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Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of 11 bills, the bill amends the: Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to abolish the entrepreneurs’ tax offset; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: increase the small business instant asset write-off threshold to $6500; and consolidate the long life small business pool and the general small business pool into a single pool to be written off at one rate; Income Tax Assessment Act 1997 to enable small business entities to claim an accelerated initial deduction for motor vehicles acquired in the 2012-13 and subsequent financial years; and Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to enable eligible low income earners to receive the low income superannuation contribution.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 02/11/11  
Second reading moved 02/11/11  
Second reading debate 03/11/11  
Second reading debate 21/11/11  
Second reading debate 22/11/11  
Second reading agreed to 22/11/11
(after midnight)
 
Consideration in detail debate 22/11/11
(after midnight)
Amendment details: 2 Government agreed to
Third reading agreed to 22/11/11
(after midnight)
 
     
Senate
Introduced and read a first time 07/02/12  
Second reading moved 07/02/12  
Second reading debate 15/03/12  
Second reading debate 16/03/12  
Second reading debate 19/03/12  
Second reading agreed to 19/03/12  
Third reading agreed to 19/03/12  
     
Text of bill as passed both Houses 19/03/12  
Assent 29/03/12 Act no.: 23 - Year: 2012
     

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML
  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Revised explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet BV244]

MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (02/11/2011): House Standing Committee on Economics; Committee report (21/11/2011)
  • Referred to Committee (10/11/2011): Senate Economics Legislation Committee; Committee report (14/03/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )