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• Superannuation (Surcharge Rate Reduction) Amendment Bill 2003

  Track (What's this?)

  Date

  29 May 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Contributions Tax Imposition Act 1997

  ,

  Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997

  and

  Termination Payments Tax Imposition Act 1997

  to reduce the maximum superannuation and termination payments surcharge rates from 15 to 10.5 per cent over 3 years commencing retrospectively from 1 July 2002; and

  Defence Force Retirement and Death Benefits Act 1973

  ,

  Parliamentary Contributory Superannuation Act 1948

  ,

  Superannuation Act 1976

  ,

  Superannuation Contributions Tax (Application to the Commonwealth—Reduction of Benefits) Act 1997

  and

  Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

  to reduce the superannuation surcharge cap. Also contains application provisions. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment (Personal Income Tax Reduction) Bill 2003

  Track (What's this?)

  Date

  29 May 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  to increase the low income tax offset and the income threshold at which the low income tax offset begins to be withdrawn;

  Income Tax Rates Act 1986

  to: increase the personal income tax thresholds for resident and non-resident taxpayers; and make consequential amendments; and

  Medicare Levy Act 1986

  to increase the income threshold that applies to taxpayers who are eligible for the Senior Australians Tax Offset. Also contains an application provision. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment Bill (No. 6) 2003

  Track (What's this?)

  Date

  29 May 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Medicare Levy Act 1986

  to increase the Medicare levy low income thresholds for individuals, married couples, sole parents and pensioners below age pension age;

  A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

  to increase the Medicare levy surcharge low income threshold;

  Income Tax (Transitional Provisions) Act 1997

  to modify the general value shifting regime; and membership rules for subsidiaries of multiple entry consolidated groups held through an interposed non-resident entity;

  Income Tax Assessment Act 1997

  in relation to: cost setting rules for linked assets and liabilities and for partners and partnerships; and introduction of a new deductible gift recipient category of harm prevention charities;

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  in relation to transitional foreign-held membership structures;

  New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002[eigals] to make minor technical amendments;

  Taxation Administration Act 1953

  ,

  Administrative Appeals Tribunal Act 1975

  ,

  Fringe Benefits Tax Assessment Act 1986

  ,

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to streamline procedures under which taxpayers can be released from a tax liability where payment would entail serious hardship;

  Income Tax Assessment Act 1997

  ,

  Income Tax (Transitional Provisions) Act 1997

  ,

  Taxation Administration Act 1953

  and

  Taxation Laws Amendment Act (No. 3) 2003

  to allow New Zealand companies to choose to enter the Australian imputation system; and

  A New Tax System (Goods and Services Tax) Act 1999

  and

  A New Tax System (Goods and Services Tax Transition) Act 1999

  to apply the goods and services tax insurance provisions to settlement of claims arising under a compulsory third party scheme. Also contains application and transitional provisions. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment Bill (No. 5) 2003

  Track (What's this?)

  Date

  27 Mar 2003 

  Chamber

  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. 

  Bill | Explanatory Memorandum

• Trade Practices Legislation Amendment Bill 2003

  Track (What's this?)

  Date

  27 Mar 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Trade Practices Act 1974

  to: clarify the ability of State and Territory access regimes to confer duties upon the Australian Competition and Consumer Commission (ACCC) and the Australian Competition Tribunal (ACT) and the conditions under which a law of a State or Territory may confer functions, powers and duties upon the ACCC or ACT. Also repeals the

  Prices Surveillance Act 1983

  and replaces it with a new part in the

  Trade Practices Act 1974

  which preserves the existing prices surveillance powers; and provides for a body other than the ACCC to hold a price inquiry; amends the:

  Airports Act 1996

  ,

  Air Services Act 1995

  ,

  Australian Maritime Safety Authority Act 1990

  and

  Australia Postal Corporation Act 1989

  to make consequential amendments;

  Australian Crime Commission Act 2002

  and

  Australian Postal Corporation Act 1989

  to delete redundant references; and contains transitional provisions. 

  Bill | Explanatory Memorandum

• Energy Grants (Credits) Scheme (Consequential Amendments) Bill 2003

  Track (What's this?)

  Date

  13 Feb 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Energy Grants (Credits) Scheme Bill 2003, the bill makes consequential amendments to 6 Acts as a result of the introduction of the Energy Grants Credits Scheme. Also repeals the

  Diesel and Alternative Fuels Grants Scheme Act 1999

  and contains application and transitional provisions. 

  Bill | Explanatory Memorandum

• Energy Grants (Credits) Scheme Bill 2003

  Track (What's this?)

  Date

  13 Feb 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Energy Grants (Credit) Scheme (Consequential Amendments) Bill 2003, the bill replaces the Diesel Fuel Rebate Scheme and the Diesel and Alternative Fuels Grants Scheme with a single scheme called the Energy Grants (Credits) Scheme which will apply from 1 July 2003. Also contains a regulation-making power. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment Bill (No. 4) 2003

  Track (What's this?)

  Date

  13 Feb 2003 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  to treat certain internal roll-overs as eligible termination payments;

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to make technical corrections and amendments in relation to the uniform capital allowances system;

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  ,

  Income Tax (Transitional Provisions) Act 1997

  and

  Taxation Administration Act 1953

  to clarify the recognition and treatment of non-assessable non-exempt income amounts;

  Income Tax Assessment Act 1997

  in relation to refundable tax offset rules;

  Taxation Administration Act 1953

  to introduce new withholding obligations to apply to certain payments to foreign residents;

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to: apply pay as you go (PAYG) withholding to enterprise-to-enterprise transactions in Australia if no Australian Business Number (ABN) is quoted; and ensure that the relevant withholding rules have the same geographical application as the

  A New Tax System (Australian Business Number) Act 1999

  ; and

  Fringe Benefits Tax Assessment Act 1986

  and

  Income Tax Assessment Act 1997

  to provide a fringe benefits tax exemption for certain payments to approved worker entitlement funds. Also contains application and transitional provisions. 

  Bill | Explanatory Memorandum

• Corporations (Fees) Amendment Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills to implement the next phase of the Corporations Law Economic Reform Program, the bill amends the

  Corporations (Fees) Act 2001

  to modify the regulation-making power under the Act to expand the range of fees that maybe prescribed. 

  Bill | Explanatory Memorandum

• Corporations (Review Fees) Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills to implement the next phase of the Corporations Law Economic Reform Program, the bill imposes review fees (to be prescribed by regulations) to be payable by companies, registered schemes, registered Australian bodies, persons registered as auditors and/or liquidators, and holders of a financial services licence, when lodging documents with the Australian Securities and Investments Commission. Also contains a regulation-making power. 

  Bill | Explanatory Memorandum