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• Medicare Levy Amendment (Attribution Managed Investment Trusts) Bill 2015

  Track (What's this?)

  Date

  03 Dec 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of four bills to establish a new tax system for certain managed investment trusts, the bill amends the

  Medicare Levy Act 1986

  to impose the two per cent Medicare levy on trustees of attribution management investment trusts in certain circumstances. 

  Bill | Explanatory Memorandum

• Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2015

  Track (What's this?)

  Date

  03 Dec 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  to change the capital gains tax treatment of the sale and purchase of businesses involving certain earnout rights (rights to future payments linked to the performance of an asset or assets after sale); and the

  Taxation Administration Act 1953

  to impose withholding obligations on the purchasers of certain Australian assets. Also makes consequential amendments to five Acts. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015

  Track (What's this?)

  Date

  03 Dec 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Taxation Administration Act 1953

  to: require financial institutions to carry out Common Reporting Standard due diligence procedures to identify reportable accounts held by foreign tax residents and provide statements about those accounts; require financial institutions to provide a statement in relation to certain accounts if they receive a notice requiring them to do so; provide for administrative penalties when financial institutions fail to collect account holder self-certifications about the jurisdiction of residence for tax purposes; and require financial institutions to keep records for at least five years that explain the procedures used for identifying these accounts. Also makes consequential amendments to the

  Income Tax Assessment Act 1997

  ,

  Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015

  and

  Taxation Administration Act 1953

  . 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015

  Track (What's this?)

  Date

  03 Dec 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of four bills to establish a new tax system for certain managed investment trusts, the bill amends the:

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to establish the new class of attribution managed investment trusts (AMIT); and enable the Commissioner of Taxation to determine an amount of non-arm’s length income in relation to a managed investment trust (MIT);

  Income Tax Assessment Act 1997

  to provide that a member of an AMIT will make a capital gain or capital loss when a capital gains tax event happens to their membership interests;

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to provide that fund payment withholding provisions apply when a withholding MIT makes a fund payment to another entity that has a place of payment or address outside Australia;

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to exclude certain superannuation funds and exempt entities from the application of the 20 per cent tracing rule for public trading trusts;

  Income Tax Assessment Act 1936

  to repeal the corporate unit trust rules; and

  Taxation Administration Act 1953

  to extend the list of entities qualifying as eligible investors for the purpose of the widely held requirements. Also amends 13 Acts to make consequential amendments. 

  Bill | Explanatory Memorandum

• Labor 2013-14 Budget Savings (Measures No. 2) Bill 2015

  Track (What's this?)

  Date

  26 Nov 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: nine Acts to replace the student start-up scholarship with an income-contingent student start-up loan; and the

  Higher Education Support Act 2003

  to: remove the HECS-HELP up-front payment discount for units of study with a census date after 1 January 2017; and remove the HELP voluntary repayment bonus for repayments from 1 January 2017. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Gifts) Bill 2015

  Track (What's this?)

  Date

  12 Nov 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  to add two organisations to the list of specifically listed deductible gift recipients. 

  Bill | Explanatory Memorandum

• Tax and Superannuation Laws Amendment (2015 Measures No. 5) Bill 2015

  Track (What's this?)

  Date

  15 Oct 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: reduce the methods for calculating work-related car expense deductions to include the logbook method and the cents per kilometre method; and provide for a single rate for the calculation of the cents per kilometre method to be determined by the Commissioner of Taxation;

  Income Tax Assessment Act 1936

  to restrict the application of the Zone Tax Offset to people whose usual place of residence is within a zone or a prescribed area within a zone;

  Fringe Benefits Tax Assessment Act 1936

  to limit the concessional treatment of salary packaged entertainment benefits;

  Taxation Administration Act 1953

  to create a new reporting regime which requires third parties to report to the commissioner on certain transactions which could reasonably be expected to have tax consequences for other entities; and

  Fringe Benefits Tax Assessment Act 1986

  ,

  Income Tax Assessment Act 1997

  ,

  Tax Agent Services Act 2009

  and

  Taxation Administration Act 1953

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015

  Track (What's this?)

  Date

  16 Sep 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: provide for a standard and centralised set of concepts to determine whether an entity is a ‘significant global entity’; and introduce new standards for transfer pricing documentation and country-by-country reporting by significant global entities;

  Income Tax Assessment Act 1936

  to negate certain tax avoidance schemes used by multinational entities to artificially avoid the attribution of profits to a permanent establishment in Australia; and

  Taxation Administration Act 1953

  to: increase the penalties imposed on significant global entities that enter into tax avoidance or profit shifting schemes; and make consequential amendments. 

  Bill | Explanatory Memorandum

• Foreign Acquisitions and Takeovers Fees Imposition Bill 2015

  Track (What's this?)

  Date

  20 Aug 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills in relation to Australia’s foreign investment framework, the bill imposes fees in relation to certain applications and actions that are made under the proposed

  Foreign Acquisitions and Takeovers Legislation Amendment Act 2015

  . 

  Bill | Explanatory Memorandum

• Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015

  Track (What's this?)

  Date

  20 Aug 2015 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of three bills in relation to Australia’s foreign investment framework, the bill amends the:

  Foreign Acquisitions and Takeovers Act 1975

  to: provide a statutory basis for the requirements that apply to foreign government investors; enable the transfer to the Australian Taxation Office of responsibility for administering certain aspects of regulating foreign investment, including residential real estate; introduce civil and criminal penalties; enable the lowering of screening thresholds for investments in the agricultural sector; provide for fees to be payable for foreign investment applications; amend the long title of the Act; and make amendments consequential on the

  Acts and Instruments (Framework Reform) Act 2015

  ; and

  Anti-Money Laundering and Counter-Terrorism Financing Act 2006

  ,

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to make consequential amendments. 

  Bill | Explanatory Memorandum