- Date
-
12 Sep 2024
- Chamber
-
House of Representatives
- Status
-
Before House of Representatives
-
Portfolio
-
Treasury
- Summary
-
Amends the:
Taxation Administration Act 1953
to: modify the foreign resident capital gains withholding payments regime to increase the withholding rate from 12.5 per cent to 15 per cent and remove the threshold before which withholding applies; allow employers to make single touch payroll declarations for extended periods; and provide the Commissioner of Taxation with a power to retain tax refunds for a 90-day period to enable the commissioner to obtain financial institution details for the refund to be paid into; and Income Tax Assessment Act 1936
and Taxation Administration Act 1953
to extend the time in which small or medium business taxpayers may apply to have a tax assessment amended.