New Business Tax System (Taxation of Financial Arrangements) Bill (No. 1) 2003

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40

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Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to remove the taxing point at conversion or exchange of certain financial instruments; Income Tax Assessment Act 1997 to make technical corrections to the capital gains tax provisions to ensure that they operate as intended for convertible interests and rights; and Financial Corporations (Transfer of Assets and Liabilities) Act 1993, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to clarify provisions relating to the tax treatment of foreign currency gains and losses. Also contains transitional provisions.

Progress

House of Representatives
Introduced and read a first time 29 May 2003
Second reading moved 29 May 2003
Second reading agreed to 23 Jun 2003
Third reading agreed to 23 Jun 2003
Senate
Introduced and read a first time 24 Jun 2003
Second reading moved 24 Jun 2003
Second reading agreed to 01 Dec 2003
Committee of the Whole debate
  • Amendment details: 24 Government agreed to
01 Dec 2003
Third reading agreed to 01 Dec 2003
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
02 Dec 2003
Assent
  • Act no.: 133
  • Year: 2003
17 Dec 2003

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Notes

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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