Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (CLEAN BUILDING MANAGED INVESTMENT TRUST) BILL 2012

                                    2010-2011-2012



       THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                          HOUSE OF REPRESENTATIVES




  TAX LAWS AMENDMENT (CLEAN BUILDING MANAGED INVESTMENT
                      TRUST) BILL 2012




              SUPPLEMENTARY EXPLANATORY MEMORANDUM



                Amendments to be moved on behalf of the Government.




Explanation of amendments

Amendment 1 is to amend subsection 12-430(2) of Schedule 1 to the Taxation
Administration Act 1953 to ensure that any works preparing a site for construction and
works undertaken below the lowest level of a building do not represent the
commencement of construction for the purposes of the measure. The amendment is a
technical correction to ensure that, in determining if a building qualifies as having been
commenced on or after 1 July 2012, the time of the commencement of the construction
of the building is only determined by the time the works on the lowest level (including
any basement level) of the building commence.



                         (Circulated by the authority of the
           Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)