SCHEDULE 1 to the Bill amends the ITAA 1997 to update the list of deductible gift recipients (DGRs) and extend the period for which deductions are allowed for gifts to certain funds that have time limited DGR status.
SCHEDULE 2 to the Bill makes minor corrections, amendments and general improvements to the usability of the taxation laws as part of the Government’s ongoing commitment to improve the quality of those laws. Errors that are corrected include duplicated definitions, missing asterisks from defined terms and incorrect numbering.
A more substantive amendment is the formal transfer of power from the Prime Minister to the Treasurer to appoint a person to act as the Commissioner of Taxation or Second Commissioner of Taxation, during a vacancy in, or absence from, either office.
For a PDF copy of Tax Laws Amendment (2006 Measures No 6) Bill 2006, go here
For a PDF copy of the EM, go here