Tax Laws Amendment (2011 Measures No. 5) Bill 2011

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Income Tax Assessment Act 1997
  in relation to: trust beneficiaries continuing to use primary production income averaging in certain circumstances; the operation of the National Rental Affordability Scheme; and anti-avoidance rules for exempt entities used to ‘shelter’ the taxable income of a trust;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
  and
Income Tax (Transitional Provisions) Act 1997
  to enable trust beneficiaries to continue to use farm management deposits in certain circumstances;
Income Tax Assessment Act 1936
  in relation to: capital gains and franked distributions of trusts; and phasing out the dependent spouse tax offset; and
Fringe Benefits Tax Assessment Act 1986
  to provide for a single statutory rate of 20 per cent to determine the taxable value of car fringe benefits. Also makes consequential amendments to the
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997

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Progress

House of Representatives
02 Jun 2011Introduced and read a first time
02 Jun 2011Second reading moved
20 Jun 2011Second reading debate
20 Jun 2011Second reading agreed to
20 Jun 2011Third reading agreed to
Senate
22 Jun 2011Introduced and read a first time
22 Jun 2011Second reading moved
23 Jun 2011Second reading debate
23 Jun 2011Second reading agreed to
23 Jun 2011Third reading agreed to


23 Jun 2011Text of bill as passed both Houses
29 Jun 2011Assent

Act no.: 62

Year: 2011

Documents and transcripts

Text of bill

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Word Format PDF Format

Explanatory memoranda

Word Format PDF Format

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

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Committee Information

No documents at present

Bills Digest

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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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