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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends: the Income Tax Assessment Act 1997 to: increase the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure; increase the minimum qualifying Australian production expenditure threshold for claiming the producer offset and the post, digital and visual effects offset to $1 million; remove the 65 commercial hour cap on claiming qualifying Australian production expenditure for a drama series and seasons of a drama series; and create limitations on what a company can count as a films qualifying Australian production expenditure; 15 Acts to make amendments consequential on new debt restructuring and liquidation processes for eligible incorporated small businesses; and 16 Acts in the Treasury portfolio to make miscellaneous and technical amendments.

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 24/06/21  
Second reading moved 24/06/21  
Second reading debate 10/08/21  
Second reading agreed to 10/08/21  
Third reading agreed to 10/08/21  
     
Senate
Introduced and read a first time 11/08/21  
Second reading moved 11/08/21  
Second reading debate 01/12/21  
Second reading agreed to 01/12/21  
Committee of the Whole debate 01/12/21 Amendment details: 1 Government and 5 Opposition agreed to
Third reading agreed to 01/12/21  
     
House of Representatives
Consideration of Senate message 01/12/21 Details: House agreed to Senate amendments
     
Finally passed both Houses 01/12/21  
Assent 07/12/21 Act no: 127 - Year: 2021
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Government [sheet ZA122]

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  • Independent [sheet 1346]
PATRICK, Sen Rex

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  • Opposition [sheet 1351]
MCALLISTER, Sen Jenny

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes