New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Bill 2002

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40

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Summary

Further to the New Business Tax System (Consolidation) Bill (No. 1) 2002, the bill amends the: Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and New Business Tax System (Consolidation) Act (No. 1) 2002 to further implement the consolidation regime from 1 July 2002; Income Tax Assessment Act 1997 to make consequential amendments in relation to imputation treatment of exempting entities and former exempting entities; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to allow global company asset valuations in loss integrity measures; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to introduce a general value shifting regime (in place of existing share value shifting and asset stripping rules), applying mainly to interests in controlled companies and trusts that are not consolidated which meet control or common ownership tests; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide capital gains tax relief for a demerger in certain circumstances. Also contains application, saving and transitional provisions.

Progress

House of Representatives
Introduced and read a first time 27 Jun 2002
Second reading moved 27 Jun 2002
Second reading agreed to 28 Aug 2002
Third reading agreed to 28 Aug 2002
Senate
Introduced and read a first time 16 Sep 2002
Second reading moved 16 Sep 2002
Second reading agreed to 21 Oct 2002
Third reading agreed to 21 Oct 2002
Assent
  • Act no.: 90
  • Year: 2002
24 Oct 2002

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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.