Inserts for
Tax Laws Amendment (2011 Measures No. 7) Bill 2011: Beneficial interests

EXPOSURE DRAFT

Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1.  Schedule 1	The day this Act receives the Royal Assent.		
2.  			
3.  			

Schedule 1—Beneficial interests
  
Income Tax Assessment Act 1997
1  Paragraphs 124‑783(6)(b) and (c)
Omit “for their own benefit”.
2  Subsection 124‑783(7)
Omit “for their own benefit”.
3  Paragraphs 124‑783(9)(b) and (c) and (10)(a) and (b)
Omit “for their own benefit”.
4  Paragraphs 328‑125(2)(a) and (b)
Omit “beneficially own, or have the right to acquire the beneficial”, substitute “own, or have the right to acquire the”.
5  Paragraph 328‑125(8)(e)
Omit “beneficially”.
6  Application provision
(1)	The amendments made by items 1, 2 and 3 of this Schedule apply to an interest acquired after 7:30 pm (by legal time in the Australian Capital Territory) on 10 May 2011 in consequence of an arrangement to which Subdivision 124‑M of the Income Tax Assessment Act 1997 (Scrip for scrip roll‑over) applies.
(2)	The amendments made by items 4 and 5 of this Schedule apply:
	(a)	to the extent the amendments relate to Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 (about capital gains and losses)—in relation to CGT events happening after 7:30 pm (by legal time in the Australian Capital Territory) on 10 May 2011; and
	(b)	to the extent the amendments relate to the A New Tax System (Wine Equalisation Tax) Act 1999—in relation to the 2011‑12 financial year and later financial years; and
	(c)	otherwise—in relation to assessments for the 2011‑12 income year and later income years.