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

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 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.

Progress

House of Representatives
Introduced and read a first time 29 Nov 2012
Second reading moved 29 Nov 2012
Second reading debate 14 Feb 2013
Second reading debate 18 Mar 2013
Second reading agreed to 18 Mar 2013
Consideration in detail debate 18 Mar 2013
Third reading agreed to 18 Mar 2013
Senate
Introduced and read a first time 19 Mar 2013
Second reading moved 19 Mar 2013
Second reading debate 25 Jun 2013
Second reading agreed to 25 Jun 2013
Third reading agreed to 25 Jun 2013
Text of bill as passed both Houses 25 Jun 2013
Assent
  • Act no.: 84
  • Year: 2013
28 Jun 2013

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

No documents at present

Bills digest

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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.