Tax Laws Amendment (2008 Measures No. 5) Bill 2008

Type: Government
Portfolio: Treasury
Originating house: House of Representatives
Status: Act
Parliament no: 42
Summary: Amends the:
A New Tax System (Goods and Services Tax) Act 1999
  in relation to the margin scheme and the sale of real property;
Income Tax Assessment Act 1997
  to modify the thin capitalisation regime in relation to the use of accounting standards for identifying and valuing an entity’s assets, liabilities and equity capital;
Income Tax Assessment Act 1936
  to extend eligibility for exemption from interest withholding tax to certain bonds;
Fringe Benefits Tax Assessment Act 1986
  in relation to income earning assets held jointly with a third party; and
Income Tax Assessment Act 1936
  in relation to the eligible investment business rules for managed funds.

Progress

House of Representatives
25 Sep 2008	Introduced and read a first time
25 Sep 2008	Second reading moved
13 Nov 2008	Second reading debate
24 Nov 2008	Second reading debate
24 Nov 2008	Second reading agreed to
24 Nov 2008	Third reading agreed to

Senate
25 Nov 2008	Introduced and read a first time
25 Nov 2008	Second reading moved
27 Nov 2008	Second reading debate
27 Nov 2008	Second reading agreed to
01 Dec 2008	Committee of the Whole debate
01 Dec 2008	Third reading agreed to

01 Dec 2008	Text of bill as passed both Houses
09 Dec 2008	Assent Act no.: 145 Year: 2008

Documents and transcripts

Text of bill

First reading
As passed by both houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

Senate
Tax Laws Amendment (2008 Measures No. 5) Bill 2008 MILNE, Sen Christine;JOYCE, Sen Barnaby;XENOPHON, Sen Nick

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest

Notes

Referred to Committee (25/09/2008): Senate Economics Committee
Committee report (10/11/2008)
Committee report (24/11/2008): Additional comments

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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 the 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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