Tax Laws Amendment (2006 Measures No. 4) 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 extend the marriage breakdown capital gains tax (CGT) roll-over to assets transferred under a binding financial agreement or an arbitral award;
Income Tax (Transitional Provisions) Act 1997
  to clarify the interaction of the consolidation regime with the demerger rules;
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997
  to amend the simplified imputation system to ensure that Australian companies receive franking credits attached to non-assessable non-exempt distributions from New Zealand companies; and
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
,
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
  and
Income Tax (Transitional Provisions) Act 1997
  in relation to the CGT treatment of foreign residents. 

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Progress

House of Representatives
22 Jun 2006Introduced and read a first time
22 Jun 2006Second reading moved
09 Oct 2006Second reading agreed to
09 Oct 2006Consideration in detail debate

Amendment details: 3 Government agreed to
09 Oct 2006Third reading agreed to
Senate
16 Oct 2006Introduced and read a first time
16 Oct 2006Second reading moved
06 Dec 2006Second reading agreed to
06 Dec 2006Committee of the Whole debate

Amendment details: 2 Government agreed to
06 Dec 2006Third reading agreed to
House of Representatives
07 Dec 2006Consideration of Senate message

Details: House agreed to Senate amendments


12 Dec 2006Assent

Act no.: 168

Year: 2006

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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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