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25 Jun 099 2009 Measures No 4 Bill introduced

On 25 June 2009, Tax Laws Amendment (2009 Measures No. 4) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill increases the research and development (R&D) expenditure cap for eligibility to the R&D Tax Offset from $1 million to $2 million. This amendment applies from 1 July 2009. This measure was announced in the Treasurer’s Media Release No 2009/062 of 12 May 2009.

SCHEDULE 2 to the Bill amends the ITAA 1997, the Taxation Administration Act 1953 and the A New Tax System (Australian Business Number) Act 1999 to improve the integrity of prescribed private funds. These amendments will apply from 1 October 2009. These amendments were announced in the 2008-09 Budget by the Treasurer in Media Release No 2008/052 of 13 May 2008.

SCHEDULE 3 to the Bill amends the ITAA 1997 to provide relief from CGT to members and insured entities of friendly societies that have a life insurance business and/or a private health insurance business and the friendly society demutualises to a for-profit entity. These amendments apply to demutualisations that occur on or after 1 July 2008. These amendments were announced in the then Assistant Treasurer and Minister for Competition Policy and Consumer Affairs’ Media Release No 2008/086 of 24 October 2008.

SCHEDULE 4 to the Bill amends the ITAA 1997 to ensure losses transferred to the head company of a consolidated group or a multiple entry consolidated group by a joining entity that is insolvent at the joining time can be used by the head company in certain circumstances. Date of effect: 1 July 2002. This measure was announced jointly by the Treasurer and the then Assistant Treasurer and Minister for Competition Policy and Consumer Affairs in Media Release No 2008/053 of 13 May 2008.

SCHEDULE 5 to the Bill makes technical corrections and other minor amendments to the taxation laws. These amendments commence from Royal Assent unless otherwise stated in this Explanatory Memorandum. These amendments were all foreshadowed by release in draft form on the Treasury website on 20 May 2009.

In a media release issued on 25 June 2009, the Assistant Treasurer, Senator Nick Sherry, announced the introduction of the Bill, which he said "establishes for the first time a comprehensive legal framework for prescribed private funds that will boost the integrity of our tax system and ensure such funds deliver strong philanthropic outcomes". He noted that prescribed private funds are now to be known as Private Ancillary Funds (PAFs),

The Assistant Treasurer has also released for consultation the detailed draft Guidelines on how the new PAF framework will apply and announced a series of bilateral listening meetings with key participants and representatives of the philanthropic sector to discuss the reforms.

For a copy of the Bill, go here

For a copy of the Explanatory Memorandum, go here

For a copy of the Assistant Treasurer's media release, No 2009/006, 25 June 2009, go here

For a copy of the draft Guidelines, go here

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