Tax Laws Amendment (2006 Measures No. 1) Bill 2006

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
41

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Summary

Amends the Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide foreign source income tax exemptions for temporary residents; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: allow deductions for certain business capital expenses and certain lease and licence-related payments; and amend the cost base for capital gains tax assets and cost rules for uniform capital allowances assets; Taxation Administration Act 1953 and Income Tax Assessment Act 1997 to: introduce a civil penalty regime to deter the promotion of tax avoidance and tax evasion schemes and the implementation of schemes in a materially different way to the relevant taxation product ruling; and provide for injunctions to stop promotion of schemes and enforcement of voluntary undertakings; and A New Tax System (Goods and Services Tax) Act 1999 in relation to: goods and services tax (GST) and vouchers, including clarification that prepaid phone card products are “eligible vouchers” for the purposes of the Act; and GST attribution rules.

Progress

House of Representatives
Introduced and read a first time 16 Feb 2006
Second reading moved 16 Feb 2006
Second reading agreed to 28 Mar 2006
Third reading agreed to 28 Mar 2006
Senate
Introduced and read a first time 28 Mar 2006
Second reading moved 28 Mar 2006
Second reading agreed to 28 Mar 2006
Committee of the Whole debate 28 Mar 2006
Third reading agreed to 28 Mar 2006
Assent
  • Act no.: 32
  • Year: 2006
06 Apr 2006

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

No documents at present

Bills digest

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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 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.