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• Treasury Laws Amendment (North Queensland Flood Recovery) Bill 2019

  Track (What's this?)

  Date

  02 Apr 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  to: make certain flood recovery grants and restocking, replanting and farm infrastructure grants non-assessable non-exempt income if they relate to flooding that commenced in the period between 25 January and 28 February 2019 in North Queensland; and exempt from income tax certain payments to primary producers that relate to storm damage sustained on or around 25 October 2018. Also establishes a special appropriation of $1.75 billion to enable the implementation of a loan scheme to provide urgent assistance for eligible primary producers affected by the floods in Northern Queensland in 2019. 

  Bill | Explanatory Memorandum

• Australian Business Securitisation Fund Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Establishes the Australian Business Securitisation Fund (ABSF), and establishes and credits $2 billion to the ABSF special account, to increase the availability, and reduce the cost, of finance to small and medium enterprises (SME) by making targeted interventions in the SME securitisation market. 

  Bill | Explanatory Memorandum

• Excise Tariff Amendment (Supporting Craft Brewers) Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019, the bill amends the

  Excise Tariff Act 1921

  to extend concessional rates of excise to brewers that supply draught beer in kegs or other containers that have a capacity of eight litres or more that are designed for use with a pressurised gas delivery system or pump delivery system. 

  Bill | Explanatory Memorandum

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

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Excise Tariff Amendment (Supporting Craft Brewers) Bill 2019, the bill amends the:

  Superannuation Industry (Supervision) Act 1993

  ,

  Income Tax Assessment Act 1997

  and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to: increase the maximum number of allowable members in self-managed superannuation funds (SMSFs) from four to six; align provisions that relate to SMSFs and small Australian Prudential Regulation Authority funds with the increased maximum number of members for SMSFs; and make contingent amendments to four Acts;

  Excise Tariff Act 1921

  to extend concessional rates of excise to brewers that supply draught beer in kegs or other containers with a capacity of eight litres or more that are designed for use with a pressurised gas delivery system or pump delivery system;

  Income Tax Assessment Act 1997

  and to extend the exemption for Global Infrastructure Hub Limited from the liability to pay income tax on its ordinary and statutory income to 30 June 2023; and 12 Acts to make minor technical amendments and repeal inoperative provisions. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Offshore Petroleum and Greenhouse Gas Storage Act 2006

  and

  Petroleum Resource Rent Tax Assessment Act 1987

  to reduce the uplift rates that apply to certain categories of carried-forward expenditure;

  Petroleum Resource Rent Tax Assessment Act 1987

  to remove onshore projects from the scope of the petroleum resource rent tax (PRRT); and

  Excise Tariff Act 1921

  and

  Income Tax Assessment Act 1997

  to remove certain exclusions from the PRRT that are no longer necessary following the exclusion of onshore petroleum projects. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to: extend by 12 months to 30 June 2020 the period during which small business entities can access expanded accelerated depreciation rules (instant asset write-off); and increase the threshold below which amounts can be immediately deducted under the rules from $20 000 to $25 000 from 29 January 2019 until 30 June 2020. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Mutual Reforms) Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Implements certain recommendations of the

  Report on Reforms for Cooperatives, Mutuals and Member-owned Firms

  (the Hammond report) by amending the:

  Corporations Act 2001

  to: introduce a definition of 'mutual entity'; clarify for transferring financial institutions and friendly societies that the demutualisation provisions apply only if an entity no longer meets the new definition of a mutual entity; provide for mutual capital instruments as a new bespoke capital instrument for mutual entities; and provide for eligible mutual entities to amend their constitutions by a standardised process to take advantage of the new arrangements; and

  Financial Sector (Shareholdings) Act 1998

  ,

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  and

  Insurance Acquisitions and Takeovers Act 1991

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018

  Track (What's this?)

  Date

  24 Oct 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Implements certain recommendations of the ASIC Enforcement Review Taskforce by amending the

  Corporations Act 2001

  ,

  Australian Securities and Investments Commission Act 2001

  ,

  National Consumer Credit Protection Act 2009

  and

  Insurance Contracts Act 1984

  to: introduce a stronger penalty framework for corporate and financial sector misconduct; and make miscellaneous technical and consequential amendments. 

  Bill | Explanatory Memorandum

• National Housing Finance and Investment Corporation Amendment Bill 2018

  Track (What's this?)

  Date

  18 Oct 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  National Housing Finance and Investment Corporation Act 2018

  to: establish the National Housing Finance and Investment Corporation Special Account to provide loans to the National Housing Finance and Investment Corporation (NHFIC) to support its function of providing loans to registered community housing providers under the Affordable Housing Bond Aggregator; provide that members of the NHFIC Board collectively have particular qualifications, skills or experience in specified fields; and require a review of the operation of the Act as soon as possible after 30 June 2020. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Making Sure Every State and Territory Gets Their Fair Share of GST) Bill 2018

  Track (What's this?)

  Date

  18 Oct 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Gives effect to elements of the Government’s interim response to the Productivity Commission’s report

  Horizontal Fiscal Equalisation

  by amending the:

  Commonwealth Grants Commission Act 1973

  to require the Treasurer, when framing the annual terms of reference for a Commonwealth Grants Commission (CGC) inquiry into how the goods and services tax (GST) should be distributed among the states and territories, to require the CGC to transition the horizontal fiscal equalisation system from full equalisation (equalised to the strongest state or territory) to reasonable equalisation (equalised to the stronger of New South Wales and Victoria); and

  Federal Financial Relations Act 2009

  to: introduce a minimum GST revenue sharing relativity that may be determined by the Treasurer for any individual state or territory for a financial year; boost the annual funding pool from which GST revenue grants are made to the states and territories with additional Commonwealth financial assistance each year; and provide a guarantee, by way of additional Commonwealth financial assistance, to each state or territory that would have received a greater overall entitlement under the current distribution system as compared to the updated distribution system during the transition period. Also provides for a review of the operation of the Act by the Productivity Commission by 31 December 2026. 

  Bill | Explanatory Memorandum