Taxation Laws Amendment (Structured Settlements and Structured Orders) 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
06 Jun 2002Introduced and read a first time
06 Jun 2002Second reading moved
18 Sep 2002Second reading agreed to
18 Sep 2002Third reading agreed to
Senate
25 Sep 2002Introduced and read a first time
25 Sep 2002Second reading moved
05 Dec 2002Second reading agreed to
05 Dec 2002Committee of the Whole debate

Amendment details: 61 Government, 1 Opposition and 1 Australian Democrats agreed to and 2 items negatived
05 Dec 2002Third reading agreed to
House of Representatives
10 Dec 2002Consideration of Senate message

Details: House agreed to 62 and disagreed to 2 Senate amendments
Senate
12 Dec 2002Consideration of House of Reps message

Details: Senate did not insist on its amendments


19 Dec 2002Assent

Act no.: 139

Year: 2002

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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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