Tax Laws Amendment (2011 Measures No. 7) 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: taxation arrangements for special disability trusts; certain farm management deposits being accessed within 12 months; and the producer, location, and post, digital and visual effects offsets;
Income Tax Rates Act 1986
  to reduce the lowest marginal tax rate for workers participating in the Pacific Seasonal Worker Pilot Scheme;
Taxation Administration Act 1953
  to provide that the instalment income of certain taxpayers includes net gains in the taxation of financial arrangements;
Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009
  to give the Commissioner of Taxation a discretion to extend the time in which taxpayers may notify the making of a transitional election in certain circumstances;
Income Tax Assessment Act 1997
,
Taxation Administration Act 1953
  and
Banking Act 1959
  in relation to the administration of the farm management deposits scheme;
Income Tax Assessment Act 1997
  and
Tax Laws Amendment (2009 Measures No. 6) Act 2010
  to extend to 30 September 2011 the date for the temporary loss relief for merging superannuation funds; and
A New Tax System (Australian Business Number) Act 1999
,
Income Tax Assessment Act 1997
  and
Taxation Administration Act 1953
  in relation to a regulatory framework for public ancillary funds. Also provides that any director penalty notices issued by the Commissioner of Taxation under former section 22AOE of the
Income Tax Assessment Act 1936
  between 10 December 2007 and 30 June 2010 are valid, notwithstanding the New South Wales Court of Appeal decision in
Soong v Deputy Commissioner of Taxation
  (2011) 248 FLR 252. 

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Progress

House of Representatives
21 Sep 2011Introduced and read a first time
21 Sep 2011Second reading moved
13 Oct 2011Referred to Main Committee
13 Oct 2011Second reading debate
13 Oct 2011Second reading agreed to
13 Oct 2011Reported from Main Committee
13 Oct 2011Third reading agreed to
Senate
31 Oct 2011Introduced and read a first time
31 Oct 2011Second reading moved
21 Nov 2011Second reading agreed to
21 Nov 2011Third reading agreed to


21 Nov 2011Text of bill as passed both Houses
29 Nov 2011Assent

Act no.: 147

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

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Bills Digest

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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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