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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 (2012 Measures No. 6) Bill 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to clarify that native title benefits are not subject to income tax (including capital gains tax); Income Tax Assessment Act 1997 to: update the list of deductible gift recipients; extend the immediate deductibility of exploration and prospecting expenditure provided to mining and petroleum explorers to geothermal energy explorers; and clarify that the definition of ‘limited recourse debt’ includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt; Tax Laws Amendment (2011 Measures No. 5) Act 2011 to extend the interim streaming rules for managed investment trusts until the end of the 2013-14 financial year; Income Tax Assessment Act 1936 to apply an income test to the rebate for medical expenses from 1 July 2012; Fringe Benefits Tax Assessment Act 1986 to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements; and Retirement Savings Accounts Regulations 1997, Superannuation Industry (Supervision) Regulations 1994 and five Acts to make technical amendments.

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 29/11/12  
Second reading moved 29/11/12  
Second reading debate 14/02/13  
Second reading debate 18/03/13  
Second reading agreed to 18/03/13  
Consideration in detail debate 18/03/13  
Third reading agreed to 18/03/13  
     
Senate
Introduced and read a first time 19/03/13  
Second reading moved 19/03/13  
Second reading debate 25/06/13  
Second reading agreed to 25/06/13  
Third reading agreed to 25/06/13  
     
Text of bill as passed both Houses 25/06/13  
Assent 28/06/13 Act no.: 84 of 2013
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Opposition [sheet 7365 revised]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (29/11/2012): House Standing Committee on Economics; Committee report (11/02/2013)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )