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2010-2011-2012
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF REPRESENTATIVES
tax laws amendment (shipping reform) bill 2012
SUPPLEMENTARY EXPLANATORY MEMORANDUM
Amendments to be moved on behalf of the Government.
Explanation of amendments
Amendment 1 is to amend section 128D of the Income Tax Assessment Act 1936 to ensure that income that falls within the scope of the royalty withholding tax exemption of paragraph 128B(3)(m) of the Tax Laws Amendment (Shipping Reform) Bill 2012 (the Bill) is not assessable income and is not exempt income. This amendment also makes a minor grammatical correction.
Amendment 2 is to amend subparagraph 128B(3)(m)(ii) of the Bill to properly cross reference the Bill to the revised section 10 of the Shipping Reform (Tax Incentives) Bill 2012.
(Circulated by the
authority of the
Deputy Prime Minister and Treasurer, the Hon Wayne Swan
MP)