On 28 March 2007, the Senate passed Tax Laws Amendment (2006 Measures No 7) Bill 2007 with one Government amendment. That amendment removed Schedule 2 from the Bill. Schedule 2 sought to clarify the types of financial instruments that would be eligible for the interest withholding tax exemption applying to debentures or debt interests.
The Bill was introduced into Parliament on 7 December 2006 - see 2006 TAXVINE No 47 (12) (8 December 2006) - and introduced into the Senate on 7 February 2007.
The Bill returned to the House of Representatives on 29 March 2007, when the Senate's amendment was agreed to. The Bill now awaits Royal Assent.