Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009
Information about the Inquiry
On 29 October 2009 the Senate referred the Tax Laws Amendment (2009 Budget Measures No. 2) Bill 2009 for inquiry and report.
While there are a number of provisions in the Bill, the inquiry will be focusing on amendments to tighten the application of non-commercial losses by ensuring that individuals with an adjusted taxable income greater than $250,000 can only deduct excess expenses from their non commercial business activities (such as ‘hobby farms') against future income. The proposals will effectively quarantine any deductions that exceed the income of the non-commercial business for use against future income of that business activity.
Submissions should be received by 06 November 2009. The reporting date is 16 November 2009.
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