Tax and Superannuation Laws Amendment (2014 Measures No. 5) Act 2015

No. 20, 2015

An Act to amend the law relating to taxation, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedules 2

Schedule 1—Abolishing the mature age worker tax offset 3

Income Tax Assessment Act 1997 3

Taxation Administration Act 1953 3

Schedule 4—Deductible gift recipients 4

Income Tax Assessment Act 1997 4

An Act to amend the law relating to taxation, and for related purposes

[Assented to 19 March 2015]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax and Superannuation Laws Amendment (2014 Measures No. 5) Act 2015.

2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information	Commencement information	Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	19 March 2015
2. Schedule 1	The day after this Act receives the Royal Assent.	20 March 2015
3. Schedule 4	The day this Act receives the Royal Assent.	19 March 2015

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Abolishing the mature age worker tax offset

Income Tax Assessment Act 1997

1 Section 13-1 (table item headed “mature age workers”)

Repeal the item.

2 Subdivision 61-K

Repeal the Subdivision.

3 Subsection 995-1(1) (definition of net income from working)

Repeal the definition.

Taxation Administration Act 1953

4 Section 45-340 in Schedule 1 (method statement, step 1, paragraph (d))

Repeal the paragraph.

5 Section 45-375 in Schedule 1 (method statement, step 1, paragraph (c))

Repeal the paragraph.

6 Application

The amendments made by this Schedule apply to assessments for the 2014-15 income year and later income years.

Deductible gift recipients

Income Tax Assessment Act 1997

1 Subsection 30-25(2) (at the end of the table)

Add:

2 Subsection 30-80(2) (after table item 9.2.14)

Insert:

3 Section 30-105 (at the end of the table)

Add:

4 Section 30-315 (after table item 25A)

Insert:

5 Section 30-315 (after table item 45A)

Insert:

6 Section 30-315 (after table item 72A)

Insert:

[Minister’s second reading speech made in—

House of Representatives on 4 September 2014

Senate on 25 September 2014]

(189/14)