Source: https://www.global-regulation.com/law/australia/268548/minerals-resource-rent-tax-repeal-and-other-measures-act-2014.html
Timestamp: 2020-01-23 12:09:19
Document Index: 421031174

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 3', 'art 3', 'art 1', 'art 1', 'art 2', 'art 1', 'arts 1', 'art 3', 'art 3', 'art 2', 'art 2', 'art 2', 'art 3', 'art 2', 'arts 1', 'art 1', 'art 3', 'art 3', 'art 3']

Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (Australia)
No. 96, 2014
An Act to amend the law relating to taxation, superannuation, social security and family assistance, and for other purposes
Schedule 1—Minerals resource rent tax 4
Part 1—Repeals 4
Minerals Resource Rent Tax Act 2012 4
Minerals Resource Rent Tax (Imposition—Customs) Act 2012 4
Minerals Resource Rent Tax (Imposition—Excise) Act 2012 4
Minerals Resource Rent Tax (Imposition—General) Act 2012 4
Part 2—Consequential amendments 5
Administrative Decisions (Judicial Review) Act 1977 5
Crimes (Taxation Offences) Act 1980 5
Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 10
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 12
Part 3—Transitional provisions 20
Schedule 2—Loss carry back 22
Part 1—Repeals 22
Income Tax (Transitional Provisions) Act 1997 22
Part 2—Consequential amendments 23
Part 3—Application, transitional and saving provisions 27
Income Tax (Transitional Provisions) Act 1997 27
Schedule 3—Small business instant asset write‑off threshold 29
Schedule 4—Deductions for motor vehicles 31
Schedule 5—Geothermal energy 33
Schedule 6—Superannuation Guarantee Charge percentage 38
Schedule 7—Low income superannuation contribution 39
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 39
Schedule 8—Repeal of income support bonus 41
Social Security Act 1991 41
Social Security (Administration) Act 1999 41
Farm Household Support (Consequential and Transitional Provisions) Act 2014 43
Social Security Act 1991 44
Social Security (Administration) Act 1999 44
Part 3—Saving provisions 45
Schedule 9—Schoolkids bonus 47
Part 1A—Amendments 47
A New Tax System (Family Assistance) Act 1999 47
A New Tax System (Family Assistance) (Administration) Act 1999 49
Part 1—Repeals 50
A New Tax System (Family Assistance) Act 1999 50
A New Tax System (Family Assistance) (Administration) Act 1999 51
Social Security (Administration) Act 1999 52
Part 2—Saving provisions 53
[Assented to 5 September 2014]
This Act may be cited as the Minerals Resource Rent Tax Repeal and Other Measures Act 2014.
2. Schedules 1 to 5
(F2014L01256)
3. Schedule 6
4. Schedule 7
5. Schedule 8, items 1 to 11
6. Schedule 8, items 12 and 13
7. Schedule 8, items 15 to 26
8. Schedule 9, Part 1A
9. Schedule 9, Parts 1 and 2
Minerals Resource Rent Tax (Imposition—Customs) Act 2012
Minerals Resource Rent Tax (Imposition—Excise) Act 2012
Minerals Resource Rent Tax (Imposition—General) Act 2012
6 Paragraph (e) of Schedule 1
Omit “, 3‑15”.
7 Paragraph 177‑12(4)(h)
Omit “1987; or”, substitute “1987.”.
8 Paragraph 177‑12(4)(i)
9 Subsection 3(1) (definition of MRRT)
10 Subsection 3(1) (definition of MRRT law)
11 Part II (paragraph (i) of note to Part heading)
Omit “Part X);”, substitute “Part X).”.
12 Part II (paragraph (j) of note to Part heading)
13 Part XI
14 Section 10‑5 (table item headed “minerals resource rent tax”)
15 Section 12‑5 (table item headed “capital allowances”)
Minerals Resource Rent Tax..............................................
40‑751
16 Section 15‑85
17 Section 40‑725
• paying minerals resource rent tax; and
18 Section 40‑751
19 Subsection 703‑50(1) (note 2)
20 Subsection 719‑50(1) (note 2)
21 Subsection 721‑10(2) (table items 75, 80 and 85)
22 Subsection 721‑10(4)
23 Subsection 721‑10(6)
Omit “subsections (4) and (5)”, substitute “subsection (5)”.
24 Subsection 721‑10(6)
Omit “those subsections”, substitute “that subsection”.
