04 Dec 088 2008 Measures No 6 Bill introduced
On 3 December 2008, Tax Laws Amendment (2008 Measures No 6) Bill 2008 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.
SCHEDULE 1 to the Bill modifies the CGT provisions in the ITAA 1997 to prevent a market value cost base from arising when shares and certain other interests in an entity are acquired by another entity following a scrip for scrip CGT roll-over under an arrangement that is taken to be a restructure. These amendments apply to arrangements entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008. This measure was announced in the 2008-09 Budget by the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs in Media Release No 2008/033, 13 May 2008.
SCHEDULE 2 to the Bill amends the assistance in collection provisions found in Division 263 of Schedule 1 to the Taxation Administration Act 1953. These amendments apply from the day after this Bill receives Royal Assent. These amendments have not previously been announced.
SCHEDULE 3 to the Bill amends the Superannuation Guarantee (Administration) Act 1992 to vary the period within which an employer can make a superannuation contribution after the due date for a quarter and still elect to use the late payment offset to reduce their superannuation guarantee charge liability for the quarter. Schedule 3 also amends the calculation of the GIC on an unpaid superannuation guarantee charge where an employer elects to use the late payment offset. These amendments commence from the date this Bill receives Royal Assent. These amendments relate to the measure announced by the Minister for Superannuation and Corporate Law in Media Release No 2008/014, 20 March 2008.
SCHEDULE 4 to the Bill makes technical corrections and other minor amendments to the taxation laws.
For a copy of the Bill, go here.
For a copy of the Explanatory Memorandum, go here.