Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to change the administrative procedures for the producer offset, and for related purposes
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Registered 24 Nov 2009
Introduced HR 23 Nov 2009

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

  

  


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

 


A Bill for an Act to change the administrative procedures for the producer offset, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Tax Laws Amendment (Improving the Producer Offset) Act 2009.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

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 passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

 

Schedule 1Producer offset

  

Income Tax Assessment Act 1936

1  Section 186

After the section, insert:

Note:          Section 376‑56 of the Income Tax Assessment Act 1997 includes certain requirements that the Commissioner must consider when making a decision about a special assessment involving the producer offset.

Income Tax Assessment Act 1997

2  Section 376‑55

After the section, insert:

376‑56  Special assessments

             (1)  Where a company applies to the Commissioner for a special assessment under section 186 of the Income Tax Assessment Act 1936 and cites the producer offset, the Commissioner must consider the effectiveness of the producer offset in making a decision.

             (2)  For the purposes of this section, the aim of the producer offset is to provide a financial incentive for the making of Australian film and the other media subject to this Division.

             (3)  In developing criteria for making decisions under this section, the Commissioner is to make reasonable attempts to consult with industry practitioners, representatives and advisors.