Tax Laws Amendment (2006 Measures No. 2) Bill 2006

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
41
Summary
Amends the:
Income Tax Assessment Act 1997
to: exempt from income tax ex-gratia lump sum payments made to certain F-111 aircraft maintenance personnel; update the list of deductible gift recipients; extend the scope of what is considered to be a compulsory acquisition for capital gains tax and uniform capital allowance purposes; and rewrite the tax offsets priority rules;
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
in relation to: capital gains tax treatment of options; and franking deficit tax offset;
Superannuation Guarantee (Administration) Act 1992
in relation to choice of superannuation fund for employees of constitutional corporations; and 27 Acts to make technical corrections and minor amendments, including removing duplicated definitions, correcting asterisked defined terms, correcting numbering and referencing, updating outdated guide material and correcting typographical and drafting errors.

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Progress

House of Representatives
Introduced and read a first time 29 Mar 2006
Second reading moved 29 Mar 2006
Second reading agreed to 25 May 2006
Third reading agreed to 25 May 2006
Senate
Introduced and read a first time 13 Jun 2006
Second reading moved 13 Jun 2006
Second reading agreed to 15 Jun 2006
Third reading agreed to 15 Jun 2006
Assent
  • Act no.: 58
  • Year: 2006
22 Jun 2006

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Notes

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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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