House debates
Wednesday, 17 November 2010
Tax Laws Amendment (2010 Measures No. 4) Bill 2010
Consideration in Detail
4:58 pm
Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source
by leave—I move amendments (1) and (2):
(1) Clause 2, page 3 (before line 1), table item 15, omit “Schedule 7”, substitute “Schedules 7 and 8”.
(2) Schedule 7, page 47 (after line 3), add:
Schedule 8—Providing tax receipts to individual taxpayers
Income Tax Assessment Act 1936
1 After section 174
Insert:
174A Taxation receipt to be provided with notice of assessment
(1) A notice of assessment for an individual under section 174 for the financial year ending 30 June 2011 or any later financial year must be accompanied by a taxation receipt, setting out:
(a) a break-down of how the amount of the assessment was spent on different functions in the financial year (calculated by applying the proportion of the Budget expenditure on each function to the amount of the assessment); and
(b) the level of Australian Government net debt.
(2) A taxation receipt for subsection (1) must, at a minimum, contain the information shown in the following table:
Item | Information to be included in taxation receipt |
1 | The name and tax file number of the taxpayer. |
2 | The amount of the assessment. |
3 | The level of Australian Government net debt at the end of the financial year and at the end of the previous financial year. |
4 | The taxpayer’s share of the Australian Government net debt for the financial year, to be calculated by dividing the Australian Government net debt by the number of individual taxpayers. |
5 | How much of the taxation revenue raised under the assessment was expended for the welfare function, broken down into the following sub-functions: (a) aged pension entitlements; (b) disability pension entitlements; (c) family benefit entitlements; (d) unemployment and sickness benefit entitlements; (e) other welfare benefit entitlements. |
6 | How much of the taxation revenue raised under the assessment was expended for each of the following functions: (a) health; (b) education; (c) defence; (d) foreign affairs and economic aid; (e) recreation and culture; (f) housing and community services; (g) industry assistance and fuel subsidies; (h) public order; (i) transport and communications; (j) labour and industrial relations. |
7 | How much of the taxation revenue raised under the assessment was expended in transfers to the states, territories and local government authorities. |
8 | How much of the taxation revenue raised under the assessment was expended to service public debt interest. |
9 | How much of the taxation revenue raised under the assessment was expended for other public services. |
Note: The amounts specified for the purposes of table items 5 to 9 are to be calculated by reference to the nominal proportion of Budget expenditure constituted by each function.
I am disappointed that the government is not accepting our amendments. You have got a lean and hungry look there, old Billy!
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