Footnotes

Chapter 1

[1]        Explanatory Memorandum, pp 7, 21, 25, 33.

[2]        The Hon. Peter Costello, MP, Treasurer, 'Review of International Taxation Arrangements', Press Release 032, 13 May 2003.

[3]        The Hon. Peter Costello, MP, Treasurer, 'International Tax Reforms', Press Release 044, 10 May 2005.

[4]        The Hon. Peter Dutton, MP, Minister for Revenue and the Assistant Treasurer, 'Government Introduces Further Improvements to the Tax System', Press Release 039, 22 June 2006.

[5]        Explanatory Memorandum, p. 33.

[6]        Explanatory Memorandum, p. 5.

[7]        For an outline of the costs to revenue of these reforms, see Explanatory Memorandum, p. 65. However, a breakdown of the costs to revenue of $50 million for 2006-07 and $65 million per annum thereafter has not been provided in the Explanatory Memorandum.

[8]        Explanatory Memorandum, p. 68.

[9]        Explanatory Memorandum, p. 5.

[10]      Mr Mark Hadassin, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, p. 3.

[11]      The Institute of Chartered Accountants in Australia, Submission 2, p. 2.

[12]      Corrs, Chambers and Westgarth Lawyers, 'Capital Gains Tax and Foreign Residents', Legal Update, 30 June 2006.

[13]      Taxation Institute of Australia, Submission 3, p. 1.

[14]      Elizabeth Kazi, 'CGT change to spur mergers', Australian Financial Review, 23 June 2006, p. 15.

[15]      KPMG, 'Capital gains tax changes a catalyst for M&A wave', Media Release, 22 June 2006.

[16]      Simon Evans, 'CGT windfall for overseas Coles bidders', Australian Financial Review, 28 August 2006, p. 10.

[17]      KPMG, 'Capital gains tax changes a catalyst for M&A wave', Media Release, 22 June 2006.

[18]      Minter Ellison Lawyers, 'Australian Capital Gains Tax and foreign residents', Legal Update, 20 July 2006.

[19]      Mr Mark Hadassin, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, pp 2–3.

[20]      Investment and Financial Services Association Ltd, Submission 4, pp 1–2.

[21]      Explanatory Memorandum, p. 38.

[22]      Explanatory Memorandum, p. 32.

[23]      Explanatory Memorandum, p. 61.

[24]      See publication: Board of Taxation, 'Review of International Taxation Arrangements. A Report to the Treasurer', February 2003, p. 94.

[25]      The Institute of Chartered Accountants in Australia, Submission 2, p. 5

[26]      The Hon. Peter Costello, MP, Treasurer, 'Review of International Taxation Arrangements', Press Release 032, 13 May 2003.

[27]      Explanatory Memorandum, p. 32.

[28]      Peter Norman, 'Capital gains tax reforms for non-residents', Taxation in Australia, issue 41, no. 2, August 2006, p. 84.

[29]      Peter Norman, 'Capital gains tax reforms for non-residents', Taxation in Australia, issue 41, no. 2, August 2006, p. 84.

[30]      Corrs, Chambers and Westgarth Lawyers, 'Capital Gains Tax and Foreign Residents', Legal Update, 30 June 2006.

[31]      KPMG, 'Capital gains tax changes a catalyst for M&A wave', Media Release, 22 June 2006.

[32]      See for example, Mr Ali Noroozi, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, p. 2; Mr David Rynne, Minerals Council of Australia, Committee Hansard, 14 September 2006, p.9.

[33]      The Institute of Chartered Accountants in Australia, Submission 2, p. 5.

[34]      The Institute of Chartered Accountants in Australia, Submission 2, p. 5; The Minerals Council of Australia, The Australian Petroleum Production and Exploration Association Ltd and The Corporate Tax Association, Submission 1, p. 3.

[35]      The Institute of Chartered Accountants in Australia, Submission 2, p. 5.

[36]      Mr Ali Noroozi, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, p. 2.

[37]      Mr David Rynne, Minerals Council of Australia, Committee Hansard, 14 September 2006, p. 9.

[38]      Mr John Nagle, Analyst, International Tax and Treaties Division, Department of the Treasury, Committee Hansard, 14 September 2006, p. 13.

[39]      Mr Ali Noroozi, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, p. 2.

[40]      The Minerals Council of Australia, The Australian Petroleum Production and Exploration Association Ltd and The Corporate Tax Association, Submission 1a, pp 5–6.

[41]      The Minerals Council of Australia, The Australian Petroleum Production and Exploration Association Ltd and The Corporate Tax Association, Submission 1a, p. 6.

[42]      Mr Ali Noroozi, Institute of Chartered Accountants in Australia, Committee Hansard, 14 September 2006, p. 2.

[43]      The Minerals Council of Australia, The Australian Petroleum Production and Exploration Association Ltd and The Corporate Tax Association, Submission 1, pp 3–4.

Additional remarks from Labor Senators

[1]        The Minerals Council of Australia, The Australian Petroleum Production and Exploration Association Ltd and The Corporate Tax Association, Submission 1a, p. 6.

Senator Andrew Murray: Australian Democrats Minority Report

[1] Committee Hansard Thursday 14 September 2006 Page E15

[2] Bills Digest 15 August 2006 No 16 Page 4

[3] See Footnote 5 Bills Digest 15 August 2006 No 16, referring to the Hon Mal Brough, then Minister for Revenue and Assistant Treasurer, Answer to Question on Notice No. 243 ‘Taxation, Capital Gains Tax’, from Mr Michael Danby MHR, 9 December 2004, Hansard Page 193.

[4] Committee Hansard Thursday 14 September 2006 Page E14

[5] Prime Minister John Howard, Transcript Press Conference Commonwealth Parliamentary Offices Sydney, 22 December 2005

[6] Committee Hansard Thursday 14 September 2006 Page E6

[7] Human Rights and Equal Opportunities Commissions, Same-Sex: Same Entitlements, Discussion Paper II, September 2006

[8] Senator Andrew Murray Committee Hansard Thursday 14 September 2006, Page E5

[9] Explanatory Memorandum to Tax Laws Amendment (2006 Measures No. 4) Bill 2006, p32

[10] Investment and Financial Services Association Ltd, Submission 4, pp 1–2.

[11] H Wunder (2001): ‘The Effect of international Tax Policy on Business Location decisions’, 24 Tax Notes International, Page 1331, which sets out the results of a survey which confirmed this.  The survey has been recently cited with approval in A Eason (2004) ‘Tax Incentives for Foreign Direct Investment’, Kluwer Law International, the Hague Page 57.

[12] Bills Digest 15 August 2006 No 16 Page 10

[13] Committee Hansard Thursday 14 September 2006 Page E4