Second Reading Speeches

Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Not Proceeding
Parliament no
46

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Summary

Introduced with the Income Tax Amendment (Labour Mobility Program) Bill 2022, the bill amends the:

Taxation Administration Act 1953
to enable the Commissioner of Taxation to direct an entity to complete an approved record-keeping course as an alternative to financial penalties where the commissioner reasonably believes the entity has failed to comply with its tax-related record-keeping obligations;
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to make consequential amendments;
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to provide income tax and withholding tax exemptions for the International Federation of Association Football (FIFA) and its wholly owned subsidiary established for the purpose of delivering the 2023 FIFA Women's World Cup;
Income Tax Assessment Act 1997
to: provide the choice to self assess the effective life of certain intangible depreciating assets rather than using the statutory effective life in working out the decline in value; and provide an income tax exemption for certain recovery grants made to small businesses and primary producers impacted by Cyclone Seroja in April 2021;
Competition and Consumer Act 2010
and
Australian Securities and Investments Commission Act 2001
to: amend the existing unfair contract terms provisions; introduce a civil penalty regime prohibiting the use and reliance on unfair contract terms in standard form contracts; and expand the class of contracts covered by the unfair contract terms provisions; and
Income Tax Assessment Act 1997
and three other taxation Acts to reduce the tax on certain income earned by foreign resident workers participating in the Australian Agriculture Worker Program or the Pacific Australia Labour Mobility scheme from 32.5 per cent to 15 per cent. Also makes minor and technical amendments to 12 Acts administered in the Treasury, Social Services and Veterans' Affairs portfolios.

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