Tax Laws Amendment (2010 Measures No. 3) Bill 2010

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

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Summary

Amends the: Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to: freeze indexation of the co-contribution income threshold for the 2010-11 and 2011-12 financial years; and maintain the current matching rate and maximum co-contribution payable on an individual’s eligible superannuation contributions; Income Tax Assessment Act 1997 to modify the thin capitalisation rules in relation to the application of accounting standards for authorised deposit-taking institutions; Taxation Administration Act 1953 to enable certain officers to declare that a specified entity is not subject to Commonwealth tax law in relation to a specified transaction; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide that unexpended income of a special disability trust is taxed at a certain rate; and Taxation Administration Act 1953 and Income Tax Assessment Act 1997 in relation to managed investment trusts and withholding tax.

Progress

House of Representatives
Introduced and read a first time 26 May 2010
Second reading moved 26 May 2010
Second reading debate 22 Jun 2010
Second reading debate 23 Jun 2010
Second reading agreed to 23 Jun 2010
Consideration in detail debate
  • Amendment details: 20 government amendments agreed to
23 Jun 2010
Third reading agreed to 23 Jun 2010
Senate
Introduced and read a first time 24 Jun 2010
Second reading moved 24 Jun 2010
Second reading debate 24 Jun 2010
Second reading agreed to 24 Jun 2010
Third reading agreed to 24 Jun 2010
Text of bill as passed both Houses 24 Jun 2010
Assent
  • Act no.: 90
  • Year: 2010
29 Jun 2010

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Schedules of amendments

No documents at present

Bills digest

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 changes 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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