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Second Reading Speeches

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.