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Bills of the current Parliament

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.

Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Fringe Benefits Tax Assessment Act 1986 to provide employers with an exemption from fringe benefits tax if they provide training or education to a redundant, or soon to be redundant, employee for the purpose of assisting that employee to gain new employment; Income Tax Assessment Act 1997 to: extend the operation of the junior minerals exploration incentive for a further four years; and include a reporting requirement for mineral exploration companies where no exploration investment has occurred to enable unused exploration credits to be identified earlier and reallocated; Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 to make consequential amendments; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to provide a capital gains tax exemption for granny flat arrangements where there is a formal written agreement in place; Corporations Act 2001 and National Consumer Credit Protection Act 2009 to provide that the Australian Securities and Investment Commission is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration payable by a retail client or consumer in relation to a financial or credit product; International Tax Agreements Act 1953 to disregard days spent in Australia due to COVID-19 by New Zealand sportspersons on teams participating in cross-border competitions and their support staff in determining whether income derived from such competitions is taxable in Australia; and Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 to retain the low and middle income tax offset for the 2021-22 financial year.

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 26/05/21  
Second reading moved 26/05/21  
Second reading debate 17/06/21  
Second reading agreed to 17/06/21  
Third reading agreed to 17/06/21  
     
Senate
Introduced and read a first time 21/06/21  
Second reading moved 21/06/21  
Second reading debate 24/06/21  
Second reading agreed to 24/06/21  
Third reading agreed to 24/06/21  
     
Finally passed both Houses 24/06/21  
Assent 30/06/21 Act no: 72 - Year: 2021
     

[Information on document types]

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes