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03 Dec 12 2012 Measures No 6 Bill introduced

On 29 November 2012, Tax Laws Amendment (2012 Measures No 6) Bill 2012 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the ITAA 1997 and the ITAA 1936 to make it clear that native title benefits are not subject to income tax (including capital gains tax).

SCHEDULE 2 to the Bill amends ITAA 1997 to update the list of deductible gift recipients (DGRs) by adding two entities as DGRs and extending the listing of another three entities.

SCHEDULE 3 amends the ITAA 1997 to extend the immediate deductibility of exploration expenditure provided to mining and petroleum explorers to geothermal energy explorers.

SCHEDULE 4 to the Bill amends Schedule 2 of the Tax Laws Amendment (2011 Measures No 5) Act 2011 to extend the interim streaming rules for managed investment trusts until the commencement of the new tax system for managed investment trusts.

SCHEDULE 5 to the Bill amends the ITAA 1936 to apply an income test to the rebate for medical expenses from 1 July 2012.

SCHEDULE 6 to the Bill amends Division 243 of the ITAA 1997 (the limited recourse debt provisions) to clarify that the definition of ‘limited recourse debt’ includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt.

SCHEDULE 7 to the Bill amends the Fringe Benefits Assessment Act 1986 to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements.

SCHEDULE 8 to the Bill makes miscellaneous amendments to the taxation laws and regulations as part of the Government’s commitment to uphold the integrity of the taxation system.

In joint media release No 2012/149, issued 29 November 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the native title aspects of the legislation.

 


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