Taxation Laws Amendment Bill (No. 6) 2003

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

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Summary

Amends the: Medicare Levy Act 1986 to increase the Medicare levy low income thresholds for individuals, married couples, sole parents and pensioners below age pension age; A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 to increase the Medicare levy surcharge low income threshold; Income Tax (Transitional Provisions) Act 1997 to modify the general value shifting regime; and membership rules for subsidiaries of multiple entry consolidated groups held through an interposed non-resident entity; Income Tax Assessment Act 1997 in relation to: cost setting rules for linked assets and liabilities and for partners and partnerships; and introduction of a new deductible gift recipient category of harm prevention charities; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to transitional foreign-held membership structures; New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002[eigals] to make minor technical amendments; Taxation Administration Act 1953, Administrative Appeals Tribunal Act 1975, Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to streamline procedures under which taxpayers can be released from a tax liability where payment would entail serious hardship; Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997, Taxation Administration Act 1953 and Taxation Laws Amendment Act (No. 3) 2003 to allow New Zealand companies to choose to enter the Australian imputation system; and A New Tax System (Goods and Services Tax) Act 1999 and A New Tax System (Goods and Services Tax Transition) Act 1999 to apply the goods and services tax insurance provisions to settlement of claims arising under a compulsory third party scheme. Also contains application and transitional provisions.

Progress

House of Representatives
Introduced and read a first time 29 May 2003
Second reading moved 29 May 2003
Second reading agreed to 19 Jun 2003
Third reading agreed to 19 Jun 2003
Senate
Introduced and read a first time 23 Jun 2003
Second reading moved 23 Jun 2003
Second reading agreed to 26 Jun 2003
Committee of the Whole debate
  • Amendment details: 1 Opposition agreed to; 1 Schedule negatived
26 Jun 2003
Third reading agreed to 26 Jun 2003
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
26 Jun 2003
Assent
  • Act no.: 67
  • Year: 2003
30 Jun 2003

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.