Inquiry into the Tax Laws Amendment (2009 Measures No. 6) Bill 2009
Information about the Inquiry
On 26 November 2009 the Senate referred the Tax Laws Amendment (2009 Measures No. 6) Bill 2009 for inquiry and report.
The bill contains six schedules:
Schedule 1 proposes changes to the capital gains tax (CGT) provisions to abolish 'trust cloning' exceptions and provide for the roll over of CGT when transferring assets between certain fixed trusts;
Schedule 2 contains amendments that will remove potential impediments to superannuation fund consolidation by allowing eligible entities to roll over capital and revenue losses and transfer previously realised losses when merging. These measures will apply from 24 December 2008 to 30 June 2001;
Schedule 3 proposes retrospective amendments to clarify the circumstances in which annuity income derived by life insurance companies can be treated as non-assessable non exempt income;
Schedule 4 sets out minor amendments to the list of deductible gift recipients;
Schedule 5 contains amendments that will ensure income recovery subsidy payments to victims of the early 2009 north-west Queensland floods are exempt from income tax and are not included as 'separate net income' for the purposes of calculating entitlement to certain tax offsets; and
Schedule 6 proposes amendment to the Excise Act 1901 to ensure that the blending of imported and domestic high strength neutral spirits constitutes excise manufacture. This will enable imported high strength neutral spirits to receive concessional duty treatment. High strength neutral spirit is not intended for consumption; it is generally used for industrial, manufacturing, scientific, medical, veterinary or educational purposes.
Submissions should be received by 18 December 2009. The reporting date is 25 February 2010.
The Committee is seeking written submissions from interested individuals and organisations preferably in electronic form submitted online or sent by email to economics.sen@aph.gov.au as an attached Adobe PDF or MS Word format document. The email must include full postal address and contact details.
Alternatively, written submissions may be sent to:
Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
Notes to help you prepare your submission are available from the website at https://www.aph.gov.au/senate/committee/wit_sub/index.htm. Alternatively, the Committee Secretariat will be able to help you with your inquiries and can be contacted on telephone +61 2 6277 3540 or facsimile +61 2 6277 5719 or by email to economics.sen@aph.gov.au.
Inquiries from hearing and speech impaired people should be directed to Parliament House TTY number 02 6277 7799. Adobe also provides tools at http://access.adobe.com/ for the blind and visually impaired to access PDF documents. If you require any special arrangements to enable you to participate in the Committee's inquiry, please contact the Committee Secretariat.
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 will not be protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public and places them on its website. Please indicate if you want your submission to be kept confidential.
For further information, contact: Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia