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Tax Laws Amendment (2014 Measures
No. 1) Bill 2014
Portfolio: Treasury
Introduced: House of Representatives,
27 March 2014
1.135 The Tax Laws Amendment (2014
Measures No. 1) Bill 2014 (the bill) seeks to amend various taxation laws.
1.136 Schedule 1 would amend the Income
Tax Assessment Act 1997 and the Banking Act 1959 (Banking Act) to:
- allow taxpayers to consolidate
multiple Farm Management Deposits (FMD) that they might hold with different
providers;
-
raise the non-primary production
income threshold; and
-
exclude FMD from becoming
unclaimed moneys.
1.137 Schedule 2 of the bill would amend
the A New Tax System (Goods and Services Tax) Act 1999 and the Taxation
Administration Act 1953 to provide that overpaid GST is refundable only in
certain circumstances.
1.138 The bill is accompanied by a
statement of compatibility which states that the bill does not engage any of
the applicable human rights or freedoms and is compatible with human rights as
it does not raise any human rights issues.[1]
1.139 The committee considers
that the bill does not appear to give rise to human rights concerns.
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