Footnotes

Chapter 2 - Schedule 1-Tax preferred entities (Asset financing)

[1]        The Hon. Mal Brough, MP, Minister for Revenue and the Assistant Treasurer, 'Tax Exempt Asset Financing Reforms', Press Release No. 081, 13 September 2005.

[2]        The Hon. Mal Brough, MP, Minister for Revenue and the Assistant Treasurer, 'Tax Exempt Asset Financing Reforms', Press Release No. 081, 13 September 2005.

[3]        EM, p. 105.

[4]        'Tax exempt entities' refers to federal, state and local governments, as well as charitable and other institutions such as hospitals and religious bodies. Tax preferred entities includes tax exempt entities as well as non-residents.

[5]        The Hon. Peter Dutton MP, Minister for Revenue, 'Continuing to Improve Australia's tax system', Media Release No. 100, 16 August 2007. See also, EM, pp 13 and 15.

[6]        See items 2 to 24 of Schedule 1 of the bill.

[7]        Mr Anthony Regan, Manager, Company Tax Unit, Business Tax Division, Department of the Treasury, Proof Committee Hansard, 28 August 2007, p. 6.

[8]        Mr Regan, Proof Committee Hansard, 28 August 2007, p. 7.

[9]        EM, p. 17.

[10]      EM, pp 25–26 and pp. 43–50.

[11]      EM, pp 13–15.

[12]      See the EM at p. 14 for a description of these arrangements.

[13]      EM, p. 15.

[14]      EM, p. 21.

[15]      The Hon. Mal Brough, MP, Minister for Revenue and the Assistant Treasurer, 'Tax Exempt Asset Financing Reforms', Press Release No. 081, 13 September 2005.

[16]      The Hon. Peter Dutton MP, 'Continuing to improve Australia's tax system', Media Release No. 100, 16 August 2007.

[17]      EM, pp 113 and 114.

[18]      See for example, Submission 9, Property Council of Australia; Submission 15, Infrastructure Partnerships Australia; Submission 17, Australian Chamber of Commerce and Industry.

[19]      Submission 7, Minerals Council of Australia, p. 1.

[20]      ‘Limited recourse debt’ is defined in the section 243-20 of the ITAA 1997. Section 250-115 of Schedule 1 of the bill, further refines the definition as it applies to the test.

[21]      Property Council of Australia, Submission 9, p. 2.

[22]      Proof Committee Hansard, 28 August 2007, p. 2.

[23]      Property Council of Australia, Submission 9, pp 3 – 4.

[24]      Proof Committee Hansard, 28 August 2007, p. 6.

[25]      Proof Committee Hansard, 28 August 2007, p. 6.

[26]      Mr Regan, Proof Committee Hansard, 28 August 2007, p. 7.

[27]      Mr Regan, Proof Committee Hansard, 28 August 2007, p. 8.

[28]      Deloitte Touche Tohmatsu Ltd, Submission 6.

[29]      Deloitte Touche Tohmatsu Ltd, Submission 6, p. 3.

Chapter 3 - Schedule 2-Thin capitalisation-Excluded equity interests

[1]        Australian Taxation Office (ATO) website, (accessed 22 August 2007): http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00105190.htm

[2]        EM, p. 118.

[3]        Australian Taxation Office (ATO) website, (accessed 22 August 2007): http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00105190.htm

[4]        EM, pp 117–118.

Chapter 5 - Schedule 4 - Capital gains tax marriage breakdown roll-over for small superannuation funds

[1]        The Hon Peter Dutton MP, Minister for Revenue and the Assistant Treasurer, 'Extending Small Superannuation Fund Capital Gains Tax (CGT) Roll-over on Marriage Breakdown', Press Release No. 046, 8 May 2007.

[2]        Where fund members contribute non-cash assets (such as shares) into a super fund, these are known as in-specie contributions: see further Australian Taxation Office SMSF Newsletter, Edition 1, at: http://www.ato.gov.au/super/content.asp?doc=/Content/85847.htm&page=2&H2 (accessed 21 August 2007).

[3]        A 'small superannuation fund' is defined as a complying superannuation fund with four or fewer members: see Explanatory Memorandum, p. 132.

[4]        EM,  p. 130.

[5]        See further Tim Blue, 'Split the difference in assets', The Weekend Australian, 12 May 2007, p. 38.

[6]        CPA Australia, Submission 12, p. 2.

Chapter 6 - Schedule 5-Prime Minister’s Prizes

[1]        EM, p. 139.

[2]        EM, p. 139, see also The Hon John Howard MP, Media Release: Australian History Prize, 20 June 2007, p. 1 of 1, http://www.pm.gov.au/media/Release/2007/Media_Release24372.cfm (accessed 24 August 2007).

[3]        EM, p. 6.

[4]        EM, p. 139.

[5]        EM, p. 6.

[6]        EM, p. 139.

Chapter 7 - Schedule 6-Removal of the same business test cap

[1]        EM, p. 7.

