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01 Jun 09 2009 Measures No 2 Bill passed by House

On 27 May 2009, Tax Laws Amendment (2009 Measures No 2) Bill 2009 was passed by the House of Representatives without amendment. The Bill will now proceed to the Senate, which next sits on 15 June 2009.

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; 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; to provide a general exemption from CGT for capital gains arising from a right or entitlement to a tax offset, deduction or similar benefit; to provide a refundable tax offset in relation to certain projects approved under the National Urban Water and Desalination Plan; to update the list of deductible gift recipients; 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; to remove the restriction that businesses may not claim more than $3 million of fuel tax credits in a financial year unless they are members of Greenhouse Challenge Plus Programme; and 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.

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