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Treasury Laws Amendment (2021 Measures No. 3) Bill 2021

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Passed Both Houses
Parliament no
46

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Summary

Amends the: A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 and Medicare Levy Act 1986 to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts; National Housing Finance and Investment Corporation Act 2018 to expand the objects of the Act to include the National Housing Finance and Investment Corporation improving housing outcomes for Australians by assisting earlier access to the housing market by single parents with dependants; Income Tax Assessment Act 1997, Social Security Act 1991 and Veterans' Entitlements Act 1986 to provide that annual and lump sum payments made by the Commonwealth to thalidomide survivors are exempt from income tax and do not count as income for the purposes of any income support payments; and Income Tax Assessment Act 1997 to: make disaster recovery grant payments in relation to the storms and floods that occurred in February and March 2021 non-assessable non-exempt income; update the list of deductible gift recipients to include six new entities; and extend the period in which two entities are deductible gift recipients.

Progress

House of Representatives
Introduced and read a first time 13 May 2021
Second reading moved 13 May 2021
Second reading debate 26 May 2021
Second reading debate 27 May 2021
Second reading agreed to 27 May 2021
Third reading agreed to 27 May 2021
Senate
Introduced and read a first time 15 Jun 2021
Second reading moved 15 Jun 2021
Second reading debate 22 Jun 2021
Second reading agreed to 22 Jun 2021
Committee of the Whole debate 22 Jun 2021
Third reading agreed to 22 Jun 2021
Finally passed both Houses 22 Jun 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

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.