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Taxation Laws Amendment Bill (No. 5) 2003


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Laws Amendment Act (No. 7) 2000 in relation to: application of the thin capitalisation rules to securitisation vehicles and financial entities; record keeping requirements for permanent establishments; and revaluation of assets; Fringe Benefits Tax Assessment Act 1986 in relation to certain exemptions for public hospitals; Income Tax Rates 1986, Superannuation Contributions Tax (Assessment and Collection) Act 1997 and Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 to: reduce the effective tax rate on the excessive component of an eligible termination payment or death benefit from a superannuation fund; and reduce the amount of contributions subject to the superannuation surcharge; Income Tax Assessment Act 1997 to: remove an anomaly in the tests that apply to companies deducting prior year losses and bad debts written off; and reinstate certain deductible expenditure as a foreign dividend account debit; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to allow corporate tax entities to choose the amount of prior year losses they want to deduct in an income year. Also contains application provisions and a technical amendment.

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 27/03/03  
Second reading moved 27/03/03  
Second reading agreed to 26/11/03  
Consideration in detail debate 26/11/03 Amendment details: 15 Government agreed to
Third reading agreed to 26/11/03  
     
Senate
Introduced and read a first time 01/12/03  
Second reading moved 01/12/03  
Second reading agreed to 02/12/03  
Committee of the Whole debate 02/12/03 Amendment details: 1 Opposition-Australian Democrats agreed to
Third reading agreed to 02/12/03  
     
House of Representatives
Consideration of Senate message 03/12/03 Details: House disagreed to Senate amendment
     
Senate
Consideration of House of Reps message 04/12/03 Details: Senate did not insist on its amendment disagreed to by the House
     
Assent 17/12/03 Act no.: 142 - Year: 2003
     

Text of bill

  • First reading

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  • Third reading

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Explanatory memoranda

  • Supplementary Explanatory Memorandum

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  • Explanatory Memorandum

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Second reading speeches


Proposed amendments

  • (HoR) Government 1

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  • (HoR) Non-Government 1

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Schedules of amendments


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Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)