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Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012

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2010-2011-2012

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

 

tax laws amendment (clean building managed investment trust) Bill 2012

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

Amendments to be moved on behalf of the Government.

 

 

Explanation of amendments

Amendment 1 is to amend subsection 12-430(2) of Schedule 1 to the Taxation Administration Act 1953 to ensure that any works preparing a site for construction and works undertaken below the lowest level of a building do not represent the commencement of construction for the purposes of the measure.  The amendment is a technical correction to ensure that, in determining if a building qualifies as having been commenced on or after 1 July 2012, the time of the commencement of the construction of the building is only determined by the time the works on the lowest level (including any basement level) of the building commence.

 

(Circulated by the authority of the

Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)