25 Subsection 721‑25(1AA)
26 Subsections 721‑25(1B), (2) and (3)
Omit “, (1A) and (1AA)”, substitute “and (1A)”.
27 Section 960‑265 (table item 14)
(a) definition of allowance component;
(b) definition of applicable instalment rate;
(c) definition of arm’s length consideration.
29 Subsection 995‑1(1) (definition of base value)
base value, of a *depreciating asset, has the meaning given by subsection 40‑70(1).
30 Subsection 995‑1(1) (paragraph (b) of the definition of base year)
Omit “1953; and”, substitute “1953.”.
31 Subsection 995‑1(1) (paragraph (c) of the definition of base year)
32 Subsection 995‑1(1) (definition of benchmark instalment rate)
benchmark instalment rate has the meaning given by sections 45‑360 and 45‑530 in Schedule 1 to the Taxation Administration Act 1953.
33 Subsection 995‑1(1) (paragraph (c) of the definition of hold)
Omit “section 420‑12; and”, substitute “section 420‑12.”.
34 Subsection 995‑1(1) (paragraph (d) of the definition of hold)
35 Subsection 995‑1(1) (note at the end of the definition of hold)
36 Subsection 995‑1(1) (definition of instalment income)
instalment income has the meaning given by sections 45‑120, 45‑260, 45‑280, 45‑285, 45‑286 and 45‑465 in Schedule 1 to the Taxation Administration Act 1953.
37 Subsection 995‑1(1) (definition of instalment quarter)
instalment quarter has the meaning given by section 45‑60 in Schedule 1 to the Taxation Administration Act 1953.
(a) definition of miner;
(b) definition of mining expenditure;
(c) definition of mining loss;
(d) definition of mining profit;
(e) definition of mining project interest;
(f) definition of mining project split;
(g) definition of mining project transfer;
(h) definition of mining revenue;
(i) definition of mining revenue event;
(j) definition of MRRT;
(k) definition of MRRT allowance;
(l) definition of MRRT law;
(m) definition of MRRT liability;
(n) definition of MRRT payable;
(o) definition of MRRT return;
(p) definition of MRRT year.
petroleum resource rent tax amount means any debt or credit that arises directly under the *petroleum resource rent tax provisions.
petroleum resource rent tax provisions means the *petroleum resource rent tax law, other than *BAS provisions.
41 Subsection 995‑1(1)
(a) definition of pre‑mining expenditure;
(b) definition of pre‑mining project interest;
(c) definition of pre‑mining revenue;
(d) definition of rehabilitation tax offset;
(e) definition of resource rent tax amount;
(f) definition of resource rent tax provisions;
(g) definition of split percentage;
(h) definition of starting base asset;
(i) definition of starting base return.
42 Subsection 995‑1(1) (definition of start time)
start time of a *depreciating asset has the meaning given by section 40‑60.
43 Subsection 995‑1(1) (definition of taxable mining profit)
44 Subsection 995‑1(1) (definition of taxable resource)
45 Subsection 995‑1(1) (definition of termination value)
termination value has the meaning given by section 40‑300.
46 Schedule 4
47 Section 2 (note at the end of paragraph (b) of the definition of exploration permit)
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
48 Section 2 (definition of petroleum)
Omit “However, petroleum does not include a taxable resource within the meaning of the Minerals Resource Rent Tax Act 2012.”.
49 Section 2 (note at the end of paragraph (c) of the definition of production licence)
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because it is limited to the incidental recovery of coal seam gas (see section 2AB).
50 Section 2 (note at the end of paragraph (b) of the definition of retention lease)
51 After section 2AA
2AB Exclusion of incidental recovery of coal seam gas
(1) An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be an authority or right mentioned in paragraph (c) of the definition of production licence in section 2 if the only recovery of petroleum that is undertaken under the authority or right is recovery of coal seam gas, being recovery that:
(a) is a necessary result of coal mining that the holder of the authority or right carries out under the authority or right; or
(b) is necessary to ensure a safe working environment for coal mining carried out under the authority or right; or
(c) is necessary to minimise the fugitive emission of methane or similar gases during the course of coal mining carried out under the authority or right.
(2) This section does not apply to an authority or right that is the subject of a determination under subsection 2AA(1).
2AC Exclusion of incidental exploration etc. for petroleum
An authority or right under an Australian law is taken, for the purposes of this Act (other than this section), not to be:
(a) an authority or right mentioned in paragraph (b) of the definition of exploration permit in section 2; or
(b) an authority or right mentioned in paragraph (b) of the definition of retention lease in that section;
if, to the extent that the authority or right permits activities of a kind mentioned in a subparagraph of that paragraph, it only permits them as an incident of exploration for resources other than petroleum.
