Tax Laws Amendment (2012 Measures No. 1) Bill 2012

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Income Tax Assessment Act 1997
  to: ensure that expenses incurred in gaining or producing a rebatable benefit are not deductible; provide that complying superannuation entities cannot account for gains and losses on certain assets on revenue account using the trading stock exception; and exempt from income tax ex-gratia payments to New Zealand non-protected special category visa holders for the floods that occurred in New South Wales and Queensland in early 2012;
Income Tax Assessment Act 1936
  to commence the phase out of the dependent spouse tax offset by restricting eligibility for the offset to taxpayers with a dependent spouse born before 1 July 1952; and
Income Tax Assessment Act 1997
,
Minerals Resource Rent Tax Act 2012
, and
Taxation Administration Act 1953
  to make technical amendments. 

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Progress

House of Representatives
21 Mar 2012Introduced and read a first time
21 Mar 2012Second reading moved
09 May 2012Second reading debate
09 May 2012Second reading agreed to
09 May 2012Third reading agreed to
Senate
10 May 2012Introduced and read a first time
10 May 2012Second reading moved
18 Jun 2012Second reading debate
18 Jun 2012Second reading agreed to
18 Jun 2012Third reading agreed to


18 Jun 2012Text of bill as passed both Houses
27 Jun 2012Assent

Act no.: 71

Year: 2012

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

No documents at present

Committee Information

No documents at present

Bills Digest

No documents at present

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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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