Footnotes

Chapter 1 - Introduction

[1]        Mr Griffin MP, Minister for Veterans' Affairs, House of Representatives Hansard, Wednesday 17 March 2010, pp 6–7.

[2]        Explanatory Memorandum, Tax Laws Amendment (2010 Measures No. 2) Bill 2010, pp 3–6.

[3]        Selection of Bills Committee, Report No. 5 of 2010, 18 March 2010, Appendix 2.

Chapter 2 - Schedule 1: non–commercial loans

[1]        CCH Australia Limited, Master Tax Guide 44^th Edition, 2009, para 4–200, p. 125.

[2]        The Hon Wayne Swan, Treasurer of the Commonwealth of Australia and The Hon Chris Bowen, Assistant Treasurer and Minister for Competition Policy and Corporate Law, Improving Fairness and Integrity in the Tax System, Media Release No. 67, 12 May 2009.

[3]        Explanatory Memorandum, Tax Laws Amendment (2010 Measures No. 2) Bill 2010, p. 3.

[4]        Mr John Passant, Senior Lecturer Tax Law, University of Canberra, Proof Committee Hansard, Friday 30 April 2010, p. 2.

[5]        Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, Friday 30 April 2010, p. 21.

[6]        Mr Yasser El-Ansary, Tax Counsel, Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April 2010, p. 13.

[7]        Explanatory Memorandum, Tax Laws Amendment (2010 Measures No. 2) Bill 2010, p. 9.

[8]        Subsection 109C(3) of the ITAA 1936.

[9]        Tax Laws Amendment (2010 Measures No. 2) Bill 2010, item 13, lines 20–22, p. 7.

[10]      Mr Yasser El–Ansary, Tax Counsel, Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April, p. 13.

[11]      Mr Daniel Appleby, Taxation Committee, Law Council of Australia, Proof Committee Hansard, Wednesday 28 April, p. 2.

[12]      Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April, p. 17.

[13]      Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, Friday 30 April 2010, p. 22.

[14]      Mr Daniel Appleby, Taxation Committee, Law Council of Australia, Proof Committee Hansard, 28 April 2010, p. 3.

[15]      Mr Philip de Haan, Partner, Thomson Playford Cutlers, Proof Committee Hansard, 28 April 2010, p. 10.

[16]      A 'significant change in ownership of the company' could trigger this; Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, 30 April 2010, p. 20.

[17]      Alexis Kokkinos, Chair, National Tax Technical Committee, Institute of Chartered Accountants, Proof Committee Hansard, 28 April 2010, p. 14.

[18]      Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, 30 April 2010, p. 20.

[19]      Explanatory Memorandum, para 1.24, p. 15.

[20]      Explanatory Memorandum, para 1.24, p. 15.

[21]      Mr Daniel Appleby, Taxation Committee, Law Council of Australia, Proof Committee Hansard, Wednesday 28 April 2010, p. 3.

[22]      Mr Daniel Appleby, Taxation Committee Law Council of Australia, Proof Committee Hansard, Wednesday 28 April 2010, p. 3.

[23]      Mr Andrew Gardiner, Spokesman, National Tax and Accountants Association, Proof Committee Hansard, Thursday, 29 April 2010, p. 18.

[24]      Mr John Passant, Senior Lecturer Tax Law, University of Canberra, Proof Committee Hansard, Friday 30 April 2010, p. 6.

[25]      Mr John Passant, Senior Lecturer Tax Law, University of Canberra, Proof Committee Hansard, Friday 30 April 2010, p. 6.

[26]      Section 58P of the Fringe Benefits Tax Assessment Act sets out in detail (from paragraph (a) to (f) how to determine whether a benefits is a minor benefit; it also specifically excludes some benefits from being minor benefits, eg an airline transport benefit.

[27]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 12; Mr Andrew Gardiner, Spokesman, National Tax and Accountants Association, Proof Committee Hansard, Thursday 29 April 2010, p. 18.

[28]      Institute of Chartered Accountants, Submission 9, p. 14.

[29]      Explanatory Memorandum, pp 16–17.

[30]      Explanatory Memorandum, p. 16.