52 After subsection 37(2)
(2A) Despite subsection (1), if:
(a) a payment made by a person would, apart from this subsection, be exploration expenditure incurred by the person in relation to a petroleum project; and
(b) the person holds, under an Australian law, an authority or right (however described) that permits activities relating to resources other than petroleum to be carried on in the eligible exploration or recovery area in relation to the project;
the payment is taken, for the purposes of this Act, to be exploration expenditure only to the extent that it would be reasonable to conclude that the purpose of the payment is exploring for petroleum in order to obtain a commercial return from petroleum.
(2B) An authority or right referred to in paragraph (2A)(b) may be a production licence, exploration permit or retention lease, including a production licence to which the petroleum project relates.
(2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend by implication the scope of subsection (1).
53 Item 169 of Schedule 7
After “any of the”, insert “petroleum”.
54 Section 3D
55 Subsection 8AAB(4) (table items 19A, 45A and 45B)
56 Subparagraph 8AAZLG(1)(b)(ii)
57 Paragraph 8AAZLH(1)(b)
58 Section 14ZQ (definition of starting base assessment)
starting base assessment has the meaning given by clause 23 of Schedule 2 to the Petroleum Resource Rent Tax Assessment Act 1987.
59 Subsections 14ZW(1AB) and (1AC)
60 Paragraph 11‑1(g) in Schedule 1
61 Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1
Omit “, *MRRT”.
62 Subsection 18‑10(3) in Schedule 1 (notes 1 and 2)
Note: Section 18‑55 provides a credit for amounts withheld in respect of petroleum resource rent tax.
63 Group heading before section 18‑49 in Schedule 1
64 Section 18‑49 in Schedule 1
65 Part 3‑15 in Schedule 1
66 Paragraph 155‑5(2)(e) in Schedule 1
68 Subsection 155‑30(3) in Schedule 1
(3) This section does not apply if the *assessable amount is the *Division 293 tax payable by you in relation to an income year in relation to your *taxable contributions for the income year.
69 Section 155‑55 in Schedule 1 (heading)
155‑55 Amendment to give effect to certain anti‑avoidance declarations
70 Paragraph 155‑55(b) in Schedule 1
Omit “declarations); or”, substitute “declarations).”.
71 Paragraph 155‑55(c) in Schedule 1
72 Section 155‑55 in Schedule 1
Omit “or determination”.
73 Section 155‑57 in Schedule 1
74 Subsection 155‑90(1) in Schedule 1
75 Subsection 155‑90(2) in Schedule 1
76 Subsection 250‑10(2) in Schedule 1 (table items 39C, 39D and 136)
77 Section 280‑1 in Schedule 1
Omit “minerals resource rent tax,”.
78 Section 280‑50 in Schedule 1
Omit “*MRRT,”.
79 Section 280‑101 in Schedule 1
80 Paragraph 280‑105(1)(a) in Schedule 1
81 Subsection 280‑110(1) in Schedule 1
82 Section 280‑170 in Schedule 1
83 Section 284‑30 in Schedule 1 (note)
84 Section 284‑35 in Schedule 1 (note)
85 Paragraph 284‑75(2)(a) in Schedule 1
Omit “*MRRT law or”.
86 Paragraph 284‑75(2)(b) in Schedule 1
Omit “MRRT law or”.
87 Subsection 284‑80(1) in Schedule 1 (table items 3 and 4)
Omit “, the *MRRT law”.
88 Subsection 284‑80(1) in Schedule 1 (table item 4)
Omit “, the MRRT law”.
89 Subsection 284‑90(1) in Schedule 1 (cell at table item 4, column headed “In this situation:”)
You have a *shortfall amount, all or part of which resulted from you or your agent treating an *income tax law or the *petroleum resource rent tax law as applying to a matter or identical matters in a particular way that was not *reasonably arguable, and that amount is more than your *reasonably arguable threshold.
90 Paragraph 284‑90(3)(a) in Schedule 1
(a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies:
(i) the income tax payable by the entity for the income year, worked out on the basis of the entity’s *income tax return;
(ii) the *petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) most closely corresponding to the income year, worked out on the basis of the entity’s return under Division 1 of Part VI of that Act; or
91 Subsection 286‑75(2AA) in Schedule 1
92 Paragraph 286‑80(2)(a) in Schedule 1
Omit “(2AA),”.
93 Section 352‑1 in Schedule 1
Omit “and the MRRT law”.
94 Subdivision 352‑B in Schedule 1
95 Section 353‑17 in Schedule 1
96 Subsection 355‑50(1) in Schedule 1 (note 2)
Omit “, 3D”.
97 Paragraph 357‑55(faa) in Schedule 1
98 Subsection 360‑5(1) in Schedule 1
Omit “(other than a provision about *MRRT)”.
99 Subsection 444‑5(1) in Schedule 1
100 Subsections 444‑5(1A) and (1B) in Schedule 1
101 Subsection 444‑5(2) in Schedule 1
102 Subsections 444‑10(1) and (2) in Schedule 1
Omit “and the *MRRT law”.
103 Subsection 444‑10(3) in Schedule 1
Omit “or the *MRRT law”.
104 Subsection 444‑10(5) in Schedule 1
105 Section 444‑15 in Schedule 1
106 Subsections 444‑30(1), (2) and (3) in Schedule 1
107 Subsections 444‑70(1) and (2) in Schedule 1
108 Subdivision 444‑F in Schedule 1
109 Subsection 3(1) (paragraph (d) of the definition of decision to which this Act applies)
Omit “or 160”.
110 Subsection 3C(1)
111 Subsection 3C(1) (table item 160)
112 Subsection 3C(2)
113 Section 12AA (heading)
12AA Entitlement to interest for RBA surpluses after notification of BAS amount or petroleum resource rent tax amount
114 Paragraph 12AA(a)
Before “resource rent tax amount”, insert “petroleum”.
115 Section 12AA (note)
116 Paragraph 12AB(a)
117 Section 12AB (note)
118 Paragraph 12AC(b)
119 Section 12AC (note)
120 Section 12AF
petroleum resource rent tax amount has the same meaning as in subsection 995‑1(1) of the Tax Act.
121 Section 12AF (definition of resource rent tax amount)
(a) to provide for the winding‑up of the minerals resource rent tax; and
(c) to continue taxpayers’ rights and obligations relating to MRRT years ending before that commencement.
123 Effect of repeals and amendments on preceding MRRT years
(1) Despite the repeals and amendments made by this Schedule, the Acts amended or repealed continue to apply, after the commencement of this Schedule, in relation to any MRRT year ending on or before the day this Schedule commences as if those repeals and amendments had not happened.
(2) For the purposes of that continued application, any MRRT year that:
(3) To avoid doubt, for the purposes of that continued application, section 190‑20 of the Minerals Resource Rent Tax Act 2012 applies in relation to an MRRT year referred to in subitem (2) whether or not the MRRT year is an accounting period referred to in section 190‑10 of that Act.
Note 1: Section 190‑20 of the Minerals Resource Rent Tax Act 2012 (to the extent that it continues to apply because of this item) will adjust threshold amounts under that Act in relation to the final MRRT year.
Note 2: Subsection 115‑110(2) in Schedule 1 to the Taxation Administration Act 1953 (to the extent that it continues to apply because of this item) will adjust instalment quarters under that Act in relation to the final MRRT year.
124 Continuation of Commissioner’s power to make certain legislative instruments
(1) Despite the repeal by this Act of section 117‑5 in Schedule 1 to the Taxation Administration Act 1953, the Commissioner’s power under subsection 117‑5(5) in that Schedule to make legislative instruments continues after that repeal.
(2) This item does not affect any other powers of the Commissioner under Schedule 1 to the Taxation Administration Act 1953, as it continues to apply because of item 123 of this Schedule.
1 Division 160
2 Division 160
3 Subsection 6(1) (definition of loss carry back tax offset)
4 Subsection 92A(3)
5 Paragraph 177C(1)(baa)
6 Paragraph 177C(1)(ea)
7 Paragraph 177C(2)(ca)
8 Subsection 177C(3)
Omit “, (ca)(i)”.
9 Paragraph 177C(3)(caa)
10 Paragraph 177C(3)(fa)
11 Paragraph 177CB(1)(ca)
12 Paragraph 177F(1)(ca)
13 Paragraph 177F(3)(ca)
14 Section 13‑1 (table item headed “losses”)
15 Subsection 36‑17(1) (note 1)
16 Subsection 36‑17(1) (note 2)
17 Section 36‑25 (table dealing with tax losses of corporate tax entities)
18 Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 1)
A company is a pooled development fund (PDF) at the end of an income year for which it has a tax loss: it can only deduct the loss while it is a PDF.
Section 195‑5
19 Section 36‑25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1)
A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP.
20 Section 67‑23 (table item 13A)
21 Paragraph 195‑15(5)(b)
22 Paragraph 195‑15(5)(c)
23 Group heading before section 195‑37
24 Section 195‑37
25 Section 195‑72
26 Subparagraph 205‑35(1)(b)(ii)
Omit “a *loss carry back tax offset, or”.
27 Subparagraph 205‑35(1)(b)(ii)
Omit “(about R&D),”, substitute “(about R&D)”.
28 Paragraph 320‑149(2)(aa)
29 Subsection 830‑65(3)
30 Paragraph 960‑20(2)(b)
Omit “amount; or”, substitute “amount.”.
31 Paragraph 960‑20(2)(c)
32 Paragraph 960‑20(4)(e)
Omit “forward; or”, substitute “forward.”.
33 Paragraph 960‑20(4)(f)
34 Subsection 995‑1(1) (definition of carry back)
35 Subsection 995‑1(1) (definition of income tax liability)
36 Subsection 995‑1(1) (definition of interest in membership interests)
37 Subsection 995‑1(1) (definition of loss carry back choice)
38 Subsection 995‑1(1) (definition of loss carry back tax offset)
39 Subsection 995‑1(1) (definition of loss carry back tax offset component)
40 Subsection 995‑1(1) (definition of scheme for a disposition)
41 Section 45‑340 in Schedule 1 (method statement, step 1, paragraph (dc))
Part 3—Application, transitional and saving provisions
The amendments made by this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences and for later income years.
(1) Even though a part of an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):
(2) This item does not limit the operation of the Acts Interpretation Act 1901.
44 Before Subdivision 960‑E
960‑20 Utilisation—corporate loss carry back
(1) For the purposes of subsection 960‑20(2) of the Income Tax Assessment Act 1997, a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).
(2) For the purposes of subsection 960‑20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160‑15(2) of that Act (which was about calculating a loss carry back tax offset component).
Schedule 3—Small business instant asset write‑off threshold
1 Section 328‑170 (fourth paragraph)
Omit “$6,500”, substitute “$1,000”.
2 Section 328‑180 (heading)
328‑180 Assets costing less than $1,000
3 Paragraph 328‑180(1)(b)
4 Paragraphs 328‑180(2)(a) and (3)(a)
5 Subsection 328‑210(1)
6 Subsection 328‑210(3) (example)
Example: Amanda’s Graphics is a small business entity for the 2014‑15 income year and chooses to use this Subdivision for that year. The business has an opening pool balance of $8,500 for its general small business pool for that year.
During that year, Amanda acquired a new computer for $2,000. The taxable purpose proportion of its adjustable value is:
$2,000 x 80% business use estimate = $1,600
Amanda also sold her business car for $9,600 during that year. The car was used 100% in the business.
To work out whether she can deduct an amount under this section, Amanda uses this calculation:
$8,500 + $1,600 ‑ $9,600 = $500
Because the result is less than $1,000, Amanda can deduct the $500 for the income year. The pool’s closing balance for the year is zero.
7 Subsection 328‑215(4)
8 Subsection 328‑250(1)
9 Subsection 328‑250(4) (heading)
Special rule for assets costing less than $1,000
10 Subsection 328‑253(4) (heading)
Special rule for expenditure on assets costing less than $1,000
(1) Subject to subitems (2) and (3), the amendments made by this Schedule apply to a depreciating asset if:
(a) the asset was first installed ready for use, for a taxable purpose, on or after the application day; or
(b) the asset was first used, for a taxable purpose, on or after the application day, but was not installed ready for use prior to the application day.
(2) The amendments made by item 4 of this Schedule apply to an amount if the amount is included in the second element of the cost of a depreciating asset at any time on or after the application day.
(3) The amendments made by items 5 and 6 of this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences or for a later income year.
application day means 1 January in the income year before the income year in which this Schedule commences.
1 Subsection 328‑190(2A)
2 Section 328‑200 (method statement, step 2, paragraph (c))
Omit “, and subsection 328‑237(2) (if relevant),”.
3 Group heading before section 328‑237
4 Section 328‑237
5 Subsection 328‑250(1)
Omit “, subsection 328‑190(2) (assets that will be pooled) or subsection 328‑237(2) (certain motor vehicles)”, substitute “or subsection 328‑190(2) (assets that will be pooled)”.
