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Income Tax Law Rewrites: Exposure Draft Legislation and Explanatory Material

Date:

Thursday, 5 November 2009

Content ID:

1637

Abstract:

The Assistant Treasurer, Senator the Hon Nick Sherry, has released exposure draft legislation for a rewrite of some provisions of the Income Tax Assessment Act 1936 and associated explanatory material.

The exposure draft legislation rewrites these provisions:

  • Part VI (collection and recovery)
  • Schedule 2C (forgiveness of commercial debts)
  • Schedule 2E (leases of luxury cars)
  • Schedule 2G (farm management deposits)
  • Schedule 2J (general insurance)

The rewrites broadly preserve the results of the existing provisions. Any minor changes are explained in the explanatory material.

Making a submission

Interested parties are invited to comment on the exposure draft legislation and associated explanatory material. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 18 December 2009

Address written submissions to:
Manager
Tax Design and Administration Unit
Tax Design Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email:  1936actrewrite@treasury.gov.au

For enquiries, please call Greg Pinder, (02) 6263 3176.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure draft  363.93kb
Explanatory material  313.43kb
Consultation Summary  31.45kb

Related Items:

Submissions: Income Tax Law Rewrites: Exposure Draft Legislation and Explanatory Material - 26/03/2010

Treasury received six submissions in response to its consultation on "Income Tax Law Rewrites". All of these are public submissions and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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