[31]      Explanatory Memorandum, p. 16.

[32]      Explanatory Memorandum, p. 16.

[33]      Explanatory Memorandum, p. 17.

[34]      Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, Friday 30 April 2010, p. 13.

[35]      Mr John Passant, Senior Lecturer Tax Law, University of Canberra, Proof Committee Hansard, Friday 30 April 2010, p. 4.

[36]      Mr John Passant, Senior Lecturer Tax Law, University of Canberra, Proof Committee Hansard, Friday 30 April 2010, p. 5.

[37]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[38]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[39]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[40]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[41]      Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 10.

[42]      Mr Raphael Cicchini, Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, Friday 30 April 2010, p. 13.

[43]      Institute of Chartered Accountants in Australia, Submission 9, p. 2.

[44]      Mr Alexis Kokkinos, Chair, National Tax Technical Committee, Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April 2010, p. 14.

[45]      Proof Committee Hansard, Friday 30 April 2010, p. 5.

[46]      Explanatory Memorandum, paras 1.36–1.37, p. 20.

[47]      Mr Paul McCullough, General Manager, Business Tax Division, Department of the Treasury, Proof Committee Hansard, Friday 30 April 2010, pp 16–17.

Chapter 3 - Extending the tax file number withholding provisions

[1]        Closely held trusts are either discretionary trusts or trusts where the beneficiaries (there can be up to 20 beneficiaries) have a fixed entitlement, which between them is at least 75 per cent share of the income or capital. CCH Australia Limited, Australian Master Tax Guide 44^th Edition, Sydney, 2009, para 6-275, p. 237.

[2]        The Hon Wayne Swan MP, Treasurer of the Commonwealth of Australia, The Hon Chris Bowen MP, Assistant Treasurer and Minister for Competition Policy and Corporate Law, 'Improving Fairness and Integrity in the Tax System', Media Release No. 67, 12 May 2009.

[3]        Explanatory Memorandum, Tax Laws Amendment (2010 Measures No. 2) Bill 2010, p. 36.

[4]        Explanatory Memorandum, p. 36.

[5]        Explanatory Memorandum, p. 36.

[6]        Explanatory Memorandum, p. 37.

[7]        Explanatory Memorandum, paras 2.92–2.93, p. 57.

[8]        Explanatory Memorandum, p. 37.

[9]        Explanatory Memorandum, paras 2.20–2.21, p. 40.

[10]      Explanatory Memorandum, p. 41.

[11]      Explanatory Memorandum, pp 40-43.

[12]      Mr Yasser El-Ansary, Tax Counsel, Institute of Chartered Accountants in Australia, Proof Committee Hansard, 28 April 2010, p. 18.

[13]      Mr John Passant, Proof Committee Hansard, 30 April 2010, p. 2.

[14]      Trustee Corporations Association of Australia, Submission 5, p. 1.

[15]      Mr Yasser El-Ansary, Tax Counsel, Institute of Chartered Accountants in Australia, Proof Committee Hansard, 28 April 2010, p. 20.

[16]      Mr Darren Bates, Submission 6, p. 1.

[17]      Explanatory Memorandum, pp 51–56.

[18]      Institute of Chartered Accountants in Australia, Submission 9, p. 14.

[19]      Dominion Private Clients, Submission 11, p. 23.

[20]      Mr Christopher Holloway, Trustee Corporations Association of Australia, Proof Committee Hansard, 29 April 2010, p. 2.

Chapter 4 - Income tax concessions proposed in the bill

[1]        Division 140, Higher Education Support Act 2003.

[2]        Division 152, Higher Education Support Act 2003.

[3]        Explanatory Memorandum, Tax Laws Amendment (2010 Measures No. 2) Bill 2003, p. 59.

[4]        Explanatory Memorandum, paragraph 3.4, p. 59.

[5]        Explanatory Memorandum, paragraph 3.2, p. 59.

[6]        The Australian Workers' Union, Submission 2, p. 2.

[7]        Division 30 of the ITAA 1997 provides a general category of International Affairs (at section 30–80 of the ITAA 1997) which prescribes that any public fund declared by the Treasurer to be a developing country relief fund when certain conditions are satisfied, is a DGR.

