Jeannie Ferris (SA, Liberal Party) Share this | Hansard source

I present the eighth report of 2006 of the Selection of Bills Committee.

Ordered that the report be adopted.

I seek leave to have the report incorporated in Hansard.

Leave granted.

The report read as follows

SELECTION OF BILLS COMMITTEE

REPORT NO. 8 OF 2006

(1)

The committee met in private session on Tuesday, 15 August 2006 at 4.19 pm.

(2)

The committee resolved to recommend—That––

(a)

the provisions of the Tax Laws Amendment (2006 Measures No. 4) Bill 2006 be referred immediately to the Economics Legislation Committee for inquiry and report by 31 August 2006 (see appendix 1 for a statement of reasons for referral); and

(b)

the Export Finance and Insurance Corporation Amendment Bill 2006 be referred immediately to the Foreign Affairs Defence and Trade Legislation Committee for inquiry and report by 9 September 2006 (see appendix 2 for a statement of reasons for referral).

(3)

The committee resolved to recommend—That the following bills not be referred to committees:

• International Tax Agreements Amendment Bill (No. 1) 2006
• Tax Laws Amendment (Repeal of Inoperative Provisions) Bill 2006.

The committee recommends accordingly.

(4)

The committee deferred consideration of the following bill to its next meeting:

• Environment and Heritage Legislation Amendment (Antarctic Seals and Other Measures) Bill 2006.

(Jeannie Ferris)

Chair

16 August 2006

Appendix 1

Proposal to refer a bill to a committee

Name of bill(s):

Tax Laws Amendment (2006 Measures No. 4) Bill 2006

Reasons for referral/principal issues for consideration

The significant tax concessions through restricting Capital Gains Tax to real property (land and income from land) for foreign residents. Capital gains on non-resident shares are therefore exempt.

The committee should look into the disaggregated cost of the two measures in schedule 4 into two components:

1. the narrowing of the tax base

2. the additional integrity measures

Possible submissions or evidence from:

Taxation Institute, Institute of Chartered Accountants, Taxpayers Australia, tax professionals noted in media reports, Treasury

Committee to which bill is referred:

Economics Legislation Committee

Possible hearing date:

Possible reporting date(s): 9 October 2006

Appendix 2

Proposal to refer a bill to a committee

Name of bill(s):

Export Finance and Insurance Corporation Amendment Bill 2006

Reasons for referral/principal issues for consideration

Examination of the bill as necessary.

Possible submissions or evidence from:

Committee to which bill is referred:

Foreign Affairs, Defence and Trade Legislation Committee

Possible hearing date:

Possible reporting date(s): 4 September 2006