- Date
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26 Mar 2015
- 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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Part of a package of eight bills to reform the legal and governance framework for Norfolk Island, the bill amends the:
Income Tax Assessment Act 1936
and Income Tax Assessment Act 1997
to: remove an income tax exemption available to Norfolk Island residents, companies and trustees on income sourced from Norfolk Island and outside Australia; and to remove the full exemption from the Medicare levy for residents; Income Tax (Transitional Provisions) Act 1997
to apply transitional arrangements to the capital gains tax liabilities of resident entities; and Superannuation Guarantee (Administration) Act 1992
to: remove superannuation guarantee exemptions that apply to employers and employees in relation to work performed on Norfolk Island; and establish transitional arrangements which will phase in the superannuation guarantee over the next 12 years.