21 Jun 11
2010 Measures No 5 Bill 2011 passed without amendments
On 20 June 2011 the Tax Laws Amendment (2010 Measures No 5) Bill 2011 passed the Senate without amendment. The Bill will now await the Royal Assent.
- changes the eligibility criteria for accessing film tax offsets
- extends the main residence CGT exemption to certain compulsory acquisitions
- includes terminal medical condition benefits
- includes school uniforms as an eligible expense for the education expenses tax offset
- adjusts the benchmark interest rate used to determine the cost of capital protection
- allows non-profit sub-entities to access the GST concessions available to their parent entities, and
- enables the Commissioner not to apply a payment, credit or RBA surplus against certain tax debts.
The Bill was formerly cited as the Tax Laws Amendment (2010 Measures No 5) Bill 2010.