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)
Before “resource rent tax amount”, insert “petroleum”.
116 Paragraph 12AB(a)
Before “resource rent tax amount”, insert “petroleum”.
117 Section 12AB (note)
Before “resource rent tax amount”, insert “petroleum”.
118 Paragraph 12AC(b)
Before “resource rent tax amount”, insert “petroleum”.
119 Section 12AC (note)
Before “resource rent tax amount”, insert “petroleum”.
120 Section 12AF
Insert:
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)
Repeal the definition.
Part 3—Transitional provisions
122 Objects
The objects of this Part are:
(a) to provide for the winding‑up of the minerals resource rent tax; and
(b) to ensure the administration, collection and recovery of the minerals resource rent tax for the MRRT years ending on or before the day this Schedule commences; 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(1) Despite the repeals and amendments made by this Schedule, the Acts amended or repealed continue to apply, after the commencement of this Schedule, in relation to any MRRT year ending on or before the day this Schedule commences as if those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:
(a) started before the commencement of this Schedule; and
(b) would, apart from this subitem, end on or after that commencement;
is taken to end on the day this Schedule commences.
(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.
Section 12AA - Minerals Resource Rent Tax Repeal and Other Measures Act 2014 - Entitlement to interest for RBA surpluses after notification of BAS amount or petroleum resource rent tax amount | Zoe
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.
Schedule 2—Loss carry back
Part 1—Repeals
Income Tax Assessment Act 1997
1 Division 160
Repeal the Division.
Income Tax (Transitional Provisions) Act 1997
2 Division 160
Repeal the Division.
Part 2—Consequential amendments
Income Tax Assessment Act 1936
3 Subsection 6(1) (definition of loss carry back tax offset)
Repeal the definition.
4 Subsection 92A(3)
Omit “or 160”.
5 Paragraph 177C(1)(baa)
Repeal the paragraph.
6 Paragraph 177C(1)(ea)
Repeal the paragraph.
7 Paragraph 177C(2)(ca)
Repeal the paragraph.
8 Subsection 177C(3)
Omit “, (ca)(i)”.
9 Paragraph 177C(3)(caa)
Repeal the paragraph.
10 Paragraph 177C(3)(fa)
Repeal the paragraph.
11 Paragraph 177CB(1)(ca)
Repeal the paragraph.
12 Paragraph 177F(1)(ca)
Repeal the paragraph.
13 Paragraph 177F(3)(ca)
Repeal the paragraph.
Income Tax Assessment Act 1997
14 Section 13‑1 (table item headed “losses”)
Repeal the item.
15 Subsection 36‑17(1) (note 1)
Omit “1”.
16 Subsection 36‑17(1) (note 2)
Repeal the note.
17 Section 36‑25 (table dealing with tax losses of corporate tax entities)
Omit:
See also Division 160 (loss carry back tax offset)
18 Section 36‑25 (table dealing with tax losses of pooled development funds (PDFs), item 1)
Repeal the item, substitute:
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)
Repeal the item, substitute:
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.
Subdivision 195‑B
20 Section 67‑23 (table item 13A)
Repeal the item.
21 Paragraph 195‑15(5)(b)
Omit “and”.
22 Paragraph 195‑15(5)(c)
Repeal the paragraph.
23 Group heading before section 195‑37
Repeal the heading.
24 Section 195‑37
Repeal the section.
25 Section 195‑72
Repeal the section.
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)
Repeal the paragraph.
29 Subsection 830‑65(3)
Omit “or 160”.
30 Paragraph 960‑20(2)(b)
Omit “amount; or”, substitute “amount.”.
31 Paragraph 960‑20(2)(c)
Repeal the paragraph.
32 Paragraph 960‑20(4)(e)
Omit “forward; or”, substitute “forward.”.
33 Paragraph 960‑20(4)(f)
Repeal the paragraph.
34 Subsection 995‑1(1) (definition of carry back)
Repeal the definition.
35 Subsection 995‑1(1) (definition of income tax liability)
Repeal the definition.
36 Subsection 995‑1(1) (definition of interest in membership interests)
Repeal the definition.
37 Subsection 995‑1(1) (definition of loss carry back choice)
Repeal the definition.
38 Subsection 995‑1(1) (definition of loss carry back tax offset)
Repeal the definition.
39 Subsection 995‑1(1) (definition of loss carry back tax offset component)
Repeal the definition.
40 Subsection 995‑1(1) (definition of scheme for a disposition)
Part 3—Application, transitional and saving provisions
42 Application
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.
43 Making and amending assessments, and doing other things, in relation to past matters
(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):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
(2) This item does not limit the operation of the Acts Interpretation Act 1901.