Progress of legislation - The following Bills will be discussed in Federal Parliament this week:
- The trust loss Bills are scheduled for consideration in the Senate on Monday 23 March 1998
- Tax Law Amendment Bill (No 5) 1997 - scheduled for debate in the Senate on 24 March 1998
- Tax Law Amendment Bill (No 6) 1997 - no indication of when debate in the Senate will be scheduled yet
- Tax Law Amendment Bill (No 7) 1997 - down for consideration in the House of Representatives on 25 March 1998
- Tax Law Improvement Bill (No 2) 1997 - scheduled for debate in the House of Representatives on 26 March 1998
The following income tax rulings were issued by the Australian Taxation Office:
- TR98/3 which deals with the taxation treatment under the income provisions and the capital gains provisions of amounts received for dealing with or disclosing mining, quarrying or prospecting information;
- TR98/4 considers whether and in what circumstances under a child maintenance trust arrangement will entitlements or distributions be "excepted trust income" (ie eligible for concessional tax treatment);
- TR98/5 which is specifically directed at the general mining, petroleum mining and quarrying industries and deals with cost of trading stock on hand.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information please contact Michael Croker at:
Coopers & Lybrand Tower 580 George Street Sydney 2000 Australia Tel No: +61 29 28 57 777 Fax No: +61 29 26 18 777 E-mail: Click Contact Link
Visit the PricewaterhouseCoopers in Australia website at Click Contact Link