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15 Feb 07 2007 Measures No 1 Bill introduced

On 15 February 2007, Tax Laws Amendment (2007 Measures No 1) Bill 2007 was introduced into the House of Representatives. The following is an extract from the EM.

SCHEDULE 1 to the Bill amends the secrecy and disclosure provisions in the Taxation Administration Act 1953 to allow the Commissioner to make disclosures of taxpayer information to Project Wickenby taskforce officers and to officers in other taskforces that may be prescribed in the regulations. These amendments apply to disclosures of information to Project Wickenby and other prescribed taskforces made on or after the date of Royal Assent.

SCHEDULE 2 to the Bill amends the Superannuation Guarantee (Administration) Act 1992 to enable the Commissioner or an officer of the ATO to provide information to an employee in response to a complaint that an employer has not complied with its obligations under the Act. Information may be disclosed for the purposes of the Superannuation Guarantee (Administration) Act 1992 or in the performance of duties under the Act. These amendments apply to records made, or information divulged or communicated, on or after 1 July 2007.

SCHEDULE 3 to the Bill amends the ITAA 1936 and other tax Acts to extend the employee share scheme (ESS) concessions and related CGT treatment to certain stapled securities that include an ordinary share, and that are listed for quotation on the official list of the Australian Securities Exchange. Date of effect: 1 July 2006. This measure was announced in the 2006-07 Budget.

For a copy of Tax Laws Amendment (2007 Measures No 1) Bill 2007, go here

For a copy of the EM, go here

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