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• Tax Laws Amendment (2008 Measures No. 4) Bill 2008

  Track (What's this?)

  Date

  26 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to: provide private health insurance policy holders with capital gains tax relief when insurers demutualise; limit lineal descendants to children or grandchildren of the test individual or their spouse; and remove the ability for family trusts to make a variation to the test individual specified in a family trust election. Also makes technical amendments to eight other Acts. 

  Bill | Explanatory Memorandum

• Trade Practices Legislation Amendment Bill 2008

  Track (What's this?)

  Date

  26 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  In response to certain recommendations of the Senate Economics References Committee’s report into the effectiveness of the

  Trade Practices Act 1974

  in protecting small business, the bill amends section 46 of the

  Trade Practices Act 1974

  to: address predatory pricing; clarify the role of recoupment in predatory pricing cases; clarify the meaning of ‘take advantage’; confer jurisdiction on the Federal Magistrates Court in matters arising under the section; and amend the competition code similarly. Also amends the

  Australian Securities and Investments Commission Act 2001

  and

  Trade Practices Act 1974

  to: require a Deputy Chairperson of the Australian Competition and Consumer Commission (ACCC) to have a small business background; remove the price thresholds applicable to unconscionable conduct cases; and clarify the ACCC’s information gathering powers. 

  Bill | Explanatory Memorandum

• Governance Review Implementation (AASB and AUASB) Bill 2008

  Track (What's this?)

  Date

  18 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Australian Securities and Investments Commission Act 2001

  to: implement new financial management and administrative governance arrangements by transferring the Australian Accounting Standards Board and the Auditing and Assurance Standards Board from the

  Commonwealth Authorities and Companies Act 1997

  framework to the

  Financial Management and Accountability Act 1997

  framework; and make transitional amendments, including changes to the Financial Reporting Council’s functions. 

  Bill | Explanatory Memorandum

• Income Tax (Managed Investment Trust Transitional) Bill 2008

  Track (What's this?)

  Date

  04 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill imposes a transitional tax rate of 22.5 per cent for the first income year of the new withholding tax regime for distributions of managed investment trust income to foreign residents of certain jurisdictions and allows them to claim deductions for associated investment expenses. 

  Bill | Explanatory Memorandum

• Income Tax (Managed Investment Trust Withholding Tax) Bill 2008

  Track (What's this?)

  Date

  04 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill imposes: a tax rate of 15 per cent for the second income year, and 7.5 per cent for later income years, of the new withholding tax regime for distributions of managed investment trust income to foreign residents of certain jurisdictions; and a 30 per cent withholding tax rate on residents of countries with which Australia does not have effective exchange of information. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Election Commitments No. 1) Bill 2008

  Track (What's this?)

  Date

  04 Jun 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill amends the:

  Income Tax Act 1986

  ,

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  ,

  Income Tax (Transitional Provisions) Act 1997

  and

  Taxation Administration Act 1953

  to introduce a new withholding tax regime for distributions of managed investment trust income to residents of countries with which Australia has effective exchange of information for tax matters; and

  Income Tax Assessment Act 1997

  to exempt from income tax the Prime Minister’s Literary Award. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (2008 Measures No. 3) Bill 2008

  Track (What's this?)

  Date

  29 May 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  in relation to the tax treatment of shareholder and unitholder rights (to restrospectively apply to rights issued on or after 1 July 2001); and

  Taxation Administration Act 1953

  in relation to: the restriction on goods and services tax refunds; and time limits for the recovery and refund of indirect tax. 

  Bill | Explanatory Memorandum

• First Home Saver Accounts (Consequential Amendments) Bill 2008

  Track (What's this?)

  Date

  28 May 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill: makes consequential amendments to: provide for the taxation treatment of First Home Saver Accounts and change certain references; and amends the

  Australian Securities and Investments Commission Act 2001

  and

  Corporations Act 2001

  to ensure that the financial services licensing, conduct, advice and disclosure rules apply appropriately to First Home Saver Accounts. 

  Bill | Explanatory Memorandum

• First Home Saver Accounts Bill 2008

  Track (What's this?)

  Date

  28 May 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill: establishes and governs the operation of First Home Saver Accounts; provides for the payment of Government contributions of 17 per cent on the first $5,000 of personal contributions made into an account each year; and provides for the prudential regulation of account providers. 

  Bill | Explanatory Memorandum

• Income Tax (First Home Saver Accounts Misuse Tax) Bill 2008

  Track (What's this?)

  Date

  28 May 2008 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills, the bill imposes the First Home Saver Accounts misuse tax to be payable on any gain made by an account holder from the improper use of a First Home Saver Account. 

  Bill | Explanatory Memorandum