Taxation Laws Amendment (Structured Settlements and Structured Orders) Bill 2002

Previous Citations
  • Taxation Laws Amendment (Structured Settlements) Bill 2002
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40
Summary
Amends the:
Income Tax Assessment Act 1997
to provide an income tax exemption: for annuities and certain deferred lump sums paid under structured settlements to seriously injured persons, subject to eligibility criteria; and for life insurance companies on income derived from assets that support structured settlements; and
Life Insurance Act 1995
to provide that any commutation or assignment of a tax-exempt structured settlement annuity or lump sum will be ineffective. Also makes consequential amendments to the
Income Tax Assessment Act 1936
and the
Income Tax (Transitional Provisions) Act 1997
and contains application provisions.

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Progress

House of Representatives
Introduced and read a first time 06 Jun 2002
Second reading moved 06 Jun 2002
Second reading agreed to 18 Sep 2002
Third reading agreed to 18 Sep 2002
Senate
Introduced and read a first time 25 Sep 2002
Second reading moved 25 Sep 2002
Second reading agreed to 05 Dec 2002
Committee of the Whole debate
  • Amendment details: 61 Government, 1 Opposition and 1 Australian Democrats agreed to and 2 items negatived
05 Dec 2002
Third reading agreed to 05 Dec 2002
House of Representatives
Consideration of Senate message
  • Details: House agreed to 62 and disagreed to 2 Senate amendments
10 Dec 2002
Senate
Consideration of House of Reps message
  • Details: Senate did not insist on its amendments
12 Dec 2002
(After Midnight)
Assent
  • Act no.: 139
  • Year: 2002
19 Dec 2002

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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