Tax Laws Amendment (2008 Measures No. 2) Bill 2008

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
42

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Summary

Amends the: Income Tax Assessment Act 1997 in relation to: amounts misappropriated by an employee or agent; the capital gains tax market value substitution rule for interests in certain companies and trusts; exempting from income tax the Endeavour Executive Award and research fellowships under the Awards program; early completion bonuses for apprentices; the list of deductible gift recipients; deductions for capital expenditure for the establishment of trees in carbon sink forests; tax-free grants under the Tobacco Growers Adjustment Assistance Programme 2006 to certain tobacco growers; and income tax exemptions for rent assistance paid to Austudy recipients and Carer Adjustment Payment recipients; Superannuation Guarantee (Administration) Act 1992 in relation to extending the superannuation guarantee late payment offset; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to tax-free superannuation lump sums paid to persons with a terminal medical condition; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to extensions of the beneficiary tax offset to the Equine Workers Hardship Wage Supplement Payment; and Income Tax Assessment Act 1936 in relation to the farm management deposit scheme.

Progress

House of Representatives
Introduced and read a first time 20 Mar 2008
Second reading moved 20 Mar 2008
Second reading debate 13 May 2008
Second reading agreed to 14 May 2008
Consideration in detail debate
  • Amendment details: 6 government agreed to
14 May 2008
Third reading agreed to 14 May 2008
Senate
Introduced and read a first time 16 Jun 2008
Second reading moved 16 Jun 2008
Second reading debate 17 Jun 2008
Second reading agreed to 17 Jun 2008
Committee of the Whole debate
  • Amendment details: 3 Government agreed to
17 Jun 2008
Third reading agreed to 17 Jun 2008
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
23 Jun 2008
Assent
  • Act no.: 38
  • Year: 2008
24 Jun 2008

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

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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.