10 Oct 066 2006 Measures No 4 Bill passed by HouseOn 9 October 2006, the House of Representatives passed Tax Laws Amendment (2006 Measures No 4) Bill 2006 with 3 Government amendments.
The amendments are to Schedule 4 - Capital gains tax and foreign residents. Amendments 1 and 2 reset the cost base of indirect Australian real property interests that are interests that were not previously taxable for foreign residents, to the market value of such interests on 10 May 2005, the date the Treasurer announced the measure in Press Release No 2005/44.
Amendment 3 is a consequential amendment that removes a requirement for providing demerger relief to ensure that resident taxpayers are not adversely affected by the legislation as introduced.
The Bill now proceeds to the Senate. The Senate Economics Committee has recommended passage of the Bill in its report tabled 5 October 2006. Minority reports were published by the Opposition and Democrat members of the Committee.
For details of the amendments, go here
For a copy of the Supplementary EM, go here
For a copy of the Senate report, go here