Tax Laws Amendment (2009 Measures No. 6) Bill 2010

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
42
Summary
Amends the:
Income Tax Assessment Act 1997
  to: remove the capital gains tax trust cloning exception; provide a limited capital gains tax roll-over for the transfer of certain assets between trusts with the same beneficiaries; allow the roll-over of capital losses and transfer of revenue losses when complying superannuation funds merge; and update the list of deductible gift recipients;
Income Tax Assessment Act 1997
,
Tax Laws Amendment (2006 Measures No. 2) Act 2006
  and
Superannuation Legislation Amendment (Simplification) Act 2007
  to clarify the circumstances in which income derived by life insurance companies in respect of immediate annuity business qualifies as non-assessable non-exempt income;
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997
  to provide that the Income Recovery Subsidy for the North Western Queensland floods is not subject to income tax; and
Excise Act 1901
  to provide that the blending of spirits constitutes excise manufacture. 

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Progress

House of Representatives
25 Nov 2009Introduced and read a first time
25 Nov 2009Second reading moved
10 Feb 2010Second reading debate
10 Feb 2010Second reading agreed to
10 Feb 2010Third reading agreed to
Senate
22 Feb 2010Introduced and read a first time
22 Feb 2010Second reading moved
11 Mar 2010Second reading debate
11 Mar 2010Second reading agreed to
11 Mar 2010Third reading agreed to


11 Mar 2010Text of bill as passed both Houses
24 Mar 2010Assent

Act no.: 19

Year: 2010

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

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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