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Tax Laws Amendment (2011 Measures No. 7) Bill 2011

Originating house
House of Representatives


Amends the: Income Tax Assessment Act 1997 in relation to: taxation arrangements for special disability trusts; certain farm management deposits being accessed within 12 months; and the producer, location, and post, digital and visual effects offsets; Income Tax Rates Act 1986 to reduce the lowest marginal tax rate for workers participating in the Pacific Seasonal Worker Pilot Scheme; Taxation Administration Act 1953 to provide that the instalment income of certain taxpayers includes net gains in the taxation of financial arrangements; Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 to give the Commissioner of Taxation a discretion to extend the time in which taxpayers may notify the making of a transitional election in certain circumstances; Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Banking Act 1959 in relation to the administration of the farm management deposits scheme; Income Tax Assessment Act 1997 and Tax Laws Amendment (2009 Measures No. 6) Act 2010 to extend to 30 September 2011 the date for the temporary loss relief for merging superannuation funds; and A New Tax System (Australian Business Number) Act 1999, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 in relation to a regulatory framework for public ancillary funds. Also provides that any director penalty notices issued by the Commissioner of Taxation under former section 22AOE of the Income Tax Assessment Act 1936 between 10 December 2007 and 30 June 2010 are valid, notwithstanding the New South Wales Court of Appeal decision in Soong v Deputy Commissioner of Taxation (2011) 248 FLR 252.

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 21/09/11  
Second reading moved 21/09/11  
Referred to Main Committee 13/10/11  
Second reading debate 13/10/11  
Second reading agreed to 13/10/11  
Reported from Main Committee 13/10/11  
Third reading agreed to 13/10/11  
Introduced and read a first time 31/10/11  
Second reading moved 31/10/11  
Second reading agreed to 21/11/11  
Third reading agreed to 21/11/11  
Text of bill as passed both Houses 21/11/11  
Assent 29/11/11 Act no.: 147 - Year: 2011

Text of bill

  • First reading

  • As passed by both Houses


Explanatory memoranda

  • Explanatory memorandum


Second reading speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest

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