Supplementary Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP)Chapter 1: Deductible Gift Recipients
Outline of chapter
1.1 The parliamentary amendments remove Schedule 7 to the Bill.
Summary of amendments
1.2 Schedule 7 to the Bill proposed to amend the Income Tax Assessment Act 1997 to update the list of specifically listed deductible gift recipients.
1.3 To facilitate expedited passage of the measure to update the list of specifically listed deductible gift recipients, Schedule 7 to the Bill was included instead as Schedule 1 to the Treasury Laws Amendment (2022 Measures No. 5) Bill 2022. The Treasury Laws Amendment (2022 Measures No. 5) Bill 2022 subsequently passed Parliament on 7 February 2023. Therefore, Schedule 7 no longer needs to progress as part of this Bill.
1.4 Amendment 1 removes the commencement provision for Schedule 7 to the Bill consistent with the amendment to remove Schedule 7 from the Bill. Amendment 2 removes Schedule 7 to the Bill.