Tax Laws Amendment (Research and Development) Bill 2011

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Introduced with the Income Tax Rates Amendment (Research and Development) Bill 2010, the bill amends the:
Income Tax Assessment Act 1997
  to replace the existing research and development (R&D) tax concession with a 45 per cent refundable R&D tax offset for eligible entities with a turnover of less than $20 million, and a non-refundable 40 per cent R&D tax offset for all other eligible entities;
Industry Research and Development Act 1986
  to set out the role of Innovation Australia in relation to the administration of the R&D tax offset; and
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
  and
Taxation Administration Act 1953
  to make consequential amendments. Also contains application, savings and transitional provisions. 

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Progress

House of Representatives
30 Sep 2010Introduced and read a first time
30 Sep 2010Second reading moved
22 Nov 2010Second reading debate
22 Nov 2010Second reading agreed to
22 Nov 2010Third reading agreed to
Senate
23 Nov 2010Introduced and read a first time
23 Nov 2010Second reading moved
22 Aug 2011Second reading debate
22 Aug 2011Second reading agreed to
22 Aug 2011Committee of the Whole debate

Amendment details: 39 Government agreed to
23 Aug 2011Committee of the Whole debate

Amendment details: 2 Government agreed to
23 Aug 2011Third reading agreed to
House of Representatives
24 Aug 2011Consideration of Senate message

Details: House agreed to Senate amendments


24 Aug 2011Text of bill as passed both Houses
08 Sep 2011Assent

Act no.: 93

Year: 2011

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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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