[8]        Explanatory Memorandum, p. 62.

[9]        Explanatory Memorandum, p. 62.

[10]      Explanatory Memorandum, p. 62.

[11]      Explanatory Memorandum, p. 62.

[12]      Explanatory Memorandum, p. 62.

[13]      YALP was officially launched by the former education minister in August of 2004 after meetings with indigenous leaders and communities within the East Kimberley, North Queensland and Victoria and the provision of $3 million in funding by the Department of Education, Science and Training for a three year pilot project.

[14]      Yachad Accelerated Learning Project Ltd, http://www.yalp.org.au .

[15]      Subsection 30–25(2) table item 2.2.34, Income Tax Assessment Act 1997. It is noted that there is a drafting error/typo in the bill in respect of this amendment. On page 34 of the bill, item 1, line 1 in respect of subsection 30–25(2) table item 2.2.34, the instruction is to 'Omit "1 July 2009". The act however refers to 1 July 2008 at subsection 30–25(2) table item 2.2.34.

[16]      Section 50–1, Income Tax Assessment Act 1997.

[17]      An example of an entity exempted from income tax under Division 50 is a public educational institution (section 50–5).

[18]      The Hon. Martin Ferguson AM MP, Minister for Resources and Energy, Global Carbon Capture and Storage Initiative, Media Release 19 September 2008.

[19]      Established as a not-for-profit company limited by guarantee in early 2009. Explanatory Memorandum, p. 63.

[20]      The Hon. Martin Ferguson AM MP, Minister for Resources and Energy, Launch of Global Carbon Capture and Storage Institute, Media Release, 16 April 2009.

[21]      The Hon. Martin Ferguson AM MP, Minister for Resources and Energy, Launch of Global Carbon Capture and Storage Institute, Media Release, 16 April 2009.

[22]      If the proposed amendment is passed the Institute's tax exempt status will expire on 30 June 2013. Explanatory Memorandum, p. 63.

[23]      Explanatory Memorandum, p. 63.

[24]      Mr John Passant, Senior Lecturer, Faculty of  Law, University of Canberra, Proof Committee Hansard, 30 April 2010, p. 2.

[25]      Ms Sue Steele, Chief Financial Officer, Global Carbon Capture and Storage Institute Limited, Proof Committee Hansard, 30 April 2010, p. 11.

[26]      Department of Resources, Energy and Tourism, Submission  7, p. 1.

Chapter 5 - The remaining provisions – schedule 6 of the bill

[1]        CCH Australia, Australian Master Tax Guide 44^th Edition, Australia, 2009, paragraph 25–300, p. 1343.

[2]        CCH Australia, Australian Master Tax Guide 44^th Edition, Australia, 2009, paragraph 25–330, p. 1347.

[3]        Explanatory Memorandum, p. 66.

[4]        Explanatory Memorandum, paragraph 6.2, p. 65.

[5]        Dominion Private Clients, Submission 11, p. 28.

[6]        Mr John Passant, Senior Lecturer, Faculty of Law, University of Canberra, 30 April 2010, p. 2.

Additional Comments by Coalition Senators

[1]        Mr Yasser El–Ansary, Tax Counsel, Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April, p. 13.

[2]        Mr Daniel Appleby, Taxation Committee, Law Council of Australia, Proof Committee Hansard, Wednesday 28 April, p. 2.

[3]        Institute of Chartered Accountants in Australia, Proof Committee Hansard, Wednesday 28 April, p. 17.

[4]        Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 14.

[5]        Mr Daniel Appleby, Taxation Committee, Law Council of Australia, Proof Committee Hansard, 28 April 2010, p. 3.

[6]        Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[7]        Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 9.

[8]        Mr Noel Beharis, Director, Tax Technical Services, Dominion Private Clients, Proof Committee Hansard, Thursday 29 April 2010, p. 10.

[9]        Mr John Passant, Senior Lecturer, Faculty of  Law, University of Canberra, Proof Committee Hansard, 30 April 2010, p. 2.