3334.This section is new. It provides for the commencement of the Act and also provides for certain orders to take effect on passing of the Act. It also contains a power to make by order any further transitional provision or saving which might not have been dealt with in the Act.
3335.The power will not be invoked without the agreement of the Tax Law Rewrite Project’s Consultative and Steering Committees to the proposed transitional provision or saving.
3336.Subsection (1), which sets out when the Act comes into force and has effect, deals with the position for both income tax and corporation tax. The Act is in substance an income tax only Act. But it makes numerous consequential amendments to the corporation tax code. Those consequential amendments do not change the law but do require a commencement provision.
3337.Subsection (3) provides that the certain provisions will come into force on the passing of the Act.
3338.Subsection (5) contains the power. It is to be exercised by Treasury order.