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Bills of previous Parliaments

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 (Shipping Reform) Bill 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of five bills in relation to the Australian shipping industry, the bill amends the: Income Tax Assessment Act 1997 to provide for: a new category of exempt income for ship operators under certain circumstances; an accelerated depreciation of shipping vessels through a cap of 10 years to the effective life of those vessels; roll-over relief from income tax for eligible ship owners; a refundable tax offset for employers of Australian resident seafarers in certain circumstances; and the disclosure of tax information by the Australian Taxation Office in certain circumstances; and Income Tax Assessment Act 1936 to exempt from royalty withholding tax payments made for the lease of shipping vessels in certain circumstances.

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 22/03/12  
Second reading moved 22/03/12  
Second reading debate 28/05/12  
Second reading debate 31/05/12  
Second reading agreed to 31/05/12  
Consideration in detail debate 31/05/12 Amendment details: 3 Government agreed to
Third reading agreed to 31/05/12  
     
Senate
Introduced and read a first time 18/06/12  
Second reading moved 18/06/12  
Second reading debate 18/06/12  
Second reading agreed to 18/06/12  
Committee of the Whole debate 18/06/12  
Third reading agreed to 18/06/12  
     
Assent 21/06/12 Act no.: 57 of 2012
     

Text of bill

  • First reading

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  • Third reading

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet CC236]

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  • Government [sheet CJ242]

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (22/03/2012): Senate Economics Legislation Committee; Committee report (15/06/2012)
  • Referred to Committee (22/03/2012): Senate Education, Employment and Workplace Relations Legislation Committee; Committee report (24/04/2012)
  • Referred to Committee (22/03/2012): House Standing Committee on Infrastructure and Communications; Committee report (24/05/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )