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TOTAL RESULTS: 3785

• Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019

  Track (What's this?)

  Date

  24 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Guarantee (Administration) Act 1992

  to enable certain employees with multiple employers to apply for an employer shortfall exemption certificate which prevents their employer from having a superannuation guarantee shortfall if they do not make contributions for a period;

  Administrative Decisions (Judicial Review) Act 1977

  to make consequential amendments;

  Income Tax Assessment Act 1997

  to ensure that a superannuation entity's non-arm's length income includes income where expenditure in gaining or producing it was not an arm's length expense; and

  Income Tax Assessment Act 1997

  ,

  Taxation Administration Act 1953

  and

  Income Tax (Transitional Provisions) Act 1997

  to ensure that, in certain circumstances involving limited recourse borrowing arrangements, the total value of a superannuation fund's assets is taken into account in working out individual members' total superannuation balances. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

  Track (What's this?)

  Date

  24 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  to: remove a tax deduction which arises upon repayment of principal under a concessional loan by certain privatised entities;

  Income Tax Assessment Act 1997

  to: introduce a new additional basic condition in relation to partnerships for the small business capital gains tax concessions; and limit tax deductions for losses or outgoings incurred that relate to holding vacant land;

  Income Tax Assessment Act 1936

  and

  Taxation Administration Act 1953

  to extend to family trusts the anti-avoidance rules that apply to other closely held trusts that undertake circular trust distributions;

  Taxation Administration Act 1953

  to: allow taxation officers to disclose the business tax debt information of a taxpayer to credit reporting bureaus certain circumstances; and enable the Australian Taxation Office to develop and/or administer a framework or system for electronic invoicing; and

  Superannuation Guarantee (Administration) Act 1992

  to ensure that an individual’s salary sacrifice contributions cannot be used to reduce an employer’s minimum superannuation guarantee contributions. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Consumer Data Right) Bill 2019

  Track (What's this?)

  Date

  24 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Competition and Consumer Act 2010

  ,

  Australian Information Commissioner Act 2010

  and

  Privacy Act 1988

  to create the Consumer Data Right to provide individuals and businesses with a right to access specified data in relation to them held by businesses. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2019

  Track (What's this?)

  Date

  24 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Further to the Timor Sea Maritime Boundaries Treaty Consequential Amendments Bill 2019 and Passenger Movement Charge Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2019, the bill gives effect to tax arrangements required to implement the Treaty Between Australia and the Democratic Republic of Timor-Leste Establishing Their Maritime Boundaries in the Timor Sea (New York, 6 March 2018) by amending the

  Income Tax Assessment Act 1997

  to provide ‘conditions equivalent’ to participants in transitioned petroleum activities affected by the treaty. Also makes consequential amendments to six Acts. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

  Track (What's this?)

  Date

  04 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Corporations Act 2001

  and

  National Consumer Credit Protection Act 2009

  to allow regulations to provide for exemptions from the Australian Financial Services Licence and Australian Credit Licence requirements for the purposes of testing financial and credit products and services under certain conditions;

  Income Tax Assessment Act 1997

  to amend the venture capital and early stage investor provisions to ensure that they operate as intended in relation to capital gains tax transactions, managed investment trusts and the early stage investor tax offset; and

  Income Tax Assessment Act 1936

  to amend the definition of public trading trusts. Also provides for an independent review of the operation of the exemptions from the Australian Financial Services Licence and Australian Credit Licence requirements. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

  Track (What's this?)

  Date

  04 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Corporations Act 2001

  to: introduce new criminal offences and civil penalty provisions for company officers that fail to prevent the company from making creditor-defeating dispositions and other persons that facilitate a company making a creditor-defeating disposition; allow liquidators to apply for a court order in relation to a voidable creditor-defeating disposition; enable the Australian Securities and Investments Commission to make orders to recover, for the benefit of a company’s creditors, company property disposed of or benefits received under a voidable creditor-defeating disposition; and prevent directors from improperly backdating resignations or ceasing to be a director when this would leave a company with no directors; the

  A New Tax System (Goods and Services Tax) Act 1999

  and

  Taxation Administration Act 1953

  to enable the Commissioner of Taxation to collect estimates of anticipated goods and services tax (GST) liabilities and make company directors personally liable for their company's GST liabilities in certain circumstances; the Taxation Administration Act 1953 to authorise the commissioner to retain tax refunds where a taxpayer has failed to lodge a return or provide other information that may affect the amount of a refund; and five Acts to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

  Track (What's this?)

  Date

  04 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to: require an entity to use the value of the assets, liabilities and equity capital that are used in its financial statements; remove the ability for an entity to revalue its assets specifically for thin capitalisation purposes; and ensure that non-ADI foreign controlled Australian tax consolidated groups and multiple entry consolidated groups that have foreign investments or operations are treated as both outward investing and inward investing entities;

  A New Tax System (Goods and Services Tax) Act 1999

  to require offshore suppliers of rights or options to use commercial accommodation in Australia to include these supplies in working out their GST turnover; and

  A New Tax System (Luxury Car Tax) Act 1999

  to remove liability for luxury car tax from cars that are re-imported following service, repair or refurbishment overseas. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

  Track (What's this?)

  Date

  04 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Industry (Supervision) Act 1993

  to prevent trustees from providing insurance on an opt out basis to members who are under 25 years old and begin to hold a new product on or after 1 October 2019, and to members who hold products with balances below $6000; and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019

  Track (What's this?)

  Date

  02 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: increase the base and maximum amounts of the low and middle income tax offset to $255 and $1080, respectively, for the 2018-19, 2019-20, 2020-21 and 2021-22 financial years; and increase the maximum amount of the low income tax offset from $645 to $700 from the 2022-23 financial year; and

  Income Tax Rates Act 1986

  to reduce the tax payable by individuals from the 2022-23 financial year by increasing the top threshold of the 19 per cent income tax bracket from $41 000 to $45 000, and from the 2024-25 financial year by reducing the 32.5 per cent income tax rate to 30 per cent. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2019

  Track (What's this?)

  Date

  02 Apr 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

  and

  Medicare Levy Act 1986

  to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts. 

  Bill | Explanatory Memorandum