Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p9
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 20492–23300

of the Petroleum Act; or
  (b) any permit, licence (other than a production licence),
lease or authority in relation to an area that:
    (i) is granted under a law of the Commonwealth, a State, a
Territory or a foreign country (other than a law of a foreign
country declared by the regulations as mentioned in paragraph
(7)(a)); and
    (ii) is only permitted to be granted to a person who is the
holder of, or of an interest in, an exploration permit, or
retention lease, in relation to the area.".
  12. Subsection 170(10):
Omit "subsection 122JD(2)", substitute "122BA(7) or 122JD(2)".
13. Application
  (1) The amendments made by items 2 to 6 and 12 apply to
exploration or prospecting cash bidding payments and mining
cash bidding payments made on or after 1 July 1993.
  (2) The amendments made by items 7 to 11 apply to licence
cash bidding payments and permit cash bidding payments made on
or after 13 October 1994.
                  PART 2 - CHILDREN'S INCOME
  14. Object
The object of this Part is:
  (a) to replace provisions in Division 6AA of Part III of the
Income Tax Assessment Act 1936 relating to transfers of
property on family breakdown; and
  (b) to clarify certain anti-avoidance provisions in that
Division.
  15. Subparagraph 102AE(2)(b)(viii):
Omit the subparagraph, substitute:
    "(viii) as the result of a family breakdown (see section
102AGA);".
  16. Subsection 102AE(6):
Omit the subsection, substitute:
  "(6) Subject to subsection (7), if any 2 or more parties to:
  (a) the derivation of the excepted assessable income
mentioned in subsection (2); or
  (b) any act or transaction directly or indirectly connected
with the derivation of that excepted assessable income;
were not dealing with each other at arm's length in relation to
the derivation, or in relation to the act or transaction, the
excepted assessable income is only so much (if any) of that
income as would have been derived if they had been dealing with
each other at arm's length in relation to the derivation, or in
relation to the act or transaction.".
  17. Subparagraph 102AG(2)(c)(viii):
Omit the subparagraph, substitute:
    "(viii) as the result of a family breakdown (see section
102AGA);".
  18. After subsection 102AG(2):
Insert:
  "(2A) Paragraph (2)(c) or subparagraph (2)(d)(ii) does not
apply unless the beneficiary of the trust concerned will, under
the terms of the trust, acquire the trust property (other than
as a trustee) when the trust ends.".
  19. Subsection 102AG(3):
Omit the subsection, substitute:
  "(3) Subject to subsection (4), if any 2 or more parties to:
  (a) the derivation of the excepted trust income mentioned in
subsection (2); or
  (b) any act or transaction directly or indirectly connected
with the derivation of that excepted trust income;
were not dealing with