Tax Laws Amendment (2004 Measures No. 7) 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
Taxation Administration Act 1953
  to introduce a 25 per cent entrepreneurs’ tax offset;
Income Tax Assessment Act 1997
  and
Income Tax (Transitional Provisions) Act 1997
  to remove the current requirement for small businesses to use the simplified tax system (STS) accounting method;
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997
  to: allow deferred tax liability currently available to employee share scheme holders to continue after a corporate restructure; and allow revocation of unused provisional certificates issued in respect of certain film projects;
Fringe Benefits Tax Assessment Act 1986
  to increase fringe benefits tax exemption thresholds for long service award benefits;
Petroleum Resource Rent Tax Assessment Act 1987
  to provide petroleum exploration incentives to encourage exploration in remote offshore areas;
Income Tax Assessment Act 1936
,
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;
Income Tax Assessment Act 1997
  to ensure that roll-over relief available for partnerships under the uniform capital allowances regime is also available in relation to depreciating assets allocated to STS pools;
Income Tax Assessment Act 1936
  in relation to: family trust and interposed entity elections; and non-commercial loans from trustees and private companies. Also amends 19 Acts to make technical corrections. 

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Progress

House of Representatives
08 Dec 2004Introduced and read a first time
08 Dec 2004Second reading moved
10 Feb 2005Second reading agreed to
10 Feb 2005Consideration in detail debate

Amendment details: 1 Government agreed to
10 Feb 2005Third reading agreed to
Senate
07 Mar 2005Introduced and read a first time
07 Mar 2005Second reading moved
16 Mar 2005Second reading agreed to
16 Mar 2005Committee of the Whole debate
16 Mar 2005Third reading agreed to


01 Apr 2005Assent

Act no.: 41

Year: 2005

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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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