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Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the: Income Tax Assessment Act 1997 to require a fund, authority or institution to be a registered charity or an Australian government agency, or be operated by a registered charity or an Australian government agency, to be entitled to a deductible gift recipient endorsement; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to remove the concessional tax treatment for offshore banking units (OBU); and Income Tax Assessment Act 1936 to: remove the ability of the minister to issue determinations or declarations that a person or entity is an OBU; and remove the withholding tax exemption for OBUs for interest (including interest consisting of gold) paid on or after 1 January 2024.

Progress

House of Representatives
Introduced and read a first time 17 Mar 2021
Second reading moved 17 Mar 2021
Second reading debate 10 Aug 2021
Second reading debate 11 Aug 2021
Second reading agreed to 11 Aug 2021
Third reading agreed to 11 Aug 2021
Senate
Introduced and read a first time 11 Aug 2021
Second reading moved 11 Aug 2021
Second reading debate 24 Aug 2021
Second reading debate 25 Aug 2021
Second reading agreed to 01 Sep 2021
Committee of the Whole debate 01 Sep 2021
Committee of the Whole debate
  • Amendment details: 2 Pauline Hanson's One Nation agreed to
02 Sep 2021
Third reading agreed to 02 Sep 2021
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
02 Sep 2021
Finally passed both Houses 02 Sep 2021
Assent
  • Act no: 110
  • Year: 2021
13 Sep 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

Bills digest

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.