[2]        EM, pp 141 and 143.

[3]        Senator Murray, Proof Committee Hansard, 28 August 2007, p. 5.

[4]        EM, p. 7.

[5]        Mr Anthony Regan, Manager, Company Tax Unit, The Treasury, Proof Committee Hansard, 28 August 2007, p. 5.

Chapter 8 - Schedule 7 - Partial capital gains tax roll-over for statutory licences

[1]        EM, p. 156; see also NSW Government, Achieving sustainable groundwater entitlements program, http://www.waterwise.nsw.gov.au/water/groundwater_entitlements.shtml (accessed 22 August 2007).

[2]        Mr Michael Murray, Gwydir Valley Irrigators Association (GVIA)/NSW Irrigators' Council (NSWIC), Proof Committee Hansard, 28 August 2007, p. 11; see also Sophie Morris, 'Compo to flow for irrigators', Australian Financial Review, 13 June 2007, p. 14; NSWIC, 'Taxation of Groundwater Payments The Prime Minister Must Act', Press Release, 20 June 2007, available at: http://www.nswirrigators.org.au/pdf/press_release/25%20million%20tax%207%20June.pdf (accessed 21 August 2007).

[3]        Mr Murray, GVIA/NSWIC, Proof Committee Hansard, 28 August 2007, pp 10‑11; also GVIA and NSWIC, Submission 13, p. [2].

[4]        The Hon. Peter Dutton MP, Minister for Revenue and the Assistant Treasurer, 'Continuing to Improve Australia’s Tax System', Press Release No. 100, 16 August 2007; 'Capital Gains Tax (CGT) roll-over on the ending of a statutory licence', Press Release No. 069, 8 June 2007.

[5]        Fleur Anderson and Sophie Morris, 'Tax deal aids water buy-back', Australian Financial Review, 9 June 2007, p. 4; Sophie Morris, 'Compo to flow for irrigators', Australian Financial Review, 13 June 2007, p. 14. See also EM, pp 148-154 for other examples.

[6]        Mr Murray, Proof Committee Hansard, 28 August 2007, p. 11; GVIA and NSWIC Submission 13, p. [2]; also NSWIC, '$25 Million Tax Top-Up, Press Release', 20 June 2007, available at: http://www.nswirrigators.org.au/pdf/press_release/$25%20Million%20Tax%20Top-Up%20_2_.pdf (accessed 21 August 2007).

[7]        GVIA and NSWIC, Submission 13, p. [2]; Mr Michael Murray, Proof Committee Hansard, 28 August 2007, p. 10.

[8]        See further section 104.25 of the ITAA for a description of CGT event C2.

[9]        Mr Murray, Proof Committee Hansard, 28 August 2007, p. 11; GVIA and NSWIC, Submission 13, p. [3].

[10]      Mr Murray, Proof Committee Hansard, 28 August 2007, p. 11.

[11]      GVIA and NSWIC, Submission 13, p. [3].

[12]      GVIA and NSWIC, Submission 13, p. [3].

[13]      Mr Paul McMahon, Manager, Capital Gains Tax Unit, Department of the Treasury, Proof Committee Hansard, 28 August 2007, p. 12.

[14]      Mr McMahon, Proof Committee Hansard, 28 August 2007, p. 12.

Chapter 9 - Schedule 8 - Australian property trusts and stapled entities

[1]        EM, p. 159.

[2]        EM, p. 163.

[3]        EM, p. 160.

[4]        Mr Trevor Cooke, Property Council of Australia, Proof Committee Hansard, 28 August 2007, p. 3.

[5]        Mr Cooke, Proof Committee Hansard, 28 August 2007, p. 2.

[6]        Mr Cooke, Proof Committee Hansard, 28 August 2007, p. 3.

[7]        Mr Cooke, Proof Committee Hansard, 28 August 2007, p. 3.

[8]        Mr Raphael Cicchini, Manager, Small Business and Trusts, Department of the Treasury, Proof Committee Hansard, 28 August 2007, p. 6.

[9]        Mr Cicchini, Proof Committee Hansard, 28 August 2007, p. 6.

 

Chapter 10 - Schedule 9-Deductible gift recipients

[1]        EM, p. 8.

[2]        See Division 30.

[3]        EM, p. 179.

[4]        EM, p. 180.

[5]        EM, p. 181.

[6]        EM, p. 9.

[7]        EM, p. 180.

[8]        EM, p. 181.

Chapter 11 - Schedule 10 - Film production offsets

[1]        The minimum Australian production expenditure thresholds for the various types of films are outlined at pages 196-197 of the EM.

[2]        EM, pp 184-186.

[3]        EM, p. 183.

[4]        SPAA, Submission 1, p. 4.

[5]        SPAA, Submission 1, p. 6.

[6]        Mr Robert Campbell, Member, Screen Producers Association of Australia, Proof Committee Hansard, 28 August 2007, Adelaide, p. 25.

[7]        SPAA, Submission 1, p. 7.

