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22 Nov 12 2012 Measures No 5 Bill moves to Senate

On 19 November 2012, the Tax Laws Amendment (2012 Measures No 5) Bill 2012 was introduced into the Senate, having been passed by the House of Representatives with three amendments.

The Bill amends:

  • ITAA 1997 to expand the application of the conservation tillage refundable tax offset by providing that an eligible no-till seeder can comprise just the tool, or the combination of the cart and the tool; phase out the mature age worker tax offset from 1 July 2012 for taxpayers born on or after 1 July 1957; and include The Diamond Jubilee Trust Australia in the list of deductible gift recipients, and
  • A New Tax System (Wine Equalisation Tax) Act 1999 to provide that a wine producer will not be entitled to the wine equalisation tax producer rebate on other wine they use in manufacture, except where the producer of the other wine notifies the subsequent producer; and make technical amendments.

As originally introduced, the Bill also contained proposed amendments relating to gaseous fuels. This entailed amendments to the Excise Act 1901, the Excise Tariff Act 1921, the Fuel Tax Act 2006 and the Taxation Administration Act 1953. The Bill was, however, amended in the House to remove these proposed amendments.

The Bill has received its Second Reading in the Senate.

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