Inquiry into the provisions of the Tax Laws Amendment (2006 Measures
No. 7) Bill 2006
On 8 February 2007, the Senate referred the provisions of the Tax Laws Amendment (2006 Measures No. 7) Bill 2006.
This bill implements a number of changes to Australia's taxation system in the following areas:
- small business capital gains tax (CGT) concessions;
- interest withholding tax exemptions;
- integrity arrangements and compliance requirements for deductible gift recipients;
- extensions of time for which deductions are allowed for gifts for certain funds that have time limited deductible gift recipient status;
- effective life of tractors and harvesters;
- farm management deposits; and
- capital protected borrowings.
The appendix to the Selection of Bills Committee Report drew the Committee's attention specifically to Schedule 2—Interest withholding tax. This Schedule identifies those non-debenture debt interests that are eligible for exemption from interest withholding tax for the purposes of sections 128F and 128FA of the Income Tax Assessment Act 1936, and introduces regulation-making powers to prescribe further types of eligible debt interests and to exclude from exemption interest payments in certain circumstances.
The Committee invites written submissions which should be sent to:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
The closing date for submissions is Friday, 16 February 2007.
The Committee requests that where possible, submissions should also be provided by email to economics.sen@aph.gov.au, preferably as MS Word or RTF format documents. Notes to assist in preparing submissions are available from the website https://www.aph.gov.au/senate/committee/wit_sub/index.htm or telephone the Secretariat on 02 6277 3540, fax: 02 6277 5719, or e-mail at the above address.
Once the Committee accepts your submission, it becomes a confidential committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee’s permission. If you do, it is not protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public. Please indicate if you want your submission to be kept confidential.
Inquiries from hearing and speech impaired people should be directed to the Parliament House TTY number (02 6277 7799). Adobe also provides tools for the blind and visually impaired to access PDF documents. These tools are available at: http://access.adobe.com/. If you require any special arrangements in order to enable you to participate in a committee inquiry, please contact the Committee Secretary.
If you need any further information, contact the Committee's Inquiry Secretary Mr Peter Hallahan, on (02) 6277 3541 (phone), (02) 6277 5719 (fax); or by email to economics.sen@aph.gov.au or by writing to:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
Email: economics.sen@aph.gov.au
For further information, contact:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia