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This is a Bill, not an Act. For current law, see the Acts databases.
TAX LAWS AMENDMENT (IMPROVING THE PRODUCER OFFSET) BILL 2009
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2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Improving the
Producer Offset) Bill 2009
No. , 2009
(Mr Ciobo)
A Bill for an Act to change the administrative
procedures for the producer offset, and for related
purposes
i Tax Laws Amendment (Improving the Producer Offset) Bill 2009 No. , 2009
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8f81-913b2dc81adb\Tax - Producer Offset - Ciobo.docx 23/11/2009 7:13 PM
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--The producer offset
3
Income Tax Assessment Act 1936
3
Income Tax Assessment Act 1997
3
Tax Laws Amendment (Improving the Producer Offset) Bill 2009 No. , 2009 1
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A Bill for an Act to change the administrative
1
procedures for the producer offset, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Tax Laws Amendment (Improving the
6
Producer Offset) Act 2009.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2 Tax Laws Amendment (Improving the Producer Offset) Bill 2009 No. , 2009
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1
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Schedule 1
The 28th day after the day on which this Act
receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
2
passed by both Houses of the Parliament and assented to. It will not be
3
expanded to deal with provisions inserted in this Act after assent.
4
(2) Column 3 of the table contains additional information that is not
5
part of this Act. Information in this column may be added to or
6
edited in any published version of this Act.
7
3 Schedule(s)
8
Each Act that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
13
Producer offset Schedule 1
Tax Laws Amendment (Improving the Producer Offset) Bill 2009 No. , 2009 3
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8f81-913b2dc81adb\Tax - Producer Offset - Ciobo.docx 23/11/2009 7:13 PM
Schedule 1--Producer offset
1
2
Income Tax Assessment Act 1936
3
1 Section 186
4
After the section, insert:
5
Note:
Section 376-56 of the Income Tax Assessment Act 1997 includes
6
certain requirements that the Commissioner must consider when
7
making a decision about a special assessment involving the producer
8
offset.
9
Income Tax Assessment Act 1997
10
2 Section 376-55
11
After the section, insert:
12
376-56 Special assessments
13
(1) Where a company applies to the Commissioner for a special
14
assessment under section 186 of the Income Tax Assessment Act
15
1936 and cites the producer offset, the Commissioner must
16
consider the effectiveness of the producer offset in making a
17
decision.
18
(2) For the purposes of this section, the aim of the producer offset is to
19
provide a financial incentive for the making of Australian film and
20
the other media subject to this Division.
21
(3) In developing criteria for making decisions under this section, the
22
Commissioner is to make reasonable attempts to consult with
23
industry practitioners, representatives and advisors.
24