Tax Laws Amendment (2004 Measures No. 6) Bill 2005

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
41
Summary
Amends the:
Income Tax Assessment Act 1997
  and
Income Tax (Transitional Provisions) Act 1997
  to: clarify the operation of the consolidation regime and the interaction of the regime with other areas of the tax law; and alleviate unintended tax consequences that arise as a result of the transfer of life insurance business;
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
  and
Taxation Administration Act 1953
  to ensure that: copyright collecting societies are not taxed on copyright income they collect on behalf of members; and non-copyright income under prescribed limits is tax exempt;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Taxation Administration Act 1953
  and
Taxation Laws Amendment Act (No. 8) 2003
  to: further implement the simplified imputation system, including anti-avoidance rules in relation to exempt entities that are eligible for a refund of imputation credits; and to replace and update certain references and terminology; and
Income Tax Assessment Act 1997
  to: include government special schools, certain fire and emergency service bodies and certain other entities as specifically-listed deductible gift recipients; extend an existing transitional rule in the debt/equity rules for at-call loans to 30 June 2005; give irrigation water providers and rural land irrigation water providers access to the water facilities and landcare tax concessions; enable an administrator (in addition to a liquidator) to declare worthless shares and other equity interests for capital gains tax purposes; and amend the application of the first child tax offset provisions in relation to adoptive parents;
Fringe Benefits Tax Assessment Act 1986
  to extend the fringe benefits tax exemption to costs associated with purchase of a dwelling as a result of relocation;
A New Tax System (Goods and Services Tax) Act 1999
  to ensure the same GST treatment of property-related services to non-residents and residents; and
Taxation Laws Amendment Act (No. 8) 2003
  to correct a commencement provision. 

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Progress

House of Representatives
18 Nov 2004Introduced and read a first time
18 Nov 2004Second reading moved
10 Feb 2005Second reading agreed to
10 Feb 2005Third reading agreed to
Senate
07 Mar 2005Introduced and read a first time
07 Mar 2005Second reading moved
07 Mar 2005Second reading agreed to
07 Mar 2005Third reading agreed to


21 Mar 2005Assent

Act no.: 23

Year: 2005

Documents and transcripts

Text of bill

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Explanatory memoranda

Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

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Committee Information

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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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