New Business Tax System (Consolidation and Other Measures) Bill 2003

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
40
Summary
Introduced with the New Business Tax System (Venture Capital Deficit Tax) Bill 2002 and further to the
New Business Tax System (Consolidation) Act (No. 1) 2002
,
New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002
  and
New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002
, the bill amends the
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997
  and 5 other Acts to implement the final stage of the consolidation regime which commenced on 1 July 2002 in relation to consolidated groups (including the taxation of life insurance companies) and the simplified imputation system (including venture capital franking). Also contains transitional provisions and makes consequential amendments. 

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Progress

House of Representatives
12 Dec 2002Introduced and read a first time
12 Dec 2002Second reading moved
12 Feb 2003Second reading agreed to
12 Feb 2003Third reading agreed to
Senate
03 Mar 2003Introduced and read a first time
03 Mar 2003Second reading moved
06 Mar 2003Second reading agreed to
06 Mar 2003Third reading agreed to


11 Apr 2003Assent

Act no.: 16

Year: 2003

Documents and transcripts

Text of bill

Word Format PDF Format

Explanatory memoranda

Word Format PDF Format
Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

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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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