On 13 May 2010, Tax Laws Amendment (2010 Measures No 2) Bill 2010 was passed by the House of Representatives without amendment.
The Bill amends:
- the ITAA1936 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;
- the ITAA1936, ITAA 1997 and Taxation Administration Act 1953 to extend existing arrangements for tax file number withholding to cover closely held trusts;
- 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
- 108 Acts to repeal certain unlimited periods for amending taxpayers’ assessments.
The Bill now proceeds to the Senate.