Footnotes

Chapter 2 - Schedule 1—GST and the sale of real property, integrity measure

[1]        In the common law, real property refers to land and land improvements including buildings and machinery sited on land.

[2]        Explanatory memorandum, p. 11.

[3]        The Department of the Treasury, Submission 6, p. 2.

[4]        Explanatory memorandum, p. 15.

[5]        The full value added is the difference between its initial value when the GST was introduced (1 July 2000) and the ultimate transaction value.

[6]        The Department of the Treasury informed the committee that 'amendments to address similar integrity issues were withdrawn from the Tax Laws Amendment (2005 Measures No.2) Bill. These were withdrawn in light of industry concerns over-taxation and retrospective application. The previous measure was intended to tax the increase in value from 1 July 2000 even though property may not have been in the GST system until after that time. The new integrity measure will only look back through one sale prior to the final sale under the margin scheme and not back through one sale prior to the final sale under the margin scheme and not back to 1 July 2000'. The Department of the Treasury, Submission 6, p. 1.

[7]        See, for example, Urban Development Institute of Australia, Submission 3, p. 2.

[8]        Mr Andrew Mihno, Property Council of Australia, Proof Committee Hansard, 28 October 2008, p. 2.

[9]        Urban Development Institute of Australia, Submission 3, p. 3.

[10]      Mr Andrew Mihno, Property Council of Australia, Proof Committee Hansard, 28 October 2008, p. 2.

[11]      Mr Richard Lindsay, Urban Development Institute of Australia, Proof Committee Hansard, 28 October 2008, p. 4.

[12]      The Department of the Treasury, Submission 6, p. 3.

[13]      The Department of the Treasury, Submission 6, p. 1.

[14]      The Department of the Treasury, Submission 6, p. 3.

[15]      The Department of the Treasury, Submission 6, pp. 1, 3.

[16]      Explanatory memorandum, p. 7.

[17]      Urban Development Institute of Australia, Submission 3, p. 3; Explanatory memorandum, p. 7. This is reiterated in paragraph 1.21 of the explanatory memorandum which, when referring to the anti-avoidance provisions in the bill, states: 'this measure will apply prospectively so that arrangements already entered into will not be impacted'.

[18]      The Department of the Treasury, Submission 6, p. 1.

[19]      The Department of the Treasury, Submission 6, p. 3.

[20]      Urban Development Institute of Australia, Submission 3, p. 5.

[21]      The Department of the Treasury, Submission 6, p. 3.

[22]      Mr Bruce Hamilton, Urban Development Institute of Australia, Proof Committee Hansard, 28 October 2008, p. 5.

 

Chapter 3 - Schedule 2—modification of the thin capitalisation regime

[1]        See the Hon. Peter Dutton MP, Minister for Revenue and Assistant Treasurer, Media Release 12 September 2007, no. 114.

[2]        Australian Treasury, 'Discussion paper—Thin Capitalisation: application of accounting standards', 1 November 2006, http://www.treasury.gov.au/documents/1179/PDF/Discussion%20paper%20-%20final.pdf

[3]        Explanatory memorandum, paragraph 2.7.

 

Chapter 4 - Schedule 3—interest withholding tax, extension of eligibility for exemption to state government bonds

[1]        Queensland and New South Wales are the two largest semi-government issuers. Between them they have over $29bn of global exchangeable bonds on issue, and $38bn of domestic bonds outstanding. New South Wales Treasury Corporation, Submission 5, p. 2.

[2]        New South Wales Treasury Corporation, Submission 5, p. 1.

[3]        Australian Financial Market Association, Submission 4, p. 1.

[4]        Australian Financial Market Association, Submission 4, p. 2; Mr David Lynch, Australian Financial Markets Association, Proof Committee Hansard, 28 October 2008, p. 11.

[5]        Mr David Lynch, Australian Financial Markets Association, Proof Committee Hansard, 28 October 2008, p. 11.

[6]        Mr Stephen Knight, New South Wales Treasury Corporation, Proof Committee Hansard, 28 October 2008, p. 13.

[7]        Submission 1 (Confidential), p. 2.

[8]        Submission 1 (Confidential), p. 2.

 

Chapter 5 - Schedule 4—fringe benefit tax, jointly held assets

[1]        Explanatory memorandum, paragraphs 4.4–4.5.

[2]        Explanatory memorandum, p. 54.

 

Chapter 6 - Schedule 5—managed funds

[1]        Explanatory memorandum, p. 60.

[2]        Property Council of Australia, Submission 2, p. 2.