Introduction

Background

1.1        The Tax Laws Amendment (2009 Measures No. 2) Bill 2009 was introduced to the House of Representatives on 19 March 2009. On the same day, on the recommendation of the Senate Selection of Bills Committee, the bill was referred to the Senate Economics Committee for inquiry and report by 7 May 2009.[1]

Purpose of the bill

1.2        The bill has eight unrelated schedules, described in the following chapters, referring to:

Schedule 1—Application of the income tax law to financial claims scheme entitlements;

Schedule 2—Increased access to the small business capital gains tax concessions;

Schedule 3—Tax benefits and capital gains tax;

Schedule 4—National Urban Water and Desalination Plan—urban water tax offset;

Schedule 5—Deductible gift recipients;

Schedule 6—Australian Business Register;

Schedule 7—Removing the Greenhouse Challenge Plus Program condition for fuel tax credits; and

Schedule 8—Tax exemption for certain grants to businesses affected by the Victorian bushfires.

1.3        The inquiry is to 'ensure that the aims stated in the legislation will be met and it will have no adverse impact on the Australian population'.[2]

Conduct of the inquiry

1.4        The committee advertised the inquiry on its website and The Australian on 25 March 2009. The committee wrote to several government departments, inviting them or related agencies to make a submission. A number of other organisations, commentators, academics and stakeholders were also contacted and invited to make submissions to the inquiry. The committee received no submissions to this inquiry.

Recommendation 1

1.5        The committee recommends that the Senate pass the bill.

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