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• New Business Tax System (Untainting Tax) Bill 2006

  Track (What's this?)

  Date

  25 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Consequential on the Tax Laws Amendment (2006 Measures No. 3) Bill 2006, the bill imposes an untainting tax on a company which chooses to untaint a tainted share capital account. 

  Bill | Explanatory Memorandum

• Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Bill 2006

  Track (What's this?)

  Date

  25 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Consequential on the Petroleum Resource Rent Tax Assessment Amendment Bill 2006, the bill imposes as a tax the instalment transfer interest charge, a charge designed to recoup the time value of money associated with the transfer of exploration expenditure in working out a reduced quarterly instalment of petroleum resource rent tax that is subsequently reversed. 

  Bill | Explanatory Memorandum

• Petroleum Resource Rent Tax Assessment Amendment Bill 2006

  Track (What's this?)

  Date

  25 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Bill 2006, the bill amends the:

  Petroleum Resource Rent Tax Assessment Act 1987

  to: require petroleum resource rent tax (PRRT) taxpayers to transfer and deduct transferable exploration expenditure when calculating their quarterly PRRT; allow internal corporate restructuring within company groups to occur without losing the ability to transfer exploration expenditure; allow the present value of certain expected future expenditures to close down a petroleum project to be deductible against the PRRT receipts of the project; allow deductibility for fringe benefits tax for PRRT purposes; introduce a transfer notice requirement for vendors disposing of an interest in a petroleum project; extend the lodgment period for PRRT annual returns; and make minor technical amendments; and

  Petroleum Resource Rent Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to apply the self assessment regime to PRRT. Also makes a consequential amendment to the

  Taxation Administration Act 1953

  . 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (2006 Measures No. 3) Bill 2006

  Track (What's this?)

  Date

  25 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the New Business Tax System (Untainting Tax) Bill 2006, the bill amends the:

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to extend eligibility for the beneficiary tax offset to farmers and small business owners in receipt of Cyclone Larry and Cyclone Monica income support payments, and to drought affected taxpayers in receipt of interim income support payments;

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  ,

  Income Tax (Transitional Provisions) Act 1997

  and

  Taxation Administration Act 1953

  to ensure that a company’s share capital account will become tainted if it transfers certain amounts to that account;

  Income Tax Assessment Act 1997

  to: disregard for capital gains tax purposes any capital gain or capital loss resulting from government expense-reimbursing financial assistance; and establish five new deductible gift recipient categories; 6 Acts to provide an offset in respect of Medicare levy surcharge liability for taxpayers receiving an eligible lump sum payment in arrears;

  Superannuation Guarantee (Administration) Act 1992

  and

  Taxation Administration Act 1953

  to require superannuation providers to report details of superannuation contributions to the Australian Taxation Office;

  Fringe Benefits Tax Assessment Act 1986

  to exclude from reporting, fringe benefits provided to address certain employee personal security concerns;

  Income Tax Assessment Act 1936

  to prevent inappropriate use of pre-1 July 1988 superannuation funding credits;

  A New Tax System (Australian Business Number) Act 1999

  and

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

  to allow certain funds that raise money for other deductible gift recipients to obtain an Australian Business Number;

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

  to clarify goods and services tax charity and charitable retirement village concessions; and ensure that supplies of certain types of real property remain input taxed;

  Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005

  to clarify that the reduced 4 year amendment period for income tax assessments involving tax avoidance applies from the 2004-05 financial year; and

  A New Tax System (Wine Equalisation Tax) Act 1999

  to increase the maximum amount of wine equalisation tax producer rebate claimable by a wine producer each financial year. Also provides tax-free status for certain payments to businesses adversely affected by Cyclone Larry and Cyclone Monica. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006

  Track (What's this?)

  Date

  25 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

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

  and

  Medicare Levy Act 1986

  to increase the Medicare levy low income thresholds and the Medicare levy surcharge low income thresholds for the 2005-06 financial year and later financial years. Also amends the

  Medicare Levy Act 1986

  to increase the Medicare levy low income threshold for pensioners below age pension age for the 2005-2006 financial year and later financial years. 

  Bill | Explanatory Memorandum

• Excise Laws Amendment (Fuel Tax Reform and Other Measures) Bill 2006

  Track (What's this?)

