Tax Laws Amendment (2008 Measures No.5) Bill 2008
1.1
On 25 September 2008, the Senate
referred the Inquiry into Tax Laws Amendment (2008 Measures No.5) Bill
2008 to the Standing Committee on Economics. The bill has five Schedules:
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Schedule 1 amends the GST tax base to overcome deficiencies
dealing with real property;
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Schedule 2 modifies the thin capitalisation regime to adjust for
certain impacts of the 2005 adoption of Australian equivalents to International
Financial Reporting Standards;
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Schedule 3 extends the eligibility for exemption from interest
withholding tax to bonds issued in Australia by state and territory central
borrowing authorities;
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Schedule 4 removes an anomaly in the fringe benefits tax law as
it applies to benefits for investment properties held jointly by an employee
and their associates; and
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Schedule 5 amends the eligible investment business rules for
managed investment trusts.
1.2
The Senate set 13 October 2008 as the reporting date.
Accordingly, the committee set Friday 3 October as the closing date for
submissions. However by this date only [five] submissions had been received.
With [ten] other inquiries underway the committee had not been able to give
much consideration to this bill by the date set for reporting.
Recommendation 1
1.3
The committee recommends that the Senate extend the reporting
date for the inquiry until 10 November 2008.
Senator Annette Hurley
Chair