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Tax Laws Amendment (2006 Measures No. 4) Bill 2006

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2004-2005-2006

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

SENATE

 

TAX LAWS AMENDMENT (2006 MEASURES N o . 4) BILL 2006

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

Amendment to be moved on behalf of the Government

 

(Circulated by authority of the

Treasurer, the Hon Peter Costello MP)

 

Explanation of Amendment 1

1.1         The amendment provides for a cost base of market value for certain assets that would not have been subject to Australia’s capital gains tax regime prior to this measure being introduced.  It ensures that all such assets held by foreign residents on 10 May 2005, and which are subsequently subject to Australia’s capital gains tax regime, receive a cost base of market value as at that date.

1.2         The amendment has no financial impact.  [Amendment 1]