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• Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018

  Track (What's this?)

  Date

  24 May 2018 

  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 2019 the period during which small business entities can access expanded accelerated depreciation rules. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (APRA Governance) Bill 2018

  Track (What's this?)

  Date

  24 May 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Australian Prudential Regulation Authority Act 1998

  to enable the Governor-General to appoint a second Deputy Chair of the Australian Prudential Regulation Authority. 

  Bill | Explanatory Memorandum

• 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 (Tax Integrity and Other Measures No. 2) Bill 2018

  Track (What's this?)

  Date

  24 May 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: implement the OECD hybrid mismatch rules by preventing entities that are liable to income tax in Australia from being able to avoid income taxation, or obtain a double non-taxation benefit, by exploiting differences between the tax treatment of entities and instruments across difference countries; deny imputation benefits on franked distributions made by an Australian corporate tax entity if all or part of the distribution gives rise to a foreign income deduction; clarify the expenditure that can be claimed under the film producer offset for films undertaking principal photography overseas; and include the Melbourne Korean War Memorial Committee Incorporated as a specifically listed deductible gift recipient between 1 January 2018 and 31 December 2019; and

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to: implement the OECD hybrid mismatch rules by limiting the scope of the exemption for foreign branch income and preventing a deduction from arising for payments made by an Australian branch of a foreign bank to its head office in certain circumstances; prevent certain foreign equity distributions received by an Australian corporate tax entity from being non assessable non-exempt income if all or part of the distribution gives rise to a foreign income tax deduction; and provide an income tax exemption for the International Cricket Council Business Corporation FZ-LLC (IBC) and exempt from withholding tax payments of interest, dividend and royalties made to the IBC, for a five-year period. 

  Bill | Explanatory Memorandum

• Veterans’ Affairs Legislation Amendment (Veteran-centric Reforms No. 2) Bill 2018

  Track (What's this?)

  Date

  24 May 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Veterans' Affairs 

  Summary

  Amends the:

  Military Rehabilitation and Compensation Act 2004

  and

  Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988

  to provide former members of the Australian Defence Force with incapacity payments at 100 per cent of their normal weekly earnings where they are studying full time as part of their approved rehabilitation plan;

  Veterans’ Entitlements Act 1986

  to: create a Veteran Suicide Prevention pilot aimed at providing coordinated care to veterans who have attempted suicide, have suicide ideation or are in crisis; deem a submariner’s service on a submarine on a special submarine operation between 1 January 1978 and 31 December 1992 as operational service; and extend eligibility for the Long Tan Bursary scheme to the grandchildren of a veteran who has operational service in Vietnam; and

  Military Rehabilitation and Compensation Act 2004

  to: allow a wholly dependent partner up to 2 years to decide whether to take a lump sum, a pension or a combination of both as compensation for their partner’s death; and enable veterans to lodge a claim for compensation orally. 

  Bill | Explanatory Memorandum

• Social Services Legislation Amendment (Cashless Debit Card Trial Expansion) Bill 2018

  Track (What's this?)

  Date

  30 May 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Social Services 

  Summary

  Amends the

  Social Security (Administration) Act 1999

  to: expand the cashless debit card arrangements to a further trial site, the Bundaberg and Hervey Bay area, to run until 30 June 2020; specify the class of trial participants for the area and increase the total number of trial participants overall to 15 000; provide for an exception from the restrictive trade practices provisions of the

  Competition and Consumer Act 2010

  for merchants that implement product level blocking systems to identify that a cashless debit card is being used for payment and, if any restricted products are being purchased, decline the transaction; and limit the use of the restricted portion of a payment to prevent the portion being used to obtain cash-like products which could be used to obtain alcohol or gambling. 

  Bill | Explanatory Memorandum

• Space Activities Amendment (Launches and Returns) Bill 2018

  Track (What's this?)

  Date

  30 May 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Jobs and Innovation 

  Summary

  Amends the:

  Space Activities Act 1998

  to: broaden the current regulatory framework to include arrangements for launches from aircraft in flight and launches of high power rockets; reduce barriers to participation in the space industry by streamlining processes and insurance requirements for launches and returns; and amend the short title of the Act to the

  Space (Launches and Returns) Act 2018

  ; and

  Customs Tariff Act 1995

  to make a consequential amendment. 

  Bill | Explanatory Memorandum

• Farm Household Support Amendment Bill 2018

  Track (What's this?)

  Date

  20 Jun 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Agriculture and Water Resources 

  Summary

  Amends the

  Farm Household Support Act 2014

  to extend the Farm Household Allowance program from three cumulative years to four cumulative years for each recipient. 

  Bill | Explanatory Memorandum

• Unexplained Wealth Legislation Amendment Bill 2018

  Track (What's this?)

  Date

  20 Jun 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Home Affairs 

  Summary

  Gives effect to the National Cooperative Scheme on Unexplained Wealth by amending the:

  Proceeds of Crime Act 2002

  to: extend the scope of Commonwealth unexplained wealth restraining orders and unexplained wealth orders to territory and state offences; enable state and territory law enforcement entities to apply for production orders and issue notices to financial institutions; ensure the continued operation of state and territory confiscation regimes; provide for the equitable sharing of recovered proceeds between Commonwealth, state, territory and foreign law enforcement entities; and provide for a review after the fourth anniversary of the commencement of the national scheme;

  Telecommunications (Interception and Access) Act 1979

  to facilitate information-sharing in relation to unexplained wealth investigations and proceedings between Commonwealth, territory and state law enforcement agencies; and Proceeds of Crime Regulations 2002 to clarify that the definition of ‘unexplained wealth legislation’ extends to particular provisions of the

  Criminal Assets Recovery Act 1990

  (NSW) and the

  Criminal Property Forfeiture Act

  (NT). 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

  Track (What's this?)

  Date

  21 Jun 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Industry (Supervision) Act 1993

  to: prevent trustees of superannuation funds from charging certain fees and costs exceeding 3 per cent of the balance of a MySuper or choice product annually where the balance of the account is below $6000; and prevent trustees from providing opt out insurance to new members aged under 25 years, members with balances below $6000 and members with inactive MySuper or choice accounts, unless a member has directed otherwise; and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to: require the transfer of all superannuation savings with a balance below $6000 to the Commissioner of Taxation if an account related to a MySuper or choice product has been inactive for a continuous period of 13 months; and enable the commissioner to consolidate amounts that have been paid as unclaimed money, inactive low-balance accounts and lost member accounts into an active superannuation account where the reunited balance would be greater than $6000; and

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to make consequential amendments. 

  Bill | Explanatory Memorandum