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19 Mar 09 2009 Measures No 2 Bill introduced

On 19 March 2009, Tax Laws Amendment (2009 Measures No 2) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends various Acts to ensure there are no adverse taxation implications arising from a payment made by the Australian Prudential Regulation Authority, or by a liquidator, under the financial claims scheme (the scheme). It achieves this in general by amending the law to treat payments made under the scheme in the same way as if they had been made by the failed institution to which the scheme applies.

SCHEDULE 2 to the Bill amends the law to increase access to the small business CGT concessions for taxpayers owning a CGT asset used in a business by an affiliate or entity connected with the taxpayer and for partners owning a CGT asset used in the partnership business, with effect from the 2007-08 income year. The Schedule also makes a number of other minor amendments to clarify and refine elements of the small business CGT concessions. The main amendments apply to CGT events happening in the 2007-08 income year and later income years. The minor amendments have their own particular application dates. This measure was announced in the 2008-09 Budget on 13 May 2008.

SCHEDULE 3 to the Bill amends the ITAA 1997 to provide a general exemption from CGT for capital gains arising from a right or entitlement to a tax offset, deduction or similar benefit. This measure applies to CGT events happening in the 2009-10 income year and later income years. It was not previously announced.

SCHEDULE 4 to the Bill amends the ITAA 1997 to provide a refundable tax offset in relation to certain projects approved under the National Urban Water and Desalination Plan. This measure applies to approved projects between the 2008-09 and 2012-13 income years.

SCHEDULE 5 to the Bill amends the ITAA 1997 to update the list of the deductible gift recipients (DGRs).

SCHEDULE 6 to the Bill amends the A New Tax System (Australian Business Number) Act 1999 (ABN Act) to allow the Registrar of the Australian Business Register (ABR) to act as the Multi-agency Registration Authority, to enable representatives of businesses to be identified for the purpose of communicating electronically with multiple government agencies on behalf of businesses. This is a part of the Government’s Standard Business Reporting program.

SCHEDULE 7 to the Bill amends the Fuel Tax Act 2006 to remove the restriction that businesses may not claim more than $3 million of fuel tax credits in a financial year unless they are a member of Greenhouse Challenge Plus Programme.

SCHEDULE 8 to the Bill amends the ITAA 1997 to provide an exemption from tax for the Clean-up and Restoration Grants paid to small businesses and primary producers affected by the Victorian bushfires.

For a copy of the Bill, go here.

For a copy of the Explanatory Memorandum, go here.

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