08 Sep 099 2009 Measures No 4 Bill awaits Royal Assent
On 7 September 2009, Tax Laws Amendment (2009 Measures No 4) Bill 2009 was passed by the House of Representatives without amendment. It was introduced into the House on 25 June 2009.
On 10 September 2009, the Bill was passed by the Senate without amendment.
The Bill amends the ITAA 1936 to increase the research and development expenditure cap for eligibility to the tax offset from $1 million to $2 million; A New Tax System (Australian Business Number) Act 1999, ITAA 1936, ITAA 1997, and Taxation Administration Act 1953 in relation to private ancillary funds; ITAA 1936, ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to provide CGT relief to certain friendly societies; ITAA 1936 in relation to losses transferred to the head company of a consolidated group by a joining entity; and also amends 15 Acts relating to taxation laws to make various minor amendments.
The Bill now awaits Royal Assent.