The Parliament has now completed its Autumn 2007 sittings

PROGRESS OF BILLS BEING CONSIDERED BY THE HOUSE OF REPRESENTATIVES

Tax Laws Amendment (2007 Measures No. 2) Bill 2007

This Bill was introduced in the House of Representatives on Thursday, 29 March 2007.

This Bill was referred to the Senate Economics Legislation Committee for inquiry and report by 30 April 2007.

This Bill will amend the taxation law to:

1. align more closely the decline in value deductions for mining, quarrying    and prospecting rights with other depreciating assets;
2. change the tax treatment of boating expenses from denial of deductions to quarantining of deductions;
3. amend technical aspects of the research and development tax concession;
4. allow deductions for the donation of shares, in listed public companies, to DGRs;
5. add two new organisations to the current list of deductible gift recipients and extend the period of DGR listing for one organisation;
6. amend the current ‘minor benefits‘ taxation measure to improve its accessibility;
7. make various technical corrections and amendments to the taxation laws and also some general improvements to the law of a minor nature; and
8. relax the eligibility requirements for concessional taxation treatment for non-residents investing in venture capital limited partnerships and provide taxation exemption for Australian residents and non-residents investing in a new investment vehicle for early stage venture capital activities.

International Tax Agreements Amendment Bill (No 1) 2007

This Bill was introduced in the House of Representatives on Thursday, 29 March 2007.

This Bill will:

1. give the force of law in Australia to the Convention between the Government of Australia and the Government of the French Republic for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion, and its associated Protocol, which was signed in Paris on 20 June 2006; and
2. give the force of law in Australia to the Convention between Australia and the Kingdom of Norway for the Avoidance of Double Taxation with respect to Taxes on Income and the Prevention of Fiscal Evasionwhich was signed in Canberra on 8 August 2006.
   

PROGRESS OF BILLS BEING CONSIDERED BY THE SENATE

There are no tax bills in the Senate

THE FOLLOWING LEGISLATION HAS RECEIVED ROYAL ASSENT:

Tax Laws Amendment (2007 Measures No. 1) Act 2007 – Act No. 56 of 2007

This Act will amend the taxation law to:

1. allow the Commissioner of Taxation to make disclosures of taxpayer information to officers in the Project Wickenby taskforce (a multi-agency taskforce addressing alleged tax avoidance and evasion involving the use of offshore entities) and to officers in other similar taskforces that may be prescribed in the regulations;
2. enable the Commissioner of Taxation or an officer of the Australian Taxation Office to provide information to an employee in response to a complaint that an employer has not complied with its obligations under the Superannuation Guarantee (Administration) Act 1992; and
3. extend the employee share scheme (ESS) concessions and related capital gains tax treatment to certain stapled securities that include an ordinary share, and that are listed for quotation on the official list of the Australian Securities Exchange.

Tax Laws Amendment (2006 Measures No. 7) Act 2007 – Act No. 55 of 2007 previous citation Tax Laws Amendment (2006 Measures No. 7) Bill 2006

This Act will amend the taxation law to:

1. reduce the compliance costs for small business and increase the availability of the small business capital gains tax concessions;
2. streamline gift fund and integrity arrangements for deductible gift recipients (DGRs);
3. extend the period of DGR listing for four organisations;
4. preserve the current period over which tractors and harvesters used in the primary production sector are depreciated;
5. increase non-primary production income threshold for making farm management deposits from $50,000 to $65,000 and the total deposit limit from $300,000 to $400,000; and
6. restore neutrality in the taxation treatment of capital protected borrowings.

Schedule 2 to the Tax Laws Amendment (2006 Measures No. 7) Bill 2006 was withdrawn by government amendment in the Senate on Wednesday, 28 March 2007.