Footnotes

Chapter 1 - Inquiry into the provisions of Schedule 2 – Tax Laws Amendment (2010 Measures No. 5) Bill 2010

[1]        The Hon Bill Shorten MP, Assistant Treasurer, House of Representatives Second Reading Speech, 25 November 2010, p. 3756.

[2]        Selection of Bills Committee, Report No. 1 of 2011, p. 3. The other schedules are on unrelated matters.

[3]        Selection of Bills Committee, Report No. 1 of 2011, Appendix 5.

[4]        https://www.aph.gov.au/Senate/committee/economics_ctte/TLAB5__schedule2_2011/submissions.htm

[5]        Australian Taxation Office, About capital protected products and borrowings, www.ato.gov.au/print.asp?doc=/content/44415.htm (viewed 14 Feb 2011).

[6]        Tax Laws Amendment (2010 Measures No. 5) Bill 2010, Explanatory Memorandum, p. 3.

[7]        Scrutiny of Bills Committee, Alert Digest 1/11, 9 February 2011, p. 35.

[8]        Scrutiny of Bills Committee, Alert Digest 1/11, 9 February 2011, p. 35.

[9]        Scrutiny of Bills Committee, Alert Digest 1/11, 9 February 2011, p. 35.

Chapter 2 - The provisions of Schedule 2 of the bill

[1]        Explanatory Memorandum, p. 15.

[2]        Australian Financial Markets Association, Submission 1, 1 March 2011, p. 1.

[3]        Australian Financial Markets Association, Submission 1, p. 1.

[4]        Explanatory Memorandum, p. 16.

[5]        Tax Laws Amendment (2010 Measures No. 5) Bill 2010, Explanatory Memorandum, p. 3.

[6]        Explanatory Memorandum, p. 4.

[7]        Commonwealth Government, Budget 2008-09, Budget Paper No. 2 – Part 1: Revenue Measures, www.budget.gov.au/2008-09/content/bp2/html/revenue-07.htm (viewed 11 Feb 2011). It is noted that that the change did not proceed as announced following concerns raised by industry that the proposed change did not accurately reflect the risks associated with loans in typical capital protected borrowing arrangements – source: Blue, T., Weekend Australian, The taxman cometh for capital-protected equity loans after Treasurer shifts the benchmarks, 17 May 2008, p. 39.

[8]        The uplift factor of 100 basis points is the only difference between the change proposed in 2008-09 budget and that announced in the 2010-11 budget.

[9]        Explanatory Memorandum, p. 19.

[10]      Australian Financial Markets Association, Submission 1, Attachment, p. 13.

[11]      Taxation Institute of Australia, Submission 2, pp 2-3.

[12]      Taxation Institute of Australia, Submission 2, p. 3.

[13]      Australian Financial Markets Association, Submission 1, p. 1.

[14]      Dr David Lynch, Head of Policy and Markets, Australian Financial Markets Association, Proof Committee Hansard, 9 March 2011, p. 3.

[15]      Australian Financial Markets Association, Submission 1, Attachment, p. 4.

[16]      Dr David Lynch, AFMA, Proof Committee Hansard, 9 March 2011, p. 3.

[17]      Australian Financial Markets Association, Submission 1, Attachment, p. 5.

[18]      Australian Financial Markets Association, Submission 1, Attachment, p. 8.

[19]      The Australian Financial Markets Association contends that the CPB market is just 0.3 per cent of the size of the housing loan market. Source: AFMA, Submission 1, Attachment, p. 9.

[20]      Australian Financial Markets Association, Submission 1, Attachment, p. 9.

[21]      Mr Roger Paul, Principal Adviser, Business Tax Division, Treasury, Proof Committee Hansard, 9 March 2011, p. 12.

[22]      Mr Roger Paul, Treasury, Proof Committee Hansard, 9 March 2011, pp 10-11.

[23]      Mr Roger Paul, Treasury, Proof Committee Hansard, 9 March 2011, p. 12.

[24]      Mr Roger Paul, Treasury, Proof Committee Hansard, 9 March 2011, p. 12.

[25]      Mr Roger Paul, Treasury, Proof Committee Hansard, 9 March 2011, p. 12.

[26]      Mr Roger Paul, Treasury, Proof Committee Hansard, 9 March 2011, p. 15.

[27]      AFMA, Submission 1, 1 March 2011, p. 2.

[28]      Australian Securities Exchange, Letter to AFMA - tabled at a public hearing of the Senate Economics Legislation Committee by AFMA, 9 March 2011, pp 1-2.

[29]      Mr Roger Paul, Principal Adviser, Department of the Treasury, Proof Committee Hansard, 9 March 2011, p. 13.

[30]      Mr Roger Paul, Proof Committee Hansard, 9 March 2011, p. 12.

[31]      AFMA, Submission 1, Attachment, p. 16.

[32]      AFMA, Submission 1, Attachment, p. 16.

[33]      Dr David Lynch, Proof Committee Hansard, 9 March 2011, pp 6-7.

[34]      Proof Committee Hansard, 9 March 2011, p. 15.

[35]      Dr David Lynch, Proof Committee Hansard, 9 March 2011, p. 7.

[36]      AFMA, Submission 1, Attachment, p. 19.

[37]      Dr David Lynch, Proof Committee Hansard, 9 March 2011, p. 10.

[38]      Proof Committee Hansard, 9 March 2011, pp 11-12.

[39]      Proof Committee Hansard, 9 March 2011, p. 5.

Dissenting report by Coalition Senators

[1]          Proof Committee Hansard, 9 March 2011, p. 1.

[2]          Australian Financial Markets Association, Submission 1, p. 2.

[3]          Australian Financial Markets Association, Submission 1, p. 2.

[4]          Tax Institute of Australia, Submission 2, p. 3.