-76 or 719-78”.

Omit “paragraphs 255-10(1)(a) to (d)”, substitute “paragraphs 255-10(a) to (d)”.

Repeal the definition, substitute:

MRRT year has the meaning given by sections 10-25, 190-10 and 190-15.

Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012

Insert:

The Commissioner has the general administration of this Schedule.

Omit “a miner”, substitute “an entity”.

Add:

; and (c) the Commissioner were the recipient mentioned in column 2 of that table in relation to that starting base return.

Add:

Petroleum Resource Rent Tax Assessment Act 1987

Omit “relating to the assessment and collection of the tax imposed by the Petroleum Resource Rent Tax Act 1987”, substitute “about petroleum resource rent tax”.

Repeal the definition, substitute:

acquisition:

Repeal the definition, substitute:

created, in relation to a consolidated group or a MEC group, has the meaning given by subsection 995-1(1) of the Income Tax Assessment Act 1997.

Insert:

notional tax amount has the meaning given by section 97.

Omit “in relation to” (first occurring), substitute “in, or in relation to,”.

Repeal the paragraphs, substitute:

Omit “in relation to” (first occurring), substitute “in, or in relation to,”.

After “recovered from”, insert “any of”.

Omit “in relation to”, substitute “in, or in relation to,”.

Repeal the heading, substitute:

Translation rule—eligible real expenditure

Omit “deductible expenditure”, substitute “eligible real expenditure”.

Repeal the subparagraph, substitute:

Omit “subsection (1), (2) or (3)”, substitute “subsection (1) or (2)”.

Insert:

subsection (1) has effect as if the starting base expenditure incurred by the person in that financial year in relation to the project includes an amount equal to the person’s starting base expenditure in that financial year in relation to the petroleum project that would, but for subsection 19(1B), relate to that production licence.

Omit “The reference in paragraph (1)(a) to the starting base financial year for a petroleum project is a reference to”, substitute “References in paragraph (1)(a) and subsections (1A) and (1B) to the starting base financial year for a petroleum project are references to”.

Repeal the subsection, substitute:

Repeal the paragraph, substitute:

Omit “the day on which that acquisition occurred”, substitute “the day, on or after 1 July 2007, on which the person first commenced to hold the interest, or was acquired, as the case requires”.

Add:

Transferred expenditure relating to onshore petroleum projects or the North West Shelf project

Omit “does not apply in relation to the financial year in which the transaction is or was entered into”, substitute “did not apply immediately before the transfer time”.

Omit “later”, substitute “latest”.

Add:

; (c) if the project is an onshore petroleum project, or the North West Shelf project, and the transaction was entered into between 1 July 2012 and 30 June 2013—31 August 2013.

Repeal the subparagraph, substitute:

Omit “later”, substitute “latest”.

Add:

; (c) if the project is an onshore petroleum project, or the North West Shelf project, and the transaction time occurred between 1 July 2012 and 30 June 2013—31 August 2013.

Omit “subparagraph 24(1)(d)(i)”, substitute “paragraph 24(1)(d)”.

Omit “year of tax” (wherever occurring), substitute “financial year”.

Repeal the heading, substitute:

Omit “deductible expenditure”, substitute “eligible real expenditure”.

Omit “year of tax” (wherever occurring), substitute “financial year”.

Omit “years of tax”, substitute “financial years”.

Omit “year of tax”, substitute “financial year”.

Omit “years of tax”, substitute “financial years”.

Omit “year of tax”, substitute “financial year”.

Omit “year of tax” (wherever occurring), substitute “financial year”.

Repeal the heading, substitute:

Certain expenditure incurred on the day when section 58B election takes effect

Omit “year of tax” (wherever occurring), substitute “financial year”.

Omit “and”.

Insert:

Omit “year of tax” (wherever occurring), substitute “financial year”.

Repeal the heading, substitute:

Certain expenditure incurred on the day when section 58B election takes effect

Omit “year of tax” (wherever occurring), substitute “financial year”.

Omit “and”.

Insert:

Omit “year of tax” (last occurring), substitute “financial year”.

Omit “year of tax” (wherever occurring), substitute “financial year”.

Omit “or 719-76”, substitute “, 719-76 or 719-78”.

Repeal the section, substitute:

the person and any other subsidiary member of the group that holds an interest in the project are taken, for the purposes covered by subsection (2), to be parts of the head company or provisional head company of the group, rather than separate persons, during that period.

Note: Despite the single entity rule, a subsidiary member of the group is jointly and severally liable for a liability of the head company: see Income Tax Assessment Act 1997.section 721-10 of the

Examples: The following are some examples of consequences of the single entity rule:

Omit all the words after “section 48 applies”, substitute:

as if, at that time:

After “as if”, insert “, at that time,”.

