Supplementary Order Paper No 266

No 266

House of Representatives

Supplementary Order Paper

Tuesday, 2 July 2013

Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill


Proposed amendments

Hon Todd McClay, in Committee, to move the following amendments:

Clause 2

Subclause (17): replace 13B (line 20 on page 13) with 13C.

Subclause (18): replace 65 (line 23 on page 13) with 65, 109B.

Clause 4B(1)

New section CC 1B(1): replace entry by the payee into an agreement for (lines 21 and 22 on page 14) with agreement by the payee to.

Delete new section CC 1B(5) (lines 3 to 5 on page 15).

Clause 4B(2)

New section CC 1C(1): replace entry by the payee into an agreement, for (lines 13 and 14 on page 15) with agreement by the payee to.

New section CC 1C(1): replace between (lines 15 and 16 on page 15) with and the payee is.

New section CC 1C(1)(a): replace ; and (line 18 on page 15) with :.

Delete new section CC 1C(4) (lines 27 to 29 on page 15).

Clause 13D: heading

Replace Section (line 28 on page 22) with New section.

Clause 17B(1)

New section DB 20B(1)(a): replace entry by another person (the payee) into an agreement for (lines 20 and 21 on page 24) with agreement by another person (the payee) to.

New section DB 20B(1)(c): replace ; and (lines 28 and 29 on page 24) with ..

Delete new section DB 20B(1)(d) (lines 30 and 31 on page 24).

Clause 17B(2): new section DB 20C(1)(a)

Replace to a person (the payee) as consideration for the entry by the payee into an agreement for (lines 14 and 15 on page 25) with as consideration for the agreement by another person (the payee) to.

Clause 19(1)

New section DG 3(5): replace subpart (line 8 on page 56) with subpart, other than subsection (2)(b)(ii).

New section DG 3(6): in the 3 places in which it appears, replace though (lines 15 to 19 on page 56) with through.

New section DG 4(2): replace licences (line 14 on page 57) with licenses.

New section DG 4(6): replace the use of assets) (line 15 on page 58) with use of assets).

New section DG 5, list of defined terms: delete look-though company, partnership, (line 19 on page 59).

New section DG 9(3)(b): replace the use of assets) (lines 9 and 10 on page 62) with use of assets).

New section DG 13(4): replace subsection (2) (line 27 on page 69) with subsection (3).

New section DG 17(6): replace two (line 35 on page 75) with 2.

New section DG 17, the example: replace Example, continued (line 1 on page 76) with Example, continued from section DG 16.

New section DG 18(3)(a)(ii): replace : (line 31 on page 76) with ; and.

New section DG 19(2): replace DG 17 (line 34 on page 78) with DG 18.

New section DG 19, the example: replace Example, continued (line 1 on page 80) with Example, continued from section DG 18.

New section DG 22(8): replace formula in subsections (2) and (6) (line 10 on page 83) with formulas in subsections (2) and (7).

Clause 26

Heading: replace section EC 4B inserted (Compulsory use of herd scheme method for associated persons) (lines 23 and 24 on page 87) with sections EC 4B and EC 4C inserted.

New section EC 4B(5): heading: delete definition and a (line 31 on page 88).

Clause 28(1): new section EC 8(2)(c)

Replace which (line 2 on page 92) with which all.

Clause 29: heading

Replace making (line 17 on page 93) with making of.

Clause 31B(1): new section ED 4(1)(a)

Replace arrangement) (line 16 on page 94) with arrangement?).

Clause 33(1)

New section EM 5(10): replace (10B) (line 12 on page 105) with (9).

New section EM 6(3)(b)(i): replace EM 1(a)(ii) (line 17 on page 106) with EM 1(1)(a)(ii).

New section EM 7(6): delete of an income year (the over-hedged year) (lines 27 and 28 on page 107).

New section EM 7(6): replace the remaining quarters of the over-hedged year and the income year after the over-hedged year (line 29 on page 107 and line 1 on page 108) with the next 2 quarters.

New section EM 7(6): replace arrangements) (line 2 on page 108) with arrangements rules).

Clause 36B

Replace HB 2 (line 22 on page 116) with HG 2.

Clause 39B: heading

Replace –– (line 14 on page 121) with :.

Clause 39B: new section MB 7B: heading

Replace –– (line 18 on page 121) with :.

Clause 57

Subclause (2): new definition of asset value: replace Expenditure limitation rule (lines 24 and 25 on page 126) with Interest expenditure: close companies.

Subclause (8): new definition of class closing animal balance: replace on (line 2 on page 128) with arising from.

Subclause (10): new definition of debt value: replace Expenditure limitation rule (lines 9 and 10 on page 128) with Interest expenditure: close companies.

Subclause (18): new definition of interest expenditure: replace Meaning (line 1 on page 129) with Meaning and treatment.

Subclause (31): replace (20), and (24) (line 25 on page 131) with (20), (20B), and (24).

Subclause (31): replace (20), (20C), and (24) (line 28 on page 131) with (20), (20B), and (24).

Clause 58: heading

Replace tax) amended (line 7 on page 134) with tax).

Clause 64

New subclause (1B): after subclause (1) (after line 4 on page 136), insert:

  • (1B) Repeal section 16(5).

Subclause (2): replace 103(7) (line 6 on page 136) with 103(4)(g), 103(7).

Clause 65

New subclause (1A): before subclause (1) (before line 9 on page 136), insert:

  • (1A) Repeal section 16C(3).

Subclause (1): replace 103(7) (line 10 on page 136) with 103(4)(g), 103(7).

Clause 83

Replace subclause (2) (lines 26 and 27 on page 142) with:

  • (2) In section 20(3C), replace subsection (3D) does with subsections (3D) or (3L) do.

Clause 84(1): new section 20G(2)(b)(i)

Replace is used (line 31 on page 144) with is.

Clause 89B

Delete of this section (line 21 on page 147).

Clause 89D: heading

Replace 51B (line 26 on page 147) with 53.

New cross-heading and clause 109B

After clause 109 (after line 17 on page 161), insert:

Tax Administration (Form of Warrant) Regulations 2003

109B Tax Administration (Form of Warrant) Regulations 2003 revoked
  • Revoke the Tax Administration (Form of Warrant) Regulations 2003 (SR 2003/80).

Clause 110

Subclause (3): replace 103(7) (line 4 on page 162) with 103(4)(g), 103(7).

Subclause (4): replace 103(7) (line 8 on page 162) with 103(4)(g), 103(7).

Schedule, item relating to section GB 46(1)(c)

Replace section GB 46(1)(c) of the Income Tax Act 2007 (page 164) with section GB 46(1) of the Income Tax Act 2007.


Explanatory note

This Supplementary Order Paper (SOP) proposes minor drafting and technical changes to the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill.

One group of changes propose technical amendments to the Tax Administration Act 1994 (TAA) and the Search and Surveillance Act 2012 (SSA). The amendments harmonise the Commissioner's search powers under the TAA with the SSA. The Tax Administration (Form of Warrant) Regulations 2003 are consequentially revoked (see SOP amendments proposed for: clauses 64 and 65, new cross-heading and clause 109B, and clause 110).

Another group are minor technical corrections to proposed provisions relating to the taxation of payments made as consideration for agreements in relation to certain interests in land (see SOP amendments proposed for: clauses 4B(1), 4B(2), 17B(1), and clause 17B(2): new section DB 20C(1)(a)).

The final group of changes relate to a number of cross-reference errors, minor faults in expression, and punctuation mistakes.