Senate

Supplementary Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP)

Glossary

This Supplementary Explanatory Memorandum uses the following abbreviations and acronyms.

General outline and financial impact

Deductible Gift Recipients - Parliamentary Amendments

Outline

The Parliamentary amendments to the Bill remove Schedule 7 (Deductible Gift Recipients) from the Bill. Schedule 7 to the Bill was included as Schedule 1 to the Treasury Laws Amendment (2022 Measures No. 5) Bill 2022, which was enacted in February 2023.

Date of effect

None.

Financial impact

Nil.

Human rights implications

The Parliamentary amendments do not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2.

Compliance cost impact

Nil.

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.

Chapter 2: Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Treasury Laws Amendment (2022 Measures No. 4) Bill 2022

Overview

2.1 The parliamentary amendments are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

2.2 The amendments remove Schedule 7 to the Bill (Deductible gift recipients), which has already been legislated.

Human rights implications

2.3 The parliamentary amendments do not engage any of the applicable rights or freedoms.

Conclusion

2.4 The parliamentary amendments are compatible with human rights as it does not raise any human rights issues.