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• Treasury Laws Amendment (Illicit Tobacco Offences) Bill 2018

  Track (What's this?)

  Date

  15 Feb 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Taxation Administration Act 1953

  to: establish a tobacco offence regime for illicit tobacco that has been domestically manufactured or produced or for which the origin of production or manufacturing is unknown or uncertain; create new offences for possession of equipment for producing or manufacturing illicit tobacco; and adjust penalties for existing offences;

  Excise Act 1901

  to: allow for a person who possesses illicit tobacco to be issued with an infringement notice instead of being prosecuted for the offence in certain circumstances; clarify that illicit tobacco for which the origin of production or manufacturing is unknown or uncertain can be seized and forfeited; and define tobacco to align the meaning for excise and excise-equivalent customs duty purposes; and

  Income Tax Assessment Act 1997

  and

  Excise Act 1901

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, the bill amends the:

  Superannuation Industry (Supervision) Act 1993

  to: require trustees to assess on an annual basis whether the outcomes that are being delivered by MySuper products are promoting the financial interests of MySuper members; allow the Australian Prudential Regulation Authority (APRA) to refuse, or cancel, an authority to offer a MySuper product if it has a reason to believe the registrable superannuation entity (RSE) licensee may fail to comply with its obligations; impose civil and criminal penalties on directors of RSE licensees who fail to execute their responsibilities to act in the best interests of members, or who use their position to further their own interests to the detriment of members; enable APRA to refuse authority for a change in ownership or control where it has concerns about the person seeking ownership or control, give a direction to a person to relinquish control of a RSE licensee and remove or suspend an RSE licensee where it is subject to the control of its owner; align APRA’s directions powers in relation to the superannuation industry with its broader directions powers in the banking and insurance industries; and require RSE licensees to hold annual members’ meetings;

  Corporations Act 2001

  and

  Superannuation Industry (Supervision) Act 1993

  to require superannuation funds to disclose on a semi-annual basis investments that they hold directly or through associated entities and initial investments into non-associated entities;

  Financial Sector (Collection of Data) Act 2001

  to provide APRA with the ability to obtain information on expenses incurred by RSE and RSE licensees in managing or operating the RSE; and

  Australian Prudential Regulation Authority Act 1998

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

  Track (What's this?)

  Date

  15 Feb 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  to: remove a double benefit that can arise in relation to certain deductible liabilities held by an entity that joins a consolidated group; ensure that deferred tax liabilities are disregarded for the purposes of the operation of the entry and exit tax cost setting rules; prevent a double benefit from arising when an entity joins or leaves a consolidated group where the entity has securitised an asset; prevent non-residents churning assets between different consolidated groups to access double deductions; clarify the tax treatment of certain intra-group liabilities and assets between a continuing member of a consolidated group and an exiting member of the consolidated group; and prevent consolidated groups from accessing double deductions by shifting value across entities in the group. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Income Tax Relief) Bill 2016

  Track (What's this?)

  Date

  01 Sep 2016 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Rates Act 1986

  to increase the third personal income tax threshold so that the rate of tax payable on taxable incomes from $80 001 to $87 000 for individuals is 32.5 per cent. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019

  Track (What's this?)

  Date

  13 Feb 2019 

  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 2020 the period during which small business entities can access expanded accelerated depreciation rules (instant asset write-off); and increase the threshold below which amounts can be immediately deducted under the rules from $20 000 to $25 000 from 29 January 2019 until 30 June 2020. 

  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

• 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 (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 (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 (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