Footnotes

Chapter 1 - Introduction

[1]        See Chapter 2 for a more detailed discussion of the measures in the bill.

[2]        The Hon. Wayne Swan MP, 'Reduction of the quarterly pay-as-you-go instalment due in February 2009 for small businesses', Media Release 140, 12 December 2008, p 1, at http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/140.htm&pageID=&min=wms&Year=2008&DocType=0, accessed 16 February 2009.

[3]        For details on the 2008 changes see the Senate Standing Committee on Economics report, Temporary Residents' Superannuation Legislation Amendment Bill 2008 [Provisions]; Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008 [Provisions], November 2008.

[4]        See The Hon. Wayne Swan MP, 'Fairer means-testing of government support programs', Media Release, no 046, 13 May 2008, p 1, at http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/046.htm&pageID=003&min=wms&Year=&DocType=0, accessed 2 March 2009; and 'Better targeting of the dependency tax offset', Media Release 047, 13 May 2008, p. 1, at http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/047.htm&pageID=003&min=wms&Year=&DocType=0, accessed 2 March 2009.

[5]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 3, http://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r4047_ems_d143e0c8-5833-4aa3-86c5-02ffe9eecba6/upload_pdf/325973.pdf;fileType=application%2Fpdf, accessed 16 February 2008.

[6]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p. 84.

Chapter 2 - Objects of the bill

[1]        This is expected to be those small business entities with aggregated turnover of $2 million per annum or less: the Hon. Wayne Swan MP, 'Reduction of the quarterly pay-as-you-go instalment due in February 2009 for small businesses', Media Release 140, 12 December 2008, p 1, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/140.htm&pageID=&min=wms&Year=2008&DocType=0, accessed 16 February 2009. Note that from the 2009-10 income year ‘small business entities’ will automatically be eligible to use the GDP-adjustment method.

[2]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 10.

[3]        The Hon. Wayne Swan MP, 'Reduction of the quarterly pay-as-you-go instalment due in February 2009 for small businesses', Media Release, no 140, 12 December 2008, p 1.

[4]        The Hon. Wayne Swan MP, 'Reduction of the quarterly pay-as-you-go instalment due in February 2009 for small businesses', Media Release, no 140, 12 December 2008, p 1.

[5]        For details on the 2008 changes see the Senate Standing Committee on Economics report, Temporary Residents' Superannuation Legislation Amendment Bill 2008 [Provisions]; Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008 [Provisions], November 2008.

[6]        The Hon. Chris Bowen, Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer, House of Representatives Hansard, 12 February 2009, p 7.

[7]        Specifically, the affected Acts are the Financial Transaction Reports Act 1988, Income Tax Assessment Act 1997, Small Superannuation Accounts Act 1995, Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and Superannuation Guarantee (Administration) Act 1992.

[8]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 16.

[9]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 16.

[10]      The Hon. Chris Bowen, Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer, House of Representatives Hansard, 12 February 2009, p 7.

[11]      Note that certain drought assistance payments are specifically excluded; the bill will make amendments to the Farm Household Support Act 1992 to ensure that certain superannuation contributions are not counted as income.

[12]      The figure of 53.5 per cent reflects the fringe benefits tax rate of 46.5 per cent. The formula may be expressed as: reportable fringe benefits tax total x {1 – 46.5 per cent} = adjusted fringe benefits total.

[13]      Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 41.

[14]      Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 78.

Chapter 3 - Views on the bill

[1]        Mercer, Submission 2, p. 1.

[2]        Industry Funds Forum Inc., Submission 3, p. 3.

[3]        For details see the Senate Standing Committee on Economicsreport, Temporary Residents' Superannuation Legislation Amendment Bill 2008 [Provisions]; Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008 [Provisions], November 2008.

[4]        Mercer, Submission 2, pp 2, 9.

[5]        Australian Council of Trade Unions, Submission 4, p. 1.

[6]        Industry Funds Forum Inc., Submission 3, p. 4.

[7]        Department of the Treasury, Submission 1a, p. 1.

[8]        Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 81.

[9]        Industry Funds Forum Inc., Submission 3, p. 5.

[10]      Mercer, Submission 2, p. 3.

[11]      Mercer, Submission 2, p. 3.

[12]      Mercer, Submission 2, pp 3-4.

[13]      Mercer, Submission 2, p. 4.

[14]      Mercer, Submission 2, p. 7.

[15]      Tax Laws Amendment (2009 Measures No. 1) Bill, Explanatory Memorandum, p 55.

[16]      Department of the Treasury, Submission 1, p. 3.

[17]      Department of the Treasury, Submission 1, p. 4.

[18]      Department of the Treasury, Submission 1a, p. 2.