Tax Laws Amendment (2012 Measures No. 6) Bill 2012

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Income Tax Assessment Act 1936
  and
Income Tax Assessment Act 1997
  to clarify that native title benefits are not subject to income tax (including capital gains tax);
Income Tax Assessment Act 1997
  to: update the list of deductible gift recipients; extend the immediate deductibility of exploration and prospecting expenditure provided to mining and petroleum explorers to geothermal energy explorers; and clarify that the definition of ‘limited recourse debt’ includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt;
Tax Laws Amendment (2011 Measures No. 5) Act 2011
  to extend the interim streaming rules for managed investment trusts until the end of the 2013-14 financial year;
Income Tax Assessment Act 1936
  to apply an income test to the rebate for medical expenses from 1 July 2012;
Fringe Benefits Tax Assessment Act 1986
  to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements; and Retirement Savings Accounts Regulations 1997, Superannuation Industry (Supervision) Regulations 1994 and five Acts to make technical amendments. 

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Progress

House of Representatives
29 Nov 2012Introduced and read a first time
29 Nov 2012Second reading moved
14 Feb 2013Second reading debate
18 Mar 2013Second reading debate
18 Mar 2013Second reading agreed to
18 Mar 2013Consideration in detail debate
18 Mar 2013Third reading agreed to
Senate
19 Mar 2013Introduced and read a first time
19 Mar 2013Second reading moved
25 Jun 2013Second reading debate
25 Jun 2013Second reading agreed to
25 Jun 2013Third reading agreed to


25 Jun 2013Text of bill as passed both Houses
28 Jun 2013Assent

Act no.: 84

Year: 2013

Documents and transcripts

Text of bill

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Word Format PDF Format

Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
Word Format PDF Format
House of Representatives
Word Format PDF Format

Schedules of amendments

No documents at present

Committee Information

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Bills Digest PDF Format

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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