02 Mar 11 2010 Measures No 5 Bill passed by House
On 2 March 2011, Tax Laws Amendment (2010 Measures No 5) Bill 2010 was passed by the House of Representatives without amendment.
The Bill amends:
- ITAA 1997 to change the eligibility criteria for accessing film tax offsets; extend the main residence capital gains tax exemption to certain compulsory acquisitions; include terminal medical condition benefits; and include school uniforms as an eligible expense for the education expenses tax offset;
- ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection;
- A New Tax System (Goods and Services Tax) Act 1999 to allow non-profit sub-entities to access the goods and services tax concessions available to their parent entity; and
- Taxation Administration Act 1953 to enable the Commissioner of Taxation not to apply a payment, credit or running balance account surplus against certain tax debts.
The Bill now proceeds to the Senate.