Footnotes

Chapter 2 - Overview of the Bill

[1]        Payments of interest by the Commonwealth on the unclaimed money of former temporary residents reclaimed after 1 July 2013 are a taxable component of a superannuation benefit that has been untaxed in the fund and are subject to Departing Australia Superannuation Payments tax at a rate of 45 per cent. Explanatory Memorandum, p. 17.

[2]        Explanatory Memorandum, p. 12.

[3]        Explanatory Memorandum, p. 21.

[4]        Free or discounted travel provided to employees without stand-by restrictions is not an airline transport fringe benefit, but is instead taxable under the ordinary in-house property and residual fringe benefits rules. Explanatory Memorandum, p. 21.

[5]        The Hon Wayne Swan MP and the Hon David Bradbury MP, '2012-13 Budget builds on growing record of tax reform,' Joint media release, 8 May 2012.

[6]        Explanatory Memorandum, pp. 22–23.

[7]        Explanatory Memorandum, p.23.

[8]        Report on Australia's Future Tax System, December 2009, Part One: Overview, p. 82.

[9]        For more detail on the application and transitional provisions, see Explanatory Memorandum, pp. 51–52.

[10]      The Hon Tony Burke MP and the Hon Simon Crean MP, 'New approach to water recovery in the Murray Darling Basin,' Joint media release, 18 February 2011.

[11]      Explanatory Memorandum, p. 40.

[12]      Explanatory Memorandum, p. 40.

[13]      Explanatory Memorandum, p. 55. The Review was announced by the government on 29 May 2009, and provided its final report to the government on 30 June 2010.

[14]      Explanatory Memorandum, pp. 55–56.

[15]      Explanatory Memorandum, p. 55.

[16]      Explanatory Memorandum, p. 84.

[17]      The Hon David Bradbury MP and the Hon Brendan O'Connor MP, 'Tax relief for businesses in our patchwork economy,' Joint media release, 6 May 2012.

[18]      Australian Government, Improving access to company losses, discussion paper, July 2012, pp

[19]      Explanatory Memorandum, p. 76.

[20]      Explanatory Memorandum, pp. 76-79.

[21]      Explanatory Memorandum, p. 127.

[22]      For details on the BTWG's consultations, see the Regulation Impact Statement in the Explanatory Memorandum, pp. 147-49.

[23]      The discussion paper and submissions received in response are available at http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/company-losses-access.

[24]      The exposure draft package is available at http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/company-losses-access-Exp-Draft.

Chapter 3 - Views on the Bill

[1]        AIST, Submission 3, p. 1.

[2]        Senate Economics Legislation Committee, Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012, report, November 2012, http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Completed%20inquiries/2010-13/treasuryunclaimedmoney2012/index.

[3]        Virgin Australia, Submission 1, p. 1.

[4]        Qantas, Submission 5, p. 1.

[5]        CPA Australia, Submission 6, p. 1.

[6]        SPAA, Submission 4, pp. 3–4.

[7]        Super System Review, Final Report: Part 1, Overview and recommendations, 2010, p. 16.

[8]        Explanatory Memorandum, p. 55.

[9]        Law Council of Australia, Submission 2, pp. 2–3. 

[10]      Law Council of Australia, Submission 2, p. 3.

[11]      Treasury, Response to question on notice, received 7 March 2013.

[12]      Law Council of Australia, Submission 2, p. 3.

[13]      Explanatory Memorandum, p. 65.

[14]      Treasury, Response to question on notice, received 7 March 2013.

Australian Taxation Office, Self Managed Super Funds Ruling 2010/1, http://law.ato.gov.au/atolaw/view.htm?docid=SFR/SMSFR20101/NAT/ATO/00001 (accessed 8 March 2013).

[15]      Law Council of Australia, Submission 2, pp. 3–4.

[16]      Law Council of Australia, Submission 2, p. 4.

[17]      SPAA, Submission 4, pp. 4–5.

[18]      Treasury, Response to question on notice, received 7 March 2013.

[19]      Treasury, Response to question on notice, received 7 March 2013.

[20]      Treasury, Response to question on notice, received 7 March 2013.

[21]      CPA Australia, Submission 6, p. 1.

[22]      AIST, Submission 3, p. 1.

[23]      Association of Superannuation Funds of Australia, Submission 7, p. 2.

[24]      SPAA, Submission 4, p. 1.

[25]      Treasury, Response to question on notice, received 7 March 2013.

[26]      Virgin Australia, Submission 1, p. 2.

[27]      Virgin Australia, Submission 1, p. 3.

[28]      Virgin Australia, Submission 1, p. 3.

[29]      Explanatory Memorandum, p. 138.

[30]      Explanatory Memorandum, p. 138.

Coalition Members' Dissenting Report - Tax and Superannuation Laws Amendment

[1]        SPAA, Submission 4, p. 5.

[2]        SPAA, Submission 4, p. 3.