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Tax Laws Amendment (2008 Measures No. 1) Bill 2008

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5516

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Tax Laws Amendment (2008 Measures No. 1) Bill 2008

 

(1)           Page 23 (after line 21), at the end of the bill, add:

Schedule 9—Additional ministerial guidelines

Income Tax Assessment Act 1997

1  After subsection 40-1010(3)

Insert:

          (3A)  The guidelines provided for in subsection (3) must ensure that:

                     (a)  the establishment of trees does not impinge on the economic viability of current regional economies; and

                     (b)  the establishment of trees gives preference to the current farming and grazing community and only utilises land not properly suitable for sustainable farming or prime grazing; and

                     (c)  land with the capacity for and a history of successful farming or prime grazing is not eligible for the establishment of trees.

[additional guidelines]