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
Introduced and read a first time 21 Mar 2012
Second reading moved 21 Mar 2012
Second reading debate 09 May 2012
Second reading agreed to 09 May 2012
Third reading agreed to 09 May 2012
Senate
Introduced and read a first time 10 May 2012
Second reading moved 10 May 2012
Second reading debate 18 Jun 2012
Second reading agreed to 18 Jun 2012
Third reading agreed to 18 Jun 2012
Text of bill as passed both Houses 18 Jun 2012
Assent
  • Act no.: 71
  • Year: 2012
27 Jun 2012

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

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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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