13 Jun 077 2007 Measures No 3 Bill passed by SenateOn 13 June 2007, the Senate passed Tax Laws Amendment (2007 Measures No 3) Bill 2007 without amendment. The Bill was introduced into Parliament on 10 May 2007: see 2007 TAXVINE No 18 (12) (11 May 2007). It was passed by the House of Representatives on 24 May 2007.
Amongst other changes, Schedule 1 to the Bill amends the ITAA 1997 to remove the automatic debiting of the private company’s franking account when a deemed dividend arises under Division 7A of Part III of ITAA 1936. The Fringe Benefits Tax Assessment Act 1986 is also amended so that FBT does not apply to Division 7A compliant loans. Section 108 of the ITAA 1936 is also being repealed.
The Bill now awaits Royal Assent.