Once again, the Taxation Laws Amendment Bill (the Bill) is large
and wide-ranging and deals with a number of important issues.
Following the furore caused earlier this year by the proposed
suspension of section 45 of the Income Tax Act (the Act), further
draft legislation was published. The Bill now includes these
contentious aspects. But there are other important changes as
well.
This publication deals only with aspects that are likely to be
of general interest and excludes comment on highly technical or
esoteric amendments.
A number of the amendments have different effective or
commencement dates, which will be detailed where appropriate.
Except for these, the amendments to the Act are deemed to come into
operation from the commencement of tax years ending on or after 1
January 2012 (i.e. they will apply, for example, for the years
ending 29 February, 30 June, 30 September and 31 December
2012).
