Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
47

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Summary

Amends the: Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to: establish a hydrogen production tax offset that is available at a rate of $2 for a kilogram of eligible hydrogen for companies that satisfy certain eligibility requirements; and establish a critical minerals production tax incentive for expenditure incurred in carrying out registered processing activities; and Aboriginal and Torres Strait Islander Act 2005 to enable Indigenous Business Australia to borrow money for a purpose in connection with the performance of its functions.

Progress

House of Representatives
Introduced and read a first time 25 Nov 2024
Second reading moved 25 Nov 2024
Second reading debate 27 Nov 2024
Second reading debate 28 Nov 2024
Second reading agreed to 28 Nov 2024
Third reading agreed to 28 Nov 2024
Senate
Introduced and read a first time 04 Feb 2025
Second reading moved 04 Feb 2025
Second reading debate 05 Feb 2025
Second reading debate 06 Feb 2025
Second reading debate 10 Feb 2025
Second reading agreed to 10 Feb 2025
Committee of the Whole debate
  • Amendment details: 2 Australian Greens agreed to
10 Feb 2025
Third reading agreed to 10 Feb 2025
House of Representatives
Message from Senate reported 11 Feb 2025
Consideration of Senate message
  • Details: House agreed to Senate amendments
11 Feb 2025
Finally passed both Houses 11 Feb 2025
Assent
  • Act no: 9
  • Year: 2025
14 Feb 2025

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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