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• Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2018

  Track (What's this?)

  Date

  24 May 2018 

  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

• Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2017

  Track (What's this?)

  Date

  24 May 2017 

  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

• 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 (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

  Track (What's this?)

  Date

  20 Sep 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the:

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30 per cent;

  Income Tax Assessment Act 1997

  to modify the thin capitalisation rules to prevent double gearing structures;

  Income Tax Assessment Act 1936

  to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption. 

  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

• Treasury Laws Amendment (Major Bank Levy) Bill 2017

  Track (What's this?)

  Date

  30 May 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Major Bank Levy Bill 2017, the bill amends the:

  Australian Prudential Regulation Authority Act 1998

  to enable the Australian Prudential Regulation Authority (APRA) to share major bank levy information with the Commissioner of Taxation;

  Financial Sector (Collection of Data) Act 2001

  to enable the APRA reporting standards to include information relating to amounts for the purposes of the levy;

  Income Tax Assessment Act 1997

  to provide for the indexation of the $100 billion threshold; and

  Taxation Administration Act 1953

  to: specify that the levy is payable to the commissioner quarterly; ensure that the ordinary collection and recovery provisions apply in relation to the levy; introduce an anti-avoidance law for the levy; and enable the commissioner to share levy information with APRA. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018

  Track (What's this?)

  Date

  16 Oct 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Brings forward tax relief for small and medium businesses by amending the

  Treasury Laws Amendment (Enterprise Tax Plan) Act 2017

  to: reduce the corporate tax rate for corporate tax entities that derive no more than 80 per cent of their income in passive forms and have an aggregated turnover of less than $50 million (base rate entities) to 26 per cent for the 2020-21 financial year and to 25 per cent from the 2021-22 financial year; increase the small business income tax offset rate for small businesses that have an aggregated turnover of less than $5 million to 13 per cent for the 2020-21 financial year and to 16 per cent from the 2021-22 financial year; and make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021

  Track (What's this?)

  Date

  20 Oct 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021, the bill amends the

  Income Tax Assessment Act 1997

  ,

  Petroleum Resource Rent Tax Assessment Act 1987

  and

  Taxation Administration Act 1953

  to specify certain administrative features relating to the Laminaria and Corallina decommissioning levy, including the requirement that the levy is payable to the Commissioner of Taxation annually. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

  Track (What's this?)

  Date

  19 Oct 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to replace the Exploration Development Incentive with the Junior Minerals Exploration Incentive, which will enable junior exploration companies undertaking greenfields minerals exploration to distribute their tax losses as a refundable tax offset to investors who have purchased newly issued shares; and

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  ,

  Taxation Administration Act 1953

  and

  Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (International Tax Agreements) Bill 2019

  Track (What's this?)

  Date

  19 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  International Tax Agreements Act 1953

  to: give legislative authority to the Convention between the Government of Australia and the Government of the State of Israel for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and correct an incorrect cross reference to the specific source rule that applies in relation to an earlier agreement with Germany; and

  Income Tax Assessment Act 1997

  to introduce a deemed source of income rule to ensure that Australia can exercise its taxing rights under the convention and future international tax agreements. 

  Bill | Explanatory Memorandum