6 Subsection 328‑250(2)
Omit “, 328‑190(2) or 328‑237(2)”, substitute “or 328‑190(2)”.
7 Paragraph 328‑250(3)(b)
(1) The amendments made by this Schedule apply to a depreciating asset that is a motor vehicle if:
1 Section 12‑5 (table item headed “capital allowances”)
exploration or prospecting .................................................
40‑80(1) and (1A), 40‑730
geothermal exploration information ................................
geothermal exploration rights ............................................
40‑80(1), 40‑730
2 Section 15‑40
Before “Your”, insert “(1)”.
3 Section 15‑40
Omit “or *geothermal exploration information”.
4 At the end of section 15‑40
(2) Your assessable income includes an amount you receive for providing *geothermal exploration information you have to another entity if:
(c) the amount you receive is not assessable as *ordinary income under section 6‑5.
(3) Geothermal exploration information is geological, geophysical or technical information that:
(4) Geothermal energy extraction means operations that are for:
5 Paragraphs 40‑30(2)(ba) and (bb)
6 Section 40‑40 (table item 9A)
7 Subsection 40‑80(1A)
8 Subsection 40‑290(5)
9 Subsection 40‑300(2) (table item 12)
10 Paragraph 40‑630(1)(b)
Omit “or *geothermal energy extraction”.
11 Subsection 40‑630(1) (note)
Omit “or geothermal energy extraction”.
12 Paragraphs 40‑630(1A)(b), (1B)(b) and (3)(b)
13 Paragraph 40‑650(3)(a)
14 Paragraph 40‑650(3)(b)
Omit “or that extraction”.
15 Subsection 40‑730(1) (heading)
16 Subsections 40‑730(2A) and (2B)
17 Subsection 40‑730(3)
(3) Also, you cannot deduct expenditure under subsection (1) to the extent that it forms part of the *cost of a *depreciating asset.
18 Paragraph 40‑730(4)(b)
Omit “and for *geothermal energy resources”.
19 Paragraph 40‑730(4)(c)
Omit “, or of extracting energy from geothermal energy resources,”.
20 Paragraph 40‑730(4)(d)
Omit “materials; and”, substitute “materials.”.
21 Paragraph 40‑730(4)(e)
22 Subsections 40‑730(7A), (7B) and (9)
23 Subparagraph 43‑70(2)(fa)(iv)
24 Section 112‑38
25 After paragraph 124‑710(1)(a)
(aa) an authority, licence, permit or entitlement under an Australian law to prospect or explore for *geothermal energy resources in an area; or
26 Paragraph 124‑710(1)(b)
After “minerals”, insert “or geothermal energy resources”.
27 Paragraph 124‑710(1)(c)
After “(a)”, insert “, (aa)”.
28 After paragraph 124‑710(2)(a)
(aa) an authority, licence, permit or entitlement under an Australian law to extract energy from *geothermal energy resources in an area; or
29 Paragraph 124‑710(2)(b)
After “minerals”, insert “, or extract energy from geothermal energy resources,”.
30 Paragraph 124‑710(2)(c)
31 Paragraph 165‑55(2)(ba)
32 Paragraphs 716‑300(1)(b) and (c)
33 Subsection 716‑300(1) (note)
Omit “Subsections 40‑80(1) and (1A), which are in that Subdivision, provide”, substitute “Subsection 40‑80(1), which is in that Subdivision, provides”.
34 Subsection 995‑1(1) (definition of geothermal energy extraction)
Omit “40‑730(7B)”, substitute “15‑40(4)”.
35 Subsection 995‑1(1) (definition of geothermal energy extraction right)
36 Subsection 995‑1(1) (definition of geothermal energy resources)
37 Subsection 995‑1(1) (definition of geothermal exploration information)
Omit “40‑730(9)”, substitute “15‑40(3)”.
38 Subsection 995‑1(1) (definition of geothermal exploration right)
39 Application and saving provisions
(1) The amendments of sections 40‑30, 40‑80 and 40‑290 of the Income Tax Assessment Act 1997 by this Schedule do not affect deductions or balancing adjustments for geothermal exploration rights or geothermal exploration information that started to be held before the income year in which this Schedule commences.
(2) The amendments of sections 40‑630 and 40‑650 of the Income Tax Assessment Act 1997, and the repeal of subsection 40‑730(2A) of that Act, by this Schedule apply to expenditure incurred during the income year in which this Schedule commences or a later income year.
