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22 Nov 2011 2011 Measures No 7 Bill awaits Royal Assent

On 21 November 2011, Tax Laws Amendment (2011 Measures No 7) Bill 2011 was passed by the Senate without amendment.

The Bill amends:

  • ITAA1997 in relation to: taxation arrangements for special disability trusts; certain farm management deposits being accessed within 12 months; and eligibility of the producer, location, post, digital and visual effects offsets;
  • Income Tax Rates Act 1986 to reduce the lowest marginal tax rate for workers participating in the Pacific Seasonal Worker Pilot Scheme;
  • Taxation Administration Act 1953 to provide that the instalment income of certain taxpayers includes net gains in the taxation of financial arrangements;
  • Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 to give the Commissioner of Taxation a discretion to extend the time in which taxpayers may notify the making of a transitional election in certain circumstances;
  • ITAA 1997, Taxation Administration Act 1953 and Banking Act 1959 in relation to the administration of the farm management deposits scheme;
  • ITAA 1997 and Tax Laws Amendment (2009 Measures No 6) Act 2010 to extend to 30 September 2011 the date for the temporary loss relief for merging superannuation funds; and
  • A New Tax System (Australian Business Number) Act 1999, ITAA 1997 and Taxation Administration Act 1953 in relation to a regulatory framework for public ancillary funds.

The Bill also provides that any director penalty notices issued by the Commissioner of Taxation under former s 22AOE of the ITAA 1936 between 10 December 2007 and 30 June 2010 are valid, notwithstanding the New South Wales Court of Appeal decision in Soong v FCT [2011] NSWCA 26 (25 February 2011).

The Bill awaits Royal Assent.


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