Tax Laws Amendment (2007 Measures No. 5) Bill 2007

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
41
Summary
Amends the taxation laws in relation to: tax-exempt asset financing; thin capitalisation; capital gains tax marriage breakdown roll-over; income tax exemptions for the Prime Minister’s Prize for Australian History and Prize for Science; same business test cap removal; partial capital gains tax roll-over for statutory licenses; Australian property trusts and stapled securities; deductible gift recipients; film production offsets; tax deductibility for certain Australian research and development activities; and establishes Innovation Australia to administer innovation and venture capital programs. 

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Progress

House of Representatives
16 Aug 2007Introduced and read a first time
16 Aug 2007Second reading moved
12 Sep 2007Second reading agreed to
12 Sep 2007Consideration in detail debate

Amendment details: 1 Government agreed to
12 Sep 2007Third reading agreed to
Senate
13 Sep 2007Introduced and read a first time
13 Sep 2007Second reading moved
18 Sep 2007Second reading agreed to
18 Sep 2007Committee of the Whole debate

Amendment details: 1 Government agreed to

Requests details: 2 Government agreed to
House of Representatives
19 Sep 2007Consideration of Senate message

Details: House made Senate requested amendments
Senate
20 Sep 2007Third reading agreed to
House of Representatives
20 Sep 2007Consideration of Senate message

Details: House agreed to Senate amendment


25 Sep 2007Assent

Act no.: 164

Year: 2007

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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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