Will we have law before 30 June 2011?

The one question that keeps cropping up is “will the trusts streaming provisions be law before 30 June 2011?” Some practitioners seem to think that with only 13 days before year end, there is no way the provisions will pass. I am not that pessimistic.

The Bill is currently with the House of Representatives. It was due to be debated yesterday, but unfortunately the House were stuck on other matters. The next sitting day is Monday, and we will be keenly watching to hear the statements that are made in the debate. The Bill has been referred to the Senate Economics Committee, but that is only for the unrelated measures in Schedule 5 (concerning car fringe benefits) and that committee has been asked to report by Tuesday, so it should not hold up the Bill. There are four Senate sitting days next week, and we understand that the Bill will not be met with any opposition. There is then a week to obtain Royal Assent. It is a tight timeframe, but it is not impossible.

Thanks to everyone who has contributed to the blog so far, please keep your questions and comments coming. This is a great way for our membership to interact and exchange ideas, and I look forward to your contributions.

Tamera Lang
Tax Counsel, The Tax Institute

Comments

  1. By way of update - TLAB 5 passed the House of Representatives just after 7pm on Monday evening. The Bill is now with the Senate. The Senate Economics Committee was given an extra day to report on Schedule 5 (i.e. until today, Wednesday 22 June). Fingers crossed we see the Bill pass the Senate tomorrow.

    Tamera Lang
    Tax Counsel, The Tax Institute

    ReplyDelete

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