- Date
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27 Mar 2014
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends the:
Income Tax Assessment Act 1997
to: enable individuals to consolidate multiple farm management deposits (FMD); and increase the taxable non-primary production income threshold; Banking Act 1959
to exclude an FMD from becoming unclaimed moneys; Income Tax (Transitional Provisions) Act 1997
to retrospectively clarify the tax treatment of FMDs that became unclaimed money; A New Tax System (Goods and Services Tax) Act 1999
, Income Tax Assessment Act 1936
and Taxation Administration Act 1953
to: ensure that overpaid goods and services tax is only refundable in certain circumstances; and make consequential amendments; and Taxation Administration Act 1953
to: enable merits review of certain commissioner’s decisions; and validate certain past objections and reviews.