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.

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

First reading

Third reading

Explanatory memoranda

Explanatory Memorandum

Revised Explanatory Memorandum

Supplementary Explanatory Memorandum

Supplementary Explanatory Memorandum

Transcript of speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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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