Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (Shipping Reform) Bill 2012

Bill home page  


Download WordDownload Word


Download PDFDownload PDF

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)