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17 Jun 1010 2010 Measures No 2 Bill awaits Royal Assent

On 17 June 2010, the Senate passed Tax Laws Amendment (2010 Measures No. 2) Bill 2010 with two Government amendments.

The Bill amends the ITAA 1936 and ITAA 1997 to prevent shareholders of private companies accessing tax-free dividends from the provision of company assets for less than market value; and make consequential amendments; amends the ITAA 1936, ITAA 1997 and Taxation Administration Act 1953 to extend existing arrangements for tax file number withholding to cover closely held trusts; amends the ITAA 1997 to provide that the HECS-HELP benefit is exempt from income tax; update the list of deductible gift recipients; and provide that the Global Carbon Capture and Storage Institute Limited is exempt from income tax for a four-year period; and also amends 108 Acts to repeal certain unlimited periods for amending taxpayers’ assessments.

The amendments ensure that the use of certain company title flats or home units is not a payment for the purposes of Division 7A of ITAA 1936 .

The Bill returned to the House of Representatives on the same day, when the House agreed to the Senate's amendments.

The Bill now awaits Royal Assent.


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