(3) The amendments by this Schedule affecting sections 112‑38 and 124‑710 of the Income Tax Assessment Act 1997 apply in relation to authorities, licences, permits and entitlements held during the income year in which this Schedule commences or a later income year.
1 Subsection 19(2)
The amendment made by this Schedule applies for the purpose of calculations under section 19 of the Superannuation Guarantee (Administration) Act 1992 for quarters starting on or after 1 July 2015.
• Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation contribution. It also tells you how much the low income superannuation contribution is.
Omit “Part 2A,”.
4 Section 55 (note)
5 Section 56 (definition of concessional contributions)
6 Section 56 (definition of low income superannuation contribution)
(1) The amendments made by this Schedule apply in relation to concessional contributions for financial years starting on or after 1 July 2017.
(2) However, section 12G of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 ceases to apply, in relation to any quarter or financial year, at the commencement of this Schedule.
Note: Section 12G requires the Commissioner to give reports to the Minister for presenting to the Parliament. This subitem ensures that reporting under that section is required up to, but not after, the commencement of this Schedule.
(3) For the purposes of this item, concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.
8 Transitional—notifying certain decisions
(1) If, on or after the commencement of this Schedule, the Commissioner makes a decision under paragraph 12F(1)(b) of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 in respect of a person, the Commissioner is not required to notify the person of the decision.
Note: A decision under paragraph 12F(1)(b) is a decision by the Commissioner that the Commissioner would not have determined that a low income superannuation contribution was payable in respect of a person if the Commissioner had had information that was obtained after that determination.
(2) Subitem (1) has effect despite subsection 12F(2) of that Act.
9 Transitional—Deadlines for the final financial year for a LISC
Determining that a LISC is payable
(1) The Commissioner must not determine under section 13 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 that a low income superannuation contribution is payable unless the Commissioner becomes satisfied, before 1 July 2019, that the contribution is payable.
Determining that an underpaid amount of LISC is payable
(2) The Commissioner must not determine under section 19 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 that an underpaid amount is to be paid unless the Commissioner becomes satisfied, before 1 July 2019, that the amount paid is less than the correct amount of low income superannuation contribution.
1 Subsection 23(1) (definition of income support bonus)
2 Subsection 23(1) (definition of income support bonus test day)
3 Paragraph 23(4AA)(ac)
4 Part 2.18B
5 Section 1190 (table item 71)
6 Subsection 1191(1) (table item 43)
7 Subsection 1192(10)
8 Section 12L
9 Subsection 47(1) (paragraph (l) of the definition of lump sum benefit)
Omit “payment; or”, substitute “payment.”.
10 Subsection 47(1) (paragraph (m) of the definition of lump sum benefit)
11 Section 47DAB
12 Subsection 2(1) (table item 4)
13 Item 139 of Schedule 2
15 Section 11‑15 (table item headed “social security or like payments”)
income support bonus under the Social Security Act 1991....................................................................................
income support bonus under the scheme prepared under Part VII of the Veterans’ Entitlements Act 1986....................................................................................
income support bonus under the scheme determined under section 258 of the Military Rehabilitation and Compensation Act 2004.........................................
16 Paragraph 52‑10(1)(zb)
Omit “1991; or”, substitute “1991.”.
17 Paragraph 52‑10(1)(zc)
18 Subsection 52‑10(1M)
19 Paragraph 52‑65(1)(c)
20 Subsection 52‑65(1K)
21 Section 52‑75 (table item 5D)
22 Section 52‑114 (table item 16A)
24 Section 123TC (paragraph (f) of the definition of category I welfare payment)
25 Section 123TC (paragraph (aa) of the definition of category Q welfare payment)
Part 3—Saving provisions
(1) If, before the commencement of this item, a person was, under Part 2.18B of the Social Security Act 1991, qualified for an income support bonus on an income support bonus test day occurring before that commencement, then, despite the amendments made by Parts 1 and 2 of this Schedule, that Act and the Social Security (Administration) Act 1999, as in force immediately before that commencement, continue to apply on and after that commencement in relation to that qualification.
(3) Despite the amendment made by item 18, subsection 52‑10(1M) of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under the Social Security Act 1991.
(4) Despite the amendment made by item 20, subsection 52‑65(1K) of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under the scheme prepared under Part VII of the Veterans’ Entitlements Act 1986.
