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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

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

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Summary

Amends: the Income Tax Assessment Act 1997 to: increase the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure; increase the minimum qualifying Australian production expenditure threshold for claiming the producer offset and the post, digital and visual effects offset to $1 million; remove the 65 commercial hour cap on claiming qualifying Australian production expenditure for a drama series and seasons of a drama series; and create limitations on what a company can count as a films qualifying Australian production expenditure; 15 Acts to make amendments consequential on new debt restructuring and liquidation processes for eligible incorporated small businesses; and 16 Acts in the Treasury portfolio to make miscellaneous and technical amendments.

Progress

House of Representatives
Introduced and read a first time 24 Jun 2021
Second reading moved 24 Jun 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

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.