Taxation (Tax Credits, Trading Stock, and Other Remedial Matters) Act 1998

1: Short Title
This Act may be cited as the Taxation (Tax Credits, Trading Stock, and Other Remedial Matters) Act 1998.
1: Amendments to
Income Tax Act 1994 Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
2: Income Tax Act 1994
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
3: Exempt income—interest
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
4: Exemption income—dividends
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
5: New section inserted
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
6: New section inserted
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
7: New subpart substituted
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
8: Consequential changes to section references resulting from new Part EE
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
9: Matching regime for cost of revenue account property
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
10: Formula for calculating depreciation deduction
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
11: New section inserted
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
12: Cancellation of shares held by amalgamating company on amalgamation
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
13: Acquisition of property by amalgamated company on qualifying amalgamation
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
14: Cross-border arrangement between associated persons
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
15: Low income rebate
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
16: Determination of net income for family tax credits
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
17: Credit of tax for imputation credit
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
18: Credits in respect of dividends to non-resident investors
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
19: Special rules for holding companies
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
20: Specified superannuation contribution withholding tax imposed
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
21: New section inserted
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
22: Definitions
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
23: Further definitions of associated person
Part 1 repealed 1 April 2005 section YA 2 Income Tax Act 2004
2: Amendments to Tax Administration Act 1994
24: Tax Administration Act 1994
The Tax Administration Act 1994
25: Interpretation
1: In section 3(1) notice of proposed adjustment in the prescribed form means a notice of proposed adjustment
2: Subsection (1)
26: Keeping business records
After section 22(1)(c)(ii)
iii: A taxpayer, other than a small taxpayer, must retain all accounting records relating to the calculation of the value of closing stock (as defined in section OB 1 of the Income Tax Act 1994
iv: A small taxpayer (as defined in section OB 1 of the Income Tax Act 1994
v: The taxpayer must comply with section EE 16(5) of the Income Tax Act 1994 .
27: Officers to maintain secrecy
In section 81(4)(g) or (2A) subsection (2)
28: Form and content of notice of proposed adjustment
1: In section 89F be in the prescribed form and contain
2: Subsection (1)
29: Commissioner to make private binding rulings on request
Section 91E(4) ; or paragraph (i) paragraph (i)
j: The application for the ruling would require the Commissioner to form an opinion as to a generally accepted accounting principle or to form an opinion as to a commercially acceptable practice.
30: Commissioner may make product rulings
Section 91F(4) ; or paragraph (g) paragraph (g)
h: The application for the ruling would require the Commissioner to form an opinion as to a generally accepted accounting principle or to form an opinion as to a commercially acceptable practice.
3: Amendments to
Income Tax Act 1976
31: Income Tax Act 1976
This Part amends the Income Tax Act 1976
32: Interpretation
1: In section 2 private domestic worker Property section 80A
2: Subsection (1)
33: New section inserted
1: After section 80
80A: Gross income derived from certain property
1: The income of a person is deemed to include an amount equal to the market value of property the possession or control of which that person obtained without colour of right.
2: The income to which this section applies is deemed to be derived in the income year in which possession or control of the property is obtained.
3: Subsection (1)
4: In the income year in which the person makes a restitution in respect of property referred to in subsection (1)
5: Restitution in subsection (4)
6: This section and the definition of property section 126 of the Tax Administration Act 1994
2: This section is deemed to have applied with respect to income derived on or after 1 April 1989 and before the 1995–96 income year.
4: Amendments to Taxation (Remedial Provisions) Act 1996
34: Taxation (Remedial Provisions) Act 1996
1: The heading immediately before section 18
2: In section 18(3) 1997 1998
3: The heading immediately before section 19
4: In section 19(3) 1998 1999
5: This section is deemed to have come into force on 2 September 1996.