House of Representatives
Taxation Laws Amendment Bill (No. 4) 2000
Taxation Laws Amendment Act (No. 4) 2000
Second Reading Speech
(Fisher - Parliamentary Secretary to the Minister for Finance and Administration)
That the bill be now read a second time.
This bill makes amendments to the income tax law to give effect to the following measures:
International tax agreements
This measure will implement the amendment announced in the Treasurer's media release of 27 April 1998 by changing the International Tax Agreements Act 1953 to require that the tax treaties be interpreted in accordance with their intention of maintaining Australia's taxing rights over alienations or effective alienations of real property situated in Australia.
Capital gains tax corrections and other minor amendments
The bill will also make some minor amendments and correct some unintended consequences that occurred when the capital gains tax and certain other provisions were rewritten as part of the Tax Law Improvement Project. None of the amendments change the way the provisions originally worked.
Income tax deductions for gifts
The bill will amend the income tax law to extend the time within which donations to the Shrine of Remembrance Restoration and Development Trust, the St Patrick's Cathedral Parramatta Rebuilding Fund and the Australian National Korean War Memorial Trust will be tax deductible.
Income of non-resident sportspersons and sporting clubs or associations
This measure will amend the income tax law to remove income tax exemptions currently available to certain non-resident sportspersons and sporting clubs or associations.
The amendments ensure that the income of all non-resident sportspeople and sporting clubs or associations, earned in Australia, will be taxed consistently.
The amendments will apply from 1 July 2000.
Full details of the measures in this bill are contained in the explanatory memorandum, which I present to the House.
I commend the bill to the chamber.
Debate (on motion by Mr Martyn Evans ) adjourned.