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Tax Laws Amendment (2008 Measures No. 2) Bill 2008

Tax Laws Amendment (2008 Measures No. 2) Act 2008

Revised Explanatory Memorandum

Circulated by the authority of the Treasurer, the Hon Wayne Swan MP

This memorandum takes account of amendments made by the house of representatives to the bill as introduced


The following abbreviations and acronyms are used throughout this revised explanatory memorandum.

Abbreviation Definition
ATO Australian Taxation Office
CGT capital gains tax
Commissioner Commissioner for Taxation
DGRs deductible gift recipients
FMD farm management deposit
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
Newstart Newstart Allowance
SG superannuation guarantee
SGAA Superannuation Guarantee (Administration) Act 1992
the program The Endeavour Awards scholarship program
the Supplement Equine Workers Hardship Wage Supplement Payment
UCA uniform capital allowances

Explanatory Memorandum
Table of contents
  General outline and financial impact
  Chapter 1 Amounts misappropriated by an employee or agent
  Chapter 2 Extending the superannuation guarantee late payment offset
  Chapter 3 Capital gains tax market value substitution rule for interests in certain companies and trusts
  Chapter 4 Income tax exemption of the Endeavour Executive Award and research fellowships under the Endeavour Awards
  Chapter 5 Early completion bonuses for apprentices
  Chapter 6 Deductible gift recipients
  Chapter 7 Superannuation lump sum paid to a person with a terminal medical condition
  Chapter 8 Capital expenditure for the establishment of trees in carbon sink forests
  Chapter 9 Extension of the beneficiary tax offset to the Equine Workers Hardship Wage Supplement Payment
  Chapter 10 Tax-free grants for certain tobacco growers
  Chapter 11 Farm management deposits

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