Inquiry into the Provisions of Schedules 1 and 2 of the Tax Laws Amendment (2008 Measures No. 3) Bill 2008
Information about the Inquiry
On 18 June 2008, the Senate referred the provisions of the Tax Laws Amendment (2008 Measures No 3) Bill 2008 to the Senate Standing Committee on Economics for report not before 18 August 2008.
Schedule 1 of the bill amends the Income Tax Assessment Act 1997 to ensure that:
- no amount is included in the assessable income of a shareholder in a company or a unitholder in a unit trust as a result of acquiring certain rights issued by the company to acquire further shares or by the trustee of the unit trust to acquire further units; and
- an amount that is included in the assessable income of a shareholder as a result of acquiring rights issued by the company to dispose of shares, is appropriately reflected in the cost base of the rights.
Schedule 2 to this Bill amends the Taxation Administration Act 1953 to correct a deficiency in the goods and services tax (GST) refund restriction provisions. This measure also addresses deficiencies in the four-year time limit on indirect tax and fuel tax credit related liabilities and entitlements to refunds related to indirect tax and fuel tax credits and ensures that they apply as intended.
The Committee invites written submissions which should be sent to:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
The closing date for submissions is Monday, 7 July 2008. If you need an extension of time to make a submission, please contact the committee secretariat.
The Committee requests that where possible, submissions should also be provided by email to economics.sen@aph.gov.au preferably as MS Word or RTF format documents. Notes to assist in preparing submissions are available from the website https://www.aph.gov.au/senate/committee/wit_sub/index.htm or telephone the Secretariat on 02 6277 3540, fax: 02 6277 5719, or e-mail at the above address.
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 is not protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public. Please indicate if you want your submission to be kept confidential.
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If you need any further information, consult the Committee's website at https://www.aph.gov.au/senate/committee/economics_ctte/inquiries.htm or contact the Committee Secretary on (02) 6277 3540 (phone), (02) 6277 5719 (fax); or by email to economics.sen@aph.gov.au or by writing to the above.
For further information, contact:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia