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Tax Laws Amendment (2004 Measures No. 7) Act 2005

Act No. 41 of 2005 as amended

This compilation was prepared on 16 August 2010
taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents
1 Short title [see Note 1]...........................
2 Commencement
3 Schedule(s)

Schedule 1—25% entrepreneurs' tax offset
Income Tax Assessment Act 1997
Taxation Administration Act 1953

Schedule 2—STS accounting method
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Schedule 3—Employee share schemes
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997

Schedule 4—FBT exemption thresholds for long service award benefits
Fringe Benefits Tax Assessment Act 1986

Schedule 5—Petroleum exploration incentives
Petroleum Resource Rent Tax Assessment Act 1987

Schedule 6—Consolidation

Part 1—Application

Part 2—Amount of certain liabilities for purpose of calculating allocable cost amount on exit
Income Tax Assessment Act 1997

Part 3—Ensuring no double reduction in working out step 3 of allocable cost amount on entry
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Part 4—Bad debts
Division 1—Main amendment
Income Tax Assessment Act 1997
Division 2—Consequential amendments
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Part 5—Insurance companies
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Schedule 7—STS roll‑over
Income Tax Assessment Act 1997

Schedule 8—Family trust elections
Income Tax Assessment Act 1936

Schedule 9—Non‑commercial loans

Part 1—Amendment commencing on 29 June 2004
Income Tax Assessment Act 1936

Part 2—Amendments commencing on Royal Assent
Income Tax Assessment Act 1936

Schedule 10—Technical corrections and amendments

Part 1—Technical corrections and amendments commencing on Royal Assent
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Wine Equalisation Tax) Act 1999
Fringe Benefits Tax Assessment Act 1986
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
New Business Tax System (Consolidation and Other Measures) Act 2003
Petroleum Resource Rent Tax Assessment Act 1987
Product Grants and Benefits Administration Act 2000
Superannuation Guarantee (Administration) Act 1992
Taxation Administration Act 1953
Taxation Laws Amendment Act (No. 5) 2002
Venture Capital Act 2002

Part 2—Technical corrections and amendments commencing otherwise than on Royal Assent
A New Tax System (Pay As You Go) Act 1999
Energy Grants (Credits) Scheme (Consequential Amendments) Act 2003
Fringe Benefits Tax Assessment Act 1986
Income Tax Assessment Act 1997
New Business Tax System (Consolidation) Act