Tax Laws Amendment (2011 Measures No. 7) Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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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.

Progress

House of Representatives
Introduced and read a first time 21 Sep 2011
Second reading moved 21 Sep 2011
Referred to Main Committee 13 Oct 2011
Second reading debate 13 Oct 2011
Second reading agreed to 13 Oct 2011
Reported from Main Committee 13 Oct 2011
Third reading agreed to 13 Oct 2011
Senate
Introduced and read a first time 31 Oct 2011
Second reading moved 31 Oct 2011
Second reading agreed to 21 Nov 2011
Third reading agreed to 21 Nov 2011
Text of bill as passed both Houses 21 Nov 2011
Assent
  • Act no.: 147
  • Year: 2011
29 Nov 2011

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

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 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.