  Date

  11 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of 4 bills to replace the current system of fuel tax concessions with a single fuel tax credit system from 1 July 2006, the bill amends the:

  Excise Act 1901

  to: clarify the arrangements for using imported inputs in the manufacture of excisable goods; streamline administrative arrangements for concessional spirits; establish common validity periods for all excise licences and include additional factors which may be taken into account when granting or suspending a licence; provide for rules to govern the measurement of excisable goods; remove redundant provisions; and include provisions to protect the revenue in relation to tobacco leaf and bulk beer;

  Energy Grants (Cleaner Fuels) Scheme Act 2004

  to include a biofuel manufactured from vegetable oils or animal fats through a process of hydrogenation as a “cleaner fuel”. Also makes consequential amendments to 6 Acts; and repeals 7 redundant Acts. 

  Bill | Explanatory Memorandum

• Excise Tariff Amendment (Fuel Tax Reform and Other Measures) Bill 2006

  Track (What's this?)

  Date

  11 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of 4 bills to replace the current system of fuel tax concessions with a single fuel tax credit system from 1 July 2006, the bill amends the

  Excise Tariff Act 1921

  to: simplify and clarify the existing excise tariff (including removing coal from the tariff) to ensure the tariff relates to classification of goods (for the purpose of taxing them) and does not include concessional rates of duty (with any concessional treatment to be delivered by the proposed

  Fuel Tax Act 2006

  ); remove the various rates applying to fuel and replace them with two rates of duty, one for aviation fuel and one for other fuels; include fuels manufactured from sources other than petroleum, oil shale or coal; exclude certain recycled product; remove redundant provisions; and apply the non-stick tobacco excise rate to snuff tobacco. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Bill 2006

  Track (What's this?)

  Date

  11 May 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Rates Act 1986

  to: reduce the 47 and 42 per cent personal income tax rates to 45 and 40 per cent, respectively; and increase the personal income tax thresholds for all tax brackets;

  Fringe Benefits Tax Act 1986

  to reduce the fringe benefits tax rate;

  Income Tax Assessment Act 1936

  to: increase the low income tax offset; and increase the income threshold from which the tax offset begins to phase-out;

  Medicare Levy Act 1986

  to: increase the Medicare levy income threshold for taxpayers who are eligible for the senior Australians tax offset; and reduce the Medicare levy phase-in rate; and

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to increase deductions for the decline in value of depreciating assets under the diminishing value method and project pools for assets that a taxpayer starts to hold on or after 10 May 2006. Also makes amendments consequential on the reduction in personal income tax rates to 7 other Acts. 

  Bill | Explanatory Memorandum

• Fuel Tax (Consequential and Transitional Provisions) Bill 2006

  Track (What's this?)

  Date

  29 Mar 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Fuel Tax Bill 2006, the bill amends the:

  Energy Grants (Credits) Scheme Act 2003

  ,

  Fuel Sales Grants Act 2000

  ,

  Product Grants and Benefits Administration Act 2000

  ,

  States Grants (Petroleum Products) Act 1965

  and proposed

  Fuel Tax Act 2006

  to provide transitional arrangements in relation to the new fuel tax credit scheme;

  Taxation Administration Act 1953

  to rewrite Part VI of the Act (administration of goods and services tax, wine equalisation tax and luxury car tax); and

  Taxation Administration Act 1953

  and 4 other Acts to provide administrative arrangements for the new fuel tax credit scheme. Also repeals the

  Fuel Sales Grants Act 2000

  on 1 January 2007, the

  States Grants (Petroleum Products) Act 1965

  on 1 July 2007 and the

  Energy Grants (Credit) Scheme Act 2003

  on 1 July 2012; and makes consequential amendments to 13 other Acts. 

  Bill | Explanatory Memorandum

• Fuel Tax Bill 2006

  Track (What's this?)

  Date

  29 Mar 2006 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Fuel Tax (Consequential and Transitional Provisions) Bill 2006, the bill provides for: a single system of fuel tax credits to remove or reduce the incidence of fuel tax levied on taxable fuels from 1 July 2006; and a framework for the taxation of gaseous fuels from 1 July 2011, when fuel tax will be levied on liquefied petroleum gas, liquefied natural gas and compressed natural gas for the first time. Fuel tax credits for certain claimants will be conditional on meeting certain environmental criteria. 

  Bill | Explanatory Memorandum