Tax Laws Amendment (2006 Measures No. 3) Bill 2006

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
41
Summary
Introduced with the New Business Tax System (Untainting Tax) Bill 2006, the bill amends the:
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to extend eligibility for the beneficiary tax offset to farmers and small business owners in receipt of Cyclone Larry and Cyclone Monica income support payments, and to drought affected taxpayers in receipt of interim income support payments;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Taxation Administration Act 1953
to ensure that a company’s share capital account will become tainted if it transfers certain amounts to that account;
Income Tax Assessment Act 1997
to: disregard for capital gains tax purposes any capital gain or capital loss resulting from government expense-reimbursing financial assistance; and establish five new deductible gift recipient categories; 6 Acts to provide an offset in respect of Medicare levy surcharge liability for taxpayers receiving an eligible lump sum payment in arrears;
Superannuation Guarantee (Administration) Act 1992
and
Taxation Administration Act 1953
to require superannuation providers to report details of superannuation contributions to the Australian Taxation Office;
Fringe Benefits Tax Assessment Act 1986
to exclude from reporting, fringe benefits provided to address certain employee personal security concerns;
Income Tax Assessment Act 1936
to prevent inappropriate use of pre-1 July 1988 superannuation funding credits;
A New Tax System (Australian Business Number) Act 1999
and
A New Tax System (Goods and Services Tax) Act 1999
to allow certain funds that raise money for other deductible gift recipients to obtain an Australian Business Number;
A New Tax System (Goods and Services Tax) Act 1999
to clarify goods and services tax charity and charitable retirement village concessions; and ensure that supplies of certain types of real property remain input taxed;
Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005
to clarify that the reduced 4 year amendment period for income tax assessments involving tax avoidance applies from the 2004-05 financial year; and
A New Tax System (Wine Equalisation Tax) Act 1999
to increase the maximum amount of wine equalisation tax producer rebate claimable by a wine producer each financial year. Also provides tax-free status for certain payments to businesses adversely affected by Cyclone Larry and Cyclone Monica.

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Progress

House of Representatives
Introduced and read a first time 25 May 2006
Second reading moved 25 May 2006
Second reading agreed to 14 Jun 2006
Consideration in detail debate
  • Amendment details: 8 Government agreed to
14 Jun 2006
Third reading agreed to 14 Jun 2006
Senate
Introduced and read a first time 15 Jun 2006
Second reading moved 15 Jun 2006
Second reading agreed to 22 Jun 2006
Third reading agreed to 22 Jun 2006
Assent
  • Act no.: 80
  • Year: 2006
30 Jun 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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Schedules of amendments

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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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