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• Corporations Legislation 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 Act 2001

  to simplify document lodgment and procedures for companies; remove the upper age limit for directors of public companies; and remove charges over uncertificated securities from the application of the charges provisions; and

  Australian Securities and Investments Commission Act 2001

  to increase the financial cap before Ministerial approval is required for the Australian Securities and Investments Commission to enter into contracts; and enable an alternate person to attend meetings of the Corporations and Markets Advisory Committee in place of the Chairperson. Also contains transitional provisions. 

  Bill | Explanatory Memorandum

• Medical Indemnity (Prudential Supervision and Product Standards) (Consequential Amendments) Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Medical Indemnity (Prudential Supervision and Product Standards) Bill 2002 and further to the package of bills implementing the framework for medical indemnity insurance, the bill makes consequential amendments to the

  Australian Prudential Regulation Authority Act 1998

  ,

  Financial Sector (Collection of Data) Act 2001

  ,

  Insurance Act 1973

  and

  Insurance Contracts Act 1984

  to: require medical defence organisations (MDOs) to provide data to the Australian Prudential Regulation Authority; and prevent MDOs with discretionary liabilities from becoming authorised insurers. 

  Bill | Explanatory Memorandum

• Medical Indemnity (Prudential Supervision and Product Standards) Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Medical Indemnity (Prudential Supervision and Product Standards) (Consequential Amendments) Bill 2002 and further to the package of bills implementing the framework for medical indemnity insurance, the bill provides for: medical indemnity cover only to be provided by general insurers and only under contracts of insurance, which will ensure that providers are subject to appropriate prudential supervision by the Australian Prudential Regulation Authority; transitional arrangements for current providers to meet minimum capital requirements; minimum product standards for medical indemnity insurance contracts; compulsory retroactive cover; and anti-avoidance provisions. Also contains a regulation-making power. 

  Bill | Explanatory Memorandum

• New Business Tax System (Consolidation and Other Measures) Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the New Business Tax System (Venture Capital Deficit Tax) Bill 2002 and further to the

  New Business Tax System (Consolidation) Act (No. 1) 2002

  ,

  New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002

  and

  New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002

  , the bill amends the

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  and 5 other Acts to implement the final stage of the consolidation regime which commenced on 1 July 2002 in relation to consolidated groups (including the taxation of life insurance companies) and the simplified imputation system (including venture capital franking). Also contains transitional provisions and makes consequential amendments. 

  Bill | Explanatory Memorandum

• New Business Tax System (Venture Capital Deficit Tax) Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the New Business Tax System (Consolidation and Other Measures) Bill (No. 2) 2002, the bill imposes a tax in relation to venture capital sub-account deficits of pooled development funds. 

  Bill | Explanatory Memorandum

• Superannuation (Financial Assistance Funding) Levy Amendment Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation Industry (Supervision) Amendment Bill 2002, the bill amends the

  Superannuation (Financial Assistance Funding) Levy Act 1993

  to: allow for a minimum and maximum levy payable in respect of any levies imposed; and enable aggregate amounts of financial assistance to be collected in one levy in each financial year, rather than individually. 

  Bill | Explanatory Memorandum

• Superannuation Industry (Supervision) Amendment Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation (Financial Assistance Funding) Levy Amendment Bill 2002, the bill amends the

  Superannuation Industry (Supervision) Act 1993

  to make minor consequential amendments to: clarify a reference; and remove and replace certain terms. 

  Bill | Explanatory Memorandum

• Terrorism Insurance Bill 2003

  Track (What's this?)

  Date

  12 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Renders ineffective terrorism exclusion clauses in eligible insurance contracts and implements a framework for reinsurance for terrorist acts for commercial properties and infrastructure, including business interruption and public liability risks. Also establishes the Australian Reinsurance Pool Corporation which will provide the reinsurance cover; and contains a regulation-making power. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment (Earlier Access to Farm Management Deposits) Bill 2002

  Track (What's this?)

  Date

  05 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1936

  to: exempt farmers in “exceptional circumstances” declared areas from the requirement that farm management deposits have to be held for 12 months in order to qualify for tax concessions; and make minor amendments in relation to the operation of the farm management deposit scheme. Also contains application provisions. 

  Bill | Explanatory Memorandum

• Taxation Laws Amendment Bill (No. 3) 2003

  Track (What's this?)

  Date

  05 Dec 2002 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to: provide for income tax deductions for gifts to certain organisations; and enable co-operative companies to either frank distributions to shareholders or claim existing deductions for distributions of assessable income to shareholders;

  Income Tax Assessment Act 1997

  ,

  Income Tax (Transitional Provisions) Act 1997

  and

  Fringe Benefits Tax Assessment Act 1986

  to take into account capital gains or losses while shares or rights are in an employee share trust;

  Income Tax Assessment Act 1936

  to correct an anomaly in the reasonable benefit limit provisions;

  Petroleum Resource Rent Tax Assessment Act 1997

  to: recognise expenditures associated with closing down a facility that has ceased to be used for a petroleum project but continues to be used under an infrastructure licence; and provide for uniform treatment of partial use arrangements. Also makes technical amendments to the

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  and 11 other Acts; ensures that there are no taxation consequences as a result of the corporate conversion of AGL (Australian Gas Light Company) and its registration; and contains application and transitional provisions. 

  Bill | Explanatory Memorandum