Summary
Part of a package of eight bills to reform the legal and governance framework for Norfolk Island, the bill amends the:
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to: remove an income tax exemption available to Norfolk Island residents, companies and trustees on income sourced from Norfolk Island and outside Australia; and to remove the full exemption from the Medicare levy for residents;
Income Tax (Transitional Provisions) Act 1997
to apply transitional arrangements to the capital gains tax liabilities of resident entities; and
Superannuation Guarantee (Administration) Act 1992
to: remove superannuation guarantee exemptions that apply to employers and employees in relation to work performed on Norfolk Island; and establish transitional arrangements which will phase in the superannuation guarantee over the next 12 years.