Senate
Tax Laws Amendment (2010 Measures No. 2) Bill 2010
Supplementary Explanatory Memorandum
Circulated By the Authority of the Treasurer, the Hon Wayne Swan MPAmendments to be moved on behalf of the Government.
General outline and financial impact
Amendment to Schedule 1 - Improving fairness and integrity in the tax system: distributions to entities connected with a private company
The amendment ensures that the use of certain company title flats or home units is not a payment for the purposes of Division 7A of the Income Tax Assessment Act 1936 .
Date of effect: 1 July 2009. This amendment does not adversely affect taxpayers.
Proposal announced: This amendment has not previously been announced.
Financial impact: Nil.
Compliance cost impact: Nil.