Add “, and as if the person had given the consideration referred to in paragraph 48(1A)(c)”.

After “as if”, insert “, at that time,”.

Add “, and as if the person had given the consideration referred to in paragraph 48A(11)(b)”.

Insert:

section 48 applies as if, at that time, the person’s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48(1A), and as if the person had given the consideration referred to in paragraph 48(1A)(c).

section 48A applies as if, at that time, the person’s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48A(1), and as if the person had given the consideration referred to in paragraph 48A(11)(b).

Omit “*MEC group”, substitute “MEC group”.

Omit “*provisional head company of a *MEC group”, substitute “provisional head company of a MEC group”.

Omit “*MEC group”, substitute “MEC group”.

Add:

Add:

If a subsidiary member of a consolidated group or MEC group is a trust, this Division applies to the subsidiary member as if it were a person.

After “sections”, insert “58P,”.

After “35(3)”, insert “, 35C(5), 35D(3) and (4), 35E(3)”.

Omit “subparagraph 24(1)(d)(i) or paragraph 24(1)(e)”, substitute “paragraph 24(1)(d), (e) or (f)”.

Insert:

For the purposes of this Act, Income Tax Assessment Act 1936 applies as if:section 264A (about offshore information notices) of the

Add:

Omit “, the Bass Strait project or the North West Shelf project”.

Add:

; or (c) if the petroleum project is the Bass Strait project or the North West Shelf project—the day occurring 5 years before the earlier of the following:

Add:

However, this subclause does not apply unless, at the time of the transfer referred to in subclause (1), the person holds an interest in both the transferring entity and the receiving project.

Insert:

subclause (1) does not require the loss company to have held an interest in relation to the transferring entity at a time after the cessation time.

Repeal the paragraph, substitute:

Omit “from which the interest is derived”, substitute “from which the production licence to which the project relates is derived”.

Omit “from which the project is derived”, substitute “from which the production licence to which the project relates is derived”.

Omit “subsection”, substitute “subclause”.

Omit “project (or pre-combination project)”, substitute “production licence”.

Omit “section 3”, substitute “clause 3”.

Omit “subsection (1)”, substitute “subclause (1)”.

Repeal the subclause, substitute:

Note: For the relationship between production licences, exploration permits and retention leases, see section 4.

Omit “from which the project is derived”, substitute “from which the production licence to which the project relates is derived”.

Omit “incurred by the person referred to in paragraph (b)”.

Omit “incurred by the person”.

Insert:

Repeal the heading, substitute:

Interests acquired before 1 July 2007

Omit “30 June 2007”, substitute “1 July 2007”.

Repeal the subclause (not including the heading), substitute:

Repeal the subparagraph, substitute:

After “incurred”, insert “, at any time,”.

Repeal the paragraph, substitute:

Repeal the paragraph, substitute:

Omit “the day of the acquisition”, substitute “the day on which the acquisition of the interest, or the acquisition of the company, was recognised in accordance with those accounting standards or that reporting standard”.

Add:

the disposal, loss or destruction is taken, for the purposes of that section, to be a disposal, loss or destruction of property in respect of which capital expenditure of the kind referred to in paragraph 27(1)(a) was incurred by the person.

Omit “section 66”, substitute “subsection 66(1)”.

Insert:

after the transaction, subclauses (4) and (5) of this clause apply, in relation to a person who is a purchaser (within the meaning of section 48 or 48A) in relation to the transaction, and cease to apply in relation to the vendor, to the extent that the transaction had the effect of transferring that entitlement to the purchaser.

Taxation Administration Act 1953

Repeal the paragraph, substitute:

Repeal the subsection, substitute:

have been allocated to that RBA.

For the purposes of applying Taxation Administration Act 1953 in relation to amounts that have been allocated to an RBA in relation to primary tax debts arising under any of the petroleum resource rent tax provisions (as defined in subsection 995-1(1) of the Income Tax Assessment Act 1997), if:section 8AAZLH of the

the Commissioner may treat the information as information given by the entity in that approved form.

Insert:

starting base assessment means:

After “franking assessment”, insert “or a starting base assessment”.

Add:

; and (h) *petroleum resource rent tax.

Omit “or *MRRT”, substitute “,*MRRT or *petroleum resource rent tax”.

Repeal the note, substitute:

Note 1: Section 18-49 provides a credit for amounts withheld in respect of MRRT.

Note 2: Section 18-55 provides a credit for amounts withheld in respect of petroleum resource rent tax.

Add:

Entitlement to credit: Petroleum resource rent tax

After “mining revenue”, insert “or pre-mining revenue”.

Add:

After “the *MRRT law”, insert “or *petroleum resource rent tax law”.

After “the MRRT law”, insert “or petroleum resource rent tax law”.

Omit “, or the *MRRT law,”, substitute “, the *MRRT law or the *petroleum resource rent tax law”.

Omit “, or the *MRRT law,” (first occurring), substitute “, the *MRRT law or the *petroleum resource rent tax law”.

Omit “*income tax law, or the *MRRT law,” (last occurring), substitute “income tax law, the MRRT law or the petroleum resource rent tax law”.

Repeal the cell, substitute:

Taxation (Interest on Overpayments and Early Payments) Act 1983

Omit “the liability of the person to tax”, substitute “the liability of the person to relevant tax or other tax”.

Repeal the subsection, substitute:

Repeal the heading, substitute:

After “BAS amount”, insert “or resource rent tax amount”.

After “BAS amount,”, insert “resource rent tax amount,”.

After “BAS amount”, insert “or resource rent tax amount”.

After “BAS amount,”, insert “resource rent tax amount,”.

After “BAS amount”, insert “or resource rent tax amount”.

After “BAS amount,”, insert “resource rent tax amount,”.

Insert:

resource rent tax amount has the same meaning as in subsection 995-1(1) of the Tax Act.

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

Before “20,542”, insert “$”.

Crimes (Taxation Offences) Act 1980

Before “section 170AA”, insert “former”.

Excise Tariff Amendment (Condensate) Act 2011

Add “(before The Schedule)”.

Fringe Benefits Tax Assessment Act 1986

Repeal the definition.

Fuel Tax Act 2006

Omit “*road user charge”, substitute “road user charge”.

Income Tax Assessment Act 1936

After “spectacles”, insert “or contact lenses”.

Income Tax Assessment Act 1997

Omit “industrial property,”.

Repeal the item.

Repeal the item.

Omit “Note 5”, substitute “Note 6”.

Repeal the paragraph, substitute:

Omit “(non-resident)”, substitute “(foreign resident or business)”.

After “(foreign resident”, insert “or business”.

After “foreign residents”, insert “or businesses”.

The amendments made by items 204 to 207 apply in relation to end users of assets on or after 1 July 2007.

Omit “a non-arm’s length dealing”, substitute “a dealing that is not at *arm’s length”.

Repeal the definition.

Income Tax Rates Act 1986

Insert:

net income phase-out limit has the meaning given by subsection 14(3).

Insert:

non-resident phase-out limit has the meaning given by subsection 15(8).

Insert:

resident phase-out limit has the meaning given by subsection 13(10).

Omit “$1,307”, substitute “the resident phase-out limit”.

Omit “$1,307”, substitute “the resident phase-out limit”.

Add:

Omit “$594”, substitute “the net income phase-out limit”.

Add:

Omit “$663”, substitute “the non-resident phase-out limit”.

Add:

The amendments made by items 211 to 220 apply in relation to the 2012-13 income year and later income years.

New Business Tax System (Former Subsidiary Tax Imposition) Act 1999

Omit “section 170AA”, substitute “former section 170AA”.

New Business Tax System (Venture Capital Deficit Tax) Act 2003

Omit “(No. 2)”.

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

Omit “or (g)” (wherever occurring).

Taxation Administration Act 1953

Before “is prescribed”, insert “each trustee of the trust”.

Taxation (Interest on Overpayments and Early Payments) Act 1983

Omit “Income Tax Assessment Act 1936”.section 170AA of the Tax Act”, substitute “former section 170AA of the

Omit “or 170AA”, substitute “, or former section 170AA,”.

Tax Laws Amendment (2011 Measures No. 9) Act 2012

Add:

Omit “self-managed superannuation funds”, substitute “self managed superannuation funds”.

Omit “self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993)”, substitute “self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993)”.

Omit “self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993)”, substitute “self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993)”.

Omit “self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993)”, substitute “self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993)”.

Omit “self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993)”, substitute “self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993)”.

Tax Laws Amendment (Income Tax Rates) Act 2012

Repeal the item.

Repeal the Part.

Income Tax Assessment Act 1997

The provisions of the Income Tax Assessment Act 1997 listed in the table are amended as set out in the table.

Repeal the formula, substitute:

Repeal the formula, substitute:

Repeal the formula, substitute:

Repeal the formula, substitute:

Repeal the formula, substitute:

Repeal the formula, substitute:

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—Endnote 2

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

Legislation history and amendment history—Endnotes 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—Endnote 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—Endnote 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—Endnote 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—Endnote 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]