Tax and Superannuation Laws Amendment
(2014 Measures No. 2) Bill 2014
Portfolio:
Treasury
Introduced: House of
Representatives, 29 May 2014
1.1
The Tax and Superannuation Laws Amendment (2014 Measures No. 2) Bill
2014 seeks to amend various taxation laws.
1.2
Schedule 1 proposes to amend the Medicare Levy Act 1986 to
increase the Medicare levy low-income threshold for families and the dependent
child-student component of the threshold for 2013-14 income year and later
income years.
1.3
Schedule 2 proposes to amend the Income Tax Assessment Act 1936
to ensure outcomes are preserved in relation to tax assessments where:
-
taxpayers have reasonably and in good faith anticipated the
impact of identified announcements made by a previous government that the tax
law would be amended with retrospective effect; and
-
the current Government has now decided that the announced
proposal to change the law will not proceed.
1.4
Schedule 3 proposes to amend the Income Tax Assessment Act 1997
to introduce an integrity rule to limit the ability of taxpayers to obtain a
tax benefit from 'dividend washing'.
1.5
The bill is accompanied by a statement of compatibility which concludes
that the bill is compatible with human rights.[1]
1.6
The committee considers that the bill does not appear to give
rise to human rights concerns.
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