(5) Despite the amendment made by item 22, item 16A of the table in section 52‑114 of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this item, continues to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement under the scheme determined under section 258 of the Military Rehabilitation and Compensation Act 2004.
(6) Despite the amendments made by items 24 and 25:
(a) paragraph (f) of the definition of category I welfare payment in section 123TC of the Social Security (Administration) Act 1999, as in force immediately before the commencement of this item; and
(b) paragraph (aa) of the definition of category Q welfare payment in that section as so in force;
continue to apply on and after that commencement in relation to payments of income support bonus made before, on or after that commencement.
Schedule 9—Schoolkids bonus
Part 1A—Amendments
1A At the end of subsection 35UA(1) (before the note)
; and (d) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1B At the end of subsection 35UA(2)
; and (g) the affected parent’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1C After subsection 35UA(2)
(2A) For the purposes of paragraph (2)(g), the affected parent is the person:
(a) who is a parent of the other individual, being a parent within the meaning of paragraph (b) of the definition of parent in subsection 5(1) of the Social Security Act 1991; and
(b) who is nominated in writing by the Secretary.
1D At the end of subsection 35UA(3)
; and (h) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1E At the end of subsection 35UA(4)
; and (h) the other individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1F After subsection 35UA(4)
(4AA) Paragraph (4)(h) does not apply if the instalment referred to in paragraph (4)(a) is an instalment of disability support pension and the other individual is permanently blind.
1G At the end of subsection 35UE(1)
1H At the end of subsection 35UE(2)
; and (g) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1J At the end of subsection 35UE(3)
; and (i) the individual’s adjusted taxable income for the income year in which the bonus test day occurs is $100,000 or less.
1K After subsection 35UE(3)
(3A) Paragraph (3)(i) does not apply if the instalment referred to in paragraph (3)(a) is an instalment of disability support pension and the individual is permanently blind.
1L Clause 1 of Schedule 3 (heading)
1 Adjusted taxable income relevant to family tax benefit, schoolkids bonus and child care benefit
1M Clause 1 of Schedule 3
After “family tax benefit”, insert “, schoolkids bonus”.
1N At the end of Division 2A of Part 3
35J Determination of eligibility may be based on estimate
(a) an individual’s eligibility under Division 1A of Part 3 of the Family Assistance Act for schoolkids bonus on a bonus test day is required to be determined; and
(b) information about the amount of adjusted taxable income needed for the determination of the eligibility is not available (for example, because the taxable income of the individual or another individual cannot be known until after the end of the relevant income year); and
(c) the individual gives the Secretary an estimate of the amount needed; and
(d) the Secretary considers the estimate to be reasonable;
the Secretary may determine the individual’s eligibility on the basis of the estimate.
1 Subsection 3(1) (definition of bonus test day)
2 Subsection 3(1) (definition of current education period)
3 Subsection 3(1) (paragraph (f) of the definition of family assistance)
4 Subsection 3(1) (paragraph (g) of the definition of family assistance)
5 Subsection 3(1) (paragraph (ba) of the definition of FTB child)
6 Subsection 3(1) (definition of previous education period)
7 Subsection 3(1) (definition of primary school amount)
8 Subsection 3(1) (definition of relevant schoolkids bonus child)
9 Subsection 3(1) (definition of schoolkids bonus)
10 Subsection 3(1) (definition of secondary school amount)
12A Clause 1 of Schedule 3 (heading)
1 Adjusted taxable income relevant to family tax benefit and child care benefit
12B Clause 1 of Schedule 3
Omit “, schoolkids bonus”.
18 Subsection 93A(6) (paragraph (ab) of the definition of family assistance payment)
19 Section 219TA (paragraph (ca) of the definition of relevant benefit)
21 Section 11‑15 (table item headed “family assistance”)
22 Section 52‑150
(2) Despite the amendment made by item 22, section 52‑150 of the Income Tax Assessment Act 1997, as in force immediately before the commencement of that item, continues to apply on and after that commencement in relation to payments of schoolkids bonus made before, on or after that commencement.
(3) Despite the amendment made by item 23, Subdivision DG of Division 5 of Part 3B of the Social Security (Administration) Act 1999, as in force immediately before the commencement of that item, continues to apply on and after that commencement in relation to payments of schoolkids bonus made before, on or after that commencement.
Administration Act means the A New Tax System (Family Assistance) (Administration) Act 1999.
Assistance Act means the A New Tax System (Family Assistance) Act 1999.
House of Representatives on 1 September 2014
Senate on 1 September 2014]