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26 Nov 09 2009 Measures No 5 Bill awaits Royal Assent

On 26 November 2009, the Senate passed Tax Laws Amendment (2009 Measures No 5) Bill 2009 without amendment.

The Bill:

  • confirms that a representative of an incapacitated entity is responsible for the GST consequences arising during its appointment;
  • changes the basis on which a pay as you go (PAYG) instalment liability is calculated;
  • provides that the outer regional and remote payment made under the Helping Children with Autism package is exempt from income tax;
  • provides that payments made under the Continence Aids Payment Scheme are exempt from income tax;
  • exempts Commonwealth debt issued in Australia from interest withholding tax;
  • enables the Victorian Bushfire Appeal Fund Independent Advisory Panel to use donations for a broader range of purposes than the tax law considers charitable;
  • makes consequential amendments to the Income Tax Assessment Act 1997.

The Bill now awaits Royal Assent.

In a media release issued the same day, the Assistant Treasurer, Senator Nick Sherry, welcomed the passage of the Tax Laws Amendments (2009 Measures No 5) Bill 2009 through the Senate.

"One of the six amendments passed will result in the protection of $655 million in revenue, by ensuring the liquidator of an insolvent company will be responsible for paying GST on transactions made in their capacity as the liquidator of that insolvent company," the Minister's media release said.

For a copy of the Minister's media release, No 2009/095, 26 November 2009, go here

 


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