[8]        Mr Robert Campbell, Proof Committee Hansard, 28 August 2007, Adelaide, p. 22.

[9]        SPAA, Submission 1, p. 8.

[10]      Media, Entertainment and Arts Alliance, Submission 3, p. 3.

[11]      Mr Richard Harris, Chief Executive Officer, South Australian Film Corporation, Proof Committee Hansard, 28 August 2007, Adelaide, p. 40.

[12]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, Adelaide, p. 41.

[13]      Free TV, Submission 4, p. 2.

[14]      Free TV, Submission 4, p. 3.

[15]      Proof Committee Hansard, 28 August 2007, p. 31.

[16]      Proof Committee Hansard, 28 August 2007, p. 41.

[17]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, p. 41.

[18]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, p. 41.

[19]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, pp. 42–43.

[20]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, p. 42.

[21]      Ms Julie Flynn, Chief Executive Officer, Free TV Australia, Proof Committee Hansard, 28 August 2007, p. 30.

[22]      Ms Jo Horsburgh, Head of Drama, Nine Network (Free TV), Proof Committee Hansard, 28 August 2007, p. 35.

[23]      Proof Committee Hansard, 28 August 2007, p. 34.

[24]      Mr James Cameron, Chief General Manager, Arts and Sport, Department of Communications, Information Technology and the Arts, Proof Committee Hansard, 28 August 2007, p. 45.

[25]      Mr James Cameron, Proof Committee Hansard, 28 August 2007, p. 48.

[26]      Mr James Cameron, Proof Committee Hansard, 28 August 2007, p. 46.

[27]      Mr James Cameron, Proof Committee Hansard, 28 August 2007, p. 46.

[28]      Mr James Cameron, Proof Committee Hansard, 28 August 2007, p. 50.

[29]      Under proposed subsection 376-65(6). A program that is itself shorter than 30 minutes but runs over a 30 minute period on commercial television is considered a commercial half hour.

[30]      Mr Geoffrey Brown, Executive Director, Screen Producers Association of Australia; and Australian Screen Council, Proof Committee Hansard, 28 August 2007, p. 24; Submission 1, pp 11-12.

[31]      Mr Geoffrey Brown, Executive Director, Screen Producers Association of Australia, Proof Committee Hansard, 28 August 2007, p. 24.

[32]      Mr Ewan Burnett, Member, Screen Producers Association of Australia, Proof Committee Hansard, 28 August 2007, p. 23.

[33]      Proof Committee Hansard, 28 August 2007, p. 29.

[34]      Mr Matthew Flavel, Manager, Industry Tax Policy Unit, Department of the Treasury, Proof Committee Hansard, 28 August 2007, pp 48–49.

[35]      Calculated depreciation or loss incurred on an asset. 

[36]      Ms Louise Houston, Tax Manager, Warner Bros Entertainment Australia Pty Ltd, Proof Committee Hansard, 28 August 2007, p. 38.

[37]      Mr Matthew Flavel, Proof Committee Hansard, 28 August 2007, p. 49.

[38]      Mr Richard Harris, Proof Committee Hansard, 28 August 2007, p. 40.

[39]      EM, p. 234.

[40]      Proof Committee Hansard, 28 August 2007, p. 49.

[41]      Mr Matthew Flavel, Proof Committee Hansard, 28 August 2007, p. 49.

[42]      Treasury, Response to question on notice, Appendix 3.

Chapter 12 - Schedule 11-Research and development tax concession

[1]        EM, p. 247.

[2]        EM, pp 247–8.

[3]        Minerals Council of Australia, Submission 7.

[4]        Mr Michael Potter, Chief Economist, Australian Chamber of Commerce and Industry, Proof Committee Hansard, 28 August 2007, p. 5.

[5]        Ms Deborah Monk, Director, Innovation and Industry Policy, Medicines Australia, Proof Committee Hansard, 28 August 2007, p. 15.

[6]        Ms Monk, Proof Committee Hansard, 28 August 2007, p. 16.

[7]        Ms Monk, Proof Committee Hansard, 28 August 2007, p. 16.

[8]        See EM, paras 11.36-7, 28 August 2007, pp 247–8.

[9]        Proof Committee Hansard, 28 August 2007, p. 15.

[10]      See EM, paragraph 11.8, p. 242.

[11]      Ms Monk, Proof Committee Hansard, 28 August 2007, p. 15.

[12]      Proof Committee Hansard, 28 August 2007, p. 18.

[13]      Proof Committee Hansard, 28 August 2007, p. 18.

[14]      Proof Committee Hansard, 28 August 2007, p. 18.

[15]      Proof Committee Hansard, 28 August 2007, p. 18.

[16]      Proof Committee Hansard, 28 August 2007, p. 20.

Chapter 13 - Schedule 12-Innovation Australia

[1]        EM, p. 269.

[2]        EM, p. 270.

[3]        EM, p. 271.

[4]        EM, p. 273.

[5]        EM, p. 275.