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02 Sep 08 2008 Measures No 3 Bill passed by Senate

On 1 September 2008, Tax Laws Amendment (2008 Measures No 3) Bill 2008 was passed by the Senate without amendment.

This Bill was introduced in the Senate on 16 June 2008 with House amendments which omitted Schedule 3 (exempt from income tax, rent assistance paid to Austudy recipients) and Schedule 4 (exempt from income tax, the Carer Adjustment payment) (these Schedules were added to the Tax Laws Amendment (2008 Measures No 2) Bill 2008 which received Royal Assent on 24 June 2008 - see 2008 TAXVINE No 25 (24) (27 June 2008)). The Bill:
  • amends shareholder and unitholder rights (to overcome McNeil's case); and
  • makes amendments to the restriction on GST refunds and time limits for recovery and refund of indirect tax (to overcome the KAP Motors case).
The Bill now awaits Royal Assent.

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