Chapter 1

Introduction

Background

1.1        On 26 November 2009 the Senate Selection of Bills Committee referred the provisions of the Tax Laws Amendment (2009 Measures No. 6) Bill 2009 to the Economics Legislation Committee for inquiry and report by 25 February 2010.[1]

1.2        The six schedules of the omnibus bill will amend various taxation laws to finalise a number of issues prior to the Government's consideration of the recommendations that flow out of Australia's Future Tax System (the Henry Review).[2]

1.3        The revenue implications of the measures contained in the bill vary; overall, the impact is expected to be small. Only Schedule 1 – capital gains tax trust cloning and limited fixed trust roll-over is expected to have a positive revenue impact.[3]

Conduct of the inquiry

1.4        The committee advertised the inquiry in the national press and contacted a number of organisations inviting submissions to be lodged by 18 December 2009. Ten submissions were received, the majority of comment concentrated on Schedule 2 (loss relief for merging superannuation funds) of the bill.

1.5        The committee would like to thank all those who contributed to the inquiry.

Structure of the report

1.6        Chapter 2 outlines the provisions of Schedule 1 to the bill, explains how they will operate and analyses the impacts of the changes. Similarly, Chapter 3 details the intricacies of Schedule 2.

1.7        Chapter 4 sets out and analyses the remaining Schedules 3 to